The combined turnover of the Bombay Stock Exchange and National Stock Exchange increased 36.1 per cent to Rs 6,14,724 crore (Rs 6,147.24 billion) in the first half of the current fiscal (April-September) compared with the same period last year on the back of an across-the-board rally.

Incidentally, the aggregate market turnover in the first six months is almost two-third of the Rs 9,31,880 crore (Rs 9,318.80 billion) turnover clocked during the whole of 2002-03.

The NSE once again dominated volumes, with its share in the total market turnover increasing from 65.6 per cent in April-September 2002 to 70.4 per cent in the first half of the current fiscal. BSE's share declined from 34.4 per cent to 29.6 per cent over the same period.

The 150-year-old BSE reported a 17.3 per cent growth in turnover compared with a hefty 45.9 per cent growth in NSE's turnover.

On an aggregate, BSE's turnover increased from Rs 1,55,192 crore (Rs 1,551.92 billion) in April-September 2002 to Rs 1,82,055 crore (Rs 1,820.55 billion) in the first half of the current year. NSE's turnover increased from Rs 2,96,513 crore (Rs 2,965.13 billion)  to Rs 4,32,670 crore (Rs 4,326.70 billion).

Turnover in the secondary market fell during April and May 2003 compared with the same period last year, but recovered sharply thereafter.

In April 2003, the aggregate turnover on BSE and NSE fell 15.1 per cent to Rs 69,785 crore (Rs 697.85 billion) . But in May 2003, the decline moderated to 7.1 per cent at Rs 77,189 crore (Rs 771.89 billion).

Subsequently, the turnover increased 28.1 per cent in June to Rs 86,496 crore (Rs 864.96 billion) and 43.1 per cent to Rs 1,11,800 crore (Rs 1,118 billion) in July, 74.0 per cent to Rs 1,21,536 crore (Rs 1,215.36 billion) in August and 108.6 per cent to Rs 1,47,918 crore (Rs 1,479.18 billion) in September.

With investors preference shifting from commonly traded stocks to fundamentally strong scrips, the share of top ten traded securities in the total turnover dropped to 44.2 per cent in the first half of 2003 from 50.4 per cent in the same period of 2002.

Aftek Infosys, GTL, NIIT, Polaris Software, Rolta, and Visualsoft Technologies were knocked out from the top ten traded list to make way for Reliance Industries, State Bank of India, Tata Steel, Hindustan Petroleum Corporation Ltd, Steel Authority of India Ltd and the Canara Bank scrips.

However, Infosys Technologies topped the list with its turnover rising by a hefty 60.6 per cent in April-September to Rs 53,756 crore (Rs 537.56 billion).

Satyam Computer slipped to second position from the first place it occupied in the first half of 2002 as its turnover dropped 8.5 per cent to Rs 47,526 crore (Rs 475.26 billion).

Reliance Industries, which was not among the top last year, ranked third this year with a hefty 187.5 per cent rise in turnover to Rs 34,258 crore (Rs 342.58 billion).

SBI's turnover was up 1637 per cent, SAIL was up 1414 per cent and Tata Steel's turnover was up 601 per cent, bringing each of them into the top 10 turnover list. SBI ranked fourth in the list, followed by Tata Steel and SAIL at the eighth spot.

Digital GlobalSoft's turnover dropped 7.3 per cent to Rs 24,495 crore (Rs 244.95 billion) and Mastek's 37 per cent to Rs 13,227 crore (Rs 132.27 billion).

During the period under review, the combined number of shares traded on the BSE and NSE also grew 66 per cent from 3,177 crore (31.77 billion) shares to 5,275 crore (52.75 billion) shares.

Compared with 5,851 crore (58.51 billion) shares traded in the whole of 2002-03, the bourses have already seen 90.2 per cent of last year's trades already in the first half of the current year.

BSE reported a 41.4 per cent growth in number of shares traded at 1,791 crore (17.91 billion) shares, while NSE reported a 82.4 per cent growth at 3,483 crore (43.83 billion) shares.

F&O turnover up 295%

The aggregate (notional) turnover in derivatives on both the BSE and NSE increased 295.5 per cent from Rs 1,53,473 crore (Rs 1,534.73 billion)  in April-September 2002 to Rs 6,06,952 crore (Rs 6,069.52 billion) in the first half of the current year, which was 37.2 per cent higher compared to Rs 4,42,340 crore (Rs 4,423.4 billion) turnover in 2002-03.

Turnover on the NSE accounted for 99.8 per cent of the total turnover, while BSE accounted for a meagre 0.20 per cent.

This is despite the BSE's turnover rising 308.5 per cent from Rs 382 crore in April-September 2002 to Rs 1,561 crore (Rs 15.61 billion) in the same period this year. The NSE's turnover increased 295.4 per cent from Rs 1,53,091 crore (Rs 1,530.91 billion) to Rs 6,05,391 crore (Rs 6,053.91 billion).

WDM turnover up 70%

The wholesale debt market segment on the NSE clocked a 70.3 per cent growth in turnover during the first six months of 2003-04. Between April and September, the turnover grew from Rs 4,53,279 crore (Rs 4,532.79 billion) in 2002 to Rs 7,72,049 crore (Rs 7,720.49 billion) in 2003.

Thus, the WDM turnover in the first six months accounted for 72.2 per cent of the turnover of Rs 10,68,702 crore (Rs 10,687.02 billion) achieved in 2002-03.

The WDM turnover in the first six months of 2003 has already crossed Rs 1,00,000 crore (Rs 1,000 billion).

In April 2003, the turnover grew 30.7 per cent to Rs 1,01,052 crore (Rs 1,010.52 billion)  and later in May and June the segment posted higher growth rates of 131.7 per cent and 132.5 per cent. The growth rate slipped in July to 34.1 per cent but revived in August and September.