The document discusses stock exchanges and their key functions. It defines a stock exchange as an association established to control trading of securities like stocks, bonds. Stock exchanges provide a central marketplace for buyers and sellers and help companies and governments raise funds. Major Indian stock exchanges discussed are the Bombay Stock Exchange (BSE), established in 1875, and the National Stock Exchange of India (NSE), established in 1994 as a screen-based electronic exchange. Key indices that track the exchanges are the S&P BSE SENSEX and NSE CNX Nifty 50. The stages of a stock market discussed are boom, when rapid growth occurs, and recession, when a significant economic downturn takes place.