No, Punch does not offer MIS (Margin Intraday Square off) orders. All orders are normal by default, so clients are not required to square off positions the same day unless there's a margin call.
Market orders are treated as NRML (Normal), not MIS. This means you hold the positions until you square them off or they expire.
If positions are not squared off by expiry, they will be automatically closed, incurring a fee of Rs. 50 + GST.