Stock market is the virtual place where people buy or sell shares of publically listed companies.
There are two major stock exchanges in India, they are NATIONAL STOCK EXCHANGE (NSE) and Bombay stock exchange (BSE). NSE has maxnumber of companies and shares, so it is more popular than BSE. SEBI controles and regulates the shares and fund flows in NSE and BSE.
SENSEX is the index to measure market flow in BSE. NIFTY is the index to gauge the market in NSE.
Price of a share is called face value. The share owned by shareholders. Split, bonus, premium activities are carried out by companies board of directors to maintain the share price in market.