The market rebounded after losses in the previous three week to end nearly two percent higher, amid short covering, led by a rally in auto and oil stocks. Nifty May 2015 futures closed at 8372.25 today at a premium of 40.30 points over spot closing of 8,331.95, while Nifty June 2015 futures ended at 8404.85 at a premium of 72.90 points over spot closing. Nifty May futures saw contraction of 0.58 million (mn) units, taking the total outstanding open interest (OI) to 18.33 million (mn) units.