Can I buy SME shares in the Pre-Open market and sell it on same day?

No, you cannot sell SME IPO shares on the same day when you have purchased it. Pre-open market session starts from 9:00 AM to 9:45 AM during which you can place a buy order to purchase SME shares. If your buy orders gets matched with the IPO listing price, your order will be executed otherwise cancelled.

As day trading is not allowed for SME IPOs thus, it is necessary to have shares in your demat account to sell them. If you have bought stock today, you have to wait for T+1 day to get it into your Demat account then only you can sell shares.

If you have applied for the SME IPO and receive allotment then shares will be credited into your Demat account and you will be allowed to sell it on the listing day.