The government on Tuesday said the market capitalisation as well as cash turnover on the Bombay Stock Exchange doubled between April to November 28 this year at Rs 10,65,853 crore (Rs 10,658.53 billion) and Rs 45,029 crore (Rs 450.29 billion), respectively.

The same trend was witnessed at the National Stock Exchange with market capitalisation and cash turnover at Rs 9,79,540 crore (Rs 9,795.40 billion) and Rs 92,886 crore (Rs 928.86 billion), respectively.

Also, foreign institutional investors have been net buyers this fiscal with a net investment of Rs 28,917 crore (Rs 289.17 billion) till November 28, Minister of State for Finance Anandrao V Adsul told the Rajya Sabha in a written reply.

The minister said increased FII investment could not have been the sole reason for the recent stock market rally.

"According to information available from the Securities and Exchange Board of India, FIIs have been net buyers in the current financial year with a net investment of Rs 28,917 crore up to November 28, 2003," Adsul said.

"However, a study of FII equity turnover vis-à-vis corresponding market turnover in the cash segment for the current year indicates that FII turnover as a percentage of corresponding market turnover is within 4.2 to 6.5 per cent. This indicates that increase in market activity cannot be attributed to FIIs only," Adsul added.