Ideally, a market order should execute at the best bid or offer. But in case the stock that you’re placing the order for has hit upper or lower circuit, or has no bids/offers just due to a lack of liquidity, your market order would be converted to a limit order at the last traded price and stay open at the exchange.
In the example you’ve quoted, Rishioop had no buyers or sellers. Check this screenshot of the marketdepth from the BSE website:
As you can see, there are no sellers available for your buy order to go through. In such cases, the order would just turn into a limit order at the LTP.