  We analyze the Bombay stock exchange (BSE) price index over the period of
last 12 years. Keeping in mind the large fluctuations in last few years, we
carefully find out the transient, non-statistical and locally structured
variations. For that purpose, we make use of Daubechies wavelet and
characterize the fractal behavior of the returns using a recently developed
wavelet based fluctuation analysis method. the returns show a fat-tail
distribution as also weak non-statistical behavior. We have also carried out
continuous wavelet as well as Fourier power spectral analysis to characterize
the periodic nature and correlation properties of the time series.
