There was an interesting discussion at Atma about which index better represents the Indian market-the Nifty or the Sensex.
I find that the answer often depends on the age of the person. For old timers (above 40), the answer is the Sensex.They have spent the better part of their trading lives talking,dreaming and thinking about the Sensex.
For the young ‘uns, it is the Nifty.They trade F&O on the Nifty and can tell you its movement tick by tick.They will be hard pressed to even know what the Sensex levels are.
So when somebody asks you where the market is, the index you quote tells something about you as much as it does about the market !