Aug 4 (Reuters) - India's Nifty 50 was set to open lower on Tuesday after a sharp late-session rise in the previous session following the launch of a new ‌Closing Auction Session (CAS) framework, leaving traders wary of higher volatility. GIFT Nifty futures were at ‌24,653.5 as of 8:13 a.m. IST, indicating the benchmark Nifty 50 could open below Monday's close of 24,774.3. "Both the exchanges have separate order books for CAS session similar to the continuous trading session and hence, the prices of individual stocks are ‌also different," NSE said in a ⁠statement late on Monday. Under the CAS, continuous trading in eligible shares ends at 3:15 p.m. before the market moves into a 20-minute auction that sets ⁠the official close. The auction price is determined within a plus-or-minus 3% band around a volume-weighted average price, or VWAP, reference price, concentrating more end-of-day execution into a compressed window.