NASDAQ salutes India's festive spirit

The message on Nasdaq's seven-story tower displayed on its electronic display screen, Wednesday, said "Nasdaq Celebrate the Indian festival Diwali October 21, 2006" in huge letters marking the importance of Indian bourses in the developed countries.

On 16 October the Sensex touched a new high closing at 12,928 points. The well-displayed message on Nasdaq Tower at Times Square was demonstrative of how Indian bourses were becoming attractive for global investors.

According to analysts, the world's most cited market index is celebrating Diwali by lighting up its building in Indian colours amid the razzle-dazzle of Times Square, part of the increasing attention towards India and its economic and cultural advance in this part of the world.

Both the Sensex and Nasdaq are close to achieving milestones this week — Sensex with 13000 and Nasdaq with 12000.

Community leaders are hoping the Empire State Building, which has been lit up in Indian colours for Independence Day and Diwali in the past, will follow suit.

Though some people of Indian origin argue that Diwali is not restricted to India, but is celebrated by the Indian diaspora all over the world, including in countries such as South Africa, Guyana, Trinidad, Fiji, Mauritius, Malaysia and Singapore, US President George W. Bush has stayed away from Diwali party hosted by the White House as he does not want to set a precedent for celebrating a "country-specific religion."

However, Nasdaq has recognised Diwali as an Indian festival rather than as just a "Hindu Festival," a description that is in tune with a Congressional resolution backed by the Hindu American Foundation (HAF) that "recognises the central importance the festival holds in the lives of millions of Hindus, Jains and Sikhs."

The Bill, introduced by Florida Republican Ileana Ross-Lehtinen, has found 38 co-sponsors, as is part of HAF's special efforts this year to raise awareness about the festival.

HAF and other Indian organisations have tried, in vain, to have US authorities issue a postage stamp on Diwali. That process, administration officials have said, typically takes several years.