Sensex At 40

From share certificates to the introduction of computerised trading

From liberalisation to Covid, wars to market scams, the Sensex's 40-year journey mirrors how India's economy absorbed shocks and emerged stronger over time

Indian companies, on aggregate, remain among the most disciplined in capital spending and manage some of the strongest balance sheets in the world

As the Sensex turns 40, passive investing is reshaping India's markets, with indices emerging as the backbone of ETFs and low-cost investment products

A weak rupee has wiped out nearly half of global investors' gains, leaving foreign funds waiting for a currency rebound to revive returns

Market returns are better under governments with clear and stable majorities and rise when major reforms are announced

Only continuous relevance and reinvention can secure a place in the ­­30-stock index

With a batting line-up of infra spending, digital strength and manufacturing, the index is geared for a high-scoring second innings of long-term growth

From a closed economy to a global contender, the Sensex at 40 mirrors India's economic transformation, resilience through crises, and the power of long-term compounding

As the Sensex turns 40, BSE MD Sundararaman Ramamurthy explains how the index mirrors India's journey from a closed economy to a global market powerhouse

Over four decades, traditional players have ceded significant ground to state-run enterprises and new, institutionally owned businesses that now drive market growth

Replacements since 1985 reflect India's economic transformation

It has beat gold and traditional savings, delivering a consistent winning streak while creating significant wealth for ordinary people who held their investments through decades of economic growth

The key uncertainty remains the currency, but if that stabilises and growth improves, India can deliver respectable returns, says Christopher Wood, global head of equity strategy at Jefferies.