Nifty Bank up 600+ points in CAS after MSCI rebalancing
Business
Nifty Bank had a huge Monday, shooting up over 600 points in the first Closing Auction Session (CAS) after the MSCI rebalancing.
The index closed above 58,000, while futures stayed steady, so all the action was in the spot market.
NSE cash turnover hits ₹39,717 crore
NSE's CAS turnover hit the highest since the implementation of CAS of ₹39,717 crore, well above its usual ₹1,000 crore to ₹1,200 crore.
Most of this excitement centered around banks: ICICI Bank and Axis Bank both saw noticeable gains, while SBI and others also climbed.
Stocks like Eternal led turnover thanks to their new MSCI weighting, and several others saw wild price swings as investors scrambled to adjust.