After Market Order (AMO)

An After Market Order, or AMO, allows you to place a buy or sell order outside regular market hours. Your broker holds the order and sends it to the exchange on the next trading day.

• Regular equity market hours are from 9:15 AM to 3:30 PM on trading days.
• The order is executed only when a matching price is available and the exchange and broker conditions are met.
• Brokers may allow market orders, limit orders, or both, depending on their platform.
• A limit order executes only at your chosen price or a better price.
• A market order attempts to execute at the best available price after reaching the exchange.
• Placing an AMO does not guarantee execution or a particular execution price.
   

An After Market Order is a facility offered by brokers that lets you submit buy or sell orders outside regular market hours.
In India, the regular equity market session generally runs from 9:15 AM to 3:30 PM, Monday to Friday, except on trading holidays. Orders submitted through the AMO facility are stored by the broker and sent to the exchange on the next trading day.
For example, suppose you finish work after the market has closed. You can place an AMO in the evening instead of waiting until the next morning.
An AMO does not mean that your trade happens while the market is closed. The actual execution takes place only after the order reaches the exchange and a matching order is available.
AMOs may be available only for supported securities and market segments. The permitted order types, placement timings, and modification rules depend on your broker.
Limit and market orders may be supported. However, advanced orders such as stop-loss, bracket, or cover orders may not be available as AMOs.
 

An AMO is first recorded by your broker. It remains pending until the broker sends it to the exchange during the next permitted order-entry session.

The following example explains the process:

An AMO is not guaranteed to execute at the previous closing price or the opening price. Its execution depends on the type of order you select.

A market AMO attempts to execute at the best available price. A limit AMO executes only at the limit price or a better price.

After Market Orders offer the following features:

• Convenience: You can submit an order when the regular market is closed.
• Next-day processing: The broker queues the order for the next permitted exchange session.
• Order choice: Your broker may allow market and limit AMOs.
• Modification or cancellation: You may be able to change or cancel the order before the broker sends it to the exchange.
• Broker-specific availability: Timings, securities, segments, and order types depend on the broker’s rules.

For example, you may place a limit AMO at night after reading a company announcement. You can then review or cancel it before the broker’s AMO modification window closes, if the platform permits it.

Check your broker’s rules before placing the order. Some platforms may not support stop-loss, bracket, cover, or other advanced order types through the AMO facility.

AMOs are generally placed as limit orders or market orders, depending on the broker and the security.

1. Limit orders

A limit order lets you specify the highest price you are willing to pay when buying or the lowest price you are willing to accept when selling.
For example, suppose you place a buy limit AMO for a share at ₹500. The order can execute at ₹500 or below. It will not execute at ₹550 because that price is above your limit.
A limit AMO gives you greater control over the execution price. However, there is no guarantee that the order will be completed.

2. Market orders

A market AMO instructs the broker to buy or sell at the best available price after the order reaches the exchange.
The final price may be different from the previous closing price because market conditions can change overnight. Some brokers or securities may not permit market AMOs because of liquidity or price-impact risks.
 

Limited order types

AMOs may not support advanced order types such as stop-loss, bracket, cover, or disclosed-quantity orders. The available choices depend on your broker and the market segment.

Changing prices

Company announcements, economic news, or global market movements may affect a security’s price before the next trading session.

For example, a share that closed at ₹500 may open much higher or lower the next day. A market AMO could therefore execute at a price that differs significantly from ₹500.

No guaranteed execution

A limit order may remain pending if the market does not reach your specified price. A market order may also be rejected or remain unexecuted because of exchange restrictions, price bands, insufficient liquidity, or broker rules.

Suppose Ravi is monitoring shares of Medico Ltd. The company’s shares close at ₹480 on Friday.
After the market closes, Ravi places an AMO to buy 200 shares with a limit price of ₹500 per share.
Over the weekend, the company announces that it has received an important regulatory approval. When the market opens on Monday, the lowest available selling price is ₹550.
Ravi’s order will not execute because ₹550 is above his ₹500 buy limit. The order can execute only if the price falls to ₹500 or below while the order remains valid.
Had Ravi used a market AMO, the order might have executed near the best available price. However, the exact price would not have been guaranteed.
 

The exact screen names may differ across trading platforms, but the general process is as follows:

1. Log in to your trading account using your registered credentials.
2. Search for the security or contract you want to buy or sell.
3. Select the buy or sell option and enter the required quantity.
4. Choose AMO as the order category when the market is closed.
5. Select a market or limit order, subject to the available choices.
6. Enter your limit price if you have selected a limit order.
7. Review the quantity, price, product type, and estimated order value.
8. Submit the order and check its status before the next trading session.

The AMO will remain with your broker until it is sent to the exchange. Successful submission does not guarantee execution.

1. Stay informed about company announcements
Check whether the company has released financial results, regulatory updates, or other important information after the market closed.
Such announcements may cause the price to open significantly above or below its previous closing level.
2. Use reliable market information
Review price charts, company filings, and market announcements before placing an order. Do not rely only on unverified messages or market rumours.
3. Confirm eligibility with your broker
Check whether your broker supports AMOs for the security and market segment you have selected.
AMO timings and available order types may differ for equity, derivatives, currencies, and commodities.
4. Prepare a clear trading plan
Decide your intended entry price, order quantity, and acceptable risk before submitting an AMO.
For example, rather than placing an unrestricted market order, you may use a limit order when controlling the purchase price is important.
5. Allow for overnight price changes
Prices can change before the next trading session because of news, global markets, or changes in investor demand.
Do not assume that the next available price will be close to the previous closing price.
6. Do not depend on an AMO stop-loss
Stop-loss orders may not be supported as AMOs. Even when a related order type is available, sharp price gaps can lead to execution at a price different from the trigger level.
Check your broker’s permitted order types before relying on this method.
7. Consider your order size
A large market order may experience a greater price difference when fewer matching orders are available.
Choose an order size that matches your risk tolerance and available funds.
8. Check your order status
Review the AMO before the broker’s modification or cancellation window closes. After the order reaches the exchange, different modification rules may apply.
Also check whether the order was executed, rejected, or left pending.
9. Understand the process
Learn how market, limit, and AMO orders work before using them. An AMO changes when you submit an order, but it does not remove normal execution risks.
10. Review completed and rejected orders
Check the execution price and order status after each trade. This can help you identify whether your chosen limit price and order type worked as intended.
 

A regular market order is submitted while trading is active and normally attempts to execute immediately at the best available price. An AMO is submitted while the market is closed. It waits with the broker before being sent to the exchange.

Market volatility

A security’s price can change sharply between the previous market close and the next trading session.

For example, news released overnight may cause a share to open at a substantially different price.

Uncertain execution price

A market AMO does not guarantee a particular price. It attempts to trade at the best available price when it reaches the exchange.

A limit AMO controls the price but may not execute if the market stays outside the specified limit.

Order rejection or non-execution

An AMO may be rejected or remain unexecuted because of price bands, insufficient funds, margin requirements, unavailable securities, exchange restrictions, or broker rules.

Gap risk

The opening price may be much higher or lower than the previous closing price. This difference is known as a price gap.

A price gap can affect both the execution price of a market order and the likelihood of execution for a limit order.

Broker-specific conditions

AMO submission windows, supported products, and cancellation rules vary across brokers. An order accepted by the platform may still be subject to validation before it reaches the exchange.

1. Convenience outside market hours

You can prepare and submit an order after the regular trading session has ended.

This is useful when you cannot access your trading account between 9:15 AM and 3:30 PM.

2. Time to review an order

You can analyse available information and prepare your order without reacting immediately to live price changes.

Depending on your broker’s rules, you may also be able to modify or cancel it before it is sent to the exchange.

3. Availability across supported segments

Some brokers provide AMOs for equities, derivatives, currencies, or commodities. Availability is not identical across all brokers or instruments.

Check the eligible segment before submitting an order.

4. Orders on weekends and holidays

A broker may allow you to submit an AMO on a Saturday, Sunday, or market holiday.

The order will not execute on that day. It will be processed on the next trading day, subject to the broker’s order window.

5. Choice of product and order type

Depending on the broker, you may be able to select delivery, intraday, or overnight product types.

Not all combinations are supported. Intraday AMOs may also be subject to additional broker restrictions and square-off rules.

An After Market Order lets you submit a buy or sell request when the regular market is closed. The broker stores the order and sends it to the exchange during the next permitted session. Its execution and final price are not guaranteed. Before placing an AMO, check the order type, limit price, available funds, eligible security, and your broker’s timings. A limit order gives you price control, while a market order prioritises execution but may result in an unexpected price.