Do the profits from speculative and manipulated Indian stock market amount to black money, in principle?

Answer 1

Not necessarily.
...if the exchange is well regulated and recorded there is less scope for such money being squeezed out as Black money.

The source of the money does not decide whether it is white or black..... what defines that..is whether it has been accounted or not in the books of account, in the Income tax returns filed.

Answer 2

It indeed is. Those who speculate never discloses true figures while filing income tax return. So the money earns becomes black.