---
title: "Indian Stock Markets Complete Guide | NSE, BSE, Products"
description: "Complete beginner to intermediate guide to Indian stock markets. How NSE and BSE work, equity shares, IPOs, mutual funds, ETFs, derivatives, bonds, REITs"
source_url: "https://www.rupeecase.com/learn/indian-markets"
---

[Home](/)/[Learn](/learn/)/Indian Markets

## How the market actually works

    Most investors start with "what stock should I buy." The better question is "how does the market decide what a stock is worth." Order books, price discovery, indices, corporate actions, costs and taxes. These are the plumbing. Without them, factor and momentum strategies are just words.

    India has two main exchanges. The National Stock Exchange (NSE) is the larger by volume and the venue for most derivatives. The Bombay Stock Exchange (BSE) is older and still the primary listing venue for many corporates. Both are regulated by SEBI and operate continuously 09:15 to 15:30 IST on weekdays.

      [Path 1 · Module 1How Indian stock markets workNSE, BSE, clearing corporations, depositories, price discovery, circuit filters.](/learn/path-1/module-1-1-how-indian-stock-markets-work.html)
      [Path 1 · Module 2Understanding stock dataOHLC, volume, open interest, circuit limits, corporate action adjustments.](/learn/path-1/module-1-2-understanding-stock-data.html)
      [Path 1 · Module 3Indices and benchmarksNifty 50, Nifty 500, sectoral indices, how weights are computed.](/learn/path-1/module-1-3-indices-and-benchmarks.html)
      [Path 1 · Module 4Reading financial statementsIncome statement, balance sheet, cash flow. What to look for, what to ignore.](/learn/path-1/module-1-4-reading-financial-statements.html)
      [Path 1 · Module 5Orders, costs, and taxationMarket vs limit orders, STT, brokerage, GST, slippage, and the real cost of a trade.](/learn/path-1/module-1-5-orders-costs-taxation.html)

## The products you can actually buy

    Equity shares are only one of many instruments that trade on Indian exchanges. Mutual funds, ETFs, index funds, bonds, derivatives, REITs, InvITs, and commodities each serve different purposes in a portfolio. Knowing which is which, and which belongs in your allocation, is half the work.

    This path is deliberately structured so a complete beginner can start at module 6.1 and finish module 6.9 with a working map of the entire Indian investable universe.

      [Path 6 · Module 1Equity shares: structure, rights, corporate actionsWhat you actually own when you buy a share. Splits, bonuses, dividends, rights issues.](/learn/path-6/module-6-1-equity-shares-structure-rights-corporate-actions.html)
      [Path 6 · Module 2IPOs and new listingsHow to evaluate a new listing. Why most IPOs underperform and which ones do not.](/learn/path-6/module-6-2-ipos-new-listings.html)
      [Path 6 · Module 3Mutual funds: structure, types, costsAMCs, schemes, categories, expense ratios, NAVs, and the hidden costs.](/learn/path-6/module-6-3-mutual-funds-structure-types-costs.html)
      [Path 6 · Module 4ETFs: how they workCreation baskets, authorised participants, tracking error, liquidity.](/learn/path-6/module-6-4-etfs-how-they-work.html)
      [Path 6 · Module 5Index funds vs ETFs vs activeWhen to pick which, Indian specific cost comparisons.](/learn/path-6/module-6-5-index-funds-vs-etfs-vs-active.html)
      [Path 6 · Module 6Derivatives: futures and optionsLot sizes, margins, expiries, Greeks. Why 93 percent of retail F&O loses money.](/learn/path-6/module-6-6-derivatives-futures-options.html)
      [Path 6 · Module 7Bonds and fixed income in IndiaG-Secs, corporate bonds, NCDs, tax free bonds, SGBs, yield curves.](/learn/path-6/module-6-7-bonds-fixed-income-india.html)
      [Path 6 · Module 8REITs and InvITsIndian REITs explained. Yields, distribution taxation, suitability.](/learn/path-6/module-6-8-reits-invits.html)
      [Path 6 · Module 9Gold, commodities, and internationalSGBs vs gold ETFs, MCX commodities, LRS for foreign equity.](/learn/path-6/module-6-9-gold-commodities-international.html)

      After the basics

      Ready to graduate from picking stocks to running a system?

    [Systematic Investing →](/learn/systematic-investing.html)

### Related pillars

      [Systematic InvestingRules over gut feel](/learn/systematic-investing.html)
      [Portfolio ConstructionAnalytics and execution](/learn/portfolio-construction.html)
      [Behaviour and BusinessPsychology and fundamentals](/learn/behaviour-and-business.html)
      [Macro, Tax, RegulationRegime and compliance](/learn/macro-tax-regulation.html)

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