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As Indian equities bounced back in line with the uptick in global stock prices, the Finance Minister, Mr Pranab Mukherjee, today said that confidence was returning to the Indian stock markets and hoped that it would stabilise in the next few days.
Global stock markets rose today after the US Federal Reserve pledged to keep interest rates near zero for at least two years.
“One thing is certain that confidence has come back in respect of Indian markets (stock) and in couple of days it will stabilise,” Mr Mukherjee told reporters outside Parliament.
He also said that the Finance Ministry and the Reserve Bank of India were working in close cooperation towards stabilising the Indian markets and that there would be no dearth of liquidity and foreign exchange.
Indian stock markets took a big hit on Monday and Tuesday after credit rating agency Standard & Poor’s downgraded the US sovereign rating from ‘AAA’ to ‘AA+’. Besides the US Federal Reserve pledge to keep interest rates near zero, strong buying by domestic financial institutions over the last two days also helped Indian equities stage a bounce back on Wednesday.
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