Mumbai, Aug. 4 -- The National Stock Exchange (NSE) on Tuesday clarified the unusual divergence witnessed on Monday between the spot and futures values of the Nifty and Bank Nifty indices, saying it was a result of the implementation of the new Closing Auction Session (CAS) mechanism for derivative-eligible stocks and did not indicate any market anomaly.

The clarification came after market participants flagged the gap between spot and futures prices during the final minutes of trading following the rollout of the new closing price discovery framework on August 3.

The exchange said the CAS was introduced under the guidance of the Securities and Exchange Board of India (SEBI) to strengthen transparency and price discovery in the cash mark...