FM asks investors not to panic; Sensex up by 495 points

Finance Minister P Chidambaram asked the investors not to panic, an assurance that pulled up the Bombay Stock Exchange benchmark Sensex by 495 points in the initial trade.

Amidst fear of stock market taking a plunge on global cues, Finance Minister P Chidambaram on Monday morning asked the investors not to panic, an assurance that pulled up the Bombay Stock Exchange benchmark Sensex by 495 points in the initial trade.

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"I expect market to take cues from positive developments in three East Asian and Australian bourses," he told newspersons ahead of the opening of bourses.

While assuring the nation that economic fundamentals are strong, he said, government would announce more measures to address the problem of liquidity.

Meanwhile, the 30-share index moved up 495 points and regained 11,000 mark at 1015 hrs.