Mumbai, February 15
The markets came alive in a late rally with the benchmark Sensex gaining over 340 points to regain the 18K level at close after the Prime Minister's somewhat reassuring remarks on the burning issues of global slowdown and rupee appreciation.
Addressing the annual meeting of industry chamber Ficci here, Prime Minister Manmohan Singh said, “There are global concerns of a slowdown. We need to be aware of these concerns and we will take steps to limit their impact on us. The finance and commerce ministers are seized of the matter. I do not see any reason why we cannot sustain 9 per cent growth even in the face of global slowdown.”
The Sensex had fallen to the day's low of 17,445.05, a loss of 322 points following weak global cues as the Swiss banking giant and Europe's worst-hit bank by the US sub-prime mortgage crisis, UBS AG, offered a bleak outlook for 2008. The bank has confirmed writing down more than $18 billion.
— PTI
