It was an interesting day, at least it started off well. Due to some work I happened to pass by Bombay Stock Exchange (BSE) today, and luckily I was carrying my camera, so I happily took pictures of the oldest stock exchange in Asia.

I was really thrilled, and the Finance Minister of India - P Chidambaram happened to be at BSE, so there was tight security around the area. Since I had the camera it made the proceedings a lot easier.

A striking figure was the raging bronze bull at the entrance. The bull, which is 5-feet high and 8-feet long and weighs over a tonne, was installed in mid-January this year, signifies the positive sentiments in the market.

It was sculpted by Bhagwan Rampure from Solapur, a small city in Maharashtra. He has sure done a good job. The bull statue looks a bit similar to the iconic charging bull of Wall Street in New York. Big Bull caused market crash?

The installation of the bull was a big occasion, but it was soon followed by a rather naive behaviour by the investors and partly the media, who blamed the bull for the market meltdown. It showed that superstitions still very much exists in India despite the modernity. Maybe the snake charmers days are gone, but this society very much believes in superstition.

I was just amazed seeing the bull, it just shows the power and ferocity of the stock markets. There were hordes of people standing outside the stock exchange, following the markets on the big screen TV and the electronic ticker which is on throughout the day. BSE has a high security zone. To give you an idea, every visitor has to get a photograph clicked to make his photo id on the spot, and they also have to carry a photo-identity proof to enter the premises. Its a long process, I pity the delivery boys of restaurants who have to go through this strict check every time. There are around 85 security personnel in the building which has 28 floors. Everything to protect this biggest stock exchange in the world. Mind you, they receive hoax bombing calls also too often, many times by disgruntled investors who have lost lot of money in the stock market.

How are the markets looking?

The Indian capital markets, which had a sensational run till the beginning of January 2008, has been severely affected by the US recession. All the FII (Foreign Institutional Investors) money which India was riding high on, is being pulled out. We haven't checked our stock portfolio for a long time, because of the grim market situation. This has also led to a rise in inflation, so it might take some time for the markets to recover and to renew the sentiments of the common investors.

What are your views on the current situation in the global markets?

I was helped a great deal in writing this post by my friend Mushir, who has deep knowledge of the stock markets.

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