Taking Hedging position through market orders

Can we place hedging via market order type (for intraday as well as for positional ).Can we add Call option of an index / stock of different strike price and put that in basket order and then sell one and buy one each in Market order type. If we do like that , do we get margin benefit .

Yes you do get margin benefit, it doesn’t matter if you Buy/Sell using Limit Order or Market Order.

When you are using Market Order, do be aware of slippages, also Market Orders aren’t allowed for Stock Options due to lack of liquidity.