Confidence back in market, says Pranab

Confidence has returned to Indian equity markets, finance minister Pranab Mukherjee said as the Bombay Stock Exchange's Sensex ended Wednesday up 272.6 points or 1.62 % at 17,130.5 after falling to a 14-month low on Tuesday.

Confidence has returned to Indian equity markets, finance minister Pranab Mukherjee said as the Bombay Stock Exchange's Sensex ended Wednesday up 272.6 points or 1.62 % at 17,130.5 after falling to a 14-month low on Tuesday.

HT Image

"One thing is certain that confidence has come back in respect of Indian markets ...There has been a slow recovery and in couple of days it will be stable," Mukherjee said.

India's stock markets had fallen for six successive days, catching the global flu in the aftermath of the US credit-rating downgrade by Standard and Poor's (S&P) last week.

"I would like to emphasise that some of the investment banks have upgraded India to market weight, that means the basic fundamentals are strong and macro-economic recovery is moving towards a positive direction," Mukherjee said.

"Collectively, particularly with the cooperation of the RBI, we will be able to face the challenges," he said.