The GDP data was released on 29 May, 2020. Smart Money bought heavily in CASH Segment i.e. around 40% more than 7 day’s average in anticipation of better GDP no’s than the consensus forecast of 2.1% GDP growth in Q4 of FY 2019-20.

However, big events like GDP no’s are uncertain and Smart Money always hedge their CASH positions as i explained in my hedging videos. Therefore, a position in Cash segment is hedged by shorting the index futures. In short, Heavy BUYING in Cash Segment was hedged with Heavy Short Positions in Index Futures. This is the reason for Index Future trading at heavy discount i.e. 9482.25 vis a vis NIFTY Spot of 9580.30 for June expiry i.e. discount of around 1%.