Monday, 4 May 2015

Closing Summary, Market Synopsis: 4 th May, 2015

Nifty ends above 8,300; oil, auto shares lead: Benchmark indices snapped three week of losses to end nearly two percent higher on the back of aggressive short covering led by a strong rally in the auto stocks owing to higher number of export sales and new launch. Meanwhile, gains in ONGC on reports stating that the government may scrap the fuel subsidy-sharing mechanism and bear the entire burden of the oil marketing companies for 2015-16 has contributed to the surge. The passage of the Finance Bill 2015-16 laying emphasis on clarifications on issues like the Income Tax Return form and the Minimum Alternate Tax (MAT) levied to FIIs have also boosted the sentiments. The 30-share Sensex ended 479 points higher at 27,491 and the 50-share Nifty surged 150 points to close at 8,332.

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