Here’s what transpired in today’s CAS that triggered a 600-point jump on the Nifty Bank

While the Nifty saw only a 30-point move from 24,050 to 24,080 between 3:15 PM and 3:30 PM, it was the Nifty Bank, which saw a significant, 600-plus point upmove during the session, eventually settling above the mark of 58,000, while its closing levels at 3:15 was 57,397.

However, the futures rates on the Nifty Bank did not see any significant change, as they remained near the mark of 57,886.2.

At the end of the closing auction session, the turnover logged on the NSE website showed a figure of ₹39,717 crore, the highest since the implementation of CAS. The average daily turnover has ranged between ₹1,000 crore to ₹1,200 crore.A combination of banks led by ICICI Bank, Axis Bank, Indian Bank, SBI and Federal Bank saw significant price differential during the CAS.

Eternal emerged as the stock with the highest turnover during CAS, as the stock was supposed to see significant inflows due to its weightage increasing in the Standard index. Laurus Labs, SBI Cards, Astral, all of whom were MSCI candidates on either side of the spectrum, also saw significant price divergence during the session.

Two Adani Group stocks, Adani Energy Solutions and Adani Enterprises were also supposed to see MSCI related action with the former being included in the Standard Index and the latter seeing a decline in weightage. Both the stocks have closed at sharply different prices on the NSE and the BSE.