Sensex: The index which wouldn't grow up

When J. M. Barrie, a Scottish novelist, created the character of Peter Pan - a mischievous young boy who never grows up - he didn't have the Indian market on his mind. Indeed, the Sensex has epitomised Peter Pan by staying young over the years. The average age (since the time of incorporation) of S&P BSE Sensex companies has risen by just seven years over the last 15 years. If we look at the median age of the constituent companies - median being a better measure than the average - it has fallen by three years, from 44