Three steps forward
Fireworks were going off all over India last month as the country celebrated 50 years of independence. Financiers had something else to be pleased about: this has been an excellent year for India’s capital market and its financial services industry. There has been a mini-boom on Mumbai’s stock exchange (still generally known as the Bombay Stock Exchange). Its Stock Exchange Sensitive Index (Sensex), which tracks the daily closing prices of shares in 30 actively-traded corporations representing major industries, almost matched the record high reached in September 1994.
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