Why is the error "The market order was rejected since there are no trades in this instrument. Try placing a LIMIT order" displayed?

When attempting to place market orders for equity stocks or F&O contracts with no trading activity (no buyers or sellers), you may encounter an error. As per NSE circulars for equity (PDF), futures (PDF), and options (PDF), market orders for such instruments that haven’t been traded during the day are restricted. If you come across this error, it indicates the unavailability of buyers or sellers for the specific contract at that moment.

Solution: Consider using limit orders or wait until there is trading activity for the particular instrument.