New Delhi, Jan 22: Finance Minister P Chidambaram today said the current slump in the Sensex of the Bombay Stock Exchange
(BSE) would "not effect" the market in the long run.
Trading was suspended for one hour at the BSE after the benchmark Sensex fell to the low of 15,576.30 within minutes of opening, crossing the circuit limit of 10 per cent.
Appealing to investors to stay calm, Chidambaram said: "The economy will grow close to nine per cent. The current trend will not effect market in the long run."
The 30-share benchmark index today opened up strongly after making a profit of 193 points at 18,473.43. The Sensex carried on its hopeful drive, as it appended over 350 points in the opening sessions of trade.
Asian stocks today continued to add gains on relieving worries that the world’s largest economic system is pointing towards a slump.
In early trading (10.13 a.m), BSE Sensex was trading at 18,646.18, up 365.97 points, where NSE Nifty was trading at 5434.55, up 107.3 points.
Sugar stocks were in the public interest in the opening session. The BSE Midcap ascended 1.91% while BSE Smallcap arose 1.68%.