Saturday, May 10, 2008

Indian stock markets all set to revive: Ravimohan

New Delhi (PTI): Ruling out any direct impact of the US slowdown on the Indian bourses, international rating agency Standard and Poor's Managing Director and Region Head South and South-East Asia R Ravimohan said volumes in the bourses have started returning and it will soon revive.

"Early signs of revival are already visible. Issuers in the market are waiting and we expect stock markets, especially the bond market, in the country will soon become active," he told PTI.

On the possible impact of the US slowdown on the Indian stock markets, he said, with the re-emergence of issuers, bond markets in Asia would soon become active.

He added that in the past three weeks, firms like China- based Nine Dragon Papers, Swire Corp, the owner of Cathay Pacific Airways, and a couple of Korean companies have raised bonds, showing signs of revival.

Referring to the equity market, he said April has been a good month for the equity market and a lot of correction has happened in the stock value which would be one of the factor in the re-emergence of the stock market.

Also, "the uncertainty regarding the global financial market is reducing as people are getting better sense of the actual impact of the financial market crisis," he added.

He said by and large the stock markets in India have been buoyant and have been performing good.

On the impact of the slowdown on the banking sector he said: "The effect has not been much and it has witnessed quite robust growth."