FM advices investors not to sell stocks
New Delhi, Oct 23: Finance minister Chidambaram said on Thursday, Oct 23 there was adequate liquidity in the banking system and he has advised banks to lend aggressively.
Chidambaram also asked investors not to sell stocks in panic. The minister's comments came after the main stock index plunged to its lowest since June 2006 amid a gloomy global economic outlook. Markets recovered after the finance minister"s statement and were also helped by the Sebi directive to FIIs to reverse short positions. A positive opening on the European bourses also aided the positive sentiment. Gains in technology and consumer durables led the upmove.