Lokeshwarri S.K of Business Line has a piece on movers and shakers int he 25 year period. Some stories have remained the same and others have changed:
Twenty-five years have been completed since economic reforms were set in motion by the Narasimha Rao government, and guided by then Finance Minister Manmohan Singh. These far-reaching reforms transformed the economy and set it firmly on the growth path. The stock market, which is called the barometer of the economy, also underwent a sea-change during this quarter century.
We analysed the constituents of the Sensex in 1992, based on data provided by Capitaline Database, and their financial parameters then, to highlight how the Indian stock market has changed with the economy.
Of the 30 stocks that are part of the Sensex today, only seven were in the Sensex in 1992 — ITC, Larsen & Toubro, Mahindra & Mahindra, Reliance Industries, Tata Motors and Tata Steel.
With the technology sector in its early stages, not a single technology company was part of the Sensex basket in 1992. Manufacturing companies held sway, with 27 of the 30 companies belonging to this segment.
MNC stocks were still in vogue then with Nestle, Philips, Siemens and Glaxo SmithKline Pharma finding a place in the top 30 stocks. PSU stocks were also conspicuously absent as they were just emerging from a socialist era, where making profits was not the top priority.
With the country then driving around in Ambassador cars, Hindustan Motors was also one of the trading favourites, though it was already bleeding at the bottom-line. Other stocks that have bitten the dust since 1992 are Zenith Birla, Mukand and Great Eastern Shipping.
Banking stocks, which currently dominate the Sensex, had zero presence 25 years ago. State Bank of India listed on the stock market only in 1995 and private sector banks such as HDFC Bank and ICICI Bank were established only in mid-1990s and were yet to make a mark.