MARKET ANALYSIS
- The market was on fire fueled strongly by oil, FMCG and pharma stocks. The Sensex ended up 479.28 points or 1.8 percent at 27490.59 and the Nifty scaled the 8300-level. The 50-share index closed up 150.45 points or 1.8 percent at 8331.95. About 1954 shares advanced, 838 shares declined, and 153 shares were unchanged.
- ONGC was up 8 percent while Bajaj Auot, Cipla, M&M and BHEL were major gainers in the Sensex. Among the laggards were ICICI Bank, Axis Bank and Tata Motors with marginal losses.
- Shares of Shriram Transport slumped 16 percent intraday after it announced disappointing March quarter results. Its net profit declined 73 percent to Rs 84.23 crore in Q4 of FY15. During the period, its net interest income stood at Rs 1,105.57 crore against Rs 975.95 crore year-on-year.
- The tax department has issued demand notices to the tune of Rs 6,500-7,000 crore (around $1 billion) to foreign portfolio investors (FPIs), claiming payment of minimum alternate tax (MAT) on capital gains related to transactions on Indian stock.
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