Reacting to Thursday market mayhem, Finance Minister Arun Jaitley on Friday said that major sell-off in global markets created chain reaction that impacted Indian equities.
He also said that there is no need for exaggerated panic over global developments and investors should keep in mind inherent strength of Indian economy.
The stock markets swung between gains an losses on Friday after volatility gripped following disappointing earnings amid weak global cues. Sensex was trading 55.28 points up at 23,007.11, while NSE Nifty was trading 15.70 points up at 6,992.05 at 2.59 pm.
On Thursday, benchmark Sensex closed 807.07 points down at 22,951.83, while NSE Nifty plunged 239.35 points or 3.32 per cent to 6,976.35.
Amid global slowdown, Jaitley said services and manufacturing sectors are both recovering and hopefully would improve further on account of monsoon and generate further demand.
On the bank’s rising non performing assets, Jailety sad, “Government considering more steps to empower banks to recover bad loans”.