Market to go up again: FM

Finance Minister Jaswant Singh on Sunday said there was nothing to worry about the recent fluctuations in stock market.

"There is no cause of panic as the economic fundamentals are very strong. The Sensex is undergoing a correction and it will go up again. I am confident about it," Singh told Doordarshan News.

"This feel good factor is stable and strong. It is on and shall be on for a long time, no one should have any doubt about it," he added.

The stock market has been on a roller-coaster ride over the last few days due to heavy selling by hedge funds.

On January 23, the last trading day of last week, Sensex zoomed by 223 points in unusal volatility after a three-day havoc on bourses.

As a result, the bse benchmark 30-share index touched 5816.64 as against january 22 sensex close of. 5593.74, a net rise of 222.90 points or 3.98 per cent.

The rebound was unbelievable and came along with couple of coincidences such as the global rating agency Moody's and Fitch upgrade of India's investment grade as well as a warning by the market regulator of stringent action against players floating rumours.