“A STUDY ON INDIAN STOCK MARKET: NSE AND BSE”

A PROJECT SUBMITTED TO

UNIVERSITY OF MUMBAI FOR PARTIAL COMPLETION OF THE

DEGREE OF MASTER IN COMMERCE

SUBMITTED BY ANKITA RAJESH SOLANKI

ROLL NO. 99

UNDER THE GUIDANCE OF

PROF. ALOK HARDIKAR

RAJESTHANI SAMMELEN

GHANSHYAM DAS SARAF COLLEGE OF ARTS & COMMERCE

S.V ROAD, MALAD (W),

MUMBAI-400064

APRIL 2023
 DECLARATION

I THE UNDERSIGNED Miss. ANKITA RAJESH SOLANKI HERE BY,

DECLARE THAT THE WORK EMBODIED IN THIS PROJECT
WORK

TITILED “A Study on Indian Stock Market: NSE And BSE”.

FORMS MY OWN CONTRIBUTION TO THE RESECH WORK CARRIED
OUT UNDER THE GUIDANCE OF PROF. ALOK HARDIKAR. IS A
RESULT OF MY OWN RESEARCH WORK AND HAS NOT BEEN
PREVIOUSLY SUBMITTED TO ANY OTHER UNIVERSITY FOR ANY
OTHER DEGREE/DIPLOMA TO THIS OR ANY OTHER UNVERSITY.

WHEREVER REFRENCE HAS BEEN MADE TO PREVIOUS WORK OF

OTHERS, OT HAS BEEN CLEARLY INDICATED AS SUCH ARE
INCLUDED IN THE BIBLIOGRAPHY.

I HERE BY FURTHER DECLARE THAT ALL INFORMATION OF THIS

DOCUMENT HAS BEEN OBTAINED AND PRESENTED IN
ACCORDANCE WITH ACADEMIC RULES AND ETHICAL CONDUCT.

CERTIFIED BY SIGNATURE OF
STUDENT

PROF. ALOK HARDIKAR ANKITA SOLANKI

GHANSHYAMDAS SARAF COLLEGE OF ARTS & COMMERCE

R.S. CAMPUS, S.V. ROAD MALAD (W), MUMBAI-400064

CERTIFICATE

This is to certify that Miss. Ankita Rajesh Solanki Has Worked and duly
completed her Project Work for the degree of Master in Commerce, her project
is entitled “A Study On Indian Stock Market’s AND BSE” under my
supervision

I further certify that the entire work has been done by the learner under my
guidance and that no part of it has been submitted previously for any Degree
or Diploma of my University.

It is her own work and facts reported by her personal findings and
investigations.

PROJECT GUIDE Principal

Sign

Prof. Alok Hardikar

------------------------

EXTERNAL GUIDE Seal of the College

DATE
 ACKNOWLEDGMENT

To list who all have helped me is difficult because they are so numerous and
the depth is so enormous.

I would like to acknowledge the following as being idealistic channels and

fresh dimensions in the completion of this project.

I take this opportunity to thank the University of Mumbai for giving me

chance to do this project.

I would like to thank my I/C Principal, Dr. Ashwat Desai, for providing the
necessary facilities required for completion of this project.

I take this opportunity to thank our Course Coordinator Dr. Lipi Mukherjee,
for her moral support and guidance.

I would also like to express my sincere gratitude towards my project guide

PROF. Alok Hardikar Whose guidance and care made the project successful.

I would like to thank my College Library, for having provided various

references Books and magazines related to my project.

Lastly, I would like to thank each and every person who directly or indirectly
helped me in the completion of the project especially my Parents and Peers
who supported me throughout my project
EXCUSIVE SUMMARY

The stock market refers to the collection of markets and exchanges where
regular activities of buying, selling, and issuance of shares of publicly-held
companies take place. Such financial activities are conducted through
institutionalized formal exchanges or over-the-counter (OTC) marketplaces
which operate under a defined set of regulations. There can be multiple stock
trading venues in a country or a region which allow transactions in stocks and
other forms of securities. The stock market or equity market and is primarily
known for trading stocks/equities, other financial securities - like exchange
traded funds (ETF), corporate bonds and derivatives based on stocks,
commodities, currencies, and bonds - are also traded in the stock markets.
While both terms - stock market and stock exchange - are used
interchangeably, the latter term is generally a subset of the former. If one says
that she trades in the stock market, it means that she buys and sells
shares/equities on one (or more) of the stock exchange(s) that are part of the
overall stock market. The leading stock exchanges in the U.S. include the New
York Stock Exchange (NYSE), Nasdaq, and the Chicago Board Options
Exchange (CBOE). These leading national exchanges, along with several other
exchanges operating in the country, form the stock market of the U.S. Stock
market is a place where people buy/sell shares of publicly listed companies. It
offers a platform to facilitate seamless exchange of shares. We will discuss
more about the stock brokers at a later point. There are two main stock
exchanges in India where majority of the trades take place - Bombay Stock
Exchange (BSE) and the National Stock Exchange (NSE). Apart from these
two exchanges, there are some other regional stock exchanges like Bangalore
Stock Exchange, Madras Stock Exchange etc but these exchanges do not play
a meaningful role anymore.

National Stock Exchange (NSE) NSE is the leading stock exchange in India
where one can buy/sell shares of publicly listed companies. It was established
in the year 1992 and is located in Mumbai. NSE has a flagship index named as
NIFTY50. The index comprises of the top 50 companies based on its trading
volume and market capitalisation. This index is widely used by investors in
India as well as globally as the barometer of the Indian capital oil markets.
Bombay Stock Exchange (BSE) BSE is Asia’s first as well as the oldest stock
exchange in India. It was established in 1875 and is located in Mumbai. It
measures the performance of the 30 largest, most liquid and financially stable
companies across key sectors. Historically, stock trades likely took place in a
physical marketplace. With the invent of new technologies and due to the
covid-19 pandemic, the stock market works electronically, through the internet
and online stockbrokers. Each trade happens on a stock-by-stock basis, but
overall stock prices often move in tandem because of news, political events,
economic reports and other factors
 INDEX

CHAPTER TITLE OF THE CHAPTER PAGR

NO. NO.

CHAPTER INTRODUCTION AND RESEARCH 1-29

NO.1 METHODOLOGY

1.1 INTRODUCTION OF INDIAN STOCK 1-9

MARKET

1.2 HISTORY OF STOCK MARKET 9-13

1.3 NSE (NATIONAL STOCK EXCHANGE) 14-21

1.4 BSE (BOMBAY STOCK EXCHANGE) 21-29

CHAPTER RESEARCH METHODOLOGY 30-34

NO.

2.1 OBJECTIVE OF STUDY 30

2.2 DATA COLLECTION METHOD 30

2.3 IMPORTANTANCE OF STUDY 30

2.4 SCOPE OF STUDY 31-32

2.5 LIMITATION OF STUDY 33

2.6 SIGNIFICANCE OF STUDY 33

2.7 SAMPLE SIZE AND METHOD SELECTING 34

SAMPLE

CHAPTER LITRATURE OF REVIEW 35-74

NO.3

3.1 INTRODUCTION TO Nifty 50 39-44

3.2 INTRODUCTION TO Sensex 44-55

3.3 NSE BSE TODAY 55-74

CHAPTER DATA ANALYSIS AND INTERPRETATION 75-77
NO.4 AND PRESENTATION

CHAPTER CONCLUSION AND SUGGESTION 78

NO.5

5.1 CONCLUSION 79

5.2 SUGGESTION 79

BIBILIOGRAPHY 80
CHAPTER NO.1 INTRODUCTION AND RESEARCH
METHODOLOGY

1.1 INTRODUCTION OF INDIAN STOCK MARKET

STOCK MARKET

A stock market, equity market, or share market is the aggregation of buyers

and sellers of stocks (also called shares), which represent ownership claims on
businesses; these may include securities listed on a public stock exchange, as
well as stock that is only traded privately, such as shares of private companies
which are sold to investors through equity crowdfunding platforms.
Investment in the stock market is most often done via stockbrokerages and
electronic trading platforms. Investment is usually made with an investment
strategy in mind.

Stocks can be categorized by the country where the company is domiciled. For
example, Nestlé and Novartis are domiciled in Switzerland and traded on the
SIX Swiss Exchange, so they may be considered as part of the Swiss stock
market, although the stocks may also be traded on exchanges in other
countries, for example, as American depositary receipts (ADRs) on U.S. stock
markets.

HOW THE STOCK MARKET WORKS stock markets provide a secure

and regulated environment where market participants can transact in shares
and other eligible financial instruments with confidence with zero- to low-
operational risk. Operating under the defined rules as stated by the regulator,
the stock markets act as primary market and as secondary markets. As a
primary market, the stock market allows companies to issue and sell their
shares to the common public for the first time through the process of initial
public offerings (IPO). This activity helps companies raise necessary capital
from investors. It essentially means that a company divides itself into a
number of shares (say, 20 million shares) and sells a part of those shares (say,
5 million shares) to common public at a price (say, $10 per share). To facilitate
this process, a company needs a marketplace where these shares can be sold.
This marketplace is provided by the stock market. If everything goes as per the

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plans, the company will successfully sell the 5 million shares at a price of $10
per share and collect $50 million worth of funds. Investors will get the
company shares which they can expect to hold for their preferred duration, in
anticipation of rising in share price and any potential income in the form of
dividend payments. The stock exchange acts as a facilitator for this capital
raising process and receives a fee for its services from the company and its
financial partners. Following the first-time share issuance IPO exercise called
the listing process, the stock exchange also serves as the trading platform that
facilitates regular buying and selling of the listed shares. This constitutes the
secondary market. The stock exchange earns a fee for every trade that occurs
on its platform during the secondary market activity

The stock exchange shoulders the responsibility of ensuring price

transparency, liquidity, price discovery and fair dealings in such trading
activities. As almost all major stock markets across the globe now operate
electronically, the exchange maintains trading systems that efficiently manage
the buy and sell orders from various market participants. They perform the
price matching function to facilitate trade execution at a price fair to both
buyers and sellers. A listed company may also offer new, additional shares
through other offerings at a later stage, like through rights issue or through
follow-on offers. They may even buyback or delist their shares. The stock
exchange facilitates such transactions. The stock exchange often creates and
maintains various market-level and sector-specific indicators, like the S&P
500 index or Nasal 100 index, which provide a measure to track the movement
of the overall market. Other methods include the Stochastic Oscillator and
Stochastic Momentum Index. The stock exchanges also maintain all company
news, announcements, and financial reporting, which can be usually accessed
on their official websites. A stock exchange also supports various other
corporate-level, transaction-related activities. For instance, profitable
companies may reward investors by paying dividends which usually comes
from a part of the company’s earnings. The exchange maintains all such
information and may support its processing to a certain extent. (For related
reading, see "How Does the Stock Market Work?"

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FUNCTIONS OF A STOCK MARKET A stock market primarily serves the
following functions: Fair Dealing in Securities Transactions: Depending on the
standard rules of demand and supply, the stock exchange needs to ensure that
all interested market participants have instant access to data for all buy and sell
orders thereby helping in the fair and transparent pricing of securities.
Additionally, it should also perform efficient matching of appropriate buy and
sell orders. 24 For example, there may be three buyers who have placed orders
for buying Microsoft shares at $100, $105 and $110, and there may be four
sellers who are willing to sell Microsoft shares at $110, $112, $115 and $120.
The exchange (through their computer operated automated trading systems)
needs to ensure that the best buy and best sell are matched, which in this case
is at $110 for the given quantity of trade. Efficient Price Discovery: Stock
markets need to support an efficient mechanism for price discovery, which
refers to the act of deciding the proper price of a security and is usually
performed by assessing market supply and demand and other factors
associated with the transactions. Say, a U.S.-based software company is
trading at a price of $100 and has a market capitalization of $5 billion. A news
item comes in that the EU regulator has imposed a fine of $2 billion on the
company which essentially means that 40 percent of the company’s value may
be wiped out. While the stock market may have imposed a trading price range
of $90 and $110 on the company’s share price, it should efficiently change the
permissible trading price limit to accommodate for the possible changes in the
share price, else shareholders may struggle to trade at a fair price. Liquidity
Maintenance: While getting the number of buyers and sellers for a particular
financial security are out of control for the stock market, it needs to ensure that
whosoever is qualified and willing to trade gets instant access to place orders
which should get executed at the fair price. Security and Validity of
Transactions: While more participants are important for efficient working of a
market, the same market needs to ensure that all participants are verified and
remain compliant with the necessary rules and regulations, leaving no room
for default by any of the parties. Additionally, it should ensure that all
associated entities operating in the market must also adhere to the rules, and
work within the legal framework given by the regulator. 25 Support All
Eligible Types of Participants: A marketplace is made by a variety of
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participants, which include market makers, investors, traders, speculators, and
hedgers. All these participants operate in the stock market with different roles
and functions. For instance, an investor may buy stocks and hold them for
long-term spanning many years, while a trader may enter and exit a position
within seconds. A market maker provides necessary liquidity in the market,
while a hedger may like to trade in derivatives for mitigating the risk involved
in investments. The stock market should ensure that all such participants are
able to operate seamlessly fulfilling their desired roles to ensure the market
continues to operate efficiently. Investor Protection: Along with wealthy and
institutional investors, a very large number of small investors are also served
by the stock market for their small number of investments. These investors
may have limited financial knowledge, and may not be fully aware of the
pitfalls of investing in stocks and other listed instruments. The stock exchange
must implement necessary measures to offer the necessary protection to such
investors to shield them from financial loss and ensure customer trust. For
instance, a stock exchange may categorize stocks in various segments
depending on their risk profiles and allow limited or no trading by common
investors in high-risk stocks. Exchanges often impose restrictions to prevent
individuals with limited income and knowledge from getting into risky bets of
derivatives. Balanced Regulation: Listed companies are largely regulated and
their dealings are monitored by market regulators, like the Securities and
Exchange Commission (SEC) of the U.S. Additionally, exchanges also
mandate certain requirements – like, timely filing of quarterly financial reports
and instant reporting of any relevant developments - to ensure all market
participants become aware of corporate happenings. Failure to adhere to the
regulations can lead to suspension of trading by the exchanges and other
disciplinary measures. 26 Regulating the Stock Market A local financial
regulator or competent monetary authority or institute is assigned the task of
regulating the stock market of a country. The Securities and Exchange
Commission (SEC) is the regulatory body charged with overseeing the U.S.
stock markets. The SEC is a federal agency that works independently of the
government and political pressure. The mission of the SEC is stated as: "to
protect investors, maintain fair, orderly, and efficient markets, and facilitate
capital formation.
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STOCK MARKET PARTICIPANTS Along with long-term investors and
short-term traders, there are many different types of players associated with
the stock market. Each has a unique role, but many of the roles are intertwined
and depend on each other to make the market run effectively.

• Stockbrokers, also known as registered representatives in the U.S., are the

licensed professionals who buy and sell securities on behalf of investors. The
brokers act as intermediaries between the stock exchanges and the investors by
buying and selling stocks on the investors' behalf. An account with a retail
broker is needed to gain access to the markets.

• Portfolio managers are professionals who invest portfolios, or collections of

securities, for clients. These managers get recommendations from analysts and
make the buy or sell decisions for the portfolio. Mutual fund companies, hedge
funds, and pension plans use portfolio managers to make decisions and set the
investment strategies for the money they hold.

• Investment bankers represent companies in various capacities, such as private

companies that want to go public via an IPO or companies that are involved in
pending mergers and acquisitions. They take care of the listing process in
compliance with the regulatory requirements of the stock market.

TYPES OF STOCK MARKET

1.Classification based on stock classes

There are some stocks that do not give the shareholders the power to vote at
the annual meetings where the decisions regarding the management of the
company and such issues take place. Unlike these stocks, there are some other
stocks that allow shareholders to participate in the decision making in the
company matters, by casting their votes. Another kind of stocks offer
shareholders the opportunity to cast multiple votes in matters pertaining to
different aspects of the company.

2.Classification based on market capitalization

Stocks can be classified on the basis of the market capitalization of the

company, which is the total shareholding of a company. This is calculated by

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multiplying the current price of the company stock with the total number of
shares outstanding in the market. Listed below are the types of stocks based on
market capitalization.

i. Large Cap Stocks

These are often stocking of Blue-chip companies which are established

enterprises with large reserves of cash at their disposal. It is interesting to note
that the larger size of the large cap companies does not mean that they grow
more rapidly. In fact, it is the small stock companies that tend to outperform
them over the longer time frame. But large cap stocks do come with the benefit
of allowing the investors to reap higher dividends in comparison to the smaller
and mid cap companies’ stocks, ensuring that the capital is preserved over the
long-term period.

ii. Mid Cap Stocks

These are the stocks of medium sized companies that have a market
capitalization of INR 250 Crore to about INR 4000 crore. These companies
have a well recognize name in the market which brings along the benefit of
potential for growth, as well as the stability that is usually accompanied with
being a seasoned player in the market. Mid cap companies have a good track
record of steady growth and are very similar to blue chip stocks barring their
size. In the long term these stocks do and grow well.

iii. Small Cap Stocks

As is suggestive of the name, small cap stocks have the smallest value in the
market as compared to its counterparts. These are small sized companies that
have a market capitalization of up to INR 250 and have the potential to grow at
a good pace in the future. Investors who are willing to commit to a long term
and are not very particular about the current dividends, and are willing to stand
their ground during price volatility, can make significant gains in the future.
As an investor you can buy these stocks when they are available at a cheap
price during the initial stage of the company. There is no surety about the how
the company will perform in the market since they are relatively new. Because

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 these small cap companies are new, they are highly volatile and their growth
impacts the value and revenue of the company to a huge extent.

3. Classification based on ownership

Based on ownership, there are three types of stocks that investors can own
which offer them different rights and growth potential.

i. Preferred & common stocks Preferred stocks offer investors a fixed amount of
dividend every year unlike common stocks. The price of preferred stocks is not
as volatile as a common stock but it is common stock that gets the benefit of
priority when the company has surplus money to distribute. At the time of
company liquidation, it is the company’s creditors, its bond holders, debenture
holders who get priority over the preferred shareholders. Common
stockholders have voting rights, a privilege preferred shareholder do not enjoy.
ii. ii. Hybrid Stocks There are companies that offer preferred shares with the
option of converting them to common shares, with conditions, at a certain
point in time. These are known as hybrid stocks or convertible preferred shares
and may or may not have voting rights.
iii. iii. Stocks with embedded derivative options Stocks that come with the
embedded derivative option means that they can be ‘callable’ or ‘potable’ and
are not as commonly available. A ‘callable’ stock has the option of being
bought back by the company for a certain price at a certain point in time.
Similarly, a ‘potable’ stock offers its holder to sell it to the company at a
certain price and time.

4. Classification based on dividend payment

I. Growth Stocks These stocks do not pay high dividends as the company
prefers to reinvest the earnings to enable it to grow faster, hence, the name
growth stocks. The value of the shares of the company rises with the fast
growth rate which in turn allows investors to profit through higher returns. It is
best suited for those investors who seek long term growth potential and not an
immediate second source of income. Growth stocks carry higher risk than their
counterpart. ii. Income Stocks In comparison to growth stocks, income stocks
hand out a higher dividend in relation to the price of the share. Higher
dividends translate to higher income; hence, the name Income Stocks. Income

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 stocks are indicative of a stable company that can afford consistent dividends
but these are also companies that do not promise very high growth. This means
that the stock price of such companies may not rise much. Income stocks also
includes preferred stocks. IT is a good investment for those investors who seek
a secondary source of income through relatively low risk stocks. The dividend
income in income stocks is not taxed and thus is great for investors of low risk
profile who want long term investment. You may want to use the dividend
yield measure to find such stocks that offer high dividends.

5. Classification based on fundamentals

Investors who believe that a share price must equal the intrinsic value of the
company’s share, the value investing investors, compare the share prices with
components like per share earnings, profits etc. to reach at an intrinsic value
per share.

I. Overvalued Shares These are shares with prices that exceed the intrinsic
value and are considered overvalued.

ii. Undervalued Shares These types of shares are popular amongst the value
investors as they believe that the price of the share would rise in the future.

6. Classification based on Risk

The risk level of stocks differs depending on the share price fluctuations.
Stocks with higher risk reward the investor with higher returns, while low risk
stocks generate low returns.

I. Beta Stocks The beta or the measure of risk is derived by calculating the price
volatility of the stock. Beta can be positive or negative which denotes whether
it moves in sync with the market or against it. The higher the beta, higher is
the risk quotient of the stock. If the beta value is more than 1 it means that the
stock is more volatile than the market. A lot of investors with knowledge of
this measure use it to make their investment decisions.
II. ii. Blue Chip Stocks Blue chip stocks are stocks of those companies that have
lower liabilities and stable earnings and which pay regular dividends. These
very large and well-recognised companies that have a long history of sound

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 financial performance are a good bet for Investors who seek safer avenues of
investment.

7. Classification based on price trends

This classification is based on the movement of stock prices in tandem with or

against the company earnings.

I. Defensive Stocks

These are stocks that are somewhat unfazed by economic conditions and are
preferred when the market conditions are poor. Food and beverage companies
are a common example.

II. Cyclical Stocks

Stocks of companies that are greatly affected by economic conditions and see
high price fluctuations with market changes are cyclical stocks. These types of
stocks grow rapidly during the boom cycle but the growth is slowed down in
the slow economy. Automobile stocks fall in this category.

1.2 HISTORY OF INDIAN STOCK MARKET

History

Security trading in India goes back to the 18th century when the East
India Company began trading in loan securities.

Corporate shares started being traded in the 1830s in Bombay with the
stock of Bank and Cotton presses

The simple and informal beginnings of stock exchanges in India take one
back to the 1850s when 22 stockbrokers began trading opposite the
Town Hall of Bombay under a banyan tree

The shift continued taking place as the number of brokers increased,

finally settling in 1874 at what is known as Dalal Street

This as yet informal group known as the Native Share and Stockbrokers
Association organized themselves as the Bombay Stock Exchange (BSE)
in 1875

The BSE is the oldest stock exchange in Asia and was the first to be
granted permanent recognition under the Securities Contract Regula tion
Act, 1956

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The BSE was followed by the Ahmedabad Stock Exchange in 1894
which focused on trading in shares of textile mills

The Calcutta Stock Exchange began operations in 1908 and began

trading shares of plantations and jute mills

The Madras Stock Exchange followed, being set up in 1920

In post-Independent India

The BSE dominated the volume of trading after Independence. However,

the low level of transparency and undependable clearing and settlement
systems, increased the need for a financial market regulator

It was at this time, the Securities and Exchange Board of India(SEBI)

was born in 1988 as a non-statutory body, which was further given
statutory status in 1992

The need for another stock exchange large enough to compete with B SE
and need for transparency in stock market, gave birth to the National
Stock Exchange(NSE)

The Current Stock Exchange scenario

After the country gained independence, 23 stock exchanges were added

apart from the BSE

However, at present, there are only seven recognized stock exchanges,

along with BSE & NSE as follows:

Calcutta Stock Exchange Ltd.

Magadh Stock Exchange Ltd

Metropolitan Stock Exchange of India Ltd

India International Exchange (India INX)

NSE IFSC Ltd

There was a paper trade system wherein the brokers used to get records of the price
and quantity at the very inception. The best matches were made manually. This is
how the market used to get flooded with quotes and sound over the assembly.

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The first stock exchange in India was established in 1875 in Bombay, Maharashtra,
where the native share and stock broker’s association was formed to trade
securities.

By 1992, the BSE Sensex rallied from 1000 to 4000, registering a rise of 300%.
This was the time of the big bull- Mr Harshad Mehta. His voluminous buying led
the market to touch highs and highs.

After the scam was known, the SEBI (Securities Board of India) was introduced to
regulate the unrequired volatility in the stock market.

In 2002 and 2003, the settlement period was revised to T+2 business days, and the
BSE Sensex shifted to a free-float market.

In 2004, the Indian National Congress came back in power, and people lost faith in
the Government. The Sensex falling reflected it by 11.14%, the biggest fall ever.
The NSE also launched the ETF listings.

After the market fall of 2008, the IPO index was launched. The market time
changed from 9:00 AM to 3:30 PM.

BSE achieved the landmark of the market capitalisation of Rs 100 lakh crores in
2014, while the SME index crossed the Rs. 10 thousand crores mark

Post COVID-19 2020, the market flooded with loads of investment, and new
DEMAT accounts were opened. The confidence of retail investors shifted from
safe harbours like fixed deposits to stock market investment. In June 2021, a
milestone of 7 crores of registered users was recorded.

Source: bseindia.com, nseindia.com

History of Stock Exchanges

The history of the stock exchange represents the history of the Indian stock market.
The stock exchange is the platform where the investors trade the stocks. Earlier,
there were 8 national and 21 regional stock exchanges in India. After the SEBI
started tightening the regulations, it closed down all regional stock exchanges in
India except the Calcutta Stock Exchange.

Bombay Stock Exchange

Bombay Stock Exchange (BSE) is Asia’s first stock exchange. It was established
in the year 1875. It has various indices, and one of the famous indices is the BSE
Sensex. The BSE Sensex comprises 30 stocks listed on the BSE. As per the latest
information from the BSE website, there are 18,143 securities listed on March 31,
2021.

Source: bseindia.com

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 The market has been rising after the setback caused by the COVID-19. Out of all
the listed companies in BSE, only 30 top companies are included in the BSE
Sensex, which constitutes the index. These 30 shuffles periodically.

BSE Sensex No. of years since last

Year CAGR
Price price

1990 1,048.29

2000 3,972.12 10 14.25%

2010 20,509.09 10 17.84%

2020 47,751.33 10 8.82%

2021 61,305.95 1 28.39%

Sensex historical performance:

CAGR of BSE

The progress of the BSE market can be visualized in the graph below.

History of BSE

National Stock Exchange

The National Stock Exchange (NSE) was established in 1992. It comprises various
indices, and one of the famous indices is the Nifty 50 Index. The Nifty 50 Index

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 comprises 50 entities listed on the NSE. As of March 31, 2021, there are 1920
firms listed on the National Stock Exchange. The Nifty 50 index is nothing but an
average of the top 50 companies listed on the National Stock Exchange.

Nifty 50 historical performance:

Nifty 50 No. of years since the

Years CAGR
Price last price

2000 1,263.55

2005 2,836.55 5 17.55%

2010 5,134.50 5 16.68%

2015 7,946.35 5 5.31%

2020 13,981.75 5 11.96%

2021 18,338.55 1 31.16%

CAGR of NSE

The performance of the index since its inception can be seen in the below graph:

History of Nifty

Indian Stock Market is one of the oldest Stock Market in Asia. East India
Company used to transact Loan Securities by the end of 18th Century. In the
1830s, trading on corporate stocks and shares in Bank and Cotton presses took
place in Bombay.

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1.3 NSE (NATIONAL STOCK EXCHANGE)

NSE (National Stock Exchange) is an institution of national importance with

international stature. We are a trusted market infrastructure institution with
high standards of corporate governance.

A homegrown brand with a global vision, NSE is counted as one of the

world’s largest exchanges and a catalyst for driving India’s economic growth.
NSE was the first exchange in India to implement electronic or screen-based
trading which began its operations in 1994; a pioneer in technology which
ensures the reliability and performance of its systems through a culture of
innovation and investment in technology. NSE operates a market ecosystem to
bring in transparency & efficiency.

Our robust state-of-the-art technology platform offers high levels of

robustness, safety and resilience for trading and investment opportunities
across all asset classes and for all categories of investors. NSE is focused on
investor protection and disciplined development of the Indian capital market
landscape.

NSE offers a comprehensive and innovative product and service offerings

delivered through a vertically-integrated business model supported by a robust
risk management system framework. NSE is driven its committment of a more
inclusive and transparent market, in its search for newer products and
processes. It recognises that technology forms the core of financial markets in
driving greater transparency and is ever evolving. Though we launched the
Capital Market segment on November 3, 1994 we continue to expand the
range of products and services that we offer.

The products on the Exchange are organized into 3 asset classes for trading:
Capital market for the listing and trading of equities, fixed income securities
and the derivatives market.

Equity and equity-linked products available for trading in the cash market
include stocks, IDRs, ETFs (including those benchmarked the NIFTY indices)

14
 and units of closed-ended mutual fund schemes, as well as a segment devoted
to the growth of the SME's listed on EMERGE.

Under the Derivatives segment, NSE offers derivative contracts on Equity,

Indices, Currency, Interest Rates and Commodities.

The fixed income securities and Debt products include Negotiated Trade
Reporting in Government securities, Corporate Bonds, Sovereign Gold Bonds
and other debt securities traded on multiple platforms

NSE Offered Products

EquitiesThe Equities section provides you with an insight into the equities segment of NSE
with Current Market Reports, Historical Data and Product Information.

DerivativesThe Derivatives section provides you with an insight into the derivatives segment
of NSE with Current Market Reports, Historical Data and Product Information.

15
Fixed Income & DebtThe Debt section provides you with an insight into the debt segment of
NSE with Current Market Reports, Historical Data and Product Information.

• Equity Market

• Exchange Traded Funds

• Indices

• Mutual Funds

• Security Lending & Borrowing Scheme

• Sovereign Gold Bond

• Initial Public Offering (IPO)

• Institutional Placement Program (IPP)

• Offer for Sale

• Equity Derivatives

• Commodity Derivatives

• Currency Derivatives

• Interest Rate Derivatives

• Corporate Bonds

• Electronic Debt Bidding platform (EBP)

• Negotiated Trade Reporting Platform

16
 • Non Competitive Bidding in Government Securities

• Tri-party Repo

Updated on: 09/01/2023

Purpose, Vision & Values

PurposeCommitted to improve the financial well-being of people.

VisionTo continue to be a leader, facilitate the financial well-being of people.

ValuesNSE is committed to core values - Integrity, Customer Focused Culture, Trust,

Respect and Care for the Individual, Passion for Excellence, Teamwork.

17
Our Logo

NSE's identity crafted in the nineties has for the last 25 years, stood for reliability, expertise,
innovation and trust. In the last 25 years, the Indian economy and technology landscape has
changed dramatically. So has NSE.

NSE's new identity reflect its multi-dimensional nature: multiple asset classes, multiple
customer segments, and its multiple roles including, exchange, regulator, index provider, data
and analytics, IT services, educator and market developer.

The new identity depicts growth with a modern representation of a blooming flower. The
multiple colours capture the multi-faceted nature of the business. The red denotes NSE's
strong foundation, the yellow and orange are inspired by the flower for prosperity and
auspicious ventures the marigold, and the blue triangle is a compass, always future-oriented
and helping us find our true North.

The sharp edges indicate technology, precision and efficiency. The shape also amplifies
NSE's tradition of collaboration. The internal vectors depict NSE's DNA of continuously
pushing boundaries.

NSE Group Companies

18
Corporate Structure

NSE was incorporated in 1992. It was recognised as a stock exchange by SEBI in April 1993 and
commenced operations in 1994 with the launch of the wholesale debt market, followed shortly
after by the launch of the cash market segment.

Between 1994 and 2016, we expanded our lines of business and product offerings through key
milestones:

We have also grown our business beyond traditional listing and trading services:

YEAR HISTORY

Setup wholly-owned subsidiary, NSE Clearing, which became the first clearing
corporation to be established in India (according to the Oliver Wyman Report).
1995
NSE Clearing commenced clearing and settlement operations in the following
year.

Established NSE Indices, our subsidary, as a joint venture with CRISIL Limited
1998 to operate an indices business. NSE Indices became a wholly-owned subsidiary
in 2013 following the acquisition of CRISIL's 49% stake.

19
 Established NSEIT, a wholly-owned subsidiary and a global technology firm
that provides end-to-end technology solutions, including application services,
1999 infrastructure services, analytics as a service and IT enabled services. In 2015
and 2016, respectively, NSEIT launched its Testing Center of Excellence and
Integrated Security Response Center

Incorporated DotEx, a wholly-owned subsidiary, and consolidated the data and

2000
info-vending business under DotEx.

Incorporated NSE Infotech Ltd., a wholly-owned subsidiary for IT research and

2006
development.

Consolidated the education business under NSE Academy, a wholly-owned

subsidiary. Incorporated two new subsidiaries, NSE IFSC Limited and NSE
2016
IFSC Clearing Corporation Limited, in furtherance of NSE's long-term business
strategy to establish an international exchange in GIFT City.

NSE also has strategic investments in complementary businesses, including mutual fund
registry services, back-end exchange support services for its platforms, depository services, e-
corporate governance and commodity, power and receivables exchanges.

2021-2022

• NSE launches cloud-based research facility NSE Data Room (NDR)

• NSE Indices launches Nifty Midcap Select Index

• NSE introduces trading of weekly futures on US Dollar - Indian Rupees currency pair

• NSE registered investor base surpasses 5 crore unique investors

20
• NSE Indices launches Nifty India Digital Index

• India celebrates Silver Jubilee of NIFTY 50 Index and 20 Years of Derivatives in Indian
Capital Market

• NSE Indices launches Nifty Transportation & Logistics Index

• NSE IFSC becomes First International Exchange at IFSC to physically settle US Stocks

• NSE Indices launches Nifty SDL Plus AAA PSU Bond Dec 2027 60:40 Index

• NSE Indices launches Nifty SDL Jun 2027 Index

• NSE and IBJA to come together to set-up Domestic Bullion Spot Exchange

• NSE Data launches Fixed Income Analytics Platform (FixedIn) NSE IFSC-SGX Connect
Inaugurated by Hon’ble Prime Minister of India Shri Narendra Modi

1.4 BSE (BOMBAY STOCK EXCHANGE)

The Bombay Stock Exchange (BSE) is the first and largest securities
market in India and was established in 1875 as the Native Share and Stock
Brokers' Association. Based in Mumbai, India, the BSE lists close to 6,000
companies and is one of the largest exchanges in the world, along with the
New York Stock Exchange (NYSE), Nasdaq, London Stock Exchange Group,
Japan Exchange Group, and Shanghai Stock Exchange.

The BSE has helped develop India's capital markets, including the retail debt
market, and has helped grow the Indian corporate sector. The BSE is Asia's
first stock exchange and also includes an equities trading platform for small-
and-medium enterprises (SME). BSE has diversified into providing other
capital market services including clearing, settlement, and risk management.

KEY TAKEAWAYS

• Established in 1875 as the Native Share and Stock Brokers' Association, the
Bombay Stock Exchange (BSE) is Asia's first exchange and the largest
securities market in India.

21
• The BSE has been instrumental in developing India's capital markets by
providing an efficient platform for the Indian corporate sector to raise
investment capital.
• The BSE is known for its electronic trading system that provides fast and
efficient trade execution.
• The BSE enables investors to trade in equities, currencies, debt instruments,
derivatives, and mutual funds.
• The BSE also provides other important capital market trading services such as
risk management, clearing, settlement, and investor education.

How the Bombay Stock Exchange (BSE) Works

In 1995, the BSE switched from an open-floor to an electronic trading system.

There are more than a dozen electronic exchanges in the U.S. alone with the
New York Stock Exchange (NYSE) and Nasdaq being the most widely
known.

Today, electronic trading systems dominate the financial industry overall,

offering fewer errors, faster execution, and better efficiency than
traditional open-outcry trading systems. Securities that the BSE lists include
stocks, stock futures, stock options, index futures, index options, and weekly
options.

The BSE's overall performance is measured by the Sensex, a benchmark

index of 30 of the BSE's largest and most actively traded stocks covering 12
sectors. Debuting in 1986, the Sensex is India's oldest stock index. Also called
the "BSE 30," the index broadly represents the composition of India's entire
market.

Dalal Street

The Bombay Stock Exchange is located on Dalal Street in downtown

Mumbai, India. In the 1850s, stockbrokers would conduct business under a
banyan tree in front of the Mumbai town hall. After a few decades of various
meeting locations, Dalal Street was formally selected in 1874 as the location

22
for the Native Share and Stock Brokers' Association, the forerunner
organization that would eventually become the BSE.

Mumbai is now a major financial center in India and Dalal Street is home to a
large number of banks, investment firms, and related financial service
companies. The importance of Dalal Street to India is similar to that of Wall
Street in the United States. Indian investors and the press will cite the
investment activity of Dalal Street and will use it as a figure of speech to
represent the Indian financial industry.

Other Major International Stock Exchanges

In addition to the Bombay Stock Exchange (BSE), other major international

stock exchanges include:

The New York Stock Exchange (NYSE)

The New York Stock Exchange (NYSE) is considered the largest equities-
based exchange in the world, based on the total market capitalization of its
listed securities. NYSE was formerly a private organization but became
public in 2005 after it acquired the electronic trading exchange Archipelago.

Nasdaq
Nasdaq is a global electronic marketplace and the benchmark index for U.S.
technology stocks. National Association of Securities Dealers (NASD)
created Nasdaq in 1971 to enable investors to trade securities on a rapid,
computerized, and transparent system. Today “Nasdaq” also refers to the
Nasdaq Composite, an index of more than 3,000 listed technology companies
including Apple, Google, Microsoft, Oracle, Amazon, Intel, and Amgen.

London Stock Exchange (LSE)

The London Stock Exchange (LSE) is the primary U.K. stock exchange and
largest in Europe. The LSE developed after several regional exchanges
merged in 1973. LSE was first called the Stock Exchange of Great Britain and
Ireland. One hundred of the top blue chips on the LSE form the Financial
Times Stock Exchange (FTSE) 100 Share Index or "Footsie."

23
Other major international stock exchanges in Asia include the Tokyo Stock
Exchange (TSE) and the Shanghai Stock Exchange.

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Bombay Stock Exchange is the oldest stock exchange in India as well as Asia.
It is an integral component of the “$1 trillion” club, having the 11th largest
market capitalisation value at $2.2 trillion.

BSE stock exchange was founded by Premchand Roychand in 1875 and is

currently managed by Sethurathnam Ravi, serving as the chairman.

How Does It Work?

Financial transactions in BSE are done online through an electronic trading

system. Market orders can be directly placed in BSE online, without the
requirement of external specialists through direct market access. Due to the
absence of such limit orders, the focus is shifted from buyers/sellers to the
total value of transactions in a day.

Trading in the BSE share market has to be done through a brokerage agency,
against a stipulated charge. However, direct investment access is given to
certain preferential investors making large transactions in the BSE stock
market. BOLT-Bombay Online trading platform is used by this stock exchange
for efficient trading.

24
 Transactions made in BSE online are done through a T+2 rolling settlement,
wherein all transactions are processed within two days. Securities and
Exchange Board of India (SEBI) is responsible for the regulation of this stock
exchange, continuously updating rules for its smooth operation.

What Are The Advantages Of Listing?

A company listed under the Bombay Stock Exchange can enjoy several
benefits, such as:

• Hassle-free capital generation

Listed companies enjoy the trust of all kinds of investors present in the market.
It spreads market knowledge regarding a budding business, allowing
individuals to carefully analyse the imminent condition of such companies and
invest accordingly.

Paid-up capital for a business can only be raised effectively if a company is

listed with a prevalent stock exchange in a country.

Market securities can be readily sold in a financial market if it is listed

on Bombay Stock Exchange, thereby sufficing the liquidity needs of both
businesses and individual investors. Funds to meet any requirement of a
company can be obtained through the issuance of debt and equity securities,
which investors purchase for the purpose of wealth creation.

Securities purchased can be readily sold through the electronic trading

settlement of BSE, thereby allowing investors to effectively encash their
investment as and when the need arises.

• Legal Supervision

Investors can skim through fraudulent companies if they choose to invest in

organisations listed with BSE. Several rules and regulations are mandated by

25
 SEBI monitoring the actions of registered companies, minimising the chances
of investors incurring a loss due to illicit activities of a business.

• Timely information display

Adequate information about total revenue generation and reinvestment

patterns have to be published annually by all companies listed under the BSE
stock exchange. Total dividend disbursed, bonus and transfer issues, book-to-
closure facility, etc. has to be displayed as per SEBI regulations.

• Adequate pricing rules

The price of securities trading in the BSE share market is determined through
demand and supply of the same currently prevailing. This reflects the real
value of a share, affecting a company’s market capitalisation and ease of
procurement of funds.

• Collateral guarantee

Securities issued by a company acts as a collateral guarantee at the time of

availing loans. Most financial institutions accept equity shares listed in BSE as
leverage against which funds can be obtained.

What Are The Various Investment Methods?

Trading of securities of a company listed on the Bombay Stock Exchange can

be done either directly or indirectly, depending upon the volume of
transactions undertaken. Primary trading can be done only by registered
brokerage agencies and institutional investors making bulk transactions
in BSE.

Retail customers, on the other hand, do not have access to direct investment
schemes and have to make transactions through a certified stockbroker or a
stock investing platform. This is known as a secondary trading mechanism,
regulated by the Financial Industry Regulatory Authority (FINRA). For

26
 secondary trading, an individual must hold a Demat account, through which
the financial transactions take place. Virtual ownership of all stocks can be
gained through the account itself.

Chief Investment Segments

All companies listed under BSE can use the following financial instruments to
raise funds for their business:

• Equity –

Equity instruments primarily consist of shares issued by a company to raise

adequate paid-up capital for its smooth operations. Massive equity is raised
during an initial public offering of a start-up company in the primary capital
market. However, new issuance of shares is subject to strict regulations under
SEBI, due to volatility of prices at this stage.

Equity already issued can be traded amongst retail customers in the secondary
market through a stockbroker.

• Debt Instruments and government securities –

These tools are issued by an underlying company to raise finances without

giving ownership to investors. Relatively risk-free in nature, trading in debt
instruments can be done in both primary and secondary market, depending
upon its nature.

Various government securities such as zero coupon bonds, floating rate bonds,
capital indexed bonds and dated securities are traded in BSE.

Major Indices

Sensex is a benchmark index under BSE. It is a free floating market-weighted

index tracking the performance of the top 30 companies. BSE share
market uses Sensex to monitor the performance of these companies to

27
 determine whether the capital market of India would rise or fall, depending
upon the movement direction of share prices of these companies.

Other than the benchmark index, several other sectoral indices are also
provided by BSE, such as:

1. S&P BSE Auto

2. S&P BSE bankex

3. S&P BSE Capital Goods

4. S&P BSE Consumer Durables

5. S&P BSE Fast moving consumer goods

Indices segregating companies on the basis of market capitalisation into small

and mid-cap companies are also launched by BSE, in the form of BSE small-
cap index and BSE mid-cap index. These indices can be tracked by
index Mutual Funds aiming to profit from capital appreciation of stocks of
these companies.

Bombay Stock Exchange plays a vital role in regulating the financial markets
of India. Market fluctuations in an economy can easily be observed through
the performance of its benchmark index, which has cascading effects on the
capital sector of economies all around the world.

Background to the BSE

BSE has an interesting back story to it. In the 19th century, some traders, with
businessman Premchand Roychand, would gather under a Banyan tree in
current Dalal Street. Popularly known as the Native Share and Stockbrokers
Association, this gathering would engage in purchasing and selling stocks.
This association later evolved into the BSE.

Earlier, the BSE worked on a floor trading system in which a licensed broker
stands in the ring and calls out the rising price. The investors, who were

28
outside the BSE, would only find out about the stock prices in the newspapers.
That is why the NSE or the National Stock Exchange went digital, and the
prices became public to all the investors. Consequently, the NSE became the
favorite spot for investing.

Seeing the shift to digital, the board of BSE decided to change their system as
well. In 1995, BSE received technological aid from CMC Ltd and went digital.
Today, the BSE trading area is called BSE online trading.

29
 CHAPTER NO.2 RESEARCH METHODOLOGY

2.1OBJECTIVE OF STUDY

To study about the emerging stock markets in India such as NSE and BSE.

• To study about the year effect of the Indian stock market (BSE and NSE)
from2000 to 2022.

• To examine the market capitalization of Indian stock market (NSE and

BSE)from 2000 to 2022.

• To examine the trend of risk and return of Indian stock market (NSE and
BSE)from 2000 to 2020.

• To study about the type of trading preferred by the investors in stock market

2.2DATA COLLECTION METHOD

The purpose of this study is to analyze the market capitalization, year effect
and the risk and returns of the important stock market (NSE and BSE) of about
22 years from 2000 to 2022

to analyse the investment pattern of tradersin stock market.

In order to assesstheobjective both primary data and secondary data were used.

The secondary data was collected from various journals, articles, publications
and online websites

2.3IMPORTANTANCE OF STUDY

Stock market is the best indicator of how well the economy is doing. Stock
markets coverall industries across all sectors of the economy.

This means they serve as a barometer of what cycle the economy is in and the
hopes and fears of the population who generate growth and wealth.

Stock market have been the regulated where people can buy and sell shares of
different companies.

30
 Stock markets today are emerging as a very popular and a better financial
market instrument for a large number of investors.

A large variety of stocksor shares are available in Indian stock market to cater
the needs and expectations of all types of investors.

The rapid growth in the number of intermediaries and stock market

applications indicate the increasing importance of stock market investments.
Still large section of Indian investors has little information to take prudent
investment decisions.

Such information drought is the breeding grounds for misguidance, leading

the investors to opt for a particular stock or share without an in-depth analysis,
resulting in the dissatisfaction over the return.

Stock market enable companies to be traded publicly and raise capital

2.4SCOPE OF STUDY

Making money is everyone’s dream but people often get scared by the risks.
Stock Market is one such field where a person having its knowledge is
prepared to take a calculated risk which in return gives him a profit multiplied
by manifolds.

Investing in many different stocks can help build your wealth by leveraging
growth in different sectors of the economy, resulting in a profit even if some of
your individual stocks lose value.

Dividend Income

Some stocks provide income in the form of a dividend. While not all stocks
offer dividends, those that do deliver annual payments to investors. These
payments arrive even if the stock has lost value and represents income on top
of any profits that come from eventually selling the stock. Dividend income
can help fund a retirement or pay for even more investing as you grow your
investment portfolio over time.

Gain in Investment

31
One of the primary benefits of investing in the stock market is the chance to
grow your money. Over time, the stock market tends to rise in value, though
the prices of individual stocks rise and fall daily. Investments in stable
companies that are able to grow tend to make profits for investors. Likewise,
investing in many different stocks will help build your wealth by leveraging
growth in different sectors of the economy, resulting in a profit even if some of
your individual stocks lose value.

Diversification

For investors who put money into different types of investment products, a
stock market investment has the benefit of providing diversification. Stock
market investments change value independently of other types of investments,
such as bonds and real estate. Holding stock can help you weather losses to
other investment products. The stock also adds risk to a portfolio, as well as
the potential for large, rapid gains, helping investors avoid risk-averse or
overly conservative investment strategies.

Ownership

Buying shares of stock means taking on an ownership stake in the company

you purchase stock in. This means that investing in the stock market also
brings benefits that are part of being one of the business owners. Shareholders
vote on corporate board members and certain business decisions. They also
receive annual reports to learn more about the company. Owning stock in the
company you work for can be a way to express loyalty and tie your personal
finances to the success of the business as a whole.

Stock Market thus can help you kick start your Career if you are a fresher or
experienced in any domain. Choosing the right strategy and optimum use of
your potential is the need to excel in the field.

32
 2.5LIMITATION OF STUDY
• The study was conducted mainly based on the secondary data.
• The data collection was narrowed by online sources.
• Many online sites have given insufficient information and data. So, there was a
dependency on various sites.
• The unavailability of books and other physical materials hadbeen a major
limitation of our project
• Difficulty in data collection
• Due to limited time available at disposable the study has been confirmed for a
period of 20 years
• Ratio itself will not completely show the companies good or bad financial
position
• Limited knowledge about stock market in initial stages

2.6SIGNIFICANCE OF STUDY

• The stock market helps to value the securities on the basis of demand and
supply factors. The securities of profitable and growth oriented companies are
valued higher as there is more demand for such securities. The valuation of
securities is useful for investors, government and creditors.
• Stock markets enable companies to be traded publicly and raise capital. The
transfer of capital and ownership is traded in a regulated, secure environment.

• Stock markets promote investment. The raising of capital allows companies to

grow their businesses, expand operations and create jobs in the economy. This
investment is a key driver for economic trade, growth and prosperity.

• For investors, stock markets provide a way to invest money in order to

potentially earn a share of the company’s profits (knowing that the risk of
losses exists too). Active investors and traders can easily buy and sell their
securities due to the abundant liquidity in most major stock markets.

33
2.7 SAMPLE SIZE AND METHOD SELECTING SAMPLE
• Convenience sampling method is used for the survey of this project
• It is non probability sample
• This is least reliable design but normally the cheapest and easiest to conduct
• Method research has the freedom to choose whomever they find thus the name
Convenience
• Examples includes informal pools of friends and neighbors or people
responding to a newspaper
• Invitation to public to state their position on some public issue

SAMPLE SIZE :

• Sample size denotes number of elements selected for the study for present
study,50
• Respondent are selected randomly

SAMPLING METHOD

• A sample is representative part of population

• In sampling technique information is collected only from representative part of
universe and the conclusion are drawn on that

34
CHAPTER NO. 3

LITRATURE REVIEW

NSE EMERGE

NSE (National Stock Exchange) is an institution of national importance with

international stature. We are a trusted market infrastructure institution with
high standards of corporate governance. A homegrown brand with a global
vision, NSE is counted as one of the world’s largest exchanges and a catalyst
for driving India’s economic growth.

NSE was the first exchange in India to implement electronic or screen-based

trading which began its operations in 1994; a pioneer in technology which
ensures the reliability and performance of its systems through a culture of
innovation and investment in technology. NSE operates a market ecosystem to
bring in transparency & efficiency. Our robust state-of-the-art technology
platform offers high levels of robustness, safety and resilience for trading and
investment opportunities across all asset classes and for all categories of
investors. NSE is focused on investor protection and disciplined development
of the Indian capital market landscape.

NSE EMERGE is NSE’s new initiative for Small and medium-sized

enterprises (SME) & Start-up companies in India. These companies can get
listed on NSE without an Initial public offering (IPO). This platform will help
SME’s & Start-ups connect with investors and help them with the raising of
funds. On 8 July 2015, Sucheta Dalal wrote an article onMoney life alleging
that some NSE employees were leaking sensitive data related to high-
frequency trading or co-location servers to a select set of market participants
so that they could trade faster than their competitors. NSE alleged defamation
in the article by Moneylife.

On 22 July 2015, NSE filed a ₹1 billion (US$14 million) suit against Money
life. However, on 9 September 2015, the Bombay High Court dismissed the
case and fined NSE ₹5 million (US$70,000) in this defamation case against
Money life (The High Court asked NSE to pay ₹150,000 (US$2,100) to each
journalist Debashis Basu and Sucheta Dalal and the remaining ₹4.7 million

35
(US$66,000) to two hospitals. The Bombay High Court has stayed the order
on costs for a period of two weeks, pendingthe hearing of the appeal filed by
NSE.

In May 2019 SEBI has debarred NSE from accessing the marketsfor a period
of 6 months. While NSE confirmed this will not impacttheir functioning, they
won’t be able to list their IPO or introduce any new trading productsfor that
period. Additionally, the watchdog also ordered NSE to disgorge Rs 624.9
crores (along with accrued interest for the period), an amount equivalent to the
profits it made from the unfair trade practice of co-location servers they
provided during the period from 2010–11 to 2013– 14. The board also passed
orders against 16 individuals including formermanaging directors and CEOs
Ravi Narain and Chitra Ramakrishna ordering them to disgorge 25% of their
salaries during that period along with interest. All money is to be paid into the
Investor protection and education fund. These individuals have also been
debarred from the markets or holding any position in a listed company for a
period of fiveyears.

Crash of 1991After economic liberalisation in India in 1991, the stock market

saw anumber of cycles of booms and busts, some related to scams such as
those engineered byplayers such as Harshad Mehta and Ketan Parekh, some
due to global events and a few dueto circular trading, rigging of prices and the
irrational exuberance of investors leading to bubbles that finally burst. History
& Milestones NSE's sustained leadership positions across asset classes in the
Indian and global exchange sectors demonstrates the robustness and liquidity
of our exchange. NSE was incorporated in 1992. It was recognised as a stock
exchange by SEBI in April 1993 and commenced operations in 1994 with the
launch of the wholesale debt market, followed shortly after by the launch of
the cash market segment.

BOMBAY STOCK EXCHANGE (BSE)

BSE Limited, formerly known as the Bombay Stock Exchange is an Indian

government owned stock exchange located on Dalal Street in Mumbai.
Established in 1875, it is Asia's oldest stock exchange. The BSE is the world's
7th largest stock exchange with an overall market capitalization of more than

36
US$2.8 trillion on as of February 2021. While Bombay Stock Exchange
Limited is now synonymous with Dalal Street, it was not always so. In the
1850s, five stock brokers gathered together under Banyan tree in front of
Mumbai Town Hall, where Horniman Circle is now situated. A decade later,
the brokers moved their location to another leafy setting, this time under
banyan trees at the junction of Meadows Street and what was then called
Esplanade Road, now Mahatma Gandhi Road. With a rapid increase in the
number of brokers, they had to shift places repeatedly.

At last, in 1874, the brokers found a permanent location, the one that they
could call their own. The brokers group became an official organization
known as "The Native Share & Stock Brokers Association" in 1875. The
Bombay Stock Exchange continued to operate out of a buildingnear the Town
Hall until 1928. The present site near Horniman Circle was acquired by
theexchange in 1928, and a building was constructed and occupied in 1930.
The street on which the site is located came to be called Dalal Street in Hindi
(meaning "Broker Street")due to the location of the exchange. On 31 August
1957, the BSE became the first stock exchange to be recognized by the Indian
Government under the Securities Contracts Regulation Act. Construction of
the present building, the Phiroze Jeejeebhoy Towers at Dalal Street, Fort area,
began in the late1970s and was completed and occupied by the BSE in 1980.

Initially named the BSE Towers, the name of the building was changed soon
after occupation, in memory of Sir Phiroze Jamshedji Jeejeebhoy, chairman of
the BSE since 1966, following his death. BSE established India INX on 30
December 2016. India INX is the first international exchange of India. Mr.
Ashish Kumar Chauhan. Shri Ashish Kumar Chauhan is the MD & CEO of
BSE (Bombay Stock Exchange), the first stock exchange of Asia. He is one of
the founders of India's National Stock Exchange ("NSE") where he worked
from 1992 to 2000. Based in Mumbai, India, the BSE lists close to 6,000
companies and is one of the largest exchanges in the world, along with the
New York Stock Exchange (NYSE), Nasdaq, London Stock Exchange Group,
Japan Exchange Group, and Shanghai Stock Exchange.

37
The BSE has helped develop India's capital markets, including the retail debt
market, and has helped grow the Indian corporate sector. The BSE is Asia's
first stock exchange and also includes an equities trading platform for small-
and-medium enterprises (SME). BSE has diversified into providing other
capital market services including clearing, settlement, and risk management.
The BSE has been instrumental in developing India's capital markets by
providing an efficient platform for the Indian corporate sector to raise
investment capital.

In the 1850s, stockbrokers would conduct business under a banyan tree in front
ofthe Mumbai town hall. After a few decades of various meeting locations,
Dalal Street wasformally selected in 1874 as the location for the Native Share
and Stock Brokers' Association, the forerunner organization that would
eventually become the BSE.

Mumbaiis now a major financial center in India and Dalal Street is home to a
large number of banks,investment firms, and related financial service
companies. The importance of Dalal Streetto India is simisimiz. In the third
week of January 2008, the SENSEX experienced huge falls along with other
markets around the world. On 21 January 2008, the SENSEX saw its highest
ever loss of 1,408 points at the end of the session. The SENSEX recovered to
close at 17,605.40 after it tumbled to the day'slow of 16,963.96, on high
volatility asinvestors panicked followingweak global cues amid fears of a
recession in the US. The next day, the BSE SENSEX index went into a free
fall. The index hit the lower circuit breaker in barely a minute after the markets
opened at 10 am. Trading was suspended for an hour. On reopening at 10.55
am, the market saw its biggest intra-day fall when it hit a low of 15,332, down
2,273 points. However, after reassurance from the market bounced back to
close at 16,730 with a loss of 875 points.

Over the course of two days, the BSE SENSEX in India dropped from 19,013
on Monday morning to 16,730 byTuesday eveningor a two-day fall of 13.9%.
Less than a month later, on 11 February 2008, the SENSEX lost 833.98 points,
when Reliance Power fell below its IPO price in its debut trade after a high-
profile public offer. On 2015, The index crossed the historical mark of 30,000

38
after repo rate cut announcement by RBI. The index plummeted by over
1,624.51 points on 24 August 2015, the then worst one-day point plunge in the
index's history. On 9 March 2020,Sensex tumbled down by 1941.67 points
amid the fears of and crisis. This was the secondworst single-day fall in the
history, where the investors lost ₹ 6.50 lakh crores.

While on 12 March 2020, the index plunged down by 2919.26 points, the
second–worst fall in the history, ending in red to a 33-month low at 32,778.14.
The fall wiped off ₹ 11.2lakh crores wealth. On March, trading was halted for
45 minutes for the first time in 12 years since January 2008 due to lower
circuit. Sensex touched a low of 29,687.52 down by 3090.62 points (or
9.43%). However, after the 45-minute halt, the index saw biggest intra-day
recovery by 5,380 points to end up by 1325 points. Continuing the losing
streak,wealth worth ₹14.22 lakh crore was erased on 23 March 2020 as BSE
SENSEX lost 3,934.72 points to end at 25,981.24. As on 21 January 2021,
Sensex has recovered to 50,167.71

3.1 INTRODUCTION TO NIFTY 50

What is Nifty in Share Market?

Nifty is a popular stock market index that has been introduced by the National
Stock Exchange (NSE). ‘Nifty’ is a mix of the words “National Stock
Exchange” and “fifty.” This is because NIFTY 50 is a flagship benchmark
index by the NSE showcasing the 50 top-performing equity stocks that are
being traded on the platform. There are a total of 1600 stocks trading on the
NSE in a single day. Now that we know what is Nifty 50’s goal - the stocks on
its index span across 12 different sectors in the Indian economy. These include
financial services, telecommunications, information technology, consumer
goods, metals, entertainment and media, pharmaceuticals cement, fertilizers
and pesticides, automobiles, energy, and more. Nifty follows the patterns and
overarching trends of blue-chip companies. These are the largest and most
liquid companies in India. NIFTY 50 is one of two national benchmark indices
in India. The other benchmark is SENSEX, which comprises the 30 highest
performing stocks on the Bombay Stock Exchange. Nifty alone contains a

39
 large number of sub-indices. These are the NIFTY IT, NIFTY Next 50, and
NIFTY Bank, each detailing separate asset classes, sectors, or segments.

Criteria for Eligibility for NIFTY Listing

To keep up with the latest stocks and trends, NIFTY is reconstituted every 6
months. During this time it considers the 6-month performance of stocks and
checks for whether a company’s shares fulfill the eligibility criteria. NSE
Indices Limites has a team of professionals that currently manage the NIFTY
index. This is an index Advisory Committee that offers guidance and expertise
on large scale issues that relate to equity indices. Accordingly, the index
managers will remove or include old or new stocks to the benchmark. With
respect to new additions, companies are involved 4 weeks prior to the
reconstitution. To be eligible for listing on NIFTY, the following criteria are
necessary.

• The company must be registered with the National Stock Exchange (NSE) while
being a domicile of the country.

• The company’s stocks should be highly liquid in nature. This is measured by the
average of their impact cost. Impact cost is the price of trading a single
security in relation to the index’s weight as seen through the company’s
market capitalization. For a period of 6 months, the company’s impact cost
should be less than or equal to 0.50% or lower with 90% of the sightings and
analyses made on a portfolio over ₹10 crores.

• The trading frequency of the company should be 100% in the past six months.

• The company should have a free-floating average market capitalization. The

market capitalization should be 1.5 times greater than the smallest company on
the index.

40
 Top Companies Listed Under NIFTY

Below is the table that demonstrates the companies listed under Nifty 50 in
the period of July- Dec 2019

Company Name LTP Sectors Trend for the past 1 year

Yes Bank 47.70 Banking -20.33%

Ibull Housing FN 197.95 Financial Service 0.04%

Tata Motors 139.50 Automobile 11.785%

Eicher Motors 20491.85 Automobile 40.76%

Indusland Bank 1340.10 Banking -41.77%

SBI 265.45 Banking & Financial Services -27.825

Bajaj Auto 3111.50 Automobile 18.35%

Asian Paints 1812.30 Consumer Goods 86.32%

Tata Steel 356.10 Metals 13.96%

Coal India LTD. 199.40 Energy & Mining 39.08%

How is NIFTY Computed?

Indices for Nift 50 are computed through a float-adjusted as well as market

capitalization-weighted method. The level of index showcases the aggregate of
the market value of shares present in it for a certain duration. This base
duration for Nifty is November 3rd, 1995. The index’s base value is
considered to be 1000 and its base capital is ₹2.06 trillion. The formula to
calculate the index’s value is as follows: Value of Index= Current market
value / (1000 * Base Market Capital) The formula is not the only means by
which value is calculated. Changes in corporate-procedures such as stock
splits, rights insurance and more are also taken into account. As NIFTY is a
benchmark against which all equity share markets in India are considered, it

41
regularly conducts index maintenance checks. This ensures it is stable and
working effectively so that it can persist as a benchmark index for the country.

The Original NIFTY50

At the risk of skipping ahead, NIFTY50 is the name given to the benchmark
index listed on the National Stock Exchange (NSE) of India. However, this
name is not the first time the name “NIFTY” has seen action on the stock
market.

NIFTY Fifty in previous decades was the name given to large-cap stocks in the
US markets of the 1950s and 1960s, stocks that were considered blue-chip and
a ‘buy only’ stock. Considered pillars of the economy, with strong
fundamentals to show, these stocks only attracted “buy” recommendations.
However, as much as the stocks rallied, the harder they were brought down
during the 2008 crash. While there were attempts to put it back together after
the crash, these were less than a resounding success.

The ‘New’ NIFTY 50

When the NSE was set up in Mumbai in 1992, its managing team needed a
strong pole to lodge in the financial ground to solidify their place in the
dematerialized markets space. They found this in the form of the new NIFTY
50. Nowadays, when someone asks “what is NIFTY 50” or “What are NIFTY
50”, they are referred to this benchmark index for the NSE.

The NIFTY 50 index is made up of 50 stocks that are prominent figures in the
Indian stock market. From companies such as Asian Paints and a slew
of HDFC and Tata companies (Titan for instance), the benchmark index is
considered by investors to be one of the most accurate litmus tests for the
Indian stock markets. If the NIFTY 50 is in the red, chances are the market is
too. If it isn’t, most likely it will soon make its way down there.

What is an index?

42
Before we move on to further exploring what NIFTY 50 and what are NIFTY
50 stocks are, we must first understand what exactly an index or a benchmark
index is.

In its simplest terms, an index is a basket of securities that is created as a

representational sample of a certain sector in the markets. This representational
sample then works as a barometer to test market performance. For instance
(and purely as an example), if you wanted to measure market performance for
the fintech sector, you would create a basket of stocks made up of the most
well known and well-established fintech companies. This weighs the average
performance of all these companies, giving out one singular number, or the
price of the index. If the price of the index falls, this means the stocks in the
basket of securities are not performing well, which means the market at large
is likely not doing too well either. The converse holds true as well.

Understanding the NIFTY 50

While the NIFTY 50 is now a much relied upon barometer for how the Indian
stock markets are performing at large, it has been meticulously constructed
over time in order to achieve this status. The benchmark index is made up of
stocks belonging to 13 of the country’s sectors in order to achieve
diversification. The sectors are as follows:

– Oil and gas

– consumer goods

– information technology

– financial services

– automobiles

– construction

– telecommunication

– pharmaceuticals

43
– power

– cement

– cement products

– Metals

– fertilizers

– Pesticides

– media and entertainment

This provides key insight into not only ‘what is NIFTY 50’, but also into
exactly why the benchmark index is, well, a benchmark index for the Indian
markets. With stocks from almost all major sectors, with the companies from
these sectors being chosen for the index being leaders in their segments, the
NIFTY 50 functions as an indication of the performance of Indian markets
because it is in and itself a small sample representation of the best offerings of
the Indian markets; If the stocks in NIFTY 50 are not performing well, it is
very likely that the economy at large will not be able to escape the adverse
effects that are bringing the index down.

3.2 INTRODUCTION TO SENSEX

The BSE SENSEX (also known as the S&P Bombay Stock

Exchange Sensitive Index or simply SENSEX) is a free-float market-
weighted stock market index of 30 well-established and financially sound
companies listed on the Bombay Stock Exchange. The 30 constituent
companies which are some of the largest and most actively traded stocks, are
representative of various industrial sectors of the Indian economy. Published
since 1 January 1986, the S&P BSE SENSEX is regarded as the pulse of the
domestic stock markets in India. The base value of the SENSEX was taken
as 100 on 1 April 1979 and its base year as 1978–79. On 25 July 2001 BSE
launched DOLLEX-30, a dollar-linked version of the SENSEX.

What is Sensex?

44
 Sensex was meant to denote the most popular market index of 30 companies
listed under the Bombay Stock Exchange.

The component companies listed in this index today are some of the biggest
companies in this country with the most actively traded stocks.

Companies included under it are selected by S&P BSE Index Committee based
on the following five criteria –

1. Companies have to be listed under the Bombay Stock Exchange in India.

2. It must consist of large or mega-cap stocks.

3. It has to be relatively liquid.

4. It must generate earnings from core activities.

5. Companies must contribute to keep the sector balanced with the country’s
equity market.

Ever since opening up in the 1990s, it has witnessed rapid growth, especially
post-2000. For instance, in 2002, information technology companies helped
the index cross the 6000 mark for the first time. This growth curve can be
owed to a rapid increase in India’s Gross Domestic Product (GDP), since the
turn of this century.

Some of the companies under this index include Axis Bank, Asian Paints,
Bajaj Finance, Bharti Airtel, Coal India, HCL Technologies, Hindustan
Unilever, ICICI Bank, IndusInd Bank, Tata Consultancy Services, Larsen &
Toubro, etc.

How is Sensex Calculated?

BSE modifies Sensex share composition from time to time to ensure that it
reflects the current conditions of the stock market. At first, the index was
calculated based on a weighted methodology of market capitalization.

45
 However, since 2003, this calculation method was reformed and now
integrates a free-float capitalisation method.

This free-float method is an alternative of market-capitalisation method, where

instead of a company’s outstanding shares, the number of shares available for
sale under it is used to calculate the index. This method, thus, does not
integrate restricted stocks (ones held by company insiders) which are not for
sale.

The formula for the same is-

Free Float Market Capitalization = Market

Capitalization x Free Float Factor

46
Timeline Events

Early 90’s to the • Ever since its integration, Sensex touched

end of the 1000 on 25th July 1990 and closed at 1001.
20th century

• 1991 saw the introduction of various liberal

economic policies which led to Sensex
index crossing 2000, for the first time in
1992.

• In 1992, Harshad Mehta scam led to unabated

selling of Sensex shares.

• In 1999, the index crossed the 5000 point

mark for the first time, ushering in the new
century.

47
Beginning of the • Onset of the 21st century brought a boom in
21st century to the market thanks to IT, which pushed the
mid-2000s. index to hit 6006 points. This record was held
until 4 years, till 2nd Jan 2004, when shares
hit 6026.59 points.

• In 2005, Sensex crossed 7000 points for the

first time, owing to settlement in the Ambani
family, which led to insurmountable gains for
the Reliance Group of companies.

• Between June and December 2005, this index

witnessed rapid growth and crossed 9000
points, owing to brisk purchasing from
foreign institutional investors, as well as
several domestic funds.

48
Mid 2000s to its • On 7th February 2006, this index, during
end. mid-session touched a high of 10,003 points.

• The period between 2006 and 2007 saw a

leap in Sensex index growth due to
aggressive purchase of funds. It jumped from
10,000 to 20,000 points in December 2007.

• The period between 2008 and 2010 saw

market fluctuations with stock market crash
and its steady recovery. It was on November
5th, 2010 that it closed at 21004.96 points,
crossing 21,000 points.

2013-2015 • In October 2013, Sensex India closed at

21,033.97 points, ushering in a new high for
the index.

• In 2014, its closing stocks were higher than

the Hang Seng Index, leading it to become
Asia’s highest value stock market index. It
also witnessed a rapid increase from 21,000
points to 28,000 in the same year, breaking
the 600 point record set in 2007.

• On the 23rd of January 2015, this share index

closed at 29,278 points, putting it at a new
high. Next, owing to repo rate cuts by RBI,

49
 the index crossed 30,000 points for the first
time.

2017-2019 • From 2017 to 2018, this index grew steadily

to cross 38,000 points.

• On 23rd May 2019, Sensex breached its

40,000 mark for the first time.

floated shares to outstanding ones. According to this free-float capitalization

method, the index level always demonstrates the free-float value of the 30
listed companies under Sensex, relative to a base period.

How To Invest In Sensex?

These are the major steps that must be followed before starting your
investment in Sensex:

• Opening a Demat Account

It is important to have a Demat account that holds your shares in electronic

form.

• Open a Trading Account

After opening a Demat account, you should register yourself for opening a
trading account. As BSE does not allow direct purchase or sale of securities.
With the help of a trading account, one can easily buy and sell securities
online.

50
• Having a Bank Account

Other than having a Demat and trading account, an investor must also have a
bank account and PAN card to trade on Sensex.

Milestones of Sensex India

The following table illustrates the gradual rise (and fall) of Sensex
stock through India’s stock market history –

Therefore, in the past 3 decades, even though India’s stock market has
undergone bullish and bearish trends, the outcome has overall been positive
for investors with a steady growth of Sensex.

Major Plunges in Sensex Stocks

The world economy faced a major crisis between 2008 and 2009 with a fall in
the Dow Jones industrial average in its intraday trading, leading to a stock
market crash.

This crash also affected India’s stock market adversely and led to a loss of
1408 points on 21st January 2008, which was its highest since its inception.
The next day the index went into a downward spiral with trading suspended
for an hour.

From January to November 2008, the index continued to drop consistently,

throwing the entire market into uncertainty. In October 2008, the market
closed at 8509.56 points, its lowest in the last 10 years.

Again, in 2009, the index dropped by almost 750 points due to Satyam fraud,
which threw the market into turmoil.

51
Performance of the BSE SENSEX index between 1990 and 2021

Understanding the Sensex

Some primary criteria used in selecting the 30 stocks that comprise Sensex are:

Should be listed on BSE

The stock has to be large or mega-cap. Large cap includes companies with market capitalisation
between Rs. 7000-20,000 crores. Mega cap includes companies with a market capitalisation
above Rs. 20,000 crores.

Relatively liquid stocks are selected

Revenue of the company should come from its core activities

The company should have a diversified and well-balanced sector focus in parallel to the Indian
equity market

List of 30 stocks comprising the BSE Sensex:

Company Name Weight in Sensex

1 Reliance Industries Ltd. 11.99%

2 HDFC Bank 11.84%

3 Infosys Ltd. 9.06%

4 HDFC 8.30%

52
5 ICICI BANK 7.37%

6 TCS 5.76%

7 KOTAK BANK 4.88%

8 HINDUNILVR 3.75%

9 ITC 3.49%

10 AXISBANK 3.35%

11 L&T 3.13%

12 BAJFINANCE 2.63%

13 SBIN 2.59%

14 BHARTIARTL 2.31%

15 ASIAN PAINTS 1.97%

16 HCLTECH 1.89%

17 MARUTI 1.72%

18 M&M 1.48%

19 ULTRACEMCO 1.40%

53
20 SUNPHARMA 1.16%

21 TECHM 1.11%

22 TITAN 1.11%

23 NESTLEIND 1.07%

24 BAJAJFINSV 1.04%

25 INDUSINDBK 1.03%

26 POWERGRID 1.03%

27 TATASTEEL 1.01%

28 NTPC 0.94%

29 BAJAJ AUTO 0.86%

30 ONGC 0.73%

History of the Sensex

The BSE Sensex was introduced in 1986 as a market index of the Bombay Stock Exchange
(BSE) in India. It originally comprised of 100 companies, but was later reduced to 30 of the
largest and most actively traded companies. Over the years, the Sensex has become a widely
recognized barometer of the Indian stock market and a benchmark for measuring the
performance of the market.

54
How does the Sensex work?

The BSE Sensex essentially tracks the performance of 30 of the largest and most actively traded
companies listed on the Bombay Stock Exchange (BSE) in India. It offers a quick overview of
the stock market’s performance and is widely used as a benchmark for the overall performance
of the market. Changes in the Sensex are influenced by various factors such as economic
growth, government policies, and global events.

How Has the Sensex Performed in Recent Decades?

The Sensex, which is a measure of the stock market in India, has gone through ups and downs in
recent decades. Generally, it has grown over time but has also faced periods of decline. It has
been influenced by various factors such as economic growth, government policies, and global
events. In general, the Sensex has been a good indicator of the overall health of the Indian stock
market and has shown strong growth over the long term. However, it’s important to keep in
mind that the stock market can be volatile in the short term, and past performance is not always
an indicator of future results.

In the last decade, the Sensex surged from around 18,000 to over 60,000 levels.

3.3 NSE (NIFTY 50) AND BSE (SENSEX) TODAY

• APRIL 17, 2023 / 04:23 PM IST

Taking Stock: IT rout sinks market; Sensex down 520 points, Nifty below 17,750

The information technology index fell 4.7 percent and pharma index down 0.6
percent.

55
 Ajit Mishra, VP - Technical Research, Religare Broking

Markets started the week on a subdued note and lost over half a percent, taking a
breather after a recent surge. Pressure in the IT majors, especially Infosys, was
weighing on the sentiment in early trades however resilience in banking and FMCG
majors combined rebound in the energy pack helped the index to recoup some losses.
Consequently, Nifty settled at 17,706.85; down by 0.68%. Meanwhile, the broader
indices outperformed the benchmark and ended in the green.

We expect consolidation in the index after 3 weeks of successive rise, so participants

should focus more on sector/stock selection. Besides, managing risk, especially in
overnight positions, holds the key, citing an uptick in volatility during the earnings
season. Participants should plan their positions accordingly.

• Rupak De, Senior Technical Analyst at LKP Securities

Nifty remained under the bears' grip as the benchmark slipped following a hanging
man pattern formation in the previous session. Besides, the recent rally found

56
resistance around the 50% retracement level of the previous fall before closing with a
bearish engulfing pattern.

Over the near term, the trend is likely to remain sideways, as after a rally of 900
points, buyers at 17000 would want to take some profits. On the lower end, support
lies at 17550, below which the index may fall towards 17400. On the higher end,
17800 is likely to remain resistance for the Nifty.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

The much anticipated profit-taking came to the fore as technology stocks led the
correction that saw the Sensex slump below the psychological 60,000 mark. The real
damage was done by the frontline IT stocks with Infosys coming under severe
hammering after its corporate earnings failed to meet street estimates.

Besides disappointing results, worries of weak IT spending by multinational giants on

gloomy economic conditions and recessionary fears have weighed heavily on the
sector over the past few months.

On the daily charts, the Nifty has formed a bar-reversal candlestick formation
indicating time-based correction till the market is not crossing 17,870 levels. For the
bulls, 17,800-17,870 would act as immediate resistance zones, while 17,600-17,500
would act as key support zones. Fresh buying momentum could be seen only above
the levels of 17,870.

Vinod Nair, Head of Research at Geojit Financial Services

The market responded negatively to the weak start of the earnings season by IT
bellwether and their cautious outlook. On the global front, the US 10-year bond yield
rose as solid US job data raised concerns over further rate hikes by the Fed.

The earnings reports, primarily from the IT and banking sectors, will influence market
trends in the coming days. We expect Nifty 50 earnings to grow by 10percentin Q4
FY23, driven by banking and finance, auto, telecom, and FMCG.

57
Dilip Parmar, Research Analyst, HDFC Securities:

The Indian rupee started the week on a sour note after a long weekend amid a rebound
in the dollar index and risk-off sentiments. However, the day trading range remained
small in the absence of fresh cues.

There is a relief at factory gate inflation as the wholesale inflation reading came at
1.34percentbelow the 1.6 percentestimates and 3.85percentthe previous month.

Spot USDINR is hovering around 82 amid the central bank’s intervention and dollar
buying from the importers.

Technically, the pair has support at 81.70 and resistance at 82.50.

Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas:

The Nifty has finally closed negative today after nine consecutive positive trading
sessions. On the daily charts we can observe that Nifty has faced resistance at 17,850
– 17.870 which coincides with the 50 percentfibonbacci retracement level (17,858) of
the fall from 18,888 – 16,828.

During the second half of the trading session the Nifty witnessed a recovery which
helped it to close off its intraday lows (17,574). The daily momentum indicator still
has a positive crossover which is a buy signal.

We believe that the uptrend is still intact, and this dip should be used as a buying
opportunity. In terms of levels, 17,860 – 17,900 is the immediate hurdle one, while
17,560 – 17,500 shall act as a crucial support from short term perspective. On the
upside we expect the Nifty to target level of 18,000.

Rupee Close:

Indian rupee closed 12 paise lower at 81.97 per dollar against Thursday's close of
81.85.

Market Close:

Indian benchmark indices ended lower on April 17 with Nifty around 17,700.

58
At close, the Sensex was down 520.25 points or 0.86 percentat 59,910.75, and the
Nifty was down 121.20 points or 0.68percentat 17,706.80. About 1,747 shares
advanced, 1.739 shares declined, and 180 shares were unchanged.

Infosys, Tech Mahindra, HCL Technologies, NTPC and Larsen and Toubro were
among major losers on the Nifty, while gainers included Nestle India, Power Grid
Corporation, SBI, Britannia Industries and
Coal India.
On the sectoral front, the information technology index fell 4.7 percent and pharma
index down 0.6 percent, while PSU Bank index up 3 percent and oil & gas, realty,
FMCG indices rose 1 percent each.

The BSE midcap index added 0.5 percent, while smallcap index up 0.15 percent.

Saumil Gandhi, Senior Analyst - Commodities, HDFC Securities.

Gold prices marginally gained on Monday, with spot gold prices at Comex were
trading up by 0.06percentat $2,007 per ounce. Gold June future contract at MCX were
trading up by 0.30percentat Rs 60,510 per 10 grams by noon session.

Comex spot gold prices hovered around physiological level $2,000.0 per ounce with
positive bias after Friday’s fall. Gold prices witnessed sharp correction on Friday after
US near-term inflation expectations jumped in early April by the most in nearly two
years, according to the preliminary April reading from the University of Michigan.
The inflation data fueled bets the Federal Reserve may carry on with aggressive
monetary tightening and US dollar and yields rose in response, while traders cut long
position and sell off witnessed in yellow metal post data. Today’s recovery in yellow
metals due to bargain hunter active near support level.

We expect gold prices should consolidate in range and selling pressure will likely to
see at higher level. For the week Comex spot gold having supports at $ 1,980/1,945
per ounce and resistance at $2,033/$2,050 per ounce. MCX Gold June future having
support at Rs 59,680 per 10 gram and resistance at Rs 61,200 per 10 grams.

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JPMorgan View on Infosys

JPMorgan has downgraded Infosys to an ‘underweight’ rating and has cut its target
price from Rs 1,500 to Rs 1,200 per share. Broking house feels that uninspiring
commentary and ambitious guidance post sharp miss, triggering a reappraisal. As a
result, it has cut revenue by 4-5 percent and margin by 70 bps, driving 8-9 percent
EPS cuts over FY24/25.

JPMorgan also notes that the FY24 guidance of 4-7 percent CC revenue growth and
20-22 percent margin is below their consensus. The guidance bakes in an ambitious
ask rate of 1.6-2.7 percent CQGR, which appears uncharacteristically H2FY24 heavy.
The company is prone to subsequent downgrades.

Mohammed Imran, Research Analyst at Sharekhan by BNP Paribas:

Crude oil recorded fourth straight weekly gains to finish above $82 last week
supported by the strong Chinese import data showing 22.5 percentannual jump in
March to the highest monthly volumes in nearly three years, since June 2020.

On the other hand, in US Gasoline and diesel inventories have declined recently and
Gasoline inventories are much lower than last year's level, ahead of the summer
driving season may support gasoline cracks.

The market remains in backwardation as OPEC+ decision to cut voluntary production

around 1.6mbpd from May is likely see to global balance falling into deficit of around
1 mbpd from June onwards. The overall outlook is bullish, positive Chinese economic
numbers may further set oil prices for resistance of $85, while support stay around
$79.

60
Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas:
Indian Rupee depreciated on Monday on strong US Dollar and weak domestic
equities. However, easing crude oil prices cushioned the downside. India’s WPI fell to
a 29-month low at 1.34 percent in March 2023 topping forecast of 1.87 percent and
previous month’s reading of 3.85 percent, compared to IMF. Dollar rebounded from a
one-year low on Friday on upbeat economic data from US and hawkish Fedspeak. Fed
official Christopher Waller said that inflation remains too high.

We expect Indian Rupee to trade with a slight negative bias on strong Dollar and
elevated crude oil prices. Weak domestic markets may also weigh on Rupee.
However, sustained FII inflows and cooling inflation may support Rupee at lower
levels. Traders may remain cautious ahead of Empire State Manufacturing Index data
from US. USDINR spot price is expected to trade in a range of Rs 81.50 to Rs 82.50
in the near term.

Ambit View on Infosys

Ambit has given Infosys a ‘sell’ rating and has cut its target price from Rs 1,505 to Rs
1,340 per share. Growth, margin, and guidance being materially below broking firm
expectations. The US verticals have seen declines, but Ambit believes that the FY24
guidance of 4-7 percent growth implies a 1.7-2.9 percent CQGR over Q1-Q4.

The broking house has moderated its CC (constant currency) revenue growth to 5/7.3
percent in FY24/25 from 7.1/7.7 percent. Additionally, Ambit has cut its FY25 EPS
estimates by 5 percent.

Infosys touched a 52-week low of Rs 1,219 and was quoting at Rs 1,258.25, down Rs
130.35, or 9.39 percent on the BSE.

Bank of Baroda to consider raising foreign currency fund via issuance of bonds
A meeting of board of directors of Bank of Baroda is scheduled to be held on
21.04.2023 to consider and approve the raising of foreign currency fund through
issuance of Bonds and / or Certificate of Deposits and / or other borrowings.

Bank Of Baroda was quoting at Rs 175.70, up Rs 4.40, or 2.57 percent on the BSE.

61
Market at 3 PM
Benchmark indices were trading lower with Nifty around 17,700.

The Sensex was down 584.24 points or 0.97 percent at 59,846.76, and the Nifty was
down 141.80 points or 0.80 percent at 17,686.20. About 1,605 shares advanced, 1,732
shares declined, and 137 shares were unchanged.

BSE Midcap index up 0.4 percent supported by Union Bank of India, Aditya
Birla Capital, Indian Overseas Bank
BSE MIDCAP Top Stock Gainers (Intra-day)

Company CMP Chg(%) Volume

Union Bank 72.55 4.13 1.11m

AB Capital 163.30 3.65 175.12k

IOB 24.32 3.31 4.37m

Bank of79.58 3.31 1.03m

62
India

Tube
2,675.00 2.89 250.13k
Investment

Petronet
233.05 2.39 67.82k
LNG

Power
165.50 2.38 515.39k
Finance

Ramco
762.70 2.29 13.69k
Cements

Max
638.20 2.01 14.70k
Financial

United
1,416.00 2 13.50k
Brewerie

Infosys Large Trade | 94.30 lakh shares (0.13% equity) worth Rs 1,173.24 crore
change hands at an average of Rs 1,250 per share, reported CNBC-TV18.
Infosys was quoting at Rs 1,254.75, down Rs 133.85, or 9.64 percent.
Mira-Bhayandar Municipal Corp awards a tender to Krsnaa Diagnostics
Mira-Bhayandar Municipal Corporation, Thane, Maharashtra has awarded a tender to
Krsnaa Diagnostics to provide diagnostics services (Both Radiology and Pathology)
to serve the patients falling under the jurisdiction of Mira-Bhayandar Municipal
Corporation on Public Private Partnership (PPP) basis.

Krsnaa Diagnostics was quoting at Rs 493.50, down Rs 2.70, or 0.54 percent on the
BSE.

63
BoFA Securities View on Infosys
BoFA Securities has given Infosys a ‘neutral’ rating and has cut its target price to Rs
1,390 per share. The brokerage house cut its FY24/25 EPS estimates by 2 percent/3
percent.

The Q4 was an uncharacteristically large under-shoot. The dip in margin and under-
shoot to the FY24 revenue and margin guidance follows from the topline miss in the
quarter.

Anand Birje resigns as Digital Business Head of HCL Technologies

Anand Birje has resigned as Head of Digital Business Services of HCL Technologies
to pursue another opportunity. Anand will continue to serve as Head of Digital
Business Services till May 5, 2023.

64
NSE Price Shockers (3 days)

Company CMP Chg(%) 3 Days Ago Price

Fert and
334.35 40.57 237.85
Chem

Mangalam
513.95 38.66 370.65
Organ

Phantom
243.7 34.86 180.7
Digital

Moxsh
109.05 34.63 81
Overseas

Hardwyn 346.4 33.49 259.5

Vardhman
41.1 32.79 30.95
Poly

Poddar
137.65 26.98 108.4
Housing

Pokarna 349.5 25.9 277.6

De Nora
24.47 872.5
India

Coral India
37.6 23.08 30.55
Fin

65
Mitsubishi Electric to set up manufacturing plant at origins by Mahindra,
Chennai
Mahindra Industrial Park Chennai Limited (MIPCL), a joint venture between
Mahindra World City Developers Limited and Sumitomo Corporation of Japan,
marks yet another significant milestone by signing Mitsubishi Electric India Private.

Recognised as the world leader in electric and electronic equipment manufacturing,

Mitsubishi Electric will set up a plant to manufacture air-conditioners and
compressors spread across 52 acres at Origins by Mahindra, Chennai.

Mahindra Lifespace Developers was quoting at Rs 364.05, down Rs 4.90, or 1.33

percent on the BSE.

Rajani Sinha, Chief Economist

The fall in WPI inflation to a 29-month low of 1.3 percent in March has been
supported by the high base of the previous year. It is important to note that the
manufactured products category has witnessed a deflation for the first time in about
three years supported by lower textile and metals prices. However, there has been
uptick in food prices, somewhat offsetting the lower prices for fuel and power and
manufactured products.

The downtrend is expected to continue, with the WPI inflation remaining below
1 percent for the next three months, given the favourable base. Some uptick can be
seen Q2 onwards as the support from favourable base fades but the monthly WPI
inflation is still expected to remain below 5 percent in absence of any major
turnaround in global crude oil and commodity prices. For FY24, we expect WPI
inflation to average around 2.6 percent, lower than the estimated average retail
inflation at 5.1 percent.

NIFTY 50 Most Active Stocks

66
Company CMPChg(%) Volume Value(Rs cr)

1,257.50
Infosys 47.55m 5,886.33
-9.48

1,665.50
HDFC Bank 13.89m 2,318.81
-1.59

901.80
ICICI Bank 24.28m 2,185.85
0.31

Kotak 1,900.00
9.31m 1,753.79
Mahindra 1.63

2,365.00
Reliance 7.17m 1,701.51
0.4

865.95
Axis Bank 18.79m 1,630.26
0.19

3,146.45
TCS 4.70m 1,460.51
-1.33

544.00
SBI 26.33m 1,416.80
2.07

2,734.35
HDFC 3.49m 955.43
-1.88

1,042.90
HCL Tech 8.14m 840.33
-2.7

67
Avalon Tech to list on exchanges on April 18
Electronic manufacturing services company Avalon Technologies will list on the
exchanges on April 18. The company's initial public offer was subscribed 2.21
times during April 3-6 as the portion set aside of qualified institutional investors
was booked 3.57 times, whereas high networth individuals and retail investors
bought 41 percent and 84 percent shares of the allotted quota.

NIFTY 50 Top Stock Gainers (Intra-day)

Company CMP Chg(%) Volume

Nestle 20,340.30 4.49 151.10k

Power Grid
236.65 2.36 13.86m
Corp

SBI 542.90 1.87 25.63m

Britannia 4,335.95 1.68 481.74k

Kotak
1,899.70 1.62 9.19m
Mahindra

Nestle India gains 4% ahead of record date for dividend

Nestle India's stock rose by 4.6 percent on the BSE despite the overall weak market
performance. This was in anticipation of the company's record date for a dividend of
Rs 102 per share, which is scheduled for Friday, April 21.

68
This small-cap stock zooms 16% after ace investor Vijay Kedia picks up stake
Shares of Precision Camshafts surged around 16 percent on April 17 after the latest
shareholding data at the end of the March quarter revealed that ace investor Vijay
Kedia has picked up a stake in the small-cap company.

As per the company's latest shareholding data on BSE, Kedia owns 10 lakh shares or
a 1.05 percent stake in the company. A publicly listed company is required to disclose
the identities of individual investors who hold a stake of 1 percent or more in
accordance with shareholding regulations. (More)
Market at 2 PM
The Sensex was down 579.95 points or 0.96 percent at 59,851.05, and the Nifty was
down 144.70 points or 0.81 percent at 17,683.30. About 1,569 shares advanced, 1,741
shares declined, and 137 shares were unchanged.

69
Morgan Stanley View on Infosys
The broking house has been given an 'overweight' rating to the stock, but slashed the
target price to Rs 1,475 per share from Rs 1,625 per share. The report notes a negative
surprise in Q4FY23 results and weak order book, which implies a less conservative
revenue outlook as a key concern.

The report also highlights that the lowering of the lower band of margin outlook for
FY24 is another key concern for the company. Morgan Stanley also expects a
potential correction in the stock, in-line with the ADR reaction of a 9-10 percent fall.

However, the report notes that the QoQ growth rate performance is expected to be
better for Infosys than TCS in Q1FY24. The report also expects the P/E discount to
normalize through the year.

Infosys was quoting at Rs 1,249.90, down Rs 138.70, or 9.99 percent.

CLSA View on HDFC Bank

According to a CLSA report, the bank's NII was in line, but PPoP was a miss due to
operating expenses (apex). However, the report said credit costs are expected to offset
high apex in FY24. The report also notes that deposits and loan mix were positive
from Q4.

70
There was a high apex growth and asset quality provides a cushion to the bank's profit
and loss (P&L).

HDFC Bank was quoting at Rs 1,666.35, down Rs 26.95, or 1.59 percent on the BSE.

Vedanta inks pact with 20 S. Korea companies for display glass arm: Bloomberg
Vedanta was quoting at Rs 278, up Rs 2.30, or 0.83 percent.
SENSEX Market Map

Mohit Ralhan - Chief Executive Officer, TIW Capital

The sharp decline in WPI inflation to 1.34 percent in March from 3.85 percent in
February is an extremely significant event, more so since it is across the board. The
negative inflation in vegetable prices and manufactured products indicates an easing
of retail inflation as well in the coming quarter. The negative inflation of
23.53 percent crude petroleum is also a big positive.

RBI still may need to look for stabilization of WPI inflation at these levels and more
importantly a reduction in the CPI index before taking the decision to pivot its policy
stance. The US Fed is also appearing to be towards the end of its interest rate increase
cycle and therefore the probability of a policy pivot in 2023 has gone up.

With economic growth still looking on track, the reduction in inflation increases the
headroom for policy manoeuvring quite significantly and keeps India in its position
amongst the global growth leaders.

Gokul Agro Resources' Whole Time Director Ashutosh Bhambhani resigns

Ashutosh Bhambhani has resigned as Whole Time Director of Gokul Agro Resources
with effect from April 13. Bhabani has resigned due to personal reasons.

Gokul Agro Resources was quoting at Rs 112.05, down Rs 1.55, or 1.36 percent on
the BSE.

71
Kotak Institutional Equities View on Infosys
The research firm has given a 'buy' rating for the stock, but the target price has been
cut to Rs 1,470 per share from Rs 1,700 per share. The report notes a cut in revenue
growth and margin estimates, leading to a 6-7 percent cut to FY24-25 EPS estimates.

The report also mentions that Infosys' QoQ revenue decline due to aggressive cuts to
discretionary programs. The general slowdown in tech spends on account of macro
pressure and uncertainty and one-time revenue impact of nearly 1 percent from
project cancellations.

The report expects muted Q1FY24 performance, but growth recovery in H2FY24, led
by large/mega deal revenue.

Infosys touched a 52-week low of Rs 1,219 and quoting at Rs 1,248, down Rs 140.60,
or 10.13 percent on the BSE.

Nifty PSU Bank index added 2 percent supported by Punjab & Sind Bank, UCO
Bank, Central Bank of India
NIFTY PSU BANK Top Stock Gainers (Intra-day)

Company CMP Chg(%) Volume

Punjab &
30.45 9.53 5.83m
Sind

UCO Bank 28.00 6.26 31.76m

Central Bank 26.75 4.49 11.11m

IOB 24.50 4.03 15.08m

Indian Bank 297.90 3.78 943.94k

72
Union Bank 72.20 3.59 10.18m

Bank of Mah 28.45 3.27 18.71m

Bank of India 78.95 2.47 7.81m

PNB 48.70 1.99 28.95m

SBI 541.85 1.67 21.21m

UBS View on HDFC Bank

The broking firm has maintained a “buy” rating, with a target price of Rs 1,900 a
share. The report notes that HDFC Bank's Q4 results were in-line and it was getting
ready for a merger.

However, the report mentions that some metrics were in-line, while lower treasury,
higher operating expenses, and provisions led to a PAT miss. The report also
highlights strong retail deposits and a decline in slippages, while the loan-to-deposit
ratio (LDR) continues to fall.

The bank’s management expects stable NIMs and a higher cost-to-income (CI) ratio
in FY24. The merger is expected to complete by July 2023, according to management.

The report notes that the peaking of the interest rate cycle and a fall in incremental
system LDR could be a positive for the bank.

HDFC Bank touched a 52-week high of Rs 1,715.85 and quoting at Rs 1,665.10,

down Rs 28.20, or 1.67 percent on the BSE.

Vivanta Industries bags work orders worth $5 million

Vivanta Industries has received work orders worth $5 million for establishing the
electrical vehicle charging & manufacturing unit in Delaware, USA. The plant will be

73
established in 18-24 months & the software will be developed in 6-12 months from
the date of receipt of order (Memorandum of Understanding). The company is
expecting to reach sales worth approximately $10 million and above after establishing
the project.

74
 CHAPTER NO.4

DATA ANALYSIS AND INTERPRETATION AND

PRESENTATION

Q.1 Who started the Indian stock market?

Mr. Premchand Roy Chand, known as the cotton king, started the stockbroking business in 1875.

Q.2 What are the Indian Stock Market Timings?

The stock market opens at 9:15 AM and closes at 3:30 PM except on public holidays.

Q.3 Which is the biggest stock exchange in India?

National Stock Exchange (NSE) is the biggest stock exchange in India

Q.4 How Many Companies are Listed in the Indian Stock Market?
In India, there are two primary stock exchanges - the Bombay Stock Exchange (BSE) and the
National Stock Exchange (NSE). Some companies choose to get themselves listed in just one
exchange, whereas others prefer getting listed on both of them for better visibility. Due to
this, the number of companies listed on both of these exchanges tends to vary.

Companies listed in the Bombay Stock Exchange (BSE)

According to the metrics on the website of the Bombay Stock Exchange, around 5,311
companies have listed their shares in the exchange as of January 13, 2023. The total market
capitalization of all of the companies listed on BSE comes up to around Rs. 2,82,13,564
crores. This list only includes companies and excludes mutual funds, Exchange Traded Funds
(ETFs), REITs, InVITs, shares with Differential Voting Rights (DVRs), and companies listed
in the SME platform of BSE.

Companies listed in the National Stock Exchange (NSE)

According to the website of the National Stock Exchange, around 2,113 companies have been
listed on the exchange as of December 31, 2022. The total market capitalization of all of the
companies listed on the NSE comes up to around Rs. 2,75,67,268 crores. Mutual
funds, Exchange Traded Funds (ETFs), REITs, InVITs, shares with Differential Voting
Rights (DVRs), and companies in the SME platform of NSE have not been included in this
list.

75
Q.5 How to List a Company in the Indian Stock Market?
Listing a company in the Indian stock market involves several steps, including meeting
eligibility criteria set by the SEBI, appointing a merchant banker, obtaining in-principle
approval from the stock exchange, filing a draft prospectus with SEBI and the stock
exchange, obtaining various clearances and approvals, determining the pricing of the issue,
launching the IPO and inviting subscription from the public, allotment of shares, and finally
listing the company's shares on the stock exchange for trading. It's a complex and time-
consuming process

Q.6 What Is the Sensex?

The term Sensex refers to the benchmark index of the BSE in India. The Sensex is comprised
of 30 of the largest and most actively traded stocks on the BSE and provides a gauge of
India's economy. It is float-adjusted and market capitalization-weighted. The Sensex is
reviewed semi-annually each year in June and December. Created in 1986, the Sensex is the
oldest stock index in India and is operated by Standard & Poor's (S&P). Analysts and
investors use it to observe the cycles of India's economy and the development and decline of
particular industries.

KEY TAKEAWAYS

• The Sensex is India's benchmark stock index and represents 30 of the country's largest
and most well-capitalized stocks listed on the BSE.
• The index was launched in 1986 and is operated by S&P.
• It is calculated in Indian rupees and U.S. dollars.
• The index is float-adjusted and market capitalization-weighted.
• The Sensex has grown since India opened up its economy in 1991.

76
Q.7 What is Sensex vs Nifty?

Nifty aka National 50 is an index that is operated by the National Stock exchange denoting
the Top 50 high-performing stocks of NSE. Whereas, Sensitive Index aka Sensex is operated
by the Bombay Stock Exchange and comprises 30 of the largest and most actively traded
stocks.

Q.8 What is the difference between Nifty and stocks?

Nifty stands for National 50 which is an index operated by the national stock exchange. It
comprises the top 50 stocks of the NSE. Whereas, stocks is a type of investment instrument
that essentially represents an ownership share in a particular company

77
CHAPTER NO. 5
CONCLUSION AND SUGGESTION

5.1 CONCLUSION

• Nifty has less risk and higher liquidity than Sensex. Nifty suffer lower
market impact cost than Sensex.
• the Indian stock exchange is synonymous with NSE (National Stock
Exchange) and the Bombay Stock Exchange (BSE).
• It provides a platform for companies to raise capital and for investors
to buy and sell shares of those companies.
• Today, they are well-regulated and play a crucial role in the growth and
development of India’s corporate sector.
• Despite facing challenges and volatility at times, the BSE & NSE
continue to be a key driver of economic activity in the country and a
popular destination for investors.

78
 5.2 SUGGESTION

• Always Use a Trading Plan.

• Treat Trading Like a Business.
• Use Technology.
• Protect Your Trading Capital.
• Study the Markets.
• Risk Only What You Can Afford.
• Develop a Trading Methodology.
• Always Use a Stop Loss.

79
BIBILIOGRAPHY

https://www.nseindia.com

https://www.bseindia.com

REFERANCE BOOK

ICAI MODULE CA FINAL PAPER 2 STATEGIC FINANCIAL

MANAGEMENT

80