The country's stock market on Friday received a vote of confidence from Finance Minister P Chidambaram, who expressed satisfaction with the 'orderly movement in the market.'
The movement has been orderly over the last three months, though there was some disorderly movement in May, he told reporters in New Delhi.
The market was seen cheering the positive sentiments expressed by the finance minister on Friday. The benchmark Sensex was seen hovering around the 12,500-point mark with a gain of about 100 points in a strong trading session. The 30-share barometer index is less than 200 points away from its all time high of 12,671.11 points, which had earlier reached on May 11, before a sharp downslide on the bourses that continued for about one month.
Key market indices Sensex and Nifty have captured the performance of the corporate sector, said Chidambaram, who met the Securities and Exchange Board of India (Sebi) chief M Damodaran this morning. But details of the meeting were not known.
"Shares are bought and shares are sold. But, I am not concerned about rise or fall in the market," the finance minister said.
There was ample liquidity in the system, he added. Chidambaram said the county's GDP growth was likely to be maintained above 7.5 per cent and could even grow beyond 8 per cent if fiscal prudence is maintained.
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