Indian stocks have experienced a bull run this year following signs of an economic recovery.

The 30-share Sensitive Index (Sensex) of Bombay Stock Exchange, in its 20 years history has passed through various stages both in the bull and bear phases.

The merger and acquisition surge forms part of a broader economic boom in India, which has seen Sensex nearly triple from 3,300 in March 2003 to current 9,000 odd.

The value of mergers and acquisitions in India has more than quadrupled to a record $18.3 billion this year, as companies seek to capitalise on the country's long-running economic boom.

The hope is that the index, which hit a record 9,033.99 points on November 30 is likely to rise by as much as 18 per cent a year over the next few years.