At about 1 pm in North Block, Finance Secretary D C Gupta, Chief Economic Advisor Ashok Lahiri and Expenditure Secretary D Swarup were biting their nails on the course the Sensex would take when the market reopens for the third time during the day. The Bombay Stock Exchange had already suspended trading twice with the Sensex having crashed 786 points to touch 4,247.59 points at 11.15 am. 
 
Both Lahiri and Swarup, who are also board members in the Securities and Exchange Board of India (Sebi), were busy coordinating with the Reserve Bank of India and Sebi in Mumbai. 
 
Sebi Chairman GN Bajpai, who was away in Jordan, was also monitoring the stock market movements and giving directions to his officials from there. The finance ministry was clear that Sebi stick to its guidelines and should the markets fall again, the circuit breaker be triggered. 

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According to finance ministry sources, the Congress too was in touch with the finance ministry, though indirectly. Sources, however, refused to divulge who in the Congress was coordinating with the finance ministry on the market crash and remedial action from the ministry and the regulators. "It was, however, not Manmohan Singh," said a source. Singh, tipped to be the finance minister in the new government, had earlier met Finance Minister Jaswant Singh in North Block. 
 
For Gupta and Lahiri, it was a blessing in disguise, that UK Sinha, joint secretary, capital markets and external commercial borrowings, was in Mumbai on an official trip. "It helped a lot in co-ordination," said a source. Gupta, in turn, was keeping Jaswant Singh informed about the developments and the corrective action being influenced from the North Block. 
 
"There were already rumours in the market that some brokers were facing a payment crises on the trades that were transacted on Friday. This prompted the ministry to consult with the RBI, which subsequently issued a statement assuring that adequate liquidity would be provided for settlement of trades. "It was this that helped the markets recover partially from the onslaught," said a source. 
 
The trio, Gupta, Lahiri and Swarup, heaved a sigh of relief when the markets did not fall the third time. By the end of the day, they were exhausted, and waiting for Tuesday. 
 
The sources also said that the market regulator has already stepped up surveillance and the ministry had directed the regulator to probe if there was a bear cartel in operation as alleged by the Congress party. "The surveillance mechanism was initiated on Friday itself," said a source. He, however, underscored the Congress allegation that FIIs and bear cartel led to the crash. "The Left parties' statements were not doing any good," he said. 
 
Attributing the stock market crash to spread of uncertainty in the market and lack of confidence, Jaswant Singh told reporters after the meeting of top BJP leaders at the Prime Minister's residence, "If a responsible leader who aspires to join the government makes a statement, it will have an effect on the market sentiments." He added, "I have discussed it with Sebi and the RBI." 
 
Although I do not have any authority, my advice is to be cautious." 
 
Lahiri urged markets not to panic as the fundamentals of the economy were strong. "We have a strong balance of payments position, low inflation, valuation in markets is very good, PE ratios are very good now. It is the right time to buy," he told reporters in North Block. He said that those who sold would rue their decision. "The integrity of the market has remained intact," he added.