Finance Minister P Chidambaram issued a statement that there is no plan to ban P-Notes issued by FIIs to their clients and sub accounts. Finance Minister said that there is no reason for alarm. The markets are trading near their all-time highs, but there is nothing to worry. The valuations of Indian Stocks are still looking good as the companies are showing decent growth in numbers.

The recommendation of SEBI caused biggest ever intra-day fall in stock markets. Securities and Exchange Board of India recommended on Tuesday evening that the P-Notes to be removed over a period of time.

After the statement of Finance Minister, the markets have recovered smartly. The NSE Nifty is down by 247 points (4.36 percent) at 12.40 pm. Many stocks have recovered from their intra-day lows.

The major losers in today’s trade included HDFC (down by 6.6%), Reliance Energy (down by 9.6%), ICICI Bank (down by 6.7%) and ITC (down by 5.48%). Many stocks have recovered partially. The stock markets have seen a tremendous gain in recent few days. The markets touched their all time highs this week.