When 'short', nothing will happen (only rated current 00/05 Amp, will flow), generally, secondary keeps shorted when not in use. When open, the (independent)primary ampere turn of bar primary, which depends on load current(voltage drop of primary steps up), and will generate very high voltage(working flux density is low, in lower linear region of B-H curve) in malty turn secondary, and will damage the insulation of secondary winding, with flash over, with higher load current of primary.
As Bhupendra Desai said, short ckting the secondary terminals is normal in CTs. When they are open and the primary is subjected to rated current or atleast 30 percent of the rated current, you could notice sparking across the terminals. If you increase the current through the primary terminals beyond this, the secondary core insulation could start burning. The reason has been quoted by Bhupendra.
A CT will have very few turns ( in very high power circuits only one turn) on the primary and a large no of turns on the secondary. In principle it is a step up transformer. When in normal operation, the CT secondary will be always conected to a meter or a relay or a sensor etc.. When it is open ckted, obviously a high voltage will appear across it. Nothing happens if it is short ckted. After all you know than an ammeter coil will have very low resistance, that it can almost be treated like a short ckt.