It was a mild panic as the main index fell by 700 points it sent shivers down many lanes. Effectively the Finance Minister even had to chip in and say that crash was due to panic selling. “This is nothing domestic. It is substantially due to external factors," Pranab Mukherjee told reporters.
The government said it expects the market to recover as fundamentals remain strong. The markets ran wild but by closing time it had recovered adn it closed a mere 387 points down the open mark. Most of this recovery was over that fact that Dow Jones futures were trading in the dgreen zone.
Also analysts across the board were of the opinion that stock markets will recover and that these are good time to buy.
R Gopalan economic affairs secretary said to the media on the occasion "Our view is that our fundamentals are very strong and our markets will be able to overcome this panic reaction".
The sharp plunge by the indian indices traced the path of meltdown in the US market amid concerns that the American economy might slip back into recession. Negative trends in Asian and European markets further added to the selling pressure on Indian bourses.
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