‘Nifty’s valuation is good, the market will improve’, said the Union Minister on the condition of the stock market
New Delhi| Union Minister Piyush Goyal has reacted regarding the condition of the stock market. He said that there was some good selling in the week. After this the valuation of Nifty is good and fair. Some further improvement is expected in the Indian market. Speaking at the event of mutual fund group Amfi in Mumbai, the Union Commerce Minister said that a decline can be seen in some Nifty stocks. But Nifty is still showing good valuations. This assessment is appropriate for a developing country. There may be some improvement here.
The Union Minister said that the ongoing decline in the market is a warning to those who have not given proper advice to small investors. Amfi removes people who do not give correct advice to customers. He suggested that mutual funds should not shy away from their duty and commitment towards the big market. They should not focus only on returns.
He said that there has been a huge increase in the market in the last two-three years, here the prices of many shares were related to the compulsion to invest the money received from the market and the fear of missing some. All stakeholders have to think about the events that have happened in recent times. We cannot ignore the dangers of an investment culture developing in certain parts of the market.
Regarding the activities of small companies, he wondered how an auto dealer got such a high valuation? Regarding FTA, Union Minister Piyush Goyal said that the free trade agreement with one country is almost complete. Two other countries are in touch for a similar agreement.
The market had fallen on the last day of the week
Due to weak trend in global markets, selling is taking place in the domestic stock market. On Friday, the last trading day of the week, the Sensex fell 1,414.33 points to close at 73,198.10. At the same time, Nifty also fell by 420.35 points to reach the level of 22,124.70. Investors are now troubled by the continuous decline in the market.
