The geography is incorrect. But the joke speaks volumes about the direction in which India's capital markets are headed. A spate of capital market reforms with a view to bringing greater conformity with global best practices has refashioned the sector.
Some overseas habits are already visible here.
The Wall Street culture has seen corporate financiers chase rather than simply broker deals, dislodging a once cosy status quo in Dalal Street. The Sensex is composed of 30 shares chosen out of the specified group based on liquidity, depth, floating stock, adjusted depth and industry representation. It is very broad based and seeks to represent the entire market. This is calculated differently from both the Sensex and the Dow. Of course the shares are weighted according to their market capitalisation.