POTENTIAL OF INDIAN STOCK

MARKET TO BE ON THE TOP AMONG

THE GLOBAL STOCK MARKET

Submitted to:
Submitted By:
Ms. Navleen Kaur
J. GANESH
(A1802009041)

ANKIT MOUR
(A1802009618)

Section – F
 Group- B

WHY PEOPLE CHOOSE THE NYSE AND

NASDAQ AND HOW THEY WORK

Whenever someone talks about the stock market as a place

where equities are exchanged between buyers and sellers, the first thing
that comes to mind is either the New York Stock Exchange (NYSE)
or Nasdaq, and there's no debate over why. These two exchanges account
for the trading of a major portion of equities in North America and
worldwide. At the same time, however, the NYSE and Nasdaq are very
different in the way they operate and in the types of equities traded
therein. Knowing these differences will help you better understand the
function of a stock exchange and the mechanics behind the buying and
selling of stocks.

Location, Location, Location

The location of an exchange refers not so much to its street address but
the "place" where its transactions take place. On the NYSE, all trades
occur in a physical place, on the trading floor in New York City. So, when
you see those guys waving their hands on TV or ringing a bell before
opening the exchange, you are seeing the people through whom stocks
are transacted on the NYSE.

The Nasdaq, on the other hand, is located not on a physical trading floor
but on a telecommunications network. People are not on a floor of the
exchange matching buy and sell orders on behalf of investors. Instead,
trading takes place directly between investors and their buyers or sellers,
who are the market makers (whose role we discuss below in the next
section), through an elaborate system of companies electronically
connected to one another.

Dealer vs. Auction Market

The fundamental difference between the NYSE and Nasdaq is in the way
securities on the exchanges are transacted between buyers and sellers.
The Nasdaq is a dealer's market, wherein market participants are not
buying from and selling to one another directly but through a dealer,
which, in the case of the Nasdaq, is a market maker. The NYSE is
anauction market, wherein individuals are typically buying and selling
between one another and there is an auction occurring; that is, the
highest bidding price will be matched with the lowest asking price.
Traffic Control
Each stock market has its own traffic control police officer. Yup, that's
right, just as a broken traffic light needs a person to control the flow of
cars, each exchange requires people who are at the "intersection" where
buyers and sellers "meet", or place their orders. The traffic controllers of
both exchanges deal with specific traffic problems and, in turn, make it
possible for their markets to work. On the Nasdaq, the traffic controller is
known as the market maker, who, we already mentioned, transacts with
buyers and sellers to keep the flow of trading going. On the NYSE, the
exchange traffic controller is known as the specialist, who is in charge of
matching up buyers and sellers.

The definitions of the role of the market maker and that of the specialist
are technically different; a market maker creates a market for a security,
whereas a specialist merely facilitates it. However, the duty of both the
market maker and specialist is to ensure smooth and orderly markets for
clients. If too many orders get backed up, the traffic controllers of the
exchanges will work to match the bidders with the askers to ensure the
completion of as many orders as possible. If there is nobody willing to buy
or sell, the market makers of the Nasdaq and the specialists of the NYSE
will try to see if they can find buyers and sellers and even buy and sell
from their own inventories

Perception and Cost

One thing that we can't quantify but must acknowledge is the way in
which the companies on each of these exchanges are generally perceived
by investors. The Nasdaq is typically known as a high-tech market,
attracting many of the firms dealing with the internet or electronics.
Accordingly, the stocks on this exchange are considered to be
more volatile and growth oriented. On the other hand, the companies on
NYSE are perceived to be more well established. Its listings include many
of the blue chip firms and industrials that were around before our parents,
and its stocks are considered to be more stable and established.

Whether a stock trades on the Nasdaq or the NYSE is not necessarily a

critical factor for investors when they are deciding on stocks to invest in.
However, because both exchanges are perceived differently, the decision
to list on a particular exchange is an important one for many companies.
A company's decision to list on a particular exchange is affected also by
the listing costs and requirements set by each individual exchange.
The entry fee a company can expect to pay on the NYSE is up to $250,000
while on the Nasdaq, it is only $50,000-$75,000. Yearly listing fees are
also a big factor: on the NYSE, they based on the number of shares of a
listed security, and are capped at $500,000, while the Nasdaq fees come
in at around $27,500. So we can understand why the growth-type stocks
(companies with less initial capital) would be found on the Nasdaq
exchange.

Public vs. Private

Prior to March 8, 2006, the final major difference between these two
exchanges was their type of ownership: the Nasdaq exchange was listed
as a publicly-traded corporation, while the NYSE was private. This all
changed in March 2006 when the NYSE went public after being a not-for-
proft exchange for nearly 214 years. Most of the time, we think of the
Nasdaq and NYSE as markets or exchanges, but these entities are both
actual businesses providing a service to earn a profit for shareholders. The
shares of these exchanges, like those of any public company, can be
bought and sold by investors on an exchange. (Incidentally, both the
Nasdaq and the NYSE trade on themselves.) As publicly
traded companies, the Nasdaq and the NYSE must follow the standard
filing requirements set out by the Securities and Exchange
Commission. Now that the NYSE has become a publicly traded
corporation, the differences between these two exchanges are starting to
decrease, but the remaining differences should not affect how they
function as marketplaces for equity traders and investors.

Conclusion
Both the NYSE and the Nasdaq markets accommodate the major portion
of all equities trading in North America, but these exchanges are by no
means the same. Although their differences may not affect your stock
picks, your understanding of how these exchanges work will give you
some insight into how trades are executed and how a market works.

(Source:- Investopedia.com)
INTRODUCTION OF INDIAN STOCK
EXCHANGE
The Indian stock exchanges hold a place of prominence not only in Asia
but also at the global stage. The Bombay Stock Exchange (BSE) is one of
the oldest exchanges across the world, while the National Stock Exchange
(NSE) is among the best in terms of sophistication and advancement of
technology.
The Indian stock market scene really picked up after the opening up of the
economy in the early nineties. The whole of nineties were used to
experiment and fine tune an efficient and effective system. The ‘badla’
system was stopped to control unnecessary volatility while the derivatives
segment started as late as 2000. The corporate governance rules were
gradually put in place which initiated the process of bringing the listed
companies at a uniform level.
On the global scale, the economic environment started taking paradigm
shift with the ‘dot com bubble burst’, 9/11, and soaring oil prices. The
slowdown in the US economy and interest rate tightening made the
equation more complex. However after 2000 riding on a robust growth
and a maturing economy and relaxed regulations, outside investors-
institutional and others got more scope to operate. This opening up of the
system led to increased integration with heightened cross-border flow of
capital, with India emerging as an investment ‘hot spot’ resulting in our
stock exchanges being impacted by global cues like never before.
The study pertains to comparative analysis of the Indian Stock Market
with respect to various international counterparts. Exchanges are now
crossing national boundaries to extend their service areas and this has led
to cross-border integration. Also, exchanges have begun to offer cross-
border trading to facilitate overseas investment options for investors. This
not only increased the appeal of the exchange for investors but also
attracts more volume.
Exchanges regularly solicit companies outside their home territory and
encourage them to list on their exchange and global competition has put
pressure on corporations to seek capital outside their home country. The
Indian stock market is the world third largest stock market on the basis of
investor base and has a collective pool of about 20 million investors.
There are over 9,000 companies listed on the stock exchanges of the
country. The Bombay Stock Exchange, established in 1875, is the oldest in
Asia. National Stock Exchange, a more recent establishment which came
into existence in 1992, is the largest and most advanced stock market in
India is also the third biggest stock exchange in Asia in terms of
transactions. It is among the 5 biggest stock exchanges in the world in
terms of transactions volume.

ORIGIN OF VARIOUS STOCK EXCHANGES:

• The origin of the New York Stock Exchange (NYSE) is dated back to
May 17, 1792, when the Buttonwood Agreement was signed by
twenty-four stock brokers outside of 68 Wall Street in New York
under a buttonwood tree. Also called the “Big Board”, it is the
largest stock exchange in the world in terms of dollar volume and
second largest in terms of number of companies listed.
• The Tokyo stock exchange was established on May 15, 1878 and
trading began on June 1, 1878. In 1943, the exchange was
combined with ten other stock exchanges in major Japanese cities to
form a single Japanese Stock Exchange. It is the second largest
stock exchange market in terms of monetary volume and currently
has 2302 listed companies.
• The Hong Kong stock exchange is the 8th largest stock exchange in
the world in terms of Market capitalization. The Hang Sang Index
(HIS), was started on November 24, 1969.
• The Russian stock exchange was established in 1995 by
consolidating the separate regional stock exchanges into one
uniformly regulated trading floor.
• The Korea stock exchange was created by the integration of the
three existing of the Korean Spots and Futures exchanges (Korean
stock exchange, Korean futures exchange & KOSDAQ) under the
Korea Stock and Futures Exchange Act.3.5. In this paper, the names
of the countries and the names of the indices of those countries
have been used interchangeably.
• Thus, the names of the countries represent the indices for the
purpose of analysis and they need to be interpreted that way.
Again, all the analyses have been done with the closing prices.
 TOP REASONS TO PREFER INVESTING IN
INDIA
Invest in India the fastest growing economy in the world

Indian stock market is rapidly going higher and higher and increasingly
becoming popular among the foreign investors. There are so many
reasons that investors from all around the world are showing interest in
the Indian stock market. Here we are presenting some of the factors that
have made the Indian stock market a preferred choice to invest over other
international stock markets.

1. Largest Democracy - India is the largest democracy in the world.

With the solid foundation of the constitution and parliamentary
democracy India is surely a place where trade and commerce is
natured by the government with carefully framed rules and
regulations.

2. Steady government - For years India has seen democratically

elected steady governments that ensure political stability in the
country that is a primary requisite for the economic advancement
and industrial development in the country. A politically stable
situation in the country guarantees steady growth of the industrial
sector and rise in the stock market.

3. The 2nd largest market - India is the 2nd largest country in the
world in terms of population and hence the country is the 2nd
largest consumer market in the world as well. So there is no doubt
the businesses will flourish in the country with a steady rise.

4. Economic growth - For the last few years India has seen steady
economic growth. The parameters that are used to measure the
overall economic standard of the country are on the rise. The higher
GDP, rate of annual growth, foreign currency reserve, Human
development index - all these factors are at a satisfactory level and
showing steady rise.

5. Infrastructure - Indian has posted a great development in the

infrastructure development. Be it power, roads, transportation,
telecommunication India has progressed in every field. These
factors have definitely helped the industry and business grow in the
country at a rapid pace.
6. Booming industrial sector - The industry sectors in the country
are showing phenomenal growth since the last few years that have
actually added a boost to the economy of the country. With some of
the Indian companies taking over large foreign companies and the
IT sector showing great potentials - Indian industries are making it
big at the international level.

7. SEBI - The Securities and Exchange Board of India is the authority

that oversees the activities of the stock exchanges in India. The
strict monitoring of the SEBI and carefully laid down acts and rules
have made the Indian stock markets more efficient, trustworthy and
transparent.

8. Online Trading - The online trading facility have surely made the
Indian stock markets more accessible to foreign investors and NRIs.
The online trading facility lets you invest in the Indian stock market
from anywhere in the world and at any time of the day.

9. FDI- According to the recent decisions of the government of India

100% FDI is allowed for most of the sectors in India.

10. BSE - Bombay stock exchange has the most number of companies
listed among all the stock exchanges in the world. In terms of
market capitalization of the listed companies it is the largest in
South Asia and the 12th largest in the world.

11. NSE - This is the largest stock exchange in India in terms of trading
volume.

12. Higher GDP - For the last few years India is posting higher GDP
rates that is the proof of growing industrial sectors and booming
market. The higher GDP and lower import and export India is able to
reduce the effect of recession as well.

13. Biggest enterprises - Indian industry boasts of some of the

biggest enterprises in the world.
14. Least affected by recession - When other countries in the west
have worst hit with the recession of the economy and industry, India
is among some of the least affected countries. It is the bindings of
the regulations and control of the government on some sectors that
have made it possible to withstand the global recession that is being
described as the worst economical depression of all times.

15. A happening market - With acquisitions, mergers, takeovers -

Indian industry is seeing it all. As an investor you can always take
the advantage of these events and make huge profit from the Indian
stock market.

Article Source: http://www.saching.com

 WHAT'S WRONG WITH INDIA'S STOCK
MARKET?
India remains one of my favorite markets, even after the Reserve Bank of India
(RBI) raised the reverse repo and repo rates by 25 basis points. These moves
were overdue, as rates were low for an extended period even
though India doesn’t have the deflation and debt issues facing Western
economies.

-- Yiannis Mostrous, Silk Road Investor

Quick quiz: which BRIC (Brazil, Russia, India, China) stock market
has performed worse so far in 2011?
Answer: India by a wide margin. In fact, on January 7th India’s stock
market suffered its worst one-day point decline since October 2009 and its
worst percentage decline since May 2010. Take a look at the numbers:
BRIC Country Stock Market Return in 2011

China 0.5%

Russia -0.1%

Brazil -2.7%

India -8.0%

Source: Bloomberg

Don't Panic!
Before you panic, let’s put things in perspective. India is not the worst
performing stock market in the world this year. That dubious “honor” goes
to Bangladesh, which is down an astounding 22.2% in 2011! On January
10th, the Bangladesh stock market was halted after falling 9.3% in less
than an hour, the worst one-day decline in its 55-year history. Things are
so bad in Bangladesh that police needed to use tear gas and water
cannon against angry investors.
Feel better now?
Other poor performing stock markets this year include Vietnam (-
8.3%), Chile (-7.1%), and Indonesia (-6.4%). So India is not alone in its
misery. Still, investors wish they'd invested in Mongolia (+7.5%) or Sri
Lanka (+5.7%) since the beginning of January.

INDIA IS A LONG-TERM WINNER

And long-term investors in India have nothing to complain about. Since
the market bottom in March 2009, Indian stocks have appreciated 195%,
second only to Russia among BRIC companies:

BRIC Country Stock Market Return Since March

2009

Russia 218%

India 195%

Brazil 146%

China 88%

Source: Bloomberg

INDIA'S FOOD INFLATION IS A PROBLEM

Still, nobody likes to lose money even in the short term so it’s reasonable
to ask what is causing the Indian market to go down? The answers are
inflation and interest-rate hikes. For the week ending December 25th,
the price of food in India shot up for the fifth straight week to an
annualized 18.32%, the highest rate in more than a year. For a country
where millions of people pay more than 50% of their disposable income
on food, this is very bad news. Indian Prime Minister Manmohan Singh has
convened an emergency meeting of his cabinet to deal with the inflation
situation.
The United Nations Food and Agriculture Organization issued a warning
last week that the entire developing world faces a “food price shock” this
year as its benchmark food price index (grains, rice, vegetable oils, dairy
products, sugar and meat) has reached record highs, surpassing its
previous June 2008 peak.
INDIA'S INTEREST RATES HAVE BEEN RISING

When inflation accelerates, a country’s central bank springs into action to

stop it and India’s central bank is no exception. During 2010, Reserve
Bank of India Governor Duwuri Subbarao hiked reverse repo interest
rates six times, from 3.25% to 5.25%. After the last raise on November
2nd, Subbarao stated that there was a “low likelihood for further rate
actions in the immediate future.”
But that statement was made before the December food inflation data
came out. On January 7th, Subbarao reversed course, stating that the
recent “pause” in rate hikes since November should be viewed as a
"comma, not a full stop." This statement was unexpected and shocked
investors, sending the Indian stock market tumbling. Indian bankers are
warning that further rate hikes could overshoot and cause a slowdown in
credit growth.
Economists now believe that India’s Reserve Bank will hike interest
rates at least an additional 25 basis points to 5.5% at its next meeting on
January 25th. Higher interest rates make stocks less attractive compared
to bonds, raise business costs, reduce profits, and increase the rate at
which future cash flows are discounted, which lowers a stock’s calculated
valuation.

YIANNIS MOSTROUS REMAINS BULLISH ON INDIA

Although Yiannis Mostrous, editor of Silk Road Investor, wrote back in late
October that the Indian market looks “a little overextended,” he still is
very bullish on the Indian market long term. He is not overly concerned
with India’s interest rate hikes because:
Interest rates in India play a secondary role when it comes to potential
economic impact, a product of the low levels of debt in the private sector
and the relative underdevelopment of the nation’s financial markets.

More important than interest rate hikes is the Indian government’s

commitment to infrastructure spending, which will act as a
counterbalance and keep the Indian economy humming along:
Emerging economies are expected to spend around USD6 trillion in both
government and private sector funds over the next three years on
infrastructure-related projects. India is in the sweet spot of this
investment cycle, with poor infrastructure and strong economic growth.

While bank lending growth has also slowed, it has stabilized at around 20
percent, which is still very healthy. The Indian government remains
committed to building the country’s infrastructure and is expected to
increase its contribution to infrastructure projects by 1 to 2 percent of
GDP.

India remains among his “top five” favorite emerging markets in which to
invest. (it’s not No. 1, however). For fund investors, Yiannis likes
the Emerging Global Shares India Infrastructure Fund(NYSE: INXX),
but he believes you can earn higher returns investing in carefully-selected
individual stocks. He recommends his two favorite Indian stocks in the Silk
Road Investor “Long-Term Holdings” Portfolio.

Profit from Indian Stocks with the Help of Silk Road

Investor!

Take advantage of the temporary market selloff in Bombay to buy Indian

stocks at a discount. The “First Five Days of January Indicator” is deeply
flawed and is not statistically significant, so don’t worry about the Indian
stock market's early January decline.
To find out the names of the two Indian stocks Yiannis is recommending
now, give Silk Road Investor a try today!

CONCLUSION

The Indian stock markets have come very close to the danger
zone in terms of P/E values. The daily uncertainty facing the global
markets with respect to sovereign debt, bank exposure, and slow
economic growth make this a particularly dangerous time for
investors. The Indian stock market is vulnerable to any sudden
degradation in investor sentiment that could be brought on by events
foreseen or unforeseen.

In my opinion the P/E ratios and world market conditions point to

a high possibility that the market is due for a correction. Investors
in the Indian market might want to take shelter in the few undervalued
blue chips that still exist, or even avoid expanding their exposure to this
market for a while until there is greater clarity on the direction of the US
and EU economies. The upward (and downward) movements are far more
extreme than movements in the more mature markets of the US and
Europe.

Source: - http://www.investingdaily.com/categories/stocks-
to-watch.html
COMPARATIVE
ANALYSIS OF STOCK
MARKET BETWEEN
NSE AND NYSE
PROBLEM OF OUR STUDY

Presently, the fluctuations in the Indian market are attributed heavily to

cross border capital flows in the form of FDI, FII and to reaction of Indian
market to global market cues. In this context, understanding the
relationship and influence of various exchanges on each other is very
important. This study that compares global exchanges which are from
different geo politico-socio-economic areas. With the cross border
movements of capital like never before in the form of FDI and FII, coupled
with the easing of restrictions bringing various stock exchanges at par in
terms of system and regulations, it can be assumed reasonably that a
particular stock exchange will have some impact on other exchanges.

OBJECTIVES OF THE STUDY

The main objective of this study is to capture the trends, similarities and
patterns in the activities and movements of the Indian Stock Market in
comparison to its international counterparts.

The aim is to help the investors (current and potential) understand the
impact of important happenings on the Indian Stock exchange.

PARAMETERS USED TO DO THE COMPARISON

This is the main part of the study wherein the various stock exchanges of
the sample have been compared on certain parameters. The Various
Parameters are as follows:

1. Market Capitalization

2. Number of listed securities

3. Listing agreements

4. Circuit filters
5. Settlement

These parameters are used to look at selected important aspects of any

stock exchange, viz., the market capitalization gives an idea about the
size of the respective exchanges; whereas the number of listed securities
acts as an indicator for the volume and liquidity of any exchange. The
listing agreements take care of the governance issue, while circuit filters
give an insight into the risk management framework of the said exchange.
Finally, the efficiency of a stock exchange has been measured in terms of
its settlement process.

1.MARKET CAPITALIZATION:
Market capitalization is the measure of corporate size of a country. It
shows the current stock price multiplied by the number of outstanding
shares. It is commonly referred to as market cap. It is calculated by
multiplying the number of common shares with the current price of those
shares. This term is often confused with capitalization, which is the total
amount of funds used to finance a firm's balance sheet and is calculated
as market capitalization plus debt (book or market value) plus preferred
stock. While there are no strong definitions for market cap
categorizations, a few terms are frequently used to group companies
based on its capitalization. The table below shows the market
capitalization of various stock markets in the world. The total market cap
of NSE is 75,60,607 crores as on 5th. Nov. 2010.

Source: NSEindia.com
Market capitalization graph of NYSE and NASDAQ

2. LISTED SECURITIES:
Listing in a stock exchange refers to the admission of the securities of the
company for trade dealings in a recognized stock exchange. The
securities may be of any public limited company, Central or State
Government, quasi-governmental and other financial
institutions/corporations, municipalities, etc. Securities of any company
are listed in a stock exchange to provide liquidity to the securities, to
mobilize savings and to protect the interests of the investors.

India has the highest number of companies listed (2476 securities

available for trade) in the stock market. Out of this, about 75 % of the
companies are listed with the Bombay Stock Exchange. After India, United
States has the highest number of companies listed.
3. INDICES:

4. CIRCUIT FILTER

Stock Markets have the dubious reputation of crashing without a warning

taking with the savings of numerous investors. A stock market crash is a
sudden dramatic decline of stock prices across a significant cross-section
of a market. Crashes are driven by panic as much as by underlying
economic factors. They often follow speculative stock market bubbles
such as the dot-com bubble.

5. TRADING AND SETTLEMENT CYCLE

This segment takes care of the efficiency issue of the said stock
exchange. It basically looks into the speed at which any of the numerous
transactions affected in the market gets settled. This is especially crucial
given the volume. We see that Indian exchanges are at par with the best
in the world when it comes to efficient settlement. It can even go one up if
the proposed ‘T+1’system is put in place.

Below are the various settlement cycles for the stock exchanges.
CONCLUSIONS OF THE STUDY ON THE BASIS OF
DIFFERENT PARAMETERS
The study brings forth some distinct conclusions many of which validate
popular beliefs.

• The objective of the whole research was to try and compare the
various stock exchanges based on certain parameters in order to
understand the impact of integration of the financial world on the
various entities within it especially in the context of globalization
and increased interest in the capital markets fuelled by surging
growth.

• The comparison showed that Indian stock exchange has the

governance system and an efficient mechanism in place to be a
world class institute, specially the requirements of Clause 49
promulgated by SEBI and the advanced trading and settlement
mechanism of NSE, respectively.

• However, unfortunately our implementation of the same remains a

problem area with almost 15-20% of the listed companies yet to
align their operations as required under the law.

• Moreover, there are also issues regarding the extent to which the
sophisticated systems of the stock exchanges (NSE, BSE) are
utilized in terms of the volume and frequency of transactions and
the range of instruments traded. The commodity segment,
derivatives and such other segments are yet to see activities like
the equity segment of the market.

• The reasons that can be attributed to this is the fact that it has been
only 5 years (derivatives started in 2000) that the various segments,
 apart from equity and debt, have started operating and hence it is
reasonably nascent compared to its global counterparts.

• It would, therefore, not be unjustified to say that the system is still

evolving and it would take some time not only to attain efficiency of
operation, but also to generate increased interest and awareness
about the various other segments of the market.

• Then only can we expect the operations to match its global

counterparts in terms of volumes, frequency and variety of
instruments traded.

• One more reason that can be attributed for the lag between a global
benchmark like NYSE and BSE or NSE can be the fact that, in our
country, listing of foreign companies are still not allowed on the
lines of ADRs or GDRs. This can be due to lack of depth and breadth
of the market. Again, as this study points out, the listing criteria
differ in terms of size as well as their disclosure norms. This implies
that the depth of the market judged by the total capitalization is less
for the Indian markets compared to its counterparts. Moreover, the
disclosure norms affect the governance aspect as also the
information availability.

• Again the risk management system in our country is very elaborate

and the mechanism in place is very efficient as also effective. It
actually matches the level of a well established benchmark like
NYSE. However, the only difference is in terms of risk appetite of the
investors which causes the level and operation of ‘circuit breakers’
to vary. However, Indian stock market is very much at the same
pedestal and, in fact, better than most of its Asian counterparts
especially the emerging economies. Indian system enjoys
creditability even when compared with a stock exchange like Nikkei
(Japan).

• If we look at the efficiency of trading captured by the ‘trading and

settlement’ mechanism, then we have found that the Indian
mechanism is faster than the NYSE and at par with the best in the
world. In fact, it is one of the fastest.

• One problem area that came out as a possible barrier in the path of
Indian stock exchanges attaining global level is the fact that India
has a very low rank in terms of market capitalization (ranked 14th).
All other stock exchanges that we used in our study rank above
Indian stock exchange. This is in spite of the fact that Indian stock
exchanges have the highest number of companies listed (around
9000) and BSE accounting for almost 75%. Therefore, volume-wise,
Indian market is still pretty small.
REFERENCES

1. Investopedia.com
2. Nyse.com
3. Nse.com
4. http://www.investingdaily.com/categories/stocks-to-
watch.html
5. http://www.saching.com