Click to play videoNew Delhi: As Dalal Street crashed, Finance Minister P Chidambaram had to step out of the North Block to calm frayed nerves. But at the end of the day it was not quiet the new beginning he promised.
With the Asian markets opening way down, a fall was on the cards. But no one including the Finance Minister expected that fall to be over 2200 points stopping the BSE and the NSE and forcing him out of North Block in an attempt to clam the markets.
Chidambaram said, “No, I don't think the long term market sentiment will be affected. The fundamentals of the economy are intact but my advice to the investors would be to exercise caution, when the markets open at 10.55,there will be a new beginning."
The Finance Minister's call seemed to bring some order to the markets but it wasn't quite the new beginning he had hoped for offering an excellent opportunity for the Opposition to get into the act.
Reacting to the market move former Union finance minister Yashwant Sinha said, “This market is completely in the grip of speculators. We had long been suspecting this. The Government has no response to what's happening in the markets."
The Left parties maintained that the crash did not affect the man on the street - but even they had a message for the Government.
CPI leader D Raja said, "The stock markets do not reflect the real economic position of the country it only affects a small percentage of the population we have been telling the Government to curb un-sourced fast money that comes through participatory notes."
Market experts say badly bruised investors will need more than Government reassurances to reenter these troubled waters but the global meltdown is sure to feature prominently on the menu as policymakers and corporates from across the world meet at the world economic forum in Davos.
(For updates you can share with your friends, follow IBNLive on Facebook, Twitter, Google+ and Pinterest)
 |
 |
 |
|
More on IBNLive Right Now
TOP NEWS
MOST SHARED
PHOTOGALLERY
