PROJECT TITLE

A STUDY ON SENSEX AND NIFTY

Submitted in Partial Fulfilment of the

Course- Banking and Financial Markets

SUBMITTED BY
Adnan Shaikh
121, 2022 – 2023

TISS – NUSSD - Address

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 Declaration

I hereby declare that this report, submitted in partial fulfillment of the requirement for the award of
Diploma in Banking and Financial Market is my original work and not used anywhere for award of any
degree or diploma or fellowship or for similar titles or prizes

I further certify that without any objection or condition, subject to the permission of the company where I
did my summer project, I grant the rights to TISS- NUSSD to publish any part of the project, if they deem
fit in journals/Magazines and newspapers etc. without my permission

Place: Mumbai Signature______

Date: 30/03/2023 Name of the Student :
Adnan Shaikh

Name of the Course and College :

Diploma in Banking and Financial Markets
Bunts Sangha’s S.M Shetty College of
Science,Commerce and Management Studies

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 Certificate from the Faculty Guide

This is to certify that the dissertation submitted in partial fulfilment for the award of Diploma
in banking and financial markets and Bunts Sanghas S.M Shetty College of Science,
Commerce and Management Studies (Course and College) is a result of work carried by Ms.
/ Mr. Adnan Shaikh (Name of Student) under my supervision and guidance. No part of this
report has been submitted for award of any other degree, diploma, fellowship or other similar
titles or prizes. The work has also not been published in any journals/ Magazines

Date: 30/03/2023
Place: Mumbai

Signature of Faculty Guide

Name of Faculty Guide

SADAF SHAIKH

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Table of Contents
Executive Summary
1. Chapter 1( 10 pages)
1.1. Introduction to the Industry
1.2. Introduction to the Company
1.3. Introduction to the Project2. Chapter 2: Methodology ( 2 pages)
2.1. Objective of Study
2.2. Methodology
2.3. Scope and Limitations3. Chapter 3: Data Analysis and Findings ( 20 pages)
4. Chapter 4: Conclusions and Reccomendations ( 5 pages)
4.1. Reccomendations
4.2. Findings

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Executive Summary
The Sensex and Nifty are the two main stock market indices in India. The Sensex, also
known as the S&P BSE Sensex, is a benchmark index of the Bombay Stock Exchange (BSE),
while the Nifty, also known as the NSE Nifty, is a benchmark index of the National Stock
Exchange of India (NSE).

As of my knowledge cutoff date of September 2021, both indices had experienced strong
gains in the preceding year, despite the economic challenges posed by the COVID-19
pandemic. The Sensex had risen by around 50% from its lows in March 2020, while the Nifty
had gained around 55% over the same period.

The performance of the Sensex and Nifty is influenced by a variety of factors, including
economic indicators, corporate earnings, government policies, and global events. Investors
and analysts closely monitor these indices as indicators of the health of the Indian economy
and as a gauge of investor sentiment.

It's worth noting that as a language model, I don't have access to real-time data and my
responses are limited to my knowledge cutoff date, so the current status of the Sensex and
Nifty may be different from what I've described here.

The performance of Sensex and Nifty is closely watched by investors, traders, and the media
as they reflect the overall health of the Indian stock market. Both indices are considered
leading indicators of the Indian economy and are used as benchmarks by mutual funds,
institutional investors, and portfolio managers.

In recent years, both Sensex and Nifty have experienced significant growth due to strong
economic fundamentals, a growing middle class, and government reforms. However, they are
also subject to volatility due to global economic conditions, political uncertainty, and other
external factors.

Overall, the performance of Sensex and Nifty provides valuable insights into the Indian stock
market and the wider Indian economy, and can help investors make informed investment
decisions.

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Chapter-1
1.1 Introduction to Industry

What are securities markets?

• The securities market refers to the marketplace where securities are issued, purchased by
investors, and later transferred between investors.

• The primary market and secondary market are the two interconnected and integral parts of
the securities market.

• Issuers raise capital by issuing securities to investors on the primary market, also known as
the new issue market.

• The secondary market, often known as the stock exchange, makes it easier for people to
trade already-issued securities and allows investors to withdraw their money from a position.
In the secondary markets, the risk associated with a security investment is shifted from one
investor (the seller) to another (the buyer).

• Financial assets are created in the primary market and are commoditized in the secondary
market.

What are the types of securities?

There are five main types of security: debt securities, equity securities, derivative securities,
asset-backed securities and hybrid securities, which are a combination of debt and equity.

1. Equity Securities

An equity security represents ownership interest held by shareholders in an entity (a

company, partnership, or trust), realized in the form of shares of capital stock, which
includes shares of both common and preferred stock.

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2. Debt Securities
A debt security is a contract that specifies the amount of borrowed money, the interest rate,
and the maturity or renewal date. Debt securities generally entitle their holder to the regular
payment of interest and repayment of principal (regardless of the issuer's performance), as
well as any other specified contractual rights. Debt securities include government and
corporate bonds, certificates of deposit (CDs), and collateralized securities (such as CDOs
and CMOs) (which do not include voting rights).

3. Hybrid Securities
As the names suggest, hybrid securities incorporate elements of both debt and equity
securities. Equity warrants, convertible bonds, and preference shares are a few examples of
hybrid securities. Equity warrants are options issued by the company itself that grant
shareholders the right to buy stock within a set time frame and at a set price (company stocks
whose payments of interest, dividends, or other returns of capital can be prioritised over those
of other stockholders).

4. Derivative Securities
A derivative is a type of financial contract whose price is determined by the value of some
underlying asset, such as a stock, bond, or commodity. Among the most commonly traded
derivatives are call options, which gain value if the underlying asset appreciates, and put
options, which gain value when the underlying asset loses value.

5. Asset-Backed Securities
An asset-backed security represents a part of a large basket of similar assets, such as loans,
leases, credit card debts, mortgages, or anything else that generates income. Over time, the
cash flow from these assets is pooled and distributed among the different investors.

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What Are Financial Markets?

Financial markets refer broadly to any marketplace where the trading of securities occurs,
including the stock market, bond market, forex market, and derivatives market, among
others. Financial markets are vital to the smooth operation of capitalist economies.

Financial markets play a vital role in facilitating the smooth operation of capitalist
economies by allocating resources and creating liquidity for businesses and entrepreneurs.
The markets make it easy for buyers and sellers to trade their financial holdings. Financial
markets create securities products that provide a return for those who have excess
funds (Investors/lenders) and make these funds available to those who need additional
money (borrowers).

The stock market is just one type of financial market. Financial markets are made by buying
and selling numerous types of financial instruments including equities, bonds, currencies,
and derivatives. Financial markets rely heavily on informational transparency to ensure that
the markets set prices that are efficient and appropriate. The market prices of securities may
not be indicative of their intrinsic value because of macroeconomic forces like taxes.

Types of Financial Markets

1. Stock Markets
Perhaps the most ubiquitous of financial markets are stock markets. These are venues where
companies list their shares and they are bought and sold by traders and investors. Stock
markets, or equities markets, are used by companies to raise capital via an initial public
offering (IPO), with shares subsequently traded among various buyers and sellers in what is
known as a secondary market.

2. Over-the-Counter Markets
An over-the-counter (OTC) market is a decentralized market—meaning it does not have
physical locations, and trading is conducted electronically—in which market participants
trade securities directly between two parties without a broker. While OTC markets may
handle trading in certain stocks (e.g., smaller or riskier companies that do not meet the
listing criteria of exchanges), most stock trading is done via exchanges. Certain derivatives
markets, however, are exclusively OTC, and so they make up an important segment of the
financial markets. Broadly speaking, OTC markets and the transactions that occur on them
are far less regulated, less liquid, and more opaque .

3. Bond Markets
A bond is a security in which an investor loans money for a defined period at a pre-
established interest rate. You may think of a bond as an agreement between the lender and
borrower that contains the details of the loan and its payments. Bonds are issued by
corporations as well as by municipalities, states, and sovereign governments to finance
projects and operations. The bond market sells securities such as notes and bills issued by
the United States Treasury, for example. The bond market also is called the debt, credit, or
fixed-income market.

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 4. Money Markets
Typically the money markets trade in products with highly liquid short-term maturities (of
less than one year) and are characterized by a high degree of safety and a relatively low
return in interest. At the wholesale level, the money markets involve large-volume trades
between institutions and traders. At the retail level, they include money market mutual funds
bought by individual investors and money market accounts opened by bank customers.
Individuals may also invest in the money markets by buying short-term certificates of
deposit (CDs), municipal notes, or U.S. Treasury bills, among other examples .

5. Derivatives Markets
A derivative is a contract between two or more parties whose value is based on an agreed-
upon underlying financial asset (like a security) or set of assets (like an index). Derivatives
are secondary securities whose value is solely derived from the value of the primary security
that they are linked to. In and of itself a derivative is worthless. Rather than trading stocks
directly, a derivatives market trades in futures and options contracts, and other advanced
financial products, that derive their value from underlying instruments like bonds,
commodities, currencies, interest rates, market indexes, and stocks.

6. Forex Market
The forex (foreign exchange) market is the market in which participants can buy, sell,
hedge, and speculate on the exchange rates between currency pairs. The forex market is the
most liquid market in the world, as cash is the most liquid of assets. The currency market
handles more than $6.6 trillion in daily transactions, which is more than the futures and
equity markets combined.

7. Commodities Markets
Commodities markets are venues where producers and consumers meet to exchange physical
commodities such as agricultural products (e.g., corn, livestock, soybeans), energy products
(oil, gas, carbon credits), precious metals (gold, silver, platinum), or "soft"
commodities (such as cotton, coffee, and sugar). These are known as spot
commodity markets, where physical goods are exchanged for money.

8. Cryptocurrency Markets
The past several years have seen the introduction and rise of cryptocurrencies such
as Bitcoin and Ethereum, decentralized digital assets that are based
on blockchain technology. Today, thousands of cryptocurrency tokens are available and
trade globally across a patchwork of independent online crypto exchanges. These exchanges
host digital wallets for traders to swap one cryptocurrency for another, or for fiat monies
such as dollars or euros.

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1.2 INTRODUCTION TO COMPANY
Bombay Stock Exchange (BSE)
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.

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.

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 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.

BSE witnesses several events through the year the International Convention Hall. These include the popular
Listing Ceremony that take place on the commencement of trading in shares of a new listed company and other
special events including special Bell Ringing events, Product Launches, Seminars, Award Functions and
Conferences.

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As a pioneering financial institution in the Indian capital market, BSE has won several awards and recognitions
that acknowledge the work done and progress made.

 ‘IT Genius Awards 2017’ in the category ‘Data Centre Excellence’ for setup of the India INX Data
Centre by CORE (Centre of Recognition & Excellence)
 Digital Innovation Award 2017 for the Social Media Analytics Project by Netmagic
 Business World Digital Leadership and CIO Award
 The IDC Digital Transformation Awards 2017
 The Best Exchange of the year award for equity and currency derivatives in Tefla's Commodity
Economic Outlook Award 2017
 Best Brand award 2017 by Economic Times
 CIO POWER LIST 2017
 Best Corporate film encompassing Vision, History, Value and Spirit of Excellence award, Best
Corporate film on Employer Branding award and Most Influential HR Leaders in India award at World
HRD Congress 2017
 'Best Exchange of the year' award at 4th India Bullion & Jewellery awards 2017
 Red Hat Innovation Awards 2016 by Red Hat Solutions
 Skoch Achiever Award 2016 for SME Enablement
 Best IT Implementation Award 2016 in the “Most Complex Project Category” by PCQuest
 InfoSec Maestros Awards 2016 .
 Lions CSR Precious Awards 2016
 Golden Peacock Award 2015
 CIO Power List 2015
 SKOCH Rennaissance Award 2014 for Contribution to Economy
 SKOCH Rennaissance Award 2014 for Corporate Social Responsibility
 Netmagic Innovative Champion Award – IT Consolidation growth & Scalability 2014
 India Innovative Awards- Big Data Innovation 2014
 ET Now – CISCO Technology Awards 2014
 Unicom –India Top 50 companies with best software 2014
 HR was awarded with Asia's Best Employer Brand Awards at Singapore in two categories in August
2014
 Asia's Best Employer Brand Award
 CHRO of the Year Award
 Lokmat HR Leadership Award at Mumbai in June-2014
 50 most talented global HR leaders in Asia at the World HRD congress at Mumbai in February-2014

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National Stock Exchange (NSE)

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'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'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.

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

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  Awards & Recognition

Best of the Best Award for being the Index provider of the year, India

Best of the Best Award for ETF Index Provider of the year, India

World’s Largest Derivative Exchange in terms of contracts traded

Innovative Practices Award 2018 on Sustainable Development Goals

UN Global Compact Network India

CSR Times Awards for Best Project in Education under the Corporate Foundation Category

FICCI CSR Award for Exemplary Innovation

Capital Market: Vision 2020 - Best Stock Exchange of India

7th Annual Greentech HR Award 2017

Golden Peacock Award for Corporate Social Responsibilty

ET NOW – CSR Leadership Award

Green IT award

India Achievers Awards, 2018 - NSE SME Driver of Entre-preneurship

Datacenter Summit and Awards 2017 for Innovation

Architecting a Digital Transformation Journey

Ranked among India’s Top 50 companies to work for

Recognised for being among the best in India’s financial services industry

2020 Best of the Best Award for being the Index provider of the year, India

2020 Best of the Best Award for ETF Index Provider of the year, India

World’s Largest Derivative Exchange in terms of contracts traded

Innovative Practices Award 2018 on Sustainable Development Goals

CSR Times Awards for Best Project in Education under the Corporate Foundation Category

FICCI CSR Award for Exemplary Innovation

Capital Market: Vision 2020 - Best Stock Exchange of India

1.3 Introduction to Project

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A Study On Sensex and Nifty

History of Sensex
S&P BSE SENSEX, first compiled in 1986, was calculated on a 'Market Capitalization-
Weighted' methodology of 30 component stocks representing large, well-established and
financially sound companies across key sectors. The base year of S&P BSE SENSEX was
taken as 1978-79. S&P BSE SENSEX today is widely reported in both domestic and
international markets through print as well as electronic media. It is scientifically designed
and is based on globally accepted construction and review methodology. Since September 1,
2003, S&P BSE SENSEX is being calculated on a free-float market capitalization
methodology. The 'free-float market capitalization-weighted' methodology is a widely
followed index construction methodology on which majority of global equity indices are
based; all major index providers like MSCI, FTSE, STOXX, and Dow Jones use the free-
float methodology.

The growth of the equity market in India has been phenomenal in the present decade. Right
from early nineties, the stock market witnessed heightened activity in terms of various bull
and bear runs. In the late nineties, the Indian market witnessed a huge frenzy in the 'TMT'
sectors. More recently, real estate caught the fancy of the investors. S&P BSE SENSEX has
captured all these happenings in the most judicious manner. One can identify the booms and
busts of the Indian equity market through S&P BSE SENSEX. As the oldest index in the
country, it provides the time series data over a fairly long period of time (from 1979
onwards). Small wonder, the S&P BSE SENSEX has become one of the most prominent
brands in the country.

Calculation of Sensex
The BSE has some reviews and modifies its composition to be sure it reflects current market
conditions. The index is calculated based on a free float capitalisation method, a variation of
the market capitalisation method. Instead of using a company's outstanding shares it uses its
float, or shares that are readily available for trading. Free Floating capital implies total
capitalization less Directors shareholding. As per free float capitalisation methodology, the
level of index at any point of time reflects the free float market value of 30 constituent stocks
relative to a base period. The market capitalisation of a company is determined by
multiplying the price of its stock by the number of shares issued by corporate actions,
replacement of scrips. The index has increased by over twenty five times from June 1990 to
the present. Using information from April 1979 onwards, the long-run rate of return on the
S&P BSE SENSEX works 18.6% per annum.

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History of Nifty

The NIFTY 50 is a benchmark Indian stock market index that represents the weighted
average of 50 of the largest Indian companies listed on the National Stock Exchange.

Nifty 50 is owned and managed by NSE Indices (previously known as India Index Services
& Products Limited), which is a wholly owned subsidiary of the NSE Strategic Investment
Corporation Limited. NSE Indices had a marketing and licensing agreement with Standard &
Poor's for co-branding equity indices until 2013. The Nifty 50 index was launched on 22
April 1996, and is one of the many stock indices of Nifty.

The NIFTY 50 index has shaped up to be the largest single financial product in India, with an
ecosystem consisting of exchange-traded funds (onshore and offshore), and futures and
options at NSE and SGX.. NIFTY 50 is the world's most actively traded contract. WFE, IOM
and FIA surveys endorse NSE's leadership position. Between 2008 & 2012, the NIFTY 50
index's share of NSE market fell from 65% to 29% due to the rise of sectoral indices like
NIFTY Bank, NIFTY IT, NIFTY Pharma, and NIFTY Next 50.

The NIFTY 50 index covers 13 sectors of the Indian economy and offers investment
managers exposure to the Indian market in one portfolio. As of January 2023, NIFTY 50
gives a weightage of 36.81% to financial services including banking, 14.70% to IT, 12.17%
to oil and gas, 9.02% to consumer goods, and 5.84% to automobiles.

Calculation of Nifty

The Nifty calculation takes place as per the free-float market capitalisation weighted
methodology. Thus, it represents the total market value of the constituents in Nifty in relation
to the base period, i.e. 3rd November 1995.

To calculate the Nifty index, firstly one needs to derive the market capitalisation of the
constituents by multiplying the number of shares with their prices.

Market Capitalisation = Outstanding Shares x Price

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Secondly, to determine the free-float market capitalisation, one needs to multiply the
Investable Weight Factor (IWF) with the original market capitalisation. IWF represents the
proportion of shares that investors can freely trade in the stock market. In other words, it is
the percentage of shares not held by directors or promoters of a company.

Free-float market Capitalisation = Market capitalisation x IWF

Lastly, one needs to calculate the index value by dividing the current market value by base
market value and then multiplying it by the base index value (1000).

Index Value = (Current Market Value / Base Market Capital) x 1000

Note: The base market capital of Nifty is Rs.2.06 trillion.This index denotes the returns an
investor can earn if they invest in that specific portfolio.

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Chapter 2 – Methodology

2.1 Objective of Study

 To Track the performance of the top 30 companies which are Listed on

the Bombay Stock Exchange.

 To know how many people have a de-mat account?

 To Know how many Stocks Investors have in their Portfolio

 To know what kind of stocks should be avoided for investment.

 To know if Sensex has given better returns or Nifty has given better
returns?

 To know if investors chose to invest in stocks of the company which

exchange do they prefer?

 To know how much returns do investors expect from the market

 To know how investors Track their Portfolio.

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2.2 Methodology
Data Collection Method
The data collected in this research project is totally based on primary data.
The facts and figures are taken by the primary resources.
Primary research is data which is obtained first-hand. This means that the researcher conducts
the research themselves or commissions the data to be collected on their behalf. Primary
research means going directly to the source, rather than relying on pre-existing data samples.

This type of research is particularly relevant where the data collected needs to be specific to
the context. For example, a company may perform primary market research to discover
customer perceptions of their brand. This could not be collected from any existing data
source as it is unique to the business.

Primary research can also help to position a person or company as an authoritative figure in
the field. The research may then be quoted by other authors, who reference the original
researcher as the source, further increasing their position. However, the researcher retains full
control over the data, as the data owner.

You don’t have to be an expert to conduct primary research. It can be done by people at all
levels, from students who require data for their university projects to market researchers who
want to gauge reactions to a new product.

 Types of primary research

There are many ways of gathering primary research. The most suitable method will depend
on the questions you want to answer and the problem you’re trying to solve. The most
common primary market research methods are interviews, surveys, focus groups and
observations.

 Interviews
Interviews take the form of a one-to-one or small group question and answer session, which
can be conducted over the phone or in a face-to-face environment. Interviews are most useful
where a large amount of information needs to be collected from a small sample of subjects.
Interviews are often used to obtain information from an expert about a specialist topic. This
type of research is highly personal, so follow-on questions can be asked to ensure clarity.

 Surveys
Surveys are most frequently conducted online using paid or free survey tools and offer a
convenient and cost-effective solution where a response is required from a larger population.
Questions are pre-written, offering the respondent little flexibility if their answer doesn’t fit
(making functionality such as skip logic essential) and response rates can be variable. The
length of a survey is a delicate balance: if a survey is too long, participants may get bored and
leave the survey incomplete. However, if the survey is short, not enough data will be
collected to form a full picture.

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  Focus groups
Focus groups are used to collect data from a small group of people who are often subject
matter experts in the topic of research. Discussion is initiated between the group members to
discover their thoughts. This method is commonly used by businesses to gain insight into
niche markets and learn about their customers.

 Observations
Observations are carried out impartially, by simply observing an event and taking organised
notes. In this method, there is no direct interaction between the researcher and the subject.
This method removes the potential bias which could be encountered during an interview or
survey as the encounters observed are genuine reactions. Observations can be carried out by
camera or by a trained observer. This method is commonly used by toy manufacturers when
testing their products on children.

Advantages and disadvantages of primary research

Primary research has many advantages, although it is not the most appropriate type of
research for every situation. It is important to consider the individual requirements before
deciding on the most appropriate research method for the situation.

Advantages of primary research

Primary research methods offer a targeted approach to market research. This allows specific
issues to be addressed, keeping the research completely relevant to the objectives and scope
of the project. This means that the research is specific to the individual market, rather than the
mass market.

This type of research also allows the marketer to have complete control over the methodology
used, along with the representative sample size and the sample selection process. This helps
to further improve the relevancy of the research to the person or organisation.

Secondary research is often outdated and may no longer be accurate for the market the
researcher is trying to target. Primary research guarantees that the information collected is up-
to-date and relevant, enabling accurate trends to be revealed.

Primary research also allows the person or organisation to control ownership of the data.
They may choose to release the information to enhance their position as an authority in the
field, or they may choose to keep the data private to avoid giving competitors an advantage.

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Disadvantages of primary research

The main disadvantage of conducting primary research is the cost involved in the process.
Secondary research can often be collected without cost, whilst primary research is more
involved, increasing the cost of obtaining it.

Primary research can also be time consuming to carry out, especially if a large sample size is
required. The time required to effectively plan primary research, carry it out and analyse the
data is much greater than the time taken to conduct secondary research.

Inaccuracy must also be accounted for. Respondents may be biased based on their previous
experiences with an organisation or may not fully understand a question on a survey, leading
to misleading or inaccurate responses.

Using surveys as a primary research method

Surveys are a cost-effective method of sampling a large group of people. They involve a
series of easy to answer questions which are generally multiple choice. This allows
quantitative data to be collected and analysed by the researcher.

The multiple-choice questions can also be supplemented with open-ended questions to gather
more detailed information and allow thematic analysis to be undertaken.

To sum up, primary research is a great option for individuals and organisations who need
original data to meet a specific need or to answer a particular question. It may be more costly
and time-consuming than using secondary data, but in many instances the benefits outweigh
the associated costs.

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2.3 Scope and Limitations

 Scope of the Study

 Defines the boundaries of the research project.

 Determines what will be included in the study and what will be excluded
 Outlines the specific research questions or objectives
 Identifying the population or sample being studied
 Determines the time frame or period of study
 Identifying the variables or factors that will be examined

 Limitations of the study

 The study is depended on only Primary data.

 The Study is limited to only 51 people.
 I have collected primary data from the surveys.
 Total number of survey people have filled is only 51.

 The survey is too long, participants may get bored and leave the survey incomplete.
However, if the survey is short, not enough data will be collected to form a full
picture.

21
Chapter 3 – Data analysis and finding

The Above Pie chart shows that much number of responses are teenagers and they are from
Eighteen to twenty five years old.
The total number of responses is 51. Fifty-one people have completely responded to all of the
question given by us.
The Question asked by me was what is your age and we got 51 responses in which the highes
number of participants belong to the 18-25 age bracket and the second highest number of
participants belong to the 25-35 age bracket. The third and the last and also the least number
of participants belong to the 35-45 age bracket
The percentage of the participants who are in 18-25 age bracket is 60.8%
The percentage of participants who are in 25-35 age bracket is 23.5%
The percentage of participants who are in 35-45 age bracket is 15.7%
The percentage of participants who are in 45+ age bracket is 0%

22
According to the survey of 51 responded more than half of the percentage of participants
have De-mat account
De-mat account is very important for trading of shares, mutual funds, Commodities and also
currency.
A lot of participants have De-mat account for buying and selling of shares and a lot of people
buy and sell their shares or mutual funds whenever they want and at whatever price they want
The question asked by me was Do you have a de-mat account and 51 people responded it.
The highest number of participants responded yes and the least number of participants
responded no.
The Percentage of the participants who have De-mat account is 80.4%
The Percentage of the participants who have De-mat account is 19.6%

23
According to the survey of 51 responded more than half of the percentage of participants
invest in Stock Market.
Investing in the stock market may get you good return better than the fixed deposits so a lot
of participants deposit their money in the stock market in shares, mutual funds, Commodities
and currency.
The question asked by me was do you invest in stock market ? and by the survey a lot of
responded do invest in the stock market
The highest number of participants responded yes and the least number of responded no.
The Percentage of the participants who invest in the stock market is 80.4%
The percentage of the participants who do not invest in the stock market is 19.6%

24
According to the survey of 51 responded more than half of the percentage of participants
thinks that the investing is stock is not gambling.
Investing is not gambling. First, gambling involves random chance you are betting on your
roll or spin of the dice to defeat everyone else's. You cannot control the roll or spin in
gambling, just like you can't predict the market on any given day.
A lot of participants have De-mat account for buying and selling of shares and a lot of people
buy and sell their shares or mutual funds whenever they want and at whatever price they want
and they think investing in stock is not gambling
The question asked by me was Do you think Investing in stocks is gambling and 51 people
responded it.
The highest number of participants responded no and the least number of participants
responded yes
The Percentage of the participants who think investing is not gambling is 88.2%
The Percentage of the participants who think investing is gambling is 7.8%

25
According to the survey of 51 responded more than half of the percentage of participants
thinks that the investing is stock is better.
A lot of participants have De-mat account for buying and selling of shares and a lot of people
buy and sell their shares or mutual funds whenever they want and at whatever price they want
and most of our participants invest in stocks
The number of participants who invest their money in stock is 43 which is the highest
The second highest of participants who invest their money in Real-Estate is 19.
The number of participants invest their money in Mutual Funds and Commodities and
Crypto-Currency is 16
The Percentage of the participants who invest in stock is 84.3%
The Percentage of the participants who invest in Real-Estate is 37.3%
The Percentage of the participants who invest in Mutual-Funds is 31.4%
The Percentage of the participants who invest in Commodities is 31.4%
The Percentage of the participants who invest in Crypto-Currency is 31.4%

26
According to the survey of 51 responded more than half of the percentage of participants
thinks that the investing is stock is better.
A lot of participants have De-mat account for buying and selling of shares and a lot of people
buy and sell their shares or mutual funds whenever they want and at whatever price they want
and most of our participants think invest in stocks
The number of participants who think investing their money in stock is 48 which is the
highest
The second highest of participants who think investing their money in Real-Estate is 34.
The number of participants who think investing their money in Commodities is 29
The number of participants who think investing their money in Mutual funds is 27
The number of participants who think investing their money in Crypto-Currency is 16
The Percentage of the participants who think investing in stock is 94.1%
The Percentage of the participants who think investing in Real-Estate is 66.7%
The Percentage of the participants who think investing in Mutual-Funds is 52.9%
The Percentage of the participants who think investing in Commodities is 56.9%
The Percentage of the participants who think investing in Crypto-Currency is 31.4%

27
According to the survey of 51 responded the participants expect the highest
returns on the stock or the investment vehicle is 8-12%
A lot of participants have De-mat account for buying and selling of shares and a lot of people
buy and sell their shares or mutual funds whenever they want and at whatever price they want
and most of our participants expect 8 to 12 % returns from their investments
The number of participants who expect 8 to 12 % of returns is the highest.
The number of participants who expect 12 to 16 % of returns is the second highest.
The number of people who expect 5 to 8% of returns is the least
And there are no participants who expect 4 to 5 % of returns
The Percentage of the participants who expect 8 to 12 % of the returns from the investment is
49%
The Percentage of the participants who expect 12 to 16 % of the returns from the investment
is 43.1%
The Percentage of the participants who expect 5 to 8 % of the return is 7.8%

28
According to the survey of 51 responded whether the participants get their
desired returns on the stock or the investment vehicle.
A lot of participants have De-mat account for buying and selling of shares and a lot of people
buy and sell their shares or mutual funds whenever they want and at whatever price they want
and most of our participants expect 8 to 12 % returns from their investments
The number of participants who do get their desired returns of returns is the highest.
The number of participants who do not get their desired returns is the second highest.
The Percentage of the participants who get the desired returns is 47.1%
The Percentage of the participants who do not get the desired returns is 45.1%
The percentage of people who are not sure if they get their desired returns or not is 7.8%

29
According to the survey of 51 responded that for investing in stock which
exchange do they prefer.
A lot of participants have De-mat account for buying and selling of shares and a lot of people
buy and sell their shares or mutual funds whenever they want and at whatever price they want
and most of our participants expect 8 to 12 % returns from their investments
The number of participants who chose to invest in stocks through Bombay stock exchange is
the highest.
The number of participants who chose to invest in stocks through the national stock exchange
is the second highest.
The number of participants who chose to invest in stocks through the other stock exchange is
the Lowest.
The Percentage of the participants who invest in stocks through Bombay stock exchange is
64.7%
The Percentage of the participants who invest in stocks through national stock exchange is
33.33%
The percentage of people who invest in stocks through other exchange is the least.

30
According to the survey of 51 responded that for investing in stock which index
do they prefer.
A lot of participants have De-mat account for buying and selling of shares and a lot of people
buy and sell their shares or mutual funds whenever they want and at whatever price they want
and most of our participants expect 8 to 12 % returns from their investments
The number of participants who chose to invest in stocks through Bombay stock exchange is
the highest
The number of participants who thinks sensex index is better is the highest.
The number of participants who thinks nifty index is better is the second highest.
The number of participants who do not get their desired returns is the second highest.
The Percentage of the participants who thinks Sensex index is better is 68.6%
The Percentage of the participants who thinks Nifty index is better is 31.4%

31
According to the survey of 51 responded how many stocks do they have in their
portfolio.
A lot of participants have De-mat account for buying and selling of shares and a lot of people
buy and sell their shares or mutual funds whenever they want and at whatever price they want
and most of our participants expect 8 to 12 % returns from their investments
The number of participants who have 10-20 Stocks in their portfolio is the highest.
The number of participants who have 1-10 Stocks in their portfolio is the second highest.
The number of participants who have 20-50 Stocks in their portfolio is the Third highest.
The Percentage of the participants who have 10-20 Stocks in their portfolio is 37.3%
The Percentage of the participants who have 1-10 Stocks in their portfolio is 33.3%
The Percentage of the participants who have 20-50 Stocks in their portfolio is 21.6%

32
According to the survey of 51 responded which stocks do they prefer while
investing in stocks portfolio.
A lot of participants have De-mat account for buying and selling of shares and a lot of people
buy and sell their shares or mutual funds whenever they want and at whatever price they want
and most of our participants expect 8 to 12 % returns from their investments
The number of participants who prefer investing in small Cap is the highest
The number of participants who prefer investing in blue chip stocks is the second highest.
The number of participants who prefer investing in Mid-Cap and Penny stocks is the Third
highest.
The number of participants who prefer investing in large cap is the Least.
The Percentage of the participants who prefer investing in small cap is 31.4%
The Percentage of the participants who prefer investing in Blue Chip Stocks is 23.5%
The Percentage of the participants who prefer investing in Penny Stocks and Mid Cap is
15.7%
The Percentage of the participants who prefer investing in large cap is 13.7%

33
According to the survey of 51 responded what is their portfolio value.
A lot of participants have De-mat account for buying and selling of shares and a lot of people
buy and sell their shares or mutual funds whenever they want and at whatever price they want
and most of our participants expect 8 to 12 % returns from their investments.

The number of participants who have their portfolio value of 10,000-50,000 is the highest.
The number of participants who have their portfolio value of 1,000-5,0000 is the Second
highest.
The number of participants who have their portfolio value of 50,000-100,000 and 5,000-
10,000 is the third highest.
The number of participants who have their portfolio value of more than 1 lakhs is the Least.
The Percentage of the participants who have their portfolio value of 10,000-50,000 is 33.3%
The Percentage of the participants who have their portfolio value of 1,000-5,000 is 27.5%
The Percentage of the participants who have their portfolio value of 50,000-1,00,000 and
5,000 – 10,000 is 13.7 %
The Percentage of the participants who have their portfolio value of more than 1 lakhs is
11.8%.

34
BSE Sensex 30 Technical Analysis

Neutra
Title Sell Buy Action
l

25
Moving Averages 75% - Sell
%

Momentum Oscillators 75% 25% - Sell

100 Strong
Trend Oscillators - -
% Sell

Volatility - 100% - Neutral

BSE Sensex 30 Historical Data

 Date Range:

03/01/2021 - 03/30/2023

Summary
Highest
63,583.07
Lowest
47,204.50
Difference
16,378.57
Average
56,830.90
Chg. %
18.05

35
NSE Nifty 50 Technical Analysis

Neutra
Title Sell Buy Action
l

33
Moving Averages 67% - Sell
%

Momentum Oscillators 75% 25% - Sell

100 Strong
Trend Oscillators - -
% Sell

Volatility - 100% - Neutral

Nifty 50 Historical Data

 Date Range:

03/01/2023 - 03/30/2023

Summary
Highest
17,799.95
Lowest
16,828.35
Difference
971.60
Average
17,218.94
Chg. %
-1.29

36
Chapter 4 – Conclusions and Recommendations

4.1 Recommendations
Nifty witnessed a trending day of trade today. It opened on a positive note and continued to
inch higher throughout the day to close the day on a strong note up ~130 points. On the daily
charts, we can observe that the narrow range of the previous couple of trading sessions has
been broken on the upside. Indicating resumption of up move after a brief pause.

The daily and hourly momentum indicator has a positive crossover which is a buy signal.
Thus, both price and momentum indicator are suggesting continuation of the positive
momentum over the next few trading sessions.

On the upside initial resistance is placed at 17,207 and beyond that it can stretch higher till
17,500 levels. The crucial support zone is placed at 16,940 - 16,910.

Despite some hiccups, markets staged a smart rebound as investors placed bullish bets on the
day of current month derivative expiry. Although there is no major change in global market
sentiment, foreign investors turning net buyers of domestic equities in recent sessions has
helped improve the overall mood.

Technically, after the breakout of the 17,050 range, the positive momentum intensified. A
promising reversal formation and long bullish candle on daily charts is indicating further
uptrend from the current levels.

For the bulls, 17,000 would act as a trend decider level and above the same, the index could
move up to 17,200-17,250. On the flip side, below 17,000 the uptrend would be vulnerable.

Nifty – Buy Recommendation.

February was a particularly interesting month for the Indian stock markets. Wild stock
movements with key Adani Group companies hitting their upper and lower circuits
throughout the month, thanks to Hindenburg’s report alleging corporate misgovernance and
alleged fraud by Gautam Adani, kept stock market participants on their heels.

The volatility in the Adani Group stocks were met with uncertainty on the plausibility of rate
hikes pausing anytime soon, inflation persisting beyond targeted levels and Russia-Ukraine
war seeing no sight of resolution.

On a month-on-month basis, the NIFTY 50 saw a decline of 1.7% ending February 28, 2023
and the Sensex closed 0.62% lower for the same period.

Stock market participants largely believe focus on domestic play is the right investment
strategy given the uncertainty around global growth. Here’s what investors should watch out
for and what the stock market looks like going forward.

March India Stock Market Outlook

37
In the past two years, Indian markets have outperformed emerging markets by a wide margin.
This is partially explained by the resilience of the domestic economy when all the emerging
markets were faced with the same global challenges.

Decent correction has been observed beginning December 2022 with foreign portfolio
investment (FPI) flows seeing some pressure in the new year. The world GDP growth rates
are seeing consistent downgrades over the past few months as well.

Currently Indian markets are trading at one of the highest premiums to emerging markets in
its history. Although early days, current year-to-date has seen a reversal, with most global
indices in the green while our market has seen sustained pressure.

Chawla expects the other emerging markets to catch up and thinks ultimately the resilience of
the domestic economy may attract flows back to Indian markets. “Money will chase where
returns are to be made.”

Paul believes other markets may continue to outperform our market given the fact that they
were quite oversold in the year gone by.

Bottom Line

Given the volatility in global markets as well as domestic growth challenges, investors should
ideally stick to their asset allocation and invest as per their risk tolerance levels, says experts.

Stock Market Outlook 2023

January 1, 2023: It’s been a surprisingly stellar year at the stock market for India with key
indices both the NIFTY 50 and BSE Sensex clocking their all-time highs in November.
Chiming in domestic investors’ chorus on the incomprehensible disconnect between how the
Indian markets perform and the economic parameters on the ground, stock prices have risen
dramatically and have set the ball rolling to welcome 2023.

The war between Russia and Ukraine leading to fluctuations in crude oil prices, weakness of
the rupee, pandemic-induced global supply chain challenges and the staggering inflation well
beyond the consumer price index (CPI) inflation of 4% within a band of +/- 2% range set by
the Reserve Bank of India are factors that were set to break the Indian stock market indices’
backs. It has instead been the reverse.

Experts say the road ahead may be full of surprises and putting one’s skill and perseverance
in action could help investors build a solid financial corpus.

Key Factors Investors Should Watch Out For In 2023

The year 2022 has been marred by a series of challenging phenomena including inflation,
high interest rates, absurd corporate valuations and geopolitical uncertainties led by the
fallout of the Russia-Ukraine war, headwinds in China both on account of the country’s zero
covid-tolerance policy and political tension with Taiwan—all of which have led to tighter
financial conditions and weakened economic activity across the world.

38
India too hasn’t remained insulated from these macro developments and the country is likely
to be impacted further in 2023, albeit to a lesser extent.

After a year of price and time consolidation, fears of a market sell-off have been flagged by
multiple stock market participants if the risk of recession looms and the proxy war between
the U.S. and Russia over Russia’s invasion of Ukraine continues. Both these events have
shaken the global financial markets throughout 2022 and are bound to impact market
participants in 2023.

Significant headwinds for Indian investors to watch out for continue to be the expanding
trade deficit, persistent foreign institutional investors’ outflows, volatile currency fluctuations
and constricting liquidity conditions.

Domestic Investors India’s Strength in 2023

India’s greatest strength lies in its domestic consumption, amply supported by a young and
large working population with disposable incomes and boosting business confidence. The
opportunities for growth and investment are ample at present and likely to multiply every
passing year.

While near-term impact due to global issues could persist and induce volatility, investors with
a horizon of at least two to three years would be well rewarded, believes Tejas Khoday, the
co-founder and CEO of FYERS.

For instance, a few years ago, the participation of retail investors in the Indian capital market
was abysmal, with less than two crore demat accounts. Post-covid, the landscape has changed
dramatically, as demat account openings were clocking more than 10 lakh a month.
Currently, the total demat accounts stand at 10.43 crore.

Due to benign interest rates in earlier years, investors sought riskier assets through direct
equity or systematic investment plans (SIPs) of mutual funds. SIP’s annual contribution
increased from INR 43,921 crore in FY17 to INR 1 lakh crore by FY20 and currently
registering an inflow of INR 12,500 crore on average per month. In October 2022, the SIP
inflow was at the highest level of Rs. 13,000 crores, up 30% (YoY). Total SIP assets under
management (AUM) stand at INR 6.64 lakh crore.

In FY22, retail investors infused INR 1.6 lakh crore in direct equities. Consequently, retail
investors’ holding in the National Stock Exchange or NSE-listed universe as of March 31,
2022, rose to a 15-year high of 9.7%.

It would be safe to say retail investors have developed a degree of faith in building long-term
portfolios and equity investing is slowly becoming a part and parcel of an Indian investor’s
way of saving money and thinking about long-term wealth creation.

How To Invest In 2023

39
Majority of the experts think consumer sentiment will see an uptick in 2023 and the Indian
stock markets performance will be stellar in key areas including banking, automobiles, real
estate and company stocks with strong fundamentals.

Nikhil Kamath, the co-founder of True Beacon and Zerodha, says as a result of an (expected)
relaxed economic tightening and the fact that bond prices and yields move in opposite
directions, there is enough room for investment-grade bonds, mortgage-backed securities and
other instruments influenced by interest rates to rise in value next year. But an increase in
debt defaults would alarm investors looking to invest heavily in the fixed-income markets,
especially in the corporate bonds segment.

Kamath sees India’s current account deficit widened to $23.9 billion, or 2.8% of GDP, and
the U.S. market contributing anywhere between 40% to 75% of the revenues earned by
Indian IT companies, potential U.S. and global recessions pose a threat to India’s IT growth.

B Gopkumar, MD and CEO of Axis Securities, sees the consumer space witnessing a strong
revival, and many categories normalizing to pre-covid levels with a structural uptick in
multiple sub-segments. “QSR space is well-placed to deliver superior returns,” says
Gopkumar.

He expects housing and banking to be crucial sectors in 2023 due to their improved economic
outlook and pick-up in credit growth. He also expects affordable housing to get a further push
in the upcoming Budget.

Gopkumar recommends investors to avoid export-oriented themes till global growth is back
on track.

Saurabh S. Jain, MD of SSJ Finance & Securities, too believes consumer sentiment is set to
improve in 2023 and advises investors to invest in companies with good prospects,
reasonable valuations, and sound management pedigree.

“We will also advise investors to stay away from commodity manufacturing companies, at
least in the first half of 2023,” says Jain.

Nikhil Aggarwal, the founder of Grip Invest, advises investors to look out for a good
portfolio mix of debt and equity.

For debt, investment-grade-rated instruments should be on top of the list. With interest rates
at peak, it is a good time to lock in a yield for your safer debt instruments. In particular, look
out for corporate bonds issued by established companies with strong fundamentals. “There is
a new stream of alternate asset classes like lease financing and inventory financing, which are
also providing investors with great risk-reward ratios and are helping mitigate the volatility of
equity markets,” says Aggarwal.

For equity, Aggarwal recommends going with large and mid-cap stocks, which are more
value-based in nature than growth-based. “Companies with stronger fundamentals and less
cyclicity are expected to outperform in case of any unexpected turmoil, he says.

40
Ankit Gupta, founder of BondsIndia.com advises investors to focus on quality stocks, i.e.,
companies having growing revenue and growth prospects over momentum stocks. “Investors
should also look out for USD and rate sensitive stocks as USD is expected to come down”,
says Gupta.

Khoday says capital goods, infrastructure, speciality chemicals, and pharma could offer
renewed investment opportunities in FY23.

Bottom Line

As a stock market participant, it is crucial to remember investing in the stock market is risky
and you could lose almost all of your invested capital or your gains can simply evaporate. To
take a calculated risk on your investment, it is important to research and understand the
financial instrument in which you are parking your money. Taking the help of a financial
advisor could also help you hedge your risk to a certain degree and aid you in making an
informed investment decision.

What is the Right Time to Invest in Stocks?

Whether you are a newcomer or an experienced hand, the eternal question in trading is
always - what is the best time to buy (or sell) stocks? While many deny it, some basic rules
minimize your risks and offer you a higher chance of profit. Here are 4 simple
recommendations on the right time to invest in stocks.

The Best Time of Day

This is most applicable to intraday traders who buy and sell their stocks and make their
profits within the trading hours on a single day. Logically, it may seem tedious to watch the
market throughout the trading hours for an opportunity to buy or sell. However, this is not
true for the following reasons:

 Too many hours watching charts and graphs causes mental fatigue and confusion.
 The volatility drops after the first 90 minutes.
 The volume in which stocks are traded might also drop after the first 90 minutes.
 You will face seasoned traders whose moves might leave you flustered. Experienced
traders are looking to manipulate rates and turn graphs around - this is no time for a
beginner to experiment.

With all these factors taken into consideration, the best time of day to trade is 9:30 to 10:30
am. The stock market opens for trading at 9:15 AM and in the first 15 minutes, the market is
still responding to the previous day's news with experienced traders waiting to make their
move. As a result, that first 15-minute slot is best avoided. If you prefer more time to make
your observations to make a more informed decision, stretch your trading time to a maximum
of 11 am.

41
APPENDIX

1. What is your age ?*

 18-25
 25-35
 35-45
 45 +

2. Do you have a De-mat Account ?*

 Yes
 No

3. Do you Invest in the Stock Market?*

 Yes
 No

4. Do you think Investing in stocks is gambling ?*

 Yes
 No
 Maybe

5. Where do you invest your Money ?*

 Stocks
 Mutual Funds
 Real-Estate
 Commodities
 Crypto-Currency

6. According to you which is the correct investment option ?*

 Stocks
 Mutual Funds
 Real-Estate
 Commodities
 Crypto-Currency

7. How much returns do you expect after investing ?*

 4-5%
 5-8%
 8-12%
 12-16%

8. Do you get your desired returns after investing *

 Yes
 No
 Maybe

42
 9. If you are investing in stocks then which Exchange do you prefer ?*
 Bombay Stock Exchange (BSE)
 National Stock Exchange (NSE)
 Other

10. According to you which index is Better*

 Sensex
 Nifty

11. How many stocks do you have in your portfolio ?*

 1-10
 10-20
 20-50
 50-100

12. Which Stock do you prefer while investing ?*

 Large Cap
 Mid Cap
 Small Cap
 Blue Chip Stocks
 Penny Stocks

13. What is your Portfolio value*

 1000-5000
 5000-10,000
 10,000-50,000
 50,000-1,00,000
 More than 1 lakhs

https://docs.google.com/forms/d/e/
1FAIpQLSfL5aJ210fE5_eAEv4JxYIWWI0h_Vj-vQOFL0p7i-wQ0E0ZfA/
viewform?usp=sf_link

43
BIBLOGRAPHY
https://www.investopedia.com/terms/f/financial-market.asp
https://www.moneycontrol.com/sensex/bse/sensex-live?
utm_source=MC_INMAIL
https://en.wikipedia.org/wiki/BSE_SENSEX
https://in.investing.com/indices/sensex
https://in.investing.com/indices/s-p-cnx-nifty-candlestick?
directions=Array&directions=Array&end_date=1680162955&importance=Arra
y&patterns_type=Array&st_date=1677628800&time_frames=900
https://www.forbes.com/advisor/in/investing/stock-market-outlook-2023/
https://docs.google.com/forms/d/e/
1FAIpQLSfL5aJ210fE5_eAEv4JxYIWWI0h_Vj-vQOFL0p7i-wQ0E0ZfA/
viewform?usp=sf_link

44