Date Infy Tata Steel UPL Airtel HDFC Sun Pharma Nifty

8/13/2019 737.3378 339.890015 503.1 350.3918 1110.18 433.286438 10925.85

8/14/2019 747.0276 355.437012 527.2 359.9076 1114.72 411.486481 11029.4
8/16/2019 746.7866 353.877441 549.05 360.2563 1113.85 409.069733 11047.8
8/19/2019 749.7755 350.465851 542.05 359.7083 1103.43 420.216309 11053.9
8/20/2019 764.3343 349.1987 539.9 356.7688 1110.3 417.883148 11017
8/21/2019 770.794 334.334015 535.9 353.6301 1112.93 414.011108 10918.7
8/22/2019 767.1785 325.268982 518.05 351.4878 1087.05 411.578674 10741.35
8/23/2019 773.4455 336.527161 547.25 355.1248 1081.35 424.733704 10829.35
8/26/2019 773.7829 329.509064 549.8 359.3595 1128.07 416.344269 11057.85
8/27/2019 756.5246 342.034393 556 347.0537 1129.97 413.762909 11105.35
8/28/2019 773.7347 328.43689 557 344.5627 1123.75 410.139069 11046.1
8/29/2019 778.0252 327.072235 558.35 342.2709 1113.47 431.534607 10948.3
8/30/2019 785.6902 336.186005 563.2 345.5591 1113.97 447.171722 11023.25
9/3/2019 785.0636 323.027069 553.35 335.6447 1105.47 436.200928 10797.9
9/4/2019 791.8609 330.678741 561.05 344.463 1123.88 423.393402 10844.65
9/5/2019 804.1537 336.429688 569.65 346.4559 1117.57 428.705017 10847.9
9/6/2019 810.0352 346.420715 567.95 348.0003 1122.95 422.05307 10946.2
9/9/2019 799.3813 344.861145 587.45 355.1746 1124.8 425.726532 11003.05
9/11/2019 790.7039 357.776367 577.7 353.8294 1125.65 419.173859 11035.7
9/12/2019 787.1365 355.826904 567.3 346.3064 1135.43 424.733704 10982.8
9/13/2019 799.5741 358.068817 578.15 341.8225 1128.72 419.819183 11075.9
9/16/2019 798.0315 351.976715 564.1 342.7691 1122.07 423.740875 11003.5
9/17/2019 801.4542 336.234741 563.3 338.634 1105.68 417.634949 10817.6
9/18/2019 800.1044 349.1987 557.05 334.3992 1093.88 413.812531 10840.65
9/19/2019 791.2824 335.942322 562.05 336.392 1101.05 408.203033 10704.8
9/20/2019 776.1451 359.238464 562.1 355.1248 1199.6 410.734772 11274.2
9/23/2019 736.9522 367.816162 580.85 346.7548 1257.25 406.515259 11600.2
9/24/2019 765.5876 361.43161 579.4 347.4025 1253.8 406.713806 11588.2
9/25/2019 764.2379 352.90271 576.75 340.4275 1239.7 403.834595 11440.2
9/26/2019 754.4998 366.256561 583.6 342.8189 1242.5 408.997314 11571.2
9/27/2019 754.1624 350.563324 582.05 347.8509 1244.2 398.820801 11512.4
9/30/2019 776.7719 351.391876 603.95 365.7366 1227.45 386.6586 11474.45
10/1/2019 765.1056 342.667969 594.95 349.6943 1248.8 383.779358 11359.9
10/3/2019 757.4405 331.019928 594.4 343.6659 1223.55 385.367889 11314
10/4/2019 765.0092 324.684143 582.55 338.2852 1189.7 383.282959 11174.75
10/7/2019 761.249 316.593842 581.05 340.3279 1186.9 377.177032 11126.4
10/9/2019 755.5604 327.949524 581.7 358.114 1228.15 381.198029 11313.3
10/10/2019 754.9819 321.613739 583.45 375.9001 1200.55 384.275787 11234.55
10/11/2019 785.5938 330.435059 589.85 381.5299 1198.8 383.531158 11305.05
10/14/2019 757.9226 336.137268 586.65 392.1418 1204.4 391.82132 11341.15
10/15/2019 740.7606 340.37738 583.1 382.2773 1223.05 393.955902 11428.3
10/16/2019 743.7977 338.622833 588.75 383.8715 1221.1 396.835144 11464
10/17/2019 741.9176 347.103027 591.95 384.4694 1220 398.622223 11586.35
10/18/2019 740.3267 350.514618 599 382.1278 1229 398.771149 11661.85
10/22/2019 627.0149 345.543457 597 372.7614 1239.3 402.543915 11588.35
10/23/2019 641.8628 347.200531 597 359.0606 1241.6 402.295715 11604.1
10/24/2019 626.8176 350.807007 597.7 371.0177 1236.1 403.040344 11582.6
10/25/2019 628.8894 353.097656 594.6 373.8076 1229 414.507538 11583.9
10/30/2019 651.7285 378.197083 584.15 366.6335 1248.35 426.570435 11844.1
10/31/2019 676.3928 370.935272 596.45 372.9109 1230.35 430.293579 11877.45
11/1/2019 678.6619 389.406525 588.55 371.7152 1240.05 434.413818 11890.6
11/4/2019 699.4785 398.812714 594.25 376.6475 1236.85 434.810974 11941.3
11/5/2019 686.7517 393.74411 605.65 382.5762 1239.5 426.818665 11917.2
11/6/2019 702.7342 394.231476 606.6 370.1209 1256.65 424.832977 11966.05
11/7/2019 710.4294 392.915558 577.7 370.4198 1263.7 437.441986 12012.05
11/8/2019 698.64 387.895691 555.85 367.8291 1255.6 419.074585 11908.15
11/11/2019 694.9403 391.307281 548.85 370.1707 1264.75 418.42923 11913.45
11/13/2019 682.0655 387.846954 541.3 367.2811 1257.55 409.046967 11840.45
11/14/2019 695.8282 382.047272 535.55 361.2029 1273.9 407.259857 11872.1
11/15/2019 694.447 384.532837 530.3 391.6436 1277.9 412.075073 11895.45
11/18/2019 695.7296 399.689972 549 407.7358 1262.05 421.506989 11884.5
11/19/2019 703.2768 391.59967 551.25 437.778 1271.9 422.847321 11940.1
11/20/2019 703.4248 388.62674 552.85 435.7353 1273.35 446.774597 11999.1
11/21/2019 703.6714 375.370361 544.8 424.7746 1283.35 443.945007 11968.4
11/22/2019 683.8907 389.89389 533.5 419.1449 1264.75 448.859558 11914.4
11/25/2019 688.7249 408.901215 544.5 449.7848 1271.1 455.660461 12073.75
11/26/2019 681.3256 413.433716 541.7 430.803 1275.05 447.519226 12037.7
11/27/2019 686.4064 410.704468 551.85 431.7994 1278.4 455.461884 12100.7
11/28/2019 692.4245 421.182892 579.9 435.0876 1265.3 454.071899 12151.15
11/29/2019 686.9984 416.699097 573.25 440.8669 1274.95 446.625671 12056.05
12/2/2019 683.3974 410.217102 570.25 456.9591 1265.75 436.846252 12048.2
12/3/2019 688.9715 389.552734 569.5 457.4573 1255.4 430.492157 11994.2
12/4/2019 699.3305 398.958923 570.25 459.7491 1251.65 440.519745 12043.2
12/5/2019 705.2499 389.698944 568.55 445.7493 1245.6 433.569916 12018.4
12/6/2019 705.4966 393.061768 561.7 443.2583 1246.05 425.527985 11921.5
12/9/2019 707.6177 396.424622 563.55 444.2547 1242.95 423.939453 11937.5
12/10/2019 704.954 391.89209 557.75 445.4006 1249.5 424.584778 11856.8
12/11/2019 711.3667 395.30365 561.05 441.1658 1248.75 426.71936 11910.15
12/12/2019 692.6711 408.121429 569.95 437.0804 1263.6 431.038177 11971.8
12/13/2019 701.7476 417.576355 565 426.2693 1263.85 436.101654 12086.7
12/16/2019 704.4114 410.363312 563.7 420.3406 1257.35 432.031036 12053.95
12/17/2019 719.9005 428.298431 564.1 438.3758 1271.1 425.974731 12165
12/18/2019 722.6136 433.513275 566.25 436.7317 1292.35 436.598053 12221.65
12/19/2019 721.035 435.462738 562.75 447.8418 1288.8 430.492157 12259.7
12/20/2019 721.7256 449.352722 578.15 452.1762 1296.7 427.21579 12271.8
12/23/2019 726.1159 450.473633 577.65 453.1727 1302.4 425.329407 12262.75
12/24/2019 723.5508 451.302185 569.15 455.5143 1289.15 426.71936 12214.55
12/26/2019 719.1606 456.078369 569.45 445.9486 1270.45 419.124207 12126.55
12/27/2019 727.0532 457.637939 580.25 453.4716 1275 422.946625 12245.8
12/30/2019 723.0576 462.75531 589.35 458.8523 1282.15 427.066864 12255.85
12/31/2019 721.3311 460.123505 584.5 454.1691 1272.1 429.449646 12168.45
1/1/2020 726.9545 455.932159 588.25 451.678 1278.6 431.187103 12182.5
1/2/2020 724.8334 472.600128 595.45 453.5713 1286.75 431.832489 12282.2
1/3/2020 735.9816 471.479187 590.75 453.4716 1268.4 441.4133 12226.65
1/6/2020 728.9276 461.293213 584.95 448.0411 1240.95 436.796631 11993.05
1/7/2020 718.1247 464.071198 595.05 443.5074 1260.6 443.200378 12052.95
1/8/2020 708.555 463.242676 600.85 457.2082 1257.3 436.945557 12025.35
1/9/2020 717.7794 470.943085 604.55 458.4537 1271.4 436.697357 12215.9
1/10/2020 728.2371 473.916046 600.3 455.3648 1282.7 440.420471 12256.8
1/13/2020 763.1616 483.224731 591.95 467.2222 1286 441.4133 12329.55
1/14/2020 765.2335 486.002747 583.55 467.6706 1289.5 442.803253 12362.3
1/15/2020 757.2422 489.414307 585.8 466.176 1284.25 445.83139 12343.3
1/16/2020 756.6996 481.908844 588.1 472.2043 1287.65 445.83139 12355.5
1/17/2020 757.5381 482.737366 589.25 498.2607 1278.15 451.341614 12352.35
1/20/2020 758.1301 478.253601 584.6 506.8798 1254.9 446.228546 12224.55
1/21/2020 752.26 464.119934 577.7 509.9189 1244.35 444.193207 12169.85
1/22/2020 759.8566 463.047729 562.95 512.6591 1240.85 443.101105 12106.9
1/23/2020 773.8166 468.116364 542.2 521.7764 1244.85 446.625671 12180.35
1/24/2020 772.2381 471.186768 543.3 522.3741 1244.55 444.590332 12248.25
1/27/2020 767.6505 450.766083 537.25 512.5594 1213.2 445.186066 12119
1/28/2020 767.5519 434.975372 536.95 489.4922 1223.2 449.653809 12055.8
1/29/2020 779.0948 440.775055 542.15 488.4958 1235.85 446.873871 12129.5
1/30/2020 770.2156 437.217255 544.15 488.0474 1226.05 438.931213 12035.8
1/31/2020 765.5294 427.61615 526.55 494.6736 1226.3 431.187103 11962.1
2/3/2020 757.0942 425.033051 513.3 508.225 1192.8 414.557159 11707.9
2/4/2020 777.2696 440.482605 522.6 517.0433 1229.8 422.599121 11979.65
2/5/2020 774.0139 463.047729 537.45 531.4416 1244.65 423.194824 12089.15
2/6/2020 760.9912 465.533295 536.85 544.8434 1239.8 427.563263 12137.95
2/7/2020 766.8613 459.100067 543.1 537.5198 1242.2 427.712189 12098.35
2/10/2020 762.8163 432.58725 574.1 536.7725 1240.3 417.287445 12031.5
2/11/2020 763.1616 432.8797 576.65 532.3882 1240.6 415.549988 12107.9
2/12/2020 770.5609 436.632446 573.9 537.6692 1249 411.628326 12201.2
2/13/2020 781.6105 430.101685 578.75 538.018 1241.4 415.947144 12174.65
2/14/2020 775.8884 423.570953 591.65 562.9783 1219.35 415.549988 12113.45
2/17/2020 778.8481 425.812866 595 562.8289 1217.15 408.399994 12045.8
2/18/2020 786.938 420.500549 585.2 546.2883 1213.25 408.649994 11992.5
2/19/2020 789.7004 422.255096 585.2 541.4557 1227.2 403.549988 12125.9
2/20/2020 786.2967 432.343567 584.35 543.6478 1217.1 404.950012 12080.85
2/24/2020 785.1621 404.953552 573.25 528.004 1209.95 397.850006 11829.4
2/25/2020 787.6779 410.655731 566.35 533.3348 1200.3 388.899994 11797.9
2/26/2020 772.2381 405.782043 563 534.0323 1199.25 374.700012 11678.5
2/27/2020 767.4039 402.370483 550.85 529.7477 1199.45 388.5 11633.3
2/28/2020 721.8737 372.10498 519.7 521.6268 1177.65 372.899994 11201.75
3/2/2020 731.0981 354.852173 514.35 516.4952 1179.6 369.5 11132.75
 3/3/2020 736.9682 377.758423 521.55 518.9365 1181.8 393.549988 11303.3
3/4/2020 748.5604 367.621185 511.6 514.901 1148.85 405.450012 11251
3/5/2020 744.4661 366.256561 516.05 525.0147 1151.35 404.899994 11269
3/6/2020 729.0263 342.619263 513.6 517.2924 1134.9 400.899994 10989.45
3/9/2020 694.9896 314.156982 513 494.4744 1107.3 393.350006 10451.45
3/11/2020 676.7874 292.176727 516.95 492.0331 1113.8 385.950012 10458.4
3/12/2020 622.7233 280.1875 443.6 463.2864 1021.3 354.799988 9590.15
3/13/2020 633.7236 318.445831 410.85 490.0901 1069.8 384.200012 9955.2
3/16/2020 575.3186 282.283173 376.8 463.1369 999.5 368.549988 9197.4
3/17/2020 547.4973 275.606232 350.85 453.073 975.1 370.149994 8967.05
3/18/2020 527.1246 273.754242 321.85 424.0273 876.9 362.75 8468.8
3/19/2020 538.2236 264.981628 296.75 443.1586 895.55 360.399994 8263.45
3/20/2020 577.3411 290.227264 300.15 460.9946 882.85 365.25 8745.45
3/23/2020 519.3801 264.299316 254.6 405.8925 771.55 324.5 7610.25
3/24/2020 581.8793 265.030365 262.05 402.6042 767.7 335.149994 7801.05
3/25/2020 598.0591 279.553894 292.8 427.5646 856.75 347.649994 8317.85
3/26/2020 634.3649 277.263306 312.55 469.0158 901.1 338.299988 8641.45
3/27/2020 643.9346 270.245209 322.2 447.3436 904.45 338.25 8660.25
3/30/2020 618.2838 247.631363 308.45 429.5076 831.65 332.700012 8281.1
3/31/2020 632.885 262.788483 326.5 439.3224 861.9 352.299988 8597.75
4/1/2020 594.7047 259.620605 305.75 419.8424 829.65 343.549988 8253.8
4/3/2020 577.8344 247.338943 298.1 422.4331 813.85 375.950012 8083.8
4/7/2020 630.4186 269.221741 323.65 468.5176 896.1 417.350006 8792.2
4/8/2020 623.1179 267.80838 320.2 459.9981 888.9 436.700012 8748.75
4/9/2020 627.7055 277.653198 319 486.9514 925.05 454.450012 9111.9
4/13/2020 628.8401 275.411285 324.95 510.3673 895.35 462.350006 8993.85
4/15/2020 630.4679 277.945587 350.55 508.6734 863.3 449.200012 8925.3
4/16/2020 615.472 281.600861 363.2 498.6593 879.75 463.700012 8992.8
4/17/2020 620.3062 285.938446 363.3 500.6522 910.3 457.100006 9266.75
4/20/2020 644.5266 279.164032 354.75 488.5456 944.85 473.399994 9261.85
4/21/2020 624.6965 259.230713 345.95 498.7091 921.65 473.149994 8981.45
4/22/2020 633.2303 261.570068 353.65 499.6059 928.6 474.350006 9187.3
4/23/2020 670.1774 263.470795 348.9 494.2253 954.95 477.450012 9313.9
4/24/2020 649.1634 260.790253 335.85 492.4815 938.05 485.549988 9154.4
4/27/2020 655.6747 264.786682 349.35 492.2822 929.7 489.899994 9282.3
4/28/2020 651.8271 266.638672 360.5 483.9123 931.4 473.950012 9380.9
4/29/2020 667.4643 275.508759 360.6 494.2253 977.1 477.649994 9553.35
4/30/2020 705.8912 290.763367 420.05 512.4598 1001.8 464.450012 9859.9
5/4/2020 664.6526 266.687439 385.4 530.5947 923 465.450012 9293.5
5/5/2020 664.6526 265.761414 387.05 526.1606 911.45 456.299988 9205.6
5/6/2020 656.9573 270.732574 379 544.0463 946.4 454.399994 9270.9
5/7/2020 656.0201 268.880585 368.4 526.1606 925 452.200012 9199.05
5/8/2020 665.1459 266.005096 364.6 528.1534 929.05 469 9251.5
5/11/2020 673.7291 269.221741 368.1 534.2814 915.8 463.850006 9239.2
5/12/2020 678.4153 267.028595 374.55 557.8467 901.55 463.899994 9196.55
5/13/2020 684.8279 269.562866 389.65 553.9608 927.65 452.350006 9383.55
5/14/2020 649.3114 261.764984 391.85 537.9183 893.7 455.950012 9142.75
5/15/2020 643.54 266.541229 378.9 552.1173 888.15 448.600006 9136.85
5/18/2020 654.9842 259.864288 375.8 536.1248 836.65 440.700012 8823.25
5/19/2020 659.621 265.127838 339.65 596.6574 830.65 441.700012 8879.1
5/20/2020 660.5583 276.044891 356.55 591.9244 857.1 455.75 9066.55
5/21/2020 663.1727 276.532257 366.8 592.4226 859.55 466.450012 9106.25
5/22/2020 683.0521 267.515961 371.15 591.0775 838.85 469.399994 9039.25
5/26/2020 671.4106 273.36438 367.05 557.249 852.4 459.149994 9029.05
5/27/2020 695.9762 280.674866 387.8 561.0851 903.65 450.899994 9314.95
5/28/2020 697.9 288.034119 391.1 560.7364 945.25 459.100006 9490.1
5/29/2020 691 287.741699 405.85 550.6227 951.65 474.25 9580.3
6/1/2020 699.55 307.236389 419.3 557.0496 987.65 465.399994 9826.15
6/2/2020 708.1 311.330261 424.7 556.103 1001 473.100006 9979.1
6/3/2020 701.55 309.380798 419.1 549.6761 1022.25 476.149994 10061.55
6/4/2020 707.75 311.866394 422.05 570.4017 1001.7 494.850006 10029.1
6/5/2020 703.55 330.386353 439.4 582.2591 1033.35 494.25 10142.15
6/8/2020 720.85 325.171509 436.8 583.0563 1015.9 489 10167.45
6/9/2020 717.6 323.806885 430.6 565.7683 987.3 500.75 10046.65
6/10/2020 715.85 315.814056 425 565.0708 991.85 499.149994 10116.15
6/11/2020 703.95 305.238159 417.45 549.8754 968.6 473.649994 9902
6/12/2020 692.05 309.575745 411.65 558.0959 982.75 480.100006 9972.9
6/15/2020 687.55 298.463776 405 548.7296 949.85 485.799988 9813.7
6/16/2020 701.2 301.144318 414.25 542.9503 990.4 483.399994 9914
6/17/2020 703.65 300.413239 420.8 561.4339 979.25 485.649994 9881.15
6/18/2020 713.9 310.06311 427.9 558.8931 1019.95 484.25 10091.65
6/19/2020 705.55 312.451202 436.9 570.4515 1033.35 488.100006 10244.4
6/22/2020 703.7 317.4711 446.2 578.9709 1028.75 493.200012 10311.2
6/23/2020 720.65 323.611938 463.1 576.7289 1042.3 500.450012 10471
6/24/2020 714.15 317.812256 444.95 555.3557 1032.5 484.399994 10305.3
6/25/2020 700.5 314.936798 442.9 556.9998 1028.75 487.649994 10288.9
6/26/2020 748.2 315.667847 440.25 558.3948 1056.45 479.950012 10383
6/29/2020 731.75 312.743652 431.9 565.0708 1076.05 482 10312.4
6/30/2020 735.95 318.445831 425.2 557.8467 1065.85 472.950012 10302.1
7/1/2020 731.9 315.521637 446.95 558.1458 1084.6 468.149994 10430.05
7/2/2020 756.6 326.43866 442.45 556.4518 1089.4 473 10551.7
7/3/2020 762.7 321.564972 444.2 579.3695 1073.95 476.850006 10607.35
7/6/2020 764 330.337585 456.6 574.5368 1103 480.200012 10763.65
7/7/2020 794.15 321.954865 450.95 565.1207 1105.15 479.25 10799.65
7/8/2020 774.7 325.756348 444 559.2916 1110.35 482.5 10705.75
7/9/2020 781.7 335.796112 442.55 566.6153 1124.95 481.950012 10813.45
7/10/2020 781.85 330.14267 436.5 572.6437 1105.1 493.899994 10768.05
7/13/2020 797.05 333.456757 439.2 584.7003 1080.25 499.700012 10802.7
7/14/2020 783.25 328.14444 437.5 587.2412 1058.85 492.100006 10607.35
7/15/2020 830.95 330.727478 437.55 561.5834 1053.15 495.100006 10618.2
7/16/2020 911 333.018127 433.45 560.7364 1062.55 499.700012 10739.95
7/17/2020 903.15 342.08316 436.45 564.7221 1098.45 503.600006 10901.7
7/20/2020 934.3 343.496521 453.65 573.6899 1133.05 483.799988 11022.2
7/21/2020 936.75 350.075958 458.4 565.7185 1138.55 477.25 11162.25
7/22/2020 917.9 341.205872 460.25 567.1135 1126.35 474.299988 11132.6
7/23/2020 907.95 343.009155 462.75 565.1705 1130.4 476 11215.45
7/24/2020 922.85 337.355682 454.15 557.4482 1119.1 485.600006 11194.15
7/27/2020 948.45 343.93515 445.8 557.498 1079.5 475.5 11131.8
7/28/2020 962.85 349.442413 448.95 562.5798 1086.65 482.600006 11300.55
7/29/2020 954.15 364.307098 461.75 564.1741 1064.6 493 11202.85
7/30/2020 961.45 357.337769 464.6 550.7224 1050.65 509.950012 11102.15
7/31/2020 966 357.045319 478.15 552.8646 1032.8 531.700012 11073.45
8/3/2020 956.9 364.063416 452.15 545.3915 1002 519.400024 10891.6
8/4/2020 949.85 362.845001 461.7 547.0356 1041.65 528.950012 11095.25
8/5/2020 944.7 385.799988 453.6 556.95 1027.55 528.849976 11101.65
8/6/2020 970.85 400.450012 463.9 555.3 1040.7 532.25 11200.15
8/7/2020 950.9 404.049988 480.3 560.8 1043.85 525.950012 11214.05
8/10/2020 951.35 410.200012 494.3 558.85 1050.65 543.849976 11270.15
8/11/2020 948.45 416.450012 481.9 551.1 1066.65 541.049988 11322.5

Beta

Investment

Total Inv

Port Weights

Weighted Beta

Port Beta
Opt Cont

Nifty
Change in Nifty
% change

Loss/Gain in Spot
Loss/Gain in Fut
Net
Date Ret_Infy Ret_Tata SRet_UPL Ret_Airtel Ret_HDFC Ret_Sun Ph Ret_Nifty

8/14/2019 0.013 0.045 0.047 0.027 0.004 -0.052 0.009

8/16/2019 0.000 -0.004 0.041 0.001 -0.001 -0.006 0.002
8/19/2019 0.004 -0.010 -0.013 -0.002 -0.009 0.027 0.001
8/20/2019 0.019 -0.004 -0.004 -0.008 0.006 -0.006 -0.003
8/21/2019 0.008 -0.044 -0.007 -0.009 0.002 -0.009 -0.009
8/22/2019 -0.005 -0.027 -0.034 -0.006 -0.024 -0.006 -0.016
8/23/2019 0.008 0.034 0.055 0.010 -0.005 0.031 0.008
8/26/2019 0.000 -0.021 0.005 0.012 0.042 -0.020 0.021
8/27/2019 -0.023 0.037 0.011 -0.035 0.002 -0.006 0.004
8/28/2019 0.022 -0.041 0.002 -0.007 -0.006 -0.009 -0.005
8/29/2019 0.006 -0.004 0.002 -0.007 -0.009 0.051 -0.009
8/30/2019 0.010 0.027 0.009 0.010 0.000 0.036 0.007
9/3/2019 -0.001 -0.040 -0.018 -0.029 -0.008 -0.025 -0.021
9/4/2019 0.009 0.023 0.014 0.026 0.017 -0.030 0.004
9/5/2019 0.015 0.017 0.015 0.006 -0.006 0.012 0.000
9/6/2019 0.007 0.029 -0.003 0.004 0.005 -0.016 0.009
9/9/2019 -0.013 -0.005 0.034 0.020 0.002 0.009 0.005
9/11/2019 -0.011 0.037 -0.017 -0.004 0.001 -0.016 0.003
9/12/2019 -0.005 -0.005 -0.018 -0.021 0.009 0.013 -0.005
9/13/2019 0.016 0.006 0.019 -0.013 -0.006 -0.012 0.008
9/16/2019 -0.002 -0.017 -0.025 0.003 -0.006 0.009 -0.007
9/17/2019 0.004 -0.046 -0.001 -0.012 -0.015 -0.015 -0.017
9/18/2019 -0.002 0.038 -0.011 -0.013 -0.011 -0.009 0.002
9/19/2019 -0.011 -0.039 0.009 0.006 0.007 -0.014 -0.013
9/20/2019 -0.019 0.067 0.000 0.054 0.086 0.006 0.052
9/23/2019 -0.052 0.024 0.033 -0.024 0.047 -0.010 0.029
9/24/2019 0.038 -0.018 -0.002 0.002 -0.003 0.000 -0.001
9/25/2019 -0.002 -0.024 -0.005 -0.020 -0.011 -0.007 -0.013
9/26/2019 -0.013 0.037 0.012 0.007 0.002 0.013 0.011
9/27/2019 0.000 -0.044 -0.003 0.015 0.001 -0.025 -0.005
9/30/2019 0.030 0.002 0.037 0.050 -0.014 -0.031 -0.003
10/1/2019 -0.015 -0.025 -0.015 -0.045 0.017 -0.007 -0.010
10/3/2019 -0.010 -0.035 -0.001 -0.017 -0.020 0.004 -0.004
10/4/2019 0.010 -0.019 -0.020 -0.016 -0.028 -0.005 -0.012
10/7/2019 -0.005 -0.025 -0.003 0.006 -0.002 -0.016 -0.004
10/9/2019 -0.008 0.035 0.001 0.051 0.034 0.011 0.017
10/10/2019 -0.001 -0.020 0.003 0.048 -0.023 0.008 -0.007
10/11/2019 0.040 0.027 0.011 0.015 -0.001 -0.002 0.006
10/14/2019 -0.036 0.017 -0.005 0.027 0.005 0.021 0.003
10/15/2019 -0.023 0.013 -0.006 -0.025 0.015 0.005 0.008
10/16/2019 0.004 -0.005 0.010 0.004 -0.002 0.007 0.003
10/17/2019 -0.003 0.025 0.005 0.002 -0.001 0.004 0.011
10/18/2019 -0.002 0.010 0.012 -0.006 0.007 0.000 0.006
10/22/2019 -0.166 -0.014 -0.003 -0.025 0.008 0.009 -0.006
10/23/2019 0.023 0.005 0.000 -0.037 0.002 -0.001 0.001
10/24/2019 -0.024 0.010 0.001 0.033 -0.004 0.002 -0.002
10/25/2019 0.003 0.007 -0.005 0.007 -0.006 0.028 0.000
10/30/2019 0.036 0.069 -0.018 -0.019 0.016 0.029 0.022
10/31/2019 0.037 -0.019 0.021 0.017 -0.015 0.009 0.003
11/1/2019 0.003 0.049 -0.013 -0.003 0.008 0.010 0.001
11/4/2019 0.030 0.024 0.010 0.013 -0.003 0.001 0.004
11/5/2019 -0.018 -0.013 0.019 0.016 0.002 -0.019 -0.002
11/6/2019 0.023 0.001 0.002 -0.033 0.014 -0.005 0.004
11/7/2019 0.011 -0.003 -0.049 0.001 0.006 0.029 0.004
11/8/2019 -0.017 -0.013 -0.039 -0.007 -0.006 -0.043 -0.009
11/11/2019 -0.005 0.009 -0.013 0.006 0.007 -0.002 0.000
11/13/2019 -0.019 -0.009 -0.014 -0.008 -0.006 -0.023 -0.006
11/14/2019 0.020 -0.015 -0.011 -0.017 0.013 -0.004 0.003
11/15/2019 -0.002 0.006 -0.010 0.081 0.003 0.012 0.002
11/18/2019 0.002 0.039 0.035 0.040 -0.012 0.023 -0.001
11/19/2019 0.011 -0.020 0.004 0.071 0.008 0.003 0.005
11/20/2019 0.000 -0.008 0.003 -0.005 0.001 0.055 0.005
11/21/2019 0.000 -0.035 -0.015 -0.025 0.008 -0.006 -0.003
11/22/2019 -0.029 0.038 -0.021 -0.013 -0.015 0.011 -0.005
11/25/2019 0.007 0.048 0.020 0.071 0.005 0.015 0.013
11/26/2019 -0.011 0.011 -0.005 -0.043 0.003 -0.018 -0.003
11/27/2019 0.007 -0.007 0.019 0.002 0.003 0.018 0.005
11/28/2019 0.009 0.025 0.050 0.008 -0.010 -0.003 0.004
11/29/2019 -0.008 -0.011 -0.012 0.013 0.008 -0.017 -0.008
12/2/2019 -0.005 -0.016 -0.005 0.036 -0.007 -0.022 -0.001
12/3/2019 0.008 -0.052 -0.001 0.001 -0.008 -0.015 -0.004
12/4/2019 0.015 0.024 0.001 0.005 -0.003 0.023 0.004
12/5/2019 0.008 -0.023 -0.003 -0.031 -0.005 -0.016 -0.002
12/6/2019 0.000 0.009 -0.012 -0.006 0.000 -0.019 -0.008
12/9/2019 0.003 0.009 0.003 0.002 -0.002 -0.004 0.001
12/10/2019 -0.004 -0.011 -0.010 0.003 0.005 0.002 -0.007
12/11/2019 0.009 0.009 0.006 -0.010 -0.001 0.005 0.004
12/12/2019 -0.027 0.032 0.016 -0.009 0.012 0.010 0.005
12/13/2019 0.013 0.023 -0.009 -0.025 0.000 0.012 0.010
12/16/2019 0.004 -0.017 -0.002 -0.014 -0.005 -0.009 -0.003
12/17/2019 0.022 0.043 0.001 0.042 0.011 -0.014 0.009
12/18/2019 0.004 0.012 0.004 -0.004 0.017 0.025 0.005
12/19/2019 -0.002 0.004 -0.006 0.025 -0.003 -0.014 0.003
12/20/2019 0.001 0.031 0.027 0.010 0.006 -0.008 0.001
12/23/2019 0.006 0.002 -0.001 0.002 0.004 -0.004 -0.001
12/24/2019 -0.004 0.002 -0.015 0.005 -0.010 0.003 -0.004
12/26/2019 -0.006 0.011 0.001 -0.021 -0.015 -0.018 -0.007
12/27/2019 0.011 0.003 0.019 0.017 0.004 0.009 0.010
12/30/2019 -0.006 0.011 0.016 0.012 0.006 0.010 0.001
12/31/2019 -0.002 -0.006 -0.008 -0.010 -0.008 0.006 -0.007
1/1/2020 0.008 -0.009 0.006 -0.005 0.005 0.004 0.001
1/2/2020 -0.003 0.036 0.012 0.004 0.006 0.001 0.008
1/3/2020 0.015 -0.002 -0.008 0.000 -0.014 0.022 -0.005
1/6/2020 -0.010 -0.022 -0.010 -0.012 -0.022 -0.011 -0.019
1/7/2020 -0.015 0.006 0.017 -0.010 0.016 0.015 0.005
1/8/2020 -0.013 -0.002 0.010 0.030 -0.003 -0.014 -0.002
1/9/2020 0.013 0.016 0.006 0.003 0.011 -0.001 0.016
1/10/2020 0.014 0.006 -0.007 -0.007 0.009 0.008 0.003
1/13/2020 0.047 0.019 -0.014 0.026 0.003 0.002 0.006
1/14/2020 0.003 0.006 -0.014 0.001 0.003 0.003 0.003
1/15/2020 -0.010 0.007 0.004 -0.003 -0.004 0.007 -0.002
1/16/2020 -0.001 -0.015 0.004 0.013 0.003 0.000 0.001
1/17/2020 0.001 0.002 0.002 0.054 -0.007 0.012 0.000
1/20/2020 0.001 -0.009 -0.008 0.017 -0.018 -0.011 -0.010
1/21/2020 -0.008 -0.030 -0.012 0.006 -0.008 -0.005 -0.004
1/22/2020 0.010 -0.002 -0.026 0.005 -0.003 -0.002 -0.005
1/23/2020 0.018 0.011 -0.038 0.018 0.003 0.008 0.006
1/24/2020 -0.002 0.007 0.002 0.001 0.000 -0.005 0.006
1/27/2020 -0.006 -0.044 -0.011 -0.019 -0.026 0.001 -0.011
1/28/2020 0.000 -0.036 -0.001 -0.046 0.008 0.010 -0.005
1/29/2020 0.015 0.013 0.010 -0.002 0.010 -0.006 0.006
1/30/2020 -0.011 -0.008 0.004 -0.001 -0.008 -0.018 -0.008
1/31/2020 -0.006 -0.022 -0.033 0.013 0.000 -0.018 -0.006
2/3/2020 -0.011 -0.006 -0.025 0.027 -0.028 -0.039 -0.021
2/4/2020 0.026 0.036 0.018 0.017 0.031 0.019 0.023
2/5/2020 -0.004 0.050 0.028 0.027 0.012 0.001 0.009
2/6/2020 -0.017 0.005 -0.001 0.025 -0.004 0.010 0.004
2/7/2020 0.008 -0.014 0.012 -0.014 0.002 0.000 -0.003
2/10/2020 -0.005 -0.059 0.056 -0.001 -0.002 -0.025 -0.006
2/11/2020 0.000 0.001 0.004 -0.008 0.000 -0.004 0.006
2/12/2020 0.010 0.009 -0.005 0.010 0.007 -0.009 0.008
2/13/2020 0.014 -0.015 0.008 0.001 -0.006 0.010 -0.002
2/14/2020 -0.007 -0.015 0.022 0.045 -0.018 -0.001 -0.005
2/17/2020 0.004 0.005 0.006 0.000 -0.002 -0.017 -0.006
2/18/2020 0.010 -0.013 -0.017 -0.030 -0.003 0.001 -0.004
2/19/2020 0.004 0.004 0.000 -0.009 0.011 -0.013 0.011
2/20/2020 -0.004 0.024 -0.001 0.004 -0.008 0.003 -0.004
2/24/2020 -0.001 -0.065 -0.019 -0.029 -0.006 -0.018 -0.021
2/25/2020 0.003 0.014 -0.012 0.010 -0.008 -0.023 -0.003
2/26/2020 -0.020 -0.012 -0.006 0.001 -0.001 -0.037 -0.010
2/27/2020 -0.006 -0.008 -0.022 -0.008 0.000 0.036 -0.004
2/28/2020 -0.061 -0.078 -0.058 -0.015 -0.018 -0.041 -0.038
3/2/2020 0.013 -0.047 -0.010 -0.010 0.002 -0.009 -0.006
 3/3/2020 0.008 0.063 0.014 0.005 0.002 0.063 0.015
3/4/2020 0.016 -0.027 -0.019 -0.008 -0.028 0.030 -0.005
3/5/2020 -0.005 -0.004 0.009 0.019 0.002 -0.001 0.002
3/6/2020 -0.021 -0.067 -0.005 -0.015 -0.014 -0.010 -0.025
3/9/2020 -0.048 -0.087 -0.001 -0.045 -0.025 -0.019 -0.050
3/11/2020 -0.027 -0.073 0.008 -0.005 0.006 -0.019 0.001
3/12/2020 -0.083 -0.042 -0.153 -0.060 -0.087 -0.084 -0.087
3/13/2020 0.018 0.128 -0.077 0.056 0.046 0.080 0.037
3/16/2020 -0.097 -0.121 -0.087 -0.057 -0.068 -0.042 -0.079
3/17/2020 -0.050 -0.024 -0.071 -0.022 -0.025 0.004 -0.025
3/18/2020 -0.038 -0.007 -0.086 -0.066 -0.106 -0.020 -0.057
3/19/2020 0.021 -0.033 -0.081 0.044 0.021 -0.006 -0.025
3/20/2020 0.070 0.091 0.011 0.039 -0.014 0.013 0.057
3/23/2020 -0.106 -0.094 -0.165 -0.127 -0.135 -0.118 -0.139
3/24/2020 0.114 0.003 0.029 -0.008 -0.005 0.032 0.025
3/25/2020 0.027 0.053 0.111 0.060 0.110 0.037 0.064
3/26/2020 0.059 -0.008 0.065 0.093 0.050 -0.027 0.038
3/27/2020 0.015 -0.026 0.030 -0.047 0.004 0.000 0.002
3/30/2020 -0.041 -0.087 -0.044 -0.041 -0.084 -0.017 -0.045
3/31/2020 0.023 0.059 0.057 0.023 0.036 0.057 0.038
4/1/2020 -0.062 -0.012 -0.066 -0.045 -0.038 -0.025 -0.041
4/3/2020 -0.029 -0.048 -0.025 0.006 -0.019 0.090 -0.021
4/7/2020 0.087 0.085 0.082 0.104 0.096 0.104 0.084
4/8/2020 -0.012 -0.005 -0.011 -0.018 -0.008 0.045 -0.005
4/9/2020 0.007 0.036 -0.004 0.057 0.040 0.040 0.041
4/13/2020 0.002 -0.008 0.018 0.047 -0.033 0.017 -0.013
4/15/2020 0.003 0.009 0.076 -0.003 -0.036 -0.029 -0.008
4/16/2020 -0.024 0.013 0.035 -0.020 0.019 0.032 0.008
4/17/2020 0.008 0.015 0.000 0.004 0.034 -0.014 0.030
4/20/2020 0.038 -0.024 -0.024 -0.024 0.037 0.035 -0.001
4/21/2020 -0.031 -0.074 -0.025 0.021 -0.025 -0.001 -0.031
4/22/2020 0.014 0.009 0.022 0.002 0.008 0.003 0.023
4/23/2020 0.057 0.007 -0.014 -0.011 0.028 0.007 0.014
4/24/2020 -0.032 -0.010 -0.038 -0.004 -0.018 0.017 -0.017
4/27/2020 0.010 0.015 0.039 0.000 -0.009 0.009 0.014
4/28/2020 -0.006 0.007 0.031 -0.017 0.002 -0.033 0.011
4/29/2020 0.024 0.033 0.000 0.021 0.048 0.008 0.018
4/30/2020 0.056 0.054 0.153 0.036 0.025 -0.028 0.032
5/4/2020 -0.060 -0.086 -0.086 0.035 -0.082 0.002 -0.059
5/5/2020 0.000 -0.003 0.004 -0.008 -0.013 -0.020 -0.010
5/6/2020 -0.012 0.019 -0.021 0.033 0.038 -0.004 0.007
5/7/2020 -0.001 -0.007 -0.028 -0.033 -0.023 -0.005 -0.008
5/8/2020 0.014 -0.011 -0.010 0.004 0.004 0.036 0.006
5/11/2020 0.013 0.012 0.010 0.012 -0.014 -0.011 -0.001
5/12/2020 0.007 -0.008 0.017 0.043 -0.016 0.000 -0.005
5/13/2020 0.009 0.009 0.040 -0.007 0.029 -0.025 0.020
5/14/2020 -0.053 -0.029 0.006 -0.029 -0.037 0.008 -0.026
5/15/2020 -0.009 0.018 -0.034 0.026 -0.006 -0.016 -0.001
5/18/2020 0.018 -0.025 -0.008 -0.029 -0.060 -0.018 -0.035
5/19/2020 0.007 0.020 -0.101 0.107 -0.007 0.002 0.006
5/20/2020 0.001 0.040 0.049 -0.008 0.031 0.031 0.021
5/21/2020 0.004 0.002 0.028 0.001 0.003 0.023 0.004
5/22/2020 0.030 -0.033 0.012 -0.002 -0.024 0.006 -0.007
5/26/2020 -0.017 0.022 -0.011 -0.059 0.016 -0.022 -0.001
5/27/2020 0.036 0.026 0.055 0.007 0.058 -0.018 0.031
5/28/2020 0.003 0.026 0.008 -0.001 0.045 0.018 0.019
5/29/2020 -0.010 -0.001 0.037 -0.018 0.007 0.032 0.009
6/1/2020 0.012 0.066 0.033 0.012 0.037 -0.019 0.025
6/2/2020 0.012 0.013 0.013 -0.002 0.013 0.016 0.015
6/3/2020 -0.009 -0.006 -0.013 -0.012 0.021 0.006 0.008
6/4/2020 0.009 0.008 0.007 0.037 -0.020 0.039 -0.003
6/5/2020 -0.006 0.058 0.040 0.021 0.031 -0.001 0.011
6/8/2020 0.024 -0.016 -0.006 0.001 -0.017 -0.011 0.002
6/9/2020 -0.005 -0.004 -0.014 -0.030 -0.029 0.024 -0.012
6/10/2020 -0.002 -0.025 -0.013 -0.001 0.005 -0.003 0.007
6/11/2020 -0.017 -0.034 -0.018 -0.027 -0.024 -0.052 -0.021
6/12/2020 -0.017 0.014 -0.014 0.015 0.015 0.014 0.007
6/15/2020 -0.007 -0.037 -0.016 -0.017 -0.034 0.012 -0.016
6/16/2020 0.020 0.009 0.023 -0.011 0.042 -0.005 0.010
6/17/2020 0.003 -0.002 0.016 0.033 -0.011 0.005 -0.003
6/18/2020 0.014 0.032 0.017 -0.005 0.041 -0.003 0.021
6/19/2020 -0.012 0.008 0.021 0.020 0.013 0.008 0.015
6/22/2020 -0.003 0.016 0.021 0.015 -0.004 0.010 0.006
6/23/2020 0.024 0.019 0.037 -0.004 0.013 0.015 0.015
6/24/2020 -0.009 -0.018 -0.040 -0.038 -0.009 -0.033 -0.016
6/25/2020 -0.019 -0.009 -0.005 0.003 -0.004 0.007 -0.002
6/26/2020 0.066 0.002 -0.006 0.003 0.027 -0.016 0.009
6/29/2020 -0.022 -0.009 -0.019 0.012 0.018 0.004 -0.007
6/30/2020 0.006 0.018 -0.016 -0.013 -0.010 -0.019 -0.001
7/1/2020 -0.006 -0.009 0.050 0.001 0.017 -0.010 0.012
7/2/2020 0.033 0.034 -0.010 -0.003 0.004 0.010 0.012
7/3/2020 0.008 -0.015 0.004 0.040 -0.014 0.008 0.005
7/6/2020 0.002 0.027 0.028 -0.008 0.027 0.007 0.015
7/7/2020 0.039 -0.026 -0.012 -0.017 0.002 -0.002 0.003
7/8/2020 -0.025 0.012 -0.016 -0.010 0.005 0.007 -0.009
7/9/2020 0.009 0.030 -0.003 0.013 0.013 -0.001 0.010
7/10/2020 0.000 -0.017 -0.014 0.011 -0.018 0.024 -0.004
7/13/2020 0.019 0.010 0.006 0.021 -0.023 0.012 0.003
7/14/2020 -0.017 -0.016 -0.004 0.004 -0.020 -0.015 -0.018
7/15/2020 0.059 0.008 0.000 -0.045 -0.005 0.006 0.001
 7/16/2020 0.092 0.007 -0.009 -0.002 0.009 0.009 0.011
7/17/2020 -0.009 0.027 0.007 0.007 0.033 0.008 0.015
7/20/2020 0.034 0.004 0.039 0.016 0.031 -0.040 0.011
7/21/2020 0.003 0.019 0.010 -0.014 0.005 -0.014 0.013
7/22/2020 -0.020 -0.026 0.004 0.002 -0.011 -0.006 -0.003
7/23/2020 -0.011 0.005 0.005 -0.003 0.004 0.004 0.007
7/24/2020 0.016 -0.017 -0.019 -0.014 -0.010 0.020 -0.002
7/27/2020 0.027 0.019 -0.019 0.000 -0.036 -0.021 -0.006
7/28/2020 0.015 0.016 0.007 0.009 0.007 0.015 0.015
7/29/2020 -0.009 0.042 0.028 0.003 -0.021 0.021 -0.009
7/30/2020 0.008 -0.019 0.006 -0.024 -0.013 0.034 -0.009
7/31/2020 0.005 -0.001 0.029 0.004 -0.017 0.042 -0.003
8/3/2020 -0.009 0.019 -0.056 -0.014 -0.030 -0.023 -0.017
8/4/2020 -0.007 -0.003 0.021 0.003 0.039 0.018 0.019
8/5/2020 -0.005 0.061 -0.018 0.018 -0.014 0.000 0.001
8/6/2020 0.027 0.037 0.022 -0.003 0.013 0.006 0.009
8/7/2020 -0.021 0.009 0.035 0.010 0.003 -0.012 0.001
8/10/2020 0.000 0.015 0.029 -0.003 0.006 0.033 0.005
8/11/2020 -0.003 0.015 -0.025 -0.014 0.015 -0.005 0.005

0.82 1.13 1.09 0.73 1.08 0.58 1

Investment 948450 333160 963800 1928850 2666625 1623150

8464035 (VA)

Port Weights 0.112056 0.039362 0.11387 0.227888 0.315054 0.1917702

Weighted Beta 0.091893 0.044588 0.12356 0.16749 0.341761 0.1108598

0.880152 VF 849187.5
8.773 Take 9 futures contracts to hedge the portfolio risk

11372.5 11522.5 11172.5 11122.5 11022.5

Change in Nifty 50 200 -150 -200 -300
0.44% 1.77% -1.32% -1.77% -2.65%

Loss/Gain in Spot 32897.49 131590 -98692.48 -131590 -197385

Loss/Gain in Fut 32897.49 131590 -98692.48 -131590 -197385
0 0 0 0 0
8464035 8464035 8464035 8464035 8464035

Total Risk is eliminated using Index futures

Portfolio Sys + unsys risk
Due to a well diversified Port you eliminate unsys risk
Systematic risk proxied by Beta can be eliminated using Index futures
SUMMARY OUTPUT

Regression Statistics
Multiple R 0.601593
R Square 0.361914
Adjusted R 0.359255
Standard E 0.022092
Observatio 242

ANOVA
df SS MS
Regression 1 0.066437 0.066437
Residual 240 0.117134 0.000488
Total 241 0.183571

Coefficients
Standard Error t Stat
Intercept 0.00092 0.00142 0.647517
X Variable 0.820062 0.070287 11.66726
 F Significance F
136.1249 3.269E-25

P-value Lower 95%Upper 95%Lower 95.0%

Upper 95.0%
0.517917 -0.001878 0.003717 -0.001878 0.003717
3.269E-25 0.681603 0.958521 0.681603 0.958521