NSE F&O pre-open session kicks-in today; here's all you need to know

In a major structural change, the NSE to conduct its first-ever pre-open session in the derivatives market on December 8.

The National Stock Exchange (NSE) will conduct its first-ever pre-open session in the futures & options (F&O) market today, December 8, 2025. The 15-minute pre-open session in the F&O segment shall mark a major structural change in derivatives trading.  The exchange has modelled the F&O pre-open session on the cash segment framework, with an aim to sharpen price discovery, bolster liquidity, and reduce opening-hour volatility. 

All you need to know about NSE F&O pre-open session:

1. Is the pre-open session applicable to all stock and index derivatives?

  Yes. The pre-open session is applicable for both single stocks and indices futures in equity derivatives market. However, it is applicable to current month futures contracts only; until the last five days of trading, wherein the next month futures contracts become eligible. 

2. What are the timings to place an order?

  An investor/ trader can place/ modify/ cancel an order between 9:00 am - 9:07/ 9:08 am. The pre-open session may end anytime between 9:07 am and 9:08, reads the NSE circular. 

3. What kind of orders are allowed in pre-open trade?

  Both limit and market-orders are allowed during pre-open trade. However, Stop Loss and Immediate or Cancel (IOC) orders are not allowed. 

3. What happens to orders placed in pre-open session?

  Between 9:08 am - 9:12 am - NSE will conduct an order matching period to determine the opening price and likely trade confirmation after a single (equilibrium) price which will be open price.  - Limit orders will be matched with Limit orders  - Balance Limit orders will be matched with Market orders  - Market orders matched with market orders 

4. Can I modify/ cancel my order during the order matching period?

  No. 

5. What is a single (equilibrium) price?

  The opening price is determined based on the principle of demand supply mechanism.  The equilibrium price is the price at which the maximum volume is executable. 

6. What happens to unmatched orders?

  All unmatched limit orders will be moved to the normal market, retaining the original time stamp. 

7. Under what circumstances, can the exchange refuse my order in pre-open trade?

  All orders received in the pre-open session will be validated at the applicable margins for sufficiency of available capital prior to acceptance of the orders. If the available capital of the trading member is insufficient to cover the margin requirement of the order placed, the same will not be accepted for the pre-open session.