Sensex recovers 915.44 pts after FM's statement

Mumbai, Jan 22: The Bombay Stock Exchange sensitive index recovered 915.44 points after Finance Minister P Chidambaram made his statement in New Delhi for the investors to stay calm.

Market recovered when it resumed trading at 1055hrs, after one hour trading halt. Benchmark indices smartly recovered some initial loss after finance minister made his statement in New Delhi. However, the selling pressure was still high in the Indian bourses, brokers said. At 1111 hrs, Sensex was at 16,458, 1,142 points or 6.52 per cent down from its previous close at 17,605.35.

Brokers maintained that recovery was not enough as it was very slow and it seems that market will face hardship to recover the loss in the future sessions as the global markets are under strong pressure.

However, talking to newspersons in New Delhi, the Union Finance Minister P Chidambaram assured the investors that market sentiments will be positive as our economy is different from other economies facing pressure. The fundamentals are high and India's corporate sector is strong, the finance minister said adding that the growth will be 9 per cent this year.

UNI