Sensex hitting 50,000 is right now only a serious prediction for MorganStanley and a laughable target for others but believe it or not Brazil’s 50share benchmark index ’Bovespa’ went past 50,000 mark in May this year.Sensex crossing 15,000 was also unimaginable two years back but today it isa reality and very close to what former Sebi whole time member Madhukaruttered, predicting that Sensex will cross 16,000 mark also.
After acheiving this record landmark analyst feel that Sensex will cross25,000 mark by 2010, which big bull Rakesh Jhunjhunwala predicted in 2005only.Another brave statement from world’s leading investment bank Morgan Stanleypredicts Sensex to cross 50,000 mark 12 years from now in 2020. MorganStanley’s prediction came in February only and they still hold on to whatthey predicted earlier."You just need to factor in India’s GDP growth of 8 per cent along with aninflation of 5-6 per cent and the cost of manufacturing and assuming Sensexstocks will grow by 17-18 per cent till 2020, then it will work out to morethan what Morgan Stanley has predicted," Angel Broking’s CMD, DineshThakkar said.Also, the Sensex crossing 50,000 mark is in the realm of possibility withBrazil’s Sao Paulo Stock Exchange’s benchmark index Bovespa hitting 50,000mark first time ever on May 3 and closing around 55,000 mark last week.The landmark on the Indian bourses that will now be keenly awaited is NSENifty’s 5,000 mark which is just 614 points from yesterday’s close at 4,384points.Sensex with yesterday’s close at 14,964 is yet to record its first everclose above 15,000 mark, and when it does it will join an exclusive club ofworld bourses that currently trade above 15,000.Besides Bovespa, on Friday Japanese index Nikkei closed at 18,140 and HongKong’s index Hang Seng closed at 22,000 level.There are 50 companies listed in the blue-chip Bovespa stock index ascompared to 30 companies on the Sensex.
Sunday, July 27, 2008
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BOMBAY STOCK EXCHANGE
Some call it corporatisation others call it demutualisation, BSE has come a long way since it had started its journey a millennium ago. The traverse that was started as an association of four brokers sitting under a banyan tree in 1850s, became Bombay Stock Exchange (BSE) in 1875 with almost hundred members in its kitty, each having invested a priceless sum of Rs 15.
One thirty years later, conversion of BSE into BSE Ltd was a moment of great pride for all the members who have had witnessed BSE sailing through both arduous and facile times. While the erstwhile BSE has been owned and controlled by trading members for the last 130 years, this era is now a part of history. The new BSE Ltd will function as a corporate entity, where trading members will have a reduced say in its management, eligible for only 25 per cent of the seats on the board of the new company and public would now hold 51 per cent of the stake in the BSE LTD.
In its new avatar BSE as a company would now itself be listed on the stock exchanges, and its accounts would be open for public scrutiny and questioning. According to the experts the corporatisation of BSE will have a huge impact on its working culture.
The organisation, which was so far called a closed club, will now have to open up. Its books will be now scrutinised and it will have to compete for the market share.Interestingly, back in the early nineties, the reluctance of BSE members to improve governance and adopt electronic trading led to the creation of its biggest competitor, the NSE. Benefiting from demutualization and automation, the NSE was able to penetrate far deeper and make trading screens available in hundreds of towns across India. Though the BSE did wake up to these threats and went electronic fairly quickly, it lags behind the NSE in both reach and trading volumes. In the same period, all the other mutuals (regional exchanges) have become defunct for all practical purposes. The BSE, which sets, rules, regulations and bylaws which other regional exchanges, stock brokers and investors followed. In 1986, the country’s first and most popular stock market index, the Sensex debuted at 549 points. The BSE was a platform for entrepreneurs like Dhirubhai Ambani and Narayan Murthy, who built the country’s Reliance Industries and Infosys.
One thirty years later, conversion of BSE into BSE Ltd was a moment of great pride for all the members who have had witnessed BSE sailing through both arduous and facile times. While the erstwhile BSE has been owned and controlled by trading members for the last 130 years, this era is now a part of history. The new BSE Ltd will function as a corporate entity, where trading members will have a reduced say in its management, eligible for only 25 per cent of the seats on the board of the new company and public would now hold 51 per cent of the stake in the BSE LTD.
In its new avatar BSE as a company would now itself be listed on the stock exchanges, and its accounts would be open for public scrutiny and questioning. According to the experts the corporatisation of BSE will have a huge impact on its working culture.
The organisation, which was so far called a closed club, will now have to open up. Its books will be now scrutinised and it will have to compete for the market share.Interestingly, back in the early nineties, the reluctance of BSE members to improve governance and adopt electronic trading led to the creation of its biggest competitor, the NSE. Benefiting from demutualization and automation, the NSE was able to penetrate far deeper and make trading screens available in hundreds of towns across India. Though the BSE did wake up to these threats and went electronic fairly quickly, it lags behind the NSE in both reach and trading volumes. In the same period, all the other mutuals (regional exchanges) have become defunct for all practical purposes. The BSE, which sets, rules, regulations and bylaws which other regional exchanges, stock brokers and investors followed. In 1986, the country’s first and most popular stock market index, the Sensex debuted at 549 points. The BSE was a platform for entrepreneurs like Dhirubhai Ambani and Narayan Murthy, who built the country’s Reliance Industries and Infosys.
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