Mumbai, Aug. 5 -- India's equity markets witnessed a more orderly closing auction session on the second day (Tuesday) of the new Closing Auction Session (CAS) framework, with benchmark indices reversing much of the previous day's auction-driven moves and participation improving modestly, according to a Goldman Sachs analysis.

The report noted that the Nifty opened lower to correct for the previous session's auction-led gains before once again ending higher during the closing auction.

"As expected, Nifty saw a gap down opening today, adjusting itself back to the pre-auction level from yesterday (reversing the 80bps uptick)," the report said.

Closing auction participation improved marginally, with the median auction volume rising to 1.9 ...