Indian Stock Market Remains Resilient Amidst Global Volatility, Says FM

Ira Singh
Khabar Khabaron Ki,17 Mar’24

New Delhi. Union Finance Minister Nirmala Sitharaman on Friday said despite huge fluctuations globally, the Indian stock market has maintained “a certain level of sanity” and the market should be allowed to play on its own. The statement from the Finance minister comes days after Sebi chairperson Madhabi Puri Buch had said that there are pockets of froth in the small and midcap stocks and the regulator is looking into the same to come out with a possible consultation paper.

Speaking at India Conclave, Sitharaman was reportedly quoted as saying, “I allow the markets to play on their own…we should leave it to the wisdom of the market because all of us have seen that despite huge fluctuations globally, the Indian market has maintained a certain level of sanity. It hasn’t gone too violent this way or that way. So, I place a lot of trust in the market.”

On Crypto assets, Sitharaman said, they cannot be currencies and that’s the government of India’s position.

India’s Foreign Exchange Reserves Witness Impressive Growth, Reach $636.095 Billion

According to the latest data released by the Reserve Bank of India, Foreign exchange reserves grew by $10.470 billion to reach $636.095 billion by the end of the week ending on March 8.

This marks the third consecutive week of growth to hit a two-year high.. The data before the week ending on March 8 indicated a rise of $6.554 billion, bringing the total reserves to $625.626 billion, according to a recent report.

Foreign currency assets increased to USD 562.352 billion, while gold reserves decreased to USD 50.716 billion. RBI bolstered reserves by USD 58 billion in 2023, according to information India’s reserve position with the International Monetary Fund (IMF) was also up by $19 million to $4.817 billion in the reporting week, the central bank data showed.