Don't get carried away by stock market: Chidambaram

Mumbai July 20 (UNI) Union Finance minister P.Chidambaram today cautioned investors that not much should be read into the ongoing 'high ride of the stock market''.

''One should not get carried away by the recent high on the Sensex.

It is a good indicator but don't take it as the sole indicator'' said Chidambaram.

Speaking at a function after laying the foundation stone of Centre for Nanoscience and Nanotechnology of Mumbai university, he said ''High ride of sensex is only an indicator of corporate growth and doesn't imply that overall the economy is on a high''.

He said the Sensex doesn't take into account the agricultural, health and other sectors of economy but it is only representation of few corporate biggies performance.

The Finance minister also lauded efforts of Rerserve bank of India for containing inflation below four per cent.

'' RBI has managed inflation quite exemplary'', he said.

Pointing out that high growth in economy is fuelling inflation, the Finance minister said ''in near future inflation may rise but will be within reasonable proportion''.

He said fiscal deficit will be brought down under three percent by the year end.

On interest rates and Rupee appreciation, Chidambaram said ''interest rates are market determined and during high growth period there will be inflationary pressure on the economy.'' UNI