The turnover of the Indian financial markets topped $1 trillion on Wednesday, a week before the close of the current calendar year.

The combined turnover of the equity, derivatives and debt markets stood at $1.13 trillion, against $0.677 trillion in 2002.

The turnover in rupee terms aggregated at Rs 51.38 trillion (Rs 5,138,275 crore) in 2003, which is more than two times India's gross domestic product of Rs 22.59 trillion. In 2002, the turnover aggregated at Rs 32.49 trillion (Rs 3,249,473 crore).

The major contribution in turnover came from the jump in the equity markets, including the derivatives market, in which the Bombay Stock Exchange and the National Stock Exchange contributed 51.58 per cent at Rs 26.50 trillion (Rs 26,50,103 crore).

The debt market, at Rs 24.88 trillion (Rs 24,88,172 crore), made up 48.42 per cent of the total turnover.

Foreign Institutional Investors turned bullish clocking the highest ever turnover on the equity markets. They were net buyers to the tune of over $7 billion (Rs 30,940 crore).

FIIs aggregated turnover of Rs 1,63,802 crore (Rs 1,638.02 billion), which includes purchase of shares worth Rs 97,371 crore (Rs 973.71 billion) and sales of Rs 66,431 crore (Rs 664.31 billion).

Calendar 2003 began on a sluggish note for the stock markets. During the first five months of the year, the cash segment had reported a drop in turnover.

But the trend reversed after May 2003, with FIIs stepping up their activity in the equity markets. As a consequence, the turnover on equity markets increased 68 per cent between June and December 2003.

In the derivatives segment, the National Stock Exchange clocked a turnover of Rs 13,64,440 crore (Rs 13,644.4 billion), up 295 per cent from Rs 3,45,438 crore (Rs 3,454.38 billion) in 2002.

The BSE too showed a 772.6 per cent rise in notional turnover from Rs 925 crore (Rs 9.25 billion) of 2002 to Rs 8,070 crore (Rs 80.7 billion) in 2003.