BS@50: How we built the grand success called Indian stock market

Over the past 45 years, the 30-share blue-chip index has skyrocketed nearly 700 times, a compound annual growth rate of 15% in local currency terms

The domestic stock market stands as a great success story in India’s economic journey over the last five decades. Not only has the equity market’s performance been world-beating during this period, but the regulatory framework and infrastructure have also evolved to become one of the most efficient globally.

To appreciate the market’s success, let’s begin with 1979, the base year for the widely tracked benchmark Sensex, and assess how far we have come.

Over the past 45 years, the 30-share blue-chip index has skyrocketed nearly 700 times, a compound annual growth rate of 15 per cent in