Mkt recover on FM comments, positive global cues
The BSE Sensex recovered 781.24 points today. It had tanked 2,527.81 points or 19.36% to 10,527.85 on 10 October 2008 from a recent high of 13,055.67 on 1 October 2008. Finance minister P Chidambaram's statement that the government was working on more measures to infuse liquidity in the banking system and increase the confidence of depositors and investors, aided the rebound in equities today.
The S&P CNX Nifty was up 210.75 points or 6.43% to 3,490.70.
As per the provisional figures on BSE, the foreign intitutional investors (FII)s sold shares worth Rs 1060.60 crore today, 13 October 2008 while domestic funds bought shares worth Rs 582.31 crore.
Finance Minister P Chidambaram today said the Indian economy continues to grow at a satisfactory rate. The finance minister also said the slide in commodity and crude oil prices will have a beneficial impact on inflation. He said the Indian services sector is growing at a brisk rate. He said the ratio of investments to GDP remains high. The ratio was above 35% in Q1 June 2008.
The Reserve Bank of India chief Duvvuri Subbarao on Friday, 10 October 2008 said that India may escape the worst consequences of the global financial crisis due to its strong internal drivers for growth but money, debt and credit markets may be impacted indirectly.
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