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Census data show at least 53 cities in India with a population of a million and puts the number of towns at 7,935. The top five cities, including Mumbai, Delhi and Kolkata, account for about three-quarters of cash turnover on the two major exchanges, the data show.
Cash volumes are said to be representative of a more long-term market view than the short-term horizon of derivative trades, experts say. Interestingly, the financial capital continues to account for more than half the overall cash volumes.
