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The new Closing Auction Session (CAS) goes live for stocks in the F&O list today. Here are the important things to know👇
- Stocks in the F&O list: Continuous trading will stop at 3:15 PM, followed by CAS until 3:35 PM.
- All other stocks: Trading will close at 3:30 PM.
- Index and stock F&O contracts: Trading will close at 3:40 PM.
If you are trading intraday using the MIS product type, these will be the auto square-off timings from today:
- Equity (stocks under CAS): 3:10 PM
- Equity (stocks not under CAS): 3:25 PM
- Index and stock F&O contracts: 3:26 PM
To check which stocks trade in the F&O segment, add the “NSE F&O Stocks” list to your marketwatch on Kite or check them here: https://t.co/1BvJsjrKGy
Here’s a breakdown of how CAS works:
3:00 PM to 3:15 PM: Reference-price calculation
Regular trading will continue as usual.
During these 15 minutes, the exchange will calculate the VWAP of all trades in the stock. This will become the reference price for the closing auction.
3:15 PM to 3:20 PM: Transition to CAS
At 3:15 PM, regular trading will end for stocks under CAS. No new orders can be placed during this five-minute transition period. The exchange will calculate the reference price and set a CAS price band of ±3% around it.
For example, if the reference price is ₹1,000, orders during CAS can generally be placed between ₹970 and ₹1,030.
Unexecuted limit orders from regular trading will be carried forward into CAS. However, stop-loss orders and orders outside the CAS price band will be cancelled. Futures orders placed outside the applicable price band will also be cancelled. This does not apply to option orders.
3:20 PM to 3:25 PM: Market and limit order entry
During this period, traders can place, modify, or cancel both market and limit orders.
3:25 PM until the random close: Limit orders only
From 3:25 PM, new market orders can no longer be placed. Market orders placed earlier cannot be modified or cancelled.
Limit orders can still be placed, modified, or cancelled.
The order-entry period will close randomly between 3:28 PM and 3:30 PM.
3:30 PM to 3:35 PM: Order matching
After order entry closes, no new orders will be accepted.
The exchange will calculate the equilibrium price—the price at which the highest quantity of shares can be traded. All executable orders will then be matched at this single price. This will become the stock’s official closing price.
This is how order matching happens:
- Market orders get priority over limit orders.
- Eligible market orders are first matched with one another based on the time they were placed.
- Any unmatched market orders are then matched with eligible limit orders using price-time priority.
- Finally, the remaining limit orders are matched with one another, again using price-time priority.
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