22SM1E0030 Ramya

A STUDY ON
“PORTFOLIO MANAGEMENT OF NSE SELECTED INDEXED STOCKS”

WITH REFERENCE TO
STEEL CITY SECURITIES LTD., PEDDAPURAM
A Project report submitted to
SCHOOL OF MANAGEMENT STUDIES, JNTUK KAKINADA

In partial fulfilment for the degree of
MASTER OF BUSINESS ADMINISTRATION
Submitted by
PITLA RAMYA
22SMIE0030
Under the esteemed guidance of
Dr. P. DEVI
MBA., M.Com., Ph.D.
Assistant Professor
School of Management Studies
JAWAHARLAL NEHRU TECHNOLOGICAL UNIVERSITY KAKINADA

Kakinada –533003 (A.P) INDIA
2022 – 2024
A STUDY ON
“PORTFOLIO MANAGEMENT OF NSE SELECTED INDEXED

STOCKS”
WITH REFERENCE TO
STEEL CITY SECURITIES LTD., PEDDAPURAM
A Project report submitted to
SCHOOL OF MANAGEMENT STUDIES, JNTUK KAKINADA

In partial fulfilment for the degree of
MASTER OF BUSINESS ADMINISTRATION
Submitted by
PITLA RAMYA
22SM1E0030
Under the esteemed guidance of
Dr. P. DEVI
MBA., M.Com., Ph.D.
JAWAHARLAL NEHRU TECHNOLOGICAL UNIVERSITY

KAKINADA
Kakinada –533003 (A.P) INDIA
2022 – 2024
DECLARATION
I, PITLA RAMYA, student at School of Management Studies, JNTUK.

Hereby declare that the project report entitled “PORTFOLIO
MANAGEMENT OF NSE SELECTED INDEXED STOCKS” with
reference to STEEL CITY SECURITIES LIMITED, PEDDAPURAM has
been submitted by me in partial fulfillment of the award of the degree of
MASTER OF BUSINESS ADMINISTRATION by Jawaharlal Nehru
Technological University Kakinada.
This project work is original and has not been submitted to any other
university for the award of any degree or diploma.
PLACE: KAKINADA PITLARAMYA

DATE: REDG NO:
22SM1E0030
JAWAHARLAL NEHRU TECHNOLOGICAL UNIVERSITY
KAKINADA Kakinada –533003(A.P) INDIA
Certificate
This is to certify that the project work " PORTFOLIO MANAGEMENT OF NSE
SELECTED INDEXED STOCKS” with reference to STEEL CITY SECURITIES LTD.,
PEDDAPURAM is bonafide work of PITLA RAMYA with Regd No.22SM1E030 submitted
in partial fulfillment of the requirement for the award of the Degree Master of Business
Administration by Jawaharlal Nehru Technological University Kakinada, Kakinada.
Project Guide Director SMS
External Examiner
ACKNOWLEDGEMENT
I express my deep sense of gratitude with profound happiness to the following personalities who
lend their esteemed encouragement in completing my project successfully.
I take this opportunity to place on record my grateful thanks to my project guide Dr. P. DEVI,
MBA., M. Com., Ph.D. for his timely guidance and support throughout the preparation of my
project.
I would like to express my sincere thanks to Dr. A. KRISHNA MOHAN, B.Tech., MTech.,
MBA., Ph.D., Director, School of Management Studies for giving me an opportunity to take
up this project.
Finally, I would like to express my sincere thanks to the employees of STEEL CITY
SECURITIES LTD., PEDDAPURAM.
PITLA RAMYA
Regd No.: 22SM1E0030
CONTENTS
Introduction of study 1-6
Need for the study 7

Chapter 1
Objectives of the study 8
Scope of the study 9
Limitations 10
Review of literature 12-21
Chapter 2
Research Gap 22
Statement of the problem 23
Methodology of the study 24
Chapter 3 Industry profile 26-31
Company profile 32-33
Chapter 4 35-87
Data analysis and interpretation
Findings of the study 89
Chapter 5
Suggestions 90
Conclusion 91
Bibliography 92
CHAPTER 1
• INTRODUCTION
• NEED FOR THE STUDY
• OBJECTIVES OF THE STUDY
• SCOPE OF THE STUDY
• LIMITATIONS OF THE STUDY
INTRODUCTION
CONCEPT OF SECURITY ANALYSIS
Security analysis is the analysis of tradeable financial instruments called securities. It deals
with finding the proper value of individual securities (i.e., stocks and bonds). These are usually
classified into debt securities, equities, or some hybrid of the two. Tradeable credit derivatives
are also securities. Commodities or futures contracts are not securities. They are distinguished
from securities by the fact that their performance is not dependent on the management or
activities of an outside or third party. Options on these contracts are however considered
securities, since performance is now dependent on the activities of a third party.
SECURITIES INCLUDE
1. Shares, scrip's, stocks, bonds, debentures and other marketable securities.
2. Government securities
3. Rights or interests in securities.
CONCEPT OF PORTFOLIO
Portfolio is the collection of financial or real assets such as equity shares, debentures, bonds,
treasury bills and property etc. portfolio is a combination of assets or it consists of collection
of securities. These holdings are the result of individual preferences, decisions of the holders
regarding risk, return and a host of other considerations.
PORTFOLIO MANAGEMENT
The problem of choice is for an investor considering investing in securities. Out of a great
number of securities investor choice depends on individual securities' risk return
characteristics. investor would try to pick the most desirable securities and spend investor funds
on investor securities group. Once again, investor has to decide which securities to hold and
how much to invest in each of them.
The investor is confronted by an infinite number of possible securities or portfolios. Portfolios

are different in their risk and return characteristics than individual securities combined into a
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portfolio. Taking into account the risk and return characters of all possible portfolios the
investor tries to select the optimal portfolio.
The changing risk return characteristics of individual securities and the portfolio also change
as the economic and financial environment. An investor invests in a portfolio that expects a
good return with a lower risk.
Portfolio management is related to building and maintaining an investment collection.

Investment of funds in various securities, in which the Portfolio's total risk is minimized and
maximized. Instead of increasing return, this involves primarily reducing the risk. However,
return is clearly important, and the ultimate aim of the portfolio manager is the minimum
possible risk in order to obtain the selected return level.
FEATURES OF PORTFOLIO MANAGEMENT
Portfolio management's goal is to invest in securities so that the return can be maximized and
risks minimized to achieve the investment objective.
1) Investment safety: A key goal in portfolio management is the primary objective,

investment security or risk minimization. Many kinds of risks exist. Which are
associated with equity stocks investment, including super equity. There is no such thing
as investment at zero risk. In addition, investment in risk is relatively low, which results
in lower returns as a result.
2) Stable current rates: The portfolio should provide a steady current income once
investment security is guaranteed. At least the current returns should match the cost of
the investor's funds. they refer to the current income, not capital gains, by interests or
dividends.
3) Capital value appreciation: The value of a good portfolio should be enhanced to protect
the investor against inflation-based erosion of the purchasing power. In other words, if
certain investments tend to be valued at real value following adjustment to inflation,
then the balance portfolio must be based.
4) Marketability: The investment is a good portfolio that can be easily marketed. investor
will have problems in enchasing them, swtcshing from one investment to another, if
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there are too many unlisted or inactive portions of your portfolio. Investment in
companies that are actively traded in major bourses is desirable.
5) Liquidity: The portfolio should ensure that the investors' liquidity requirements can be
met with sufficient funds in the short-term.
6) Tax planning: Owners should enjoy a good tax shelter in a good portfolio. In view of
income, capital gains, gift tax, the portfolio should be developed. Taxation planning,
but not tax avoidance, is the goal of a good portfolio.
CAPITAL MARKET AND ITS STRUCTURE
The capital market is a financial market that provides for an orderly exchange of longterm needs
and facilitates them. In India, two types of the capital market are classified.
• Primary or new issue market.

• The Secondary market.
New issues of long-term securities are addressed on the main market. In contrast, the secondary
market concerns the purchase and sale of old or existing securities, already listed on the official
list of recognized stock exchanges.
There are many 'New Issue Market' players, they are:
• Merchant bankers.
• Registrars.
• Collecting and coordinating bankers.
• Sponsors and brokers.
Secondary market players are as follows:
• Down Securities Issuers like corporations.

• Brokers, sub-brokers and so on.
With growth in business and industry and a more complex economy, permanent financing is
required. Entrepreneurs need money for long-term needs, therefore the solution to this problem
gave way to the bursaries' origin as an investment and liquidity market.
In accordance with the 1956 Securities Contract Act, Stock Exchange refers to anybody of
individuals, whether or not constituted to regulate or control securities businesses.
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HISTORY OF STOCK EXCHANGE
Bombay was set up in 1875, and Ahmedabad was set up in 1894 was the only stock exchanges
operating in the 19th century. These were efficient market hypotheses which were organized to
regulate and protect the interests of brokers' voluntary, non-profit-making association. It was a
state subject, and the Bombay securities contracts (control) Act of 1925 used to regulate the
trade in securities, before securities trading was a central issue under the Constitution in 1950.
The Bombay Stock Exchange in 1927 and Ahmedabad in 1937 were recognized under this Act.
During the war boom, even in Bombay, Ahmedabad and other centers, several stock exchanges
were organized but were not recognized. Shortly after it became central themes, central laws
were proposed and the bill for securities regulation was introduced by a committee headed by
A.D.Gorwala. The Securities Contracts (regulation) Act became law in 1956 on the basis of the
Committee's recommendations and the public debate.
National Stock Exchange was incorporated in the year 1992 to bring about transparency in the
Indian equity markets. NSE was set up at the behest of the Government of India, based on the
recommendations laid out by the Pherwani committee in 1991 and the blueprint was prepared
by a team of five members (Ravi Narain, Raghavan Puthran, K Kumar, Chitra Sankaran and
Ashishkumar Chauhan) along with R H Patil and SS Nadkarni who were deputed by IDBI in
1992. Instead of trading memberships being confined to a group of brokers, NSE ensured that
anyone who was qualified, experienced, and met the minimum financial requirements were
allowed to trade.
NSE commenced operations in 30 June 1994 starting with the wholesale debt market (WDM)
segment and equities segment in 03 November 1994. It was the first exchange in India to
introduce an electronic trading facility. Within one year of the start of its operations, the daily
turnover on NSE exceeded that of the BSE. Operations in the derivatives segment commenced
in 12 June 2000. In August 2008, NSE introduced currency derivatives.
DEFINITION OF STOCK EXCHANGE:
"Stock exchange means anybody or individuals whether incorporated or not, constituted for the
purpose of assisting, regulating or controlling the business of buying, selling or dealing in
securities."
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It is a member broker association for the self-regulation and defense of its members' interests.
It can only work if the government recognizes it under the 1956 Securities Contracts
(Regulation) Act.
The central government, the Ministry of Finance, shall grant recognition according to section
3 of the Act.
STOCK EXCHANGE NATURE AND FUNCTION
The scope of the acquisition and ownership of capital by private persons is also increasing, as
is the case in the future. There is extraordinary ignorance and prejudice arising from ignorance
in relation to the nature and function of stock markets. In addition, there is a very large
opportunity for a stock exchange to help stimulate private savings and to challenge these
savings for productive investment. These services can be rendered efficiently on the stock
exchange alone.
In the construction of true shareholder democracy, the stock market plays an important role in
India. In order to safeguard the investment public's interests, not only its members, but also its
users, joint stock companies, and other entities in whose stocks and shares it deals, have become
increasingly disciplined in the stock exchange.
In addition to statutory regulations, investors are offered both current and potential through the
daily stock bursaries, the activities on the stock bourse are governed by a recognized code of
conduct. The task of the stock exchange and its members is to meet the need of the investment
market, to bring together the purchasers and sellers of investments and to ensure that stock
exchanges between them are as simple and fair as possible.
FORMATION OF SEBI
In order to 'guard' the securities interests of investors in securities and promote development
and regulate the securities market, and for matters associated or advisable to it, the Government
of India established in 1988 a Securities and Exchange Board of India (SEBI) as an autonomous
regulatory body." It has the right to exercise the duty of protecting investment rights and
regulate capital marketers through two acts, namely the SEBI Act, 1992 and the Security
Contract (Regulation) Act, 1956.
5
The regulatory scope of the Indian Securities and Exchange Board (SEBI) has been extended
to include more fields, and the capital market is significantly changing. The 199798 annual
report by SEBI stated that it sought to balance the twin objectives of investment protection and
market growth throughout its six-year existence as a statutory body. It has developed new rules
and regulations to encourage development. In 1996-97, monitoring and supervision in the Stock
Exchanges were implemented, and in 1997-98 they were enhanced.
In 1988 the Government of India created SEBI as an independent regulatory body to 'protect
investors' securities interests, promote the development, and regulate the securities market and
related issues.' It shall have the right to perform the function of protecting investor's right and
regulating capital markets through two acts: the SEBI Act of 1992 and the Securities Contract
Act (Regulation) Act of 1956.
SEBI's OBJECTIVES
In 1992, SEBI gave its statutory status to the promulgation of the SEBI ordinance in the
parliament. The three main objectives are, according to the preamble of the SEBI:
• Protect investors' securities interests • Encouraging security market development.
• Securities market regulation.
FUNCTIONS OF SEBI
• Stock Exchange business and any other stock market regulations. Sub-breakers, equity
transfer agents, bankers to the issue, trust trustees, registrars for a problem, traders' bankers,
underwriters, registered stock brokers and regulators;
• Portfolio managers, investment advisors and those other intermediaries that are in any way
related to the securities market.
• Registering the operation of collective investment schemes including mutual funds and
regulating them.
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NEED FOR THE STUDY
Investors invest all their savings in one security are seldom found. They generally invest in a
securities group. In order to provide investors with the maximum return on a particular level of
risk or to ensure minimum risk for a certain level of return, this portfolio management study
helps investors to select securities. By diversifying the portfolio, the risk could be reduced.
The study helps examines the number of opportunities with different individual stock risks and
portfolio construction by eliminating high risk. Time to time the NSE listed stocks are always
volatile so that the study always helps investors for wealth maximization of investments.
7
OBJECTIVES OF THE STUDY
• To measure the correlation coefficients of NSE index stocks in STEEL CITY
SECURITIES LTD., PEDDAPURAM.
• To find the co-variances of Twenty-five selected stocks between the values.
• To study the risk (𝜎2) for individual analysis and portfolio analysis.
• To measure the expected return with Markowitz model approach.
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SCOPE OF THE STUDY
The study has been conducted by observing the share price movement of NSE listed companies
from 16th may 2023 to 16th June 2023. In this study, the standard deviation measures and
variance of co-variance of all the companies present in NSE Index are calculated. It also covers
the calculations of correlation coefficient and covariance which are further used in calculations
of portfolio weights and risks.
This study helps the investor to find out the optimum investment by knowing their risk patterns.
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LIMITATIONS OF THE STUDY
• The study is limited to NSE INDEX, twenty-five companies but both BPCL and ONGC
are related to same sector and also Standard Deviation of both companies are same So
considering ONGC over both.
• Investors desired level of variance 𝜎𝑖2 of individual stocks were not taken into
consideration
• Major observations are based on the secondary data only.
• Analysis is done only on the basis of Markowitz model approach.
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CHAPTER -II
➢ REVIEW OF THE
LITERATURE
➢ RESEARCH GAP
➢ STATEMENT OF THE
PROBLEM
➢ METHODOLOGY OF THE
STUDY
REVIEW OF LITERATURE
The review of literature is very significant for finding the research gap and statement of
problem for further research study.
1. A study on risk & return analysis of selected securities in India by Dr. P.

Subramanyam, Dr. Nalla Bala Kalyan published in International Journal
of Engineering Technologies and Management Research (VOL 5 ISSUE
4, APRIL 2018)
ABSTRACT:
The main objective of this study is to encourage investors to invest in mutual funds to maximize
their return on the capital in those areas. The research provided an interesting overview of
mutual funds, the risk of investors' skills and preferred investment options etc. In the last couple
of years Indian capital has grown enormously. The economy has been opened up and numerous
trends have taken place on the Indian money and capital markets with economic reforms,
investment policy reforms, public sector reforms and financial sector reforms. The mutual fund
industry has taken an important place to help small investors. This study helps us understand
how companies in various sectors and companies diversify themselves to maximize their
returns and minimize the risks involved.
THE STUDY'S OBJECTIVES
The main goal of the study is to understand the performance of infrastructure equities 1)
Studying equity returns and risk evaluations.
2) To study the equity, change coefficient.
3) Propose to investors when investing in shares.
4) To use tools and techniques to measure the risks to selected securities.
FINDINGS:
The current project work was carried out for a period of one month to study security analysis.
The following facts were identified during this study.
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1) The average return on the company GMR INFRA is -78.235; 0.6 of the month's highest price
is 22.65 on 1-Feb-17, respectively. During the month the lowest price was 20.35 February 28th,
17th. The variation coefficient is -0.007669202.
2) The average return of HCC company is 0.23 and -85.635 risk. During the month, the
highest price was 14.85 on February 3, 17. On 28-Feb-17, the lowest monthly cost was 14.
The variation coefficient is -0.002685818.
3) The average return on the company NCC is -67.9425 and the 1.6 risk. The highest
monthly price for February 17 was 34.75. On the 11th and 12th February, the lowest price of
the month was 29.9. The variation coefficient is -0.023549325.
4) The average return of the LITL company is -89.255, with 0.30 risks. On 28 Feb-17, the
highest price was 11.65. On 24-Feb-17, the lowest monthly price was 10.5. The variation
coefficient is -0.003361156.
5) The average return for IVRCL is -79.7 and the 0.89 risk. On 1-Feb-17 the highest month
price was 21.75. On 09-Feb-17, 19.4 was the lowest price in the month. The variation
coefficient is -0.011166876.
6) The average return of the company SIMPLEX INFRA is -73,275 and 0,86. On 2-Feb17,
the month's highest price was 27:45. On 28-Feb-17, the lowest monthly price was 24. The
variation coefficient is -0.011736609.
CONCLUSION:
The study risk return investigation helps the investor to pick up the securities based on his
choice. It provides information about the performance of various stocks in the market in terms
of risk and return. This paper emphasizes on the market fluctuations relations to the prices of
Scrip’s though it is difficult to observe a pattern for the price movements but efforts have been
taken using fundamental analysis and technical analysis. Using fundamental analysis, it is
observed that the financial position and performance of the firms are in correlation with present
market prices. According to technical analysis, the historical data taken is used to observe the
trends followed by the Scrip’s. However, it cannot be said that any one method is sufficient to
analyze and interpret the fluctuations but they help the investor to define the trends to some
extent. Over all it can be said that the project is satisfied.
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2. Sharpe’s single index model and its application to construct optimal
portfolio: an empirical study By Niranjan Mandal, B.N. Dutta Smriti
Mahavidyalaya and Burdwan published in The Great Lakes Herald
March 2013 (Volume 7, Issue 1)
ABSTRACT:
An attempt is made here to gain insight and empirically build an ideal portfolio using the idea
embedded in Sharpe's single index model. With regard to BSE SENSEX as the market
performance index, the proposed method defines a unique cut-off rate and selects such security
to create an optimal portfolio that is higher than the cut-off rate when the excess return on beta
ratio is taken into account, and the daily price of the sampled securities for April 2001 to March
2011. The investment percentage is then calculated based on the beta value, unsystematic risk,
excess return to beta ratio, and cut-off rate of each securities concerned, for each of the
securities selected.
THE STUDY'S OBJECTIVE:
The study's main aims are:
1. To get a look at the idea in the Single Index model of Sharpe.
2. To build an excellent portfolio using the Single Index Model of Sharpe empirically.
3. To assess the profit and risk of the optimal portfolio, built using the Single Index Model from
Sharpe.
FINDINGS:
(i) It is observed that as compared with the Markowitz Mean Variance Model, the Sharpe
Single Index model provides an easy mechanism to build a rational investor with an
optimal stock portfolio by analyzing why securities are included with its respective
weights. In fact, it simplifies to a large extent the portfolio problems in the model of
Markowitz.
(ii) There are significant similarities between the SIM and the Markowitz model with
regards to constructing the optimal portfolio, however the input requirement of the
Markowitz model requires less input than that required for achieving the risk and return
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of the optimal portfolio. It is observed from the study that, by using its SIM
construction, only ten out of 20 one sampled securities can be integrated into the
optimal portfolio. The number of inputs required in SMI is 32 (applying 3n+2) for risk
and return of that portfolio, while that number is 65. Consequently, SIM naturally
reduces the calculation burden under Markowitz and claims additional loans in the
investment finance field.
(iii) A notable difference exists between the total risk of the optimal Portfolio computed by
SIM and Markowitz's model, according to two different mechanisms. The total risks of
the optimum portfolio (in terms of SD) under SIM were observed to be 2.87 percent,
while they were 1 percent. 79 percent take the required input from SIM in the
Markowitz model.
CONCLUSION:
The optimum Portfolio Investment is made easier and easier by using Sharpe's Single Index
Model than by using the Mean Variance model from Markowitz. Sharpe submitted that the
effective portfolios of SIM and Model Markowitz are considerably similar. This model can
show how risky a security is if a well-diversified portfolio of security is maintained. This study
is based on a small (n<30) sample, i.e. 21 securities sampled. To get a more accurate result, it
can be extended to a large sample. Hope that this study in investing finance will contribute a
little about a lot in the field of investment finance.
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3. Portfolio management - risk & return analysis of selected scripts by Dr. V.
Sreehari, G. Ramesh, G. Vinesh Kumar, K. Sandeep Kumar in International
Journal of Mechanical Engineering and Technology (IJMET) Volume 8,
Issue 12, December 2017.
ABSTRACT
Portfolio management is a process of encompassing many activities of investing in assets and
securities. It is a dynamic and flexible concept and involves regular and systematic analysis,
judgement and action. A combination of securities held together will give a beneficial result if
they grouped in a manner to secure higher returns after taking into consideration the risk
elements.
• To analyze the risk return characteristics of sample scripts.
• To calculate correlation between different stocks.
• To ascertain portfolio weights.
• To compute portfolio returns and Risks.
• To construct effective portfolio to offer maximum return with minimum risks.
SCOPE OF THE STUDY
The study covers analysis of selected scripts in diversified areas to study average return,
standard deviation, correlation among scripts, weights, portfolio risk and portfolio return.
METHODOLOGY OF THE STUDY
Research methodology is the procedure of collecting, analyzing and interpreting the data to
diagnose the problem and react to the opportunity in such a way where the costs can be
minimized and the desired level of accuracy can be achieved to arrive at a particular conclusion.
SUGGESTIONS
• Of the five stocks selected, all the stocks have given positive returns. HINDUSTHAN
UNILEVER Bank and HUL has been giving good profits of over 25% while the other
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companies have also given good returns. All the companies seem to be a good bet for
investment.
• Comparing the individual risks, HUL and AMBUJA CEMENT are high risky compared to
the other securities like BAJAJ AUTO, and HINDUSTHAN UNILEVER and it is suggested
that the investors should be careful while investing in high-risk securities.
• The investors who require average returns with low risk can invest in Hindustan Unilever
• Investors are advised to invest in Portfolios of Ambuja Cements & Hindustan Unilever (33%)
and Ambuja Cements & HINDUSTHAN UNILEVER Bank (31%) which have given the
maximum returns.
• Low Risk investors are advised to keep away from HUL & AMBUJA CEMENT and
Hindustan Unilever & HINDUSTHAN UNILEVER Bank and prefer the Portfolios of Bajaj
Auto with other companies which have the least risk.
CONCLUSIONS
The main objective of the Portfolio management is to help the investors to make wise choice
between alternate investments without a post trading shares. Any portfolio management must
specify the objectives like maximum returns, optimum Returns, capital appreciation, safety
etc., in the same prospectus.
This service renders optimum returns to the investors by proper selection and continuous
shifting of portfolio from one scheme to another scheme of from one plan to another plan within
the same scheme. “Greater portfolio return with less risk is always is an attractive combination”
for the investors.
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4. A STUDY ON PORTFOLIO MANAGMENT by Kuraku Rekha, Mrs.
N.L.Deepthi, Malla Reddy Engineering College and Management Sciences,
Medchal, Telangana – 501401, JETIR August 2020, Volume 7, Issue 8, (ISSN-
2349-5162).
ABSTRACT
Anywhere, it's a combination of Risk safety features and references. This is a type of court and
equipment with various risk and returns characteristics, based on the assets or income of the
investor in the same period to avoid risk and return. In the other, or may not satisfy the behavior
of the joint component respectively. In other areas, it is a collection of objects such as money
or housing stock, debates, sculpture, treasury bills, and property, etc.
The portfolio management goal is capital security, income stability, economic growth, market
capitalization, equity and diversification, and good financial condition. Security not only
protects the firm durability but also perseveres with purchasing power. Complex revenues
facilitate the flow of revenue ie more efficiency and order.
Investors risk-free cash can invest in a portfolio that is calculated on the GAIL portfolio by
Titan, Infosys, and BHEL. Investors who are riskier or less risky are advised to invest in BHEL
with Titan, Wipro and Jindal Steel and if the mix is riskier than other problems.
The price of this challenge is to provide the best return on the highest investment risk.
 Check if there is less liability risk than the security risk on which the portfolio is based.
 Selected for evaluation of the cover results.
 Decide on the combination of sectors/sectors that are not the best or not.
Know the specification of the risk of the question being selected.
SCOPE AND PERIOD OF THE STUDY:
This work is a model, said Markowitz. Here, in the work from the ratio of the counting side for
the different combinations, the proportions with the highest possible base background are
selected. Still note the calculations of personal ties and the weight of personal chains at the end
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of the hand. Research certificates cover 20 actions with a 12-month selection period, from April
2011 to March 2012.
RECOMMENDATIONS
1. Due to Titan, BHEL's moderate-income, investors are strongly encouraged to invest in these
securities to risk them.
2. WIPRO, Titan and Jindal Steel are the security risks if the leader is guaranteed. They suggest
that investors should be careful about what this investment implies
3. This should be recommended for investors who wish to return with high risks on BHEL's
questionnaires and securities.
4. Or a question that should go where the lowest-risk investment should be in Gail.
5. Investors benefit from this investment in banks in selected industry documents.
CONCLUSION
1. Product risk may include the structure of the problem and Titan Gail, BHEL and Infosys
mean that the numbers are numbered.
2. Investors have less risk or less risk by investing heavily in BHEL and Titan, Wipro and
Jindal Steel and if the risk loss is greater than other combinations.
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5. Investment Analysis and Portfolio Management of Top 10 Stocks Picks in
India Amid Market Turmoil in COVID-19 by Supriya Shivnarayan Singh in
International Journal of Science and Research (IJSR) ISSN: 2319-7064.
ABSTRACT
The COVID-19 pandemic has disrupted economic activity and have caused recessionary
situation. It has also disrupted an economy like India which is set to grow now at slower pace
for a decade. Stock market reacted very sharply with the increased number of infected
populations. Amid all this, Macquarie, a Sydney based Investment Bank, is bullish on ten stocks
mentioned in this paper. This paper analyses these ten stocks from Investment Perspective and
shows how a portfolio can be created using these stocks. This paper, with the help of
optimization model, tries to understand the effect of diversification and find out the optimal
number of stocks considering the risk and return. The model duly considers the investor’s
appetite as well. The research indicates that if Financial Analysis is done in a right manner, we
can analyze Investments rigorously and Manage Portfolios by using Excel and Google Sheets.
It can be concluded that, the returns can be maximized and risk can be minimized by proper
Investment Analysis and creating an optimized portfolio using top stock picks even in this
Market Turmoil caused due to pandemic like COVID-19.
RESEARCH OBJECTIVE
To analyze the top 10 stocks picks in India amid COVID-19, calculate their risks and return,
create an optimized portfolio using these stocks and understand the effect of diversification.
RESEARCH METHODOLOGY
The objective of this research is to analyze the top 10 stocks picks in India amid COVID-19,
calculate their risks and return, create an optimized portfolio using these stocks and understand
the effect of diversification. The research is based on historic data of last 5years (2 Jan, 2015 –
3 April, 2020). The research includes the first few days of lockdown period amid COVID-19
also. The research work is based on the secondary data from the published sources. The data is
sourced from Financial Times, Research papers and a Bloomberg Quint article. (Secondary
data is downloaded from any site like bse/nse etc) Investment analysis and
Portfolio Management concepts and principles are applied in this Research. We have analyzed
the stocks in the portfolio, calculated the return and risk individual stock as well as portfolio
20
risk and return, created an optimized portfolio and studied the effect of diversification on the
portfolio in this research.
CONCLUSION
If Financial Analysis is done in a right manner, we can analyze Investments rigorously and
Manage Portfolios using Excel and Google Sheets. Investment risk can be quantified and
measured by exploring the powerful relationships between stock prices, returns and risk. We
found that risk can be minimized and return can be maximized to a certain extent by
diversification. We can find out how much to invest in individual stocks of a portfolio for
desired return and risk. We can also find out, the maximum return that can be obtained from a
portfolio by using the model used in this research. Investment analysis and Portfolio
Management, helps us identify the way in which we should invest in stocks with some initial
calculations and identify the portfolio which would help us to gain better returns.
21
RESEARCH GAP
The above studies of review expressing different types of opinions of scholars.
1. The first research article reveals risk and return analysis of selected securities in India
with the objective of equity changes coefficient method and risk evaluation approach.
2. The second article deals with Sharpe single index model optimal portfolio construction
with the aim of excellent portfolio study through only one method of approach that is Sharpe.
3. The third research paper expressing portfolio management risk and return analysis. This
study also concentrated portfolio weights computation approach.
4. The fourth article studies the strategies of fund managers for portfolio with the aim of
market capitalization and equity fund performance.
5. The fifth article discussed COVID-19 conditions influencing portfolio management

with the aim of avoiding risks and maximizing return.
The above studies are not covered total NSE listed Twenty-five stocks portfolio risk
and appraisal of investor wealth maximization, so that the gap is filled with the study of "A
portfolio management of NSE listed stocks with reference to STEEL CITY SECURITIES
LIMITED, PEDDAPURAM".
22
STATEMENT OF THE PROBLEM
The investors are expecting more returns with less risky securities are selected so that the
investors are not aware about the technical study of Markowitz model for risk (expected) study.
So, this study is helps to know how to construct the portfolio with Variance and Covariance
approach for risk analysis.
23
METHODOLOGY OF STUDY
The study is conducted to know the past performance of the NSE Index listed companies and
to construct the optimum portfolio based on risk and rate of returns of the companies. The data
collected may be either primary or secondary data
SECONDARY DATA:
Secondary data is also known as used data, which is collected by someone or is available readily
so that the data can be used by different groups of people based on their usage. Secondary data
can be available or collected through published annual reports, bulletins or printed materials
and through web which publishes the information supplied by companies.
SOURCES OF DATA:
The source includes only secondary data

• Closing prices of shares collected from the website www.nseindia.com and also referred
the company historical prices manuals maintained by the company.
• The formulae related to statistical calculations of standard deviation, correlation and
covariance are referred from the books of Security Analysis and Portfolio Management
by Punithavathy Pandian and S. Kevin.
24
CHAPTER- III
➢ INDUSTRY PROFILE
➢ COMPANY PROFILE
INDUSRTY PROFILE
NATIONAL STOCK EXCHANGE:
National Stock Exchange was incorporated in the year 1992 to bring about transparency in the
Indian equity markets. NSE was set up at the behest of the Government of India, based on the
recommendations laid out by the Pherwani committee in 1991 and the blueprint was prepared
by a team of five members (Ravi Narain, Raghavan Puthran, K Kumar, Chitra Sankaran and
Ashishkumar Chauhan) along with R H Patil and SS Nadkarni who were deputed by IDBI in
1992. Instead of trading memberships being confined to a group of brokers, NSE ensured that
anyone who was qualified, experienced, and met the minimum financial requirements were
allowed to trade.
NSE commenced operations in 30 June 1994 starting with the wholesale debt market (WDM)
segment and equities segment in 03 November 1994. It was the first exchange in India to
introduce an electronic trading facility. Within one year of the start of its operations, the daily
turnover on NSE exceeded that of the BSE. Operations in the derivatives segment commenced
in 12 June 2000. In August 2008, NSE introduced currency derivatives. .
THE TRADING SYSTEM
In March 1995, the Bombay (Mumbai) Stock Exchange has introduced screen-based trading
called BOLT (BSE on-line Trading). The BOLT is designed to get best bids and offers from
jobbers' book as well as the best buy and sell orders from the order book. Slowly the network
is being extended to other cities too. Now the BOLT has a nationwide network. Trading Work
Stations are connected with the main computer at Mumbai through Wide Area Network (WAN).
The capacity of the Tandem hardware of BOLT is 5,00,000 trades per day (in 6 hours i.e from
9:30 a.m. to 3:30 p.m.). After getting specific approval from SEBI, BOLT connections have
been installed in Ahmedabad, Rajkot, Pune, Vadodara and Calcutta. The number of scrips on
BSE was 4,702 in March 1995 and has increased to 5,853 in March 1998.
SECURITIES TRADED
The securities traded in the BSE are classified into three groups namely, specified shares or 'A'
group and non-specified securities. The latter is sub-divided into 'BI' and 'B' groups. A group
26
contains the companies with large outstanding shares, good track record and large volume of
business in the secondary market. Carry forward transactions for a period of 90 days are
permitted in A group shares. A group contains 150 companies. Relatively liquid securities come
under the 'B1' group and it comprises 746 companies. The remaining shares are placed under
the 'B' group. Settlements of all the shares are carried out through the Clearing House. The
settlement period is reduced from 14 days to 7 days for all scrips.
SURVEILLANCE SYSTEM
There is a separate surveillance department in the stock exchange. The surveillance department
aims at providing free and fair market, arresting unsystematic risk from entering into the system
and managing risks. The surveillance can be classified into price surveillance and pre-
monitoring.
Price Surveillance
The surveillance department keeps a close watch over the price movements of scrips and aims
at an early detection of market manipulation like price rigging. The price surveillance is
effectively carried out mainly through
1. Circuit filters and
2. Margins.
Circuit filters
The circuit filters decide the range within which the traded prices of a scrip can vary on a day
compared to the previous day's closing price. The filter percentages are entered into the system.
The quote orders outside the prescribed filter hand cannot be traded. The filter percentages for
various scrips are changed at the end of the day. If there is a need, it may be changed even when
the trade is going on. In spite of the price filters if there is a manipulation in the price, the
trading of the particular scrip is suspended for a day or more depending upon the situation.
Margins
The trading members deposit part of their trades as a margin to the exchange. The margin
amount varies for Type-I members who trade in 'A' group shares and Type-II members who
27
have not opted for carry forward trade. Type-I members pay a daily margin of 15% on their
trades both on delivery and carry forward.
For Type-II members, the margin is computed on the basis of gross exposure or net exposure
and the higher of the margin is charged. Mark-to-market margins are collected on all notional
losses on a daily basis. Carry over margin is collected when traders' transactions are carried
forwarded in 'A' or specified group scrip from one settlement to another settlement.
Special margin
To curb the unwanted risk in the price and volume special margin has been imposed. The special
margin is levied on the net cumulative purchase of the scrip in which the rise in price is
abnormally high. It ranges from 25% to 100%.
Concentration margin
Apart from daily margin if the member's trade is concentrated on limited number of scrips say
one to three scrips, concentration margin is levied. If the sale or purchase position exceeds
50%, 65% and 80% respectively, the member has to pay concentration margin.
Additional volatility margin
This margin is imposed on scrips quoting above Rs.40. If the price of the scrip changes by 16%
or more in one settlement compared to the closing price at the close of the previous settlement,
additional volatility margin is imposed on the traders.
Ad-hoc margin
The exchange imposes ad-hoc margin above the daily margins. To have an effective risk
management, it is levied when there is an excessive purchase or concentrated purchase position
in some scrips. It is also imposed if the member's financial position may not appear to be sound
compared to the market exposure.
CHECK ON THE BOLT TERMINALS
The work stations of the members are deactivated generally on two occasions the member's
failure to pay the fee and violation of the trade restrictions given by the authorities. The decision
to deactivate is taken on case to-case basis.
28
Position monitoring
The position monitoring means watching of the member's trade position and the outstanding
exposure. This is carried out to ensure a smooth completion of pay-in and pay-out settlement.
Towards this purpose, various Market Monitoring Reports (MMR) are prepared from the
trading data. The Information System Department (ISD) of the exchange provides available
data on trade.
Outstanding market position
The trade exposure beyond a limit is monitored. The trade outstanding market position is R 10
million and above for A+ Bl group scrips. It is Rs 5 million and above in the case of B group
scrip. It is Rs 1 million and above for individual scrips. The market exposures of the members
are compared with the financial soundness of the members and their normal volume of
business. If the margin cover is not adequate against their outstanding position corrective steps
are taken. Ad hoc margins are imposed and details of members' dealings are obtained. The
member is advised to square up the outstanding position
Concentrated purchase or sales
Sometimes the members concentrate their trading only on certain scrips and it may end in price
rigging. The exchange takes appropriate surveillance against it. The judgment of risk is made
on the basis of fundamentals of the scrips, daily turnover and market transactions. The market
transactions are scrutinized by cross deals, negotiated deals for settlement, transactions for
international investors, Indian financial institutions (IFI), Mutual funds (MFS) and corporate
clients.
Carry forward positions
The exchange limits the curry forward settlement also. The limit the exchange is Rs 200 million
for the members at the end of settlement and Rs 300 million at the end of a day within a
settlement. Adherence to these limits has been closely monitored by the Surveillance
Department. The department also inspects certain dealings and books of accounts of the
members. Irregularities are referred to the Disciplinary Action Committee (DAC) of the
Exchange and Scrutiny Committee of the Exchange.
29
PROTECTION AGAINST DEFAULT
To protect the investors and the trading members against the default of another member several
funds have been set up by the stock exchange. They are discussed subsequently.
Customer's protection fund
The fund has been set up with the objective of providing insurance to investors in the case of
default by a member. The investor is indemnified from default upto the preset limit Rs 3,00,000.
The corpus of the fund consists of 1) 2.5% of the listing fees 2) a levy on turnover at the rate
of Rs 1 for Rs 1 million of turnover 3) 50% of the interest earned on the one per cent of the
issue amount deposited by companies at the time of their public and rights issues for a three
months period as a safeguard against non-refund of excess subscription.
Trade Guarantee Fund
The BSE created the Trade Guarantee Fund in 1997. The main objectives ate given below
- To guarantee the settlement of the Bonafede transactions of members of exchange

interest which forms a part of stock exchange settlement.
- To ensure timely completion of settlement of contracts and thereby protecting the

interest of investors and the members of the exchange.
- To inculcate confidence in the minds of the secondary market operators.
- To protect the interest of investors, promote the development and regulate the
secondary market.
The corpus of the fund is Rs 600 million which consists of contribution of the members and
exchange. If the corpus of the fund falls below Rs 600 million, the exchange has to inform the
SEBI and its members. The exchange is empowered to call for further contribution from the
members.
A defaulter's committee having 60% public representatives is set up to manage the fund. The
failure of the member to meet his obligation on pay-in-day to the Clearing House is informed
to Executive Director or the President of the Exchange. The President or Governing Board or
any two elected directors after giving two hours notice to the defaulting member declare him
30
as defaulter. Now, the Defaulters Committee has to pay the unpaid settlement dues of the
defaulters to the Clearing House before the pay-out. The Defaulters Committee has to make
timely payment to help the Exchange to follow strictly the settlement schedules. This
arrangement dispels the fear of postponement of the pay-outs. The TGF corpus was over Rs
1,600 crores in April 2000.
Brokers' contingency fund

The stock exchange brokers contingency fund has been established by the Stock Exchange in
July 1997 to grant refundable advance to members who may have temporary mismatch of
funds. Every existing active member has to contribute an initial non-refundable contribution of
one thou sand rupees to the fund.
Insurance cover
The BSE has a tie up with New India Assurance Company Limited. It provides an integrated
comprehensive insurance policy for the Exchange, its members and the Clearing House. This
cover is compulsory for all members whether active or inactive. The Clearing House has the
cover to the extent of Rs 16 billion. Individual member cover is limited to Rs 10 million. If the
loss is less than Rs 25,000 the insurance company is not liable to pay it and the loss in excess
of Rs 25,000 is paid by it. The insurance policy covers the infidelity of employees, loss of
securities of specified nature, electronic and computer crime, error and omission of professional
indemnity.
Investors' grievances
The Exchange has an active and efficient dispute resolution mechanism. It settles disputes
between investors and trading members and among the trading members also. The Investors
Service Cell is established to look into the investors' grievances against the listed companies
and stock brokers. If found guilty the exchange can delist the companies for specified periods.
According to the revised bye laws and regulations, the investor is now given the right to name
the arbitrator. This has enhanced the confidence of investors in arbitration mechanism. The
composition of the arbitration panel is according to the norms approved by SEBI.
31
COMPANY PROFILE
STEEL CITY SECURITIES LIMITED

In Southern India, Steel City Securities Limited has been the industry leader in retail stock
broking since 1995. In order to increase our business potential in both rural and urban Andhra
Pradesh, they are the forerunners and top innovators in the introduction of the franchisee model.
In addition, we conduct business in Maharashtra (Mumbai), Orissa, Chhattisgarh, Karnataka,
and Tamil Nadu.
Steel City is having memberships in national level Exchanges of NSE, BSE, MCX, NCDEX
and MCX-SX for Stock, Derivative, Commodity and Currency segments. We are recognized
as POP by PFRDA (Pension Fund Regulatory and Development Authority, Govt. of India) to
promote pension schemes for the well-being of Indian citizens. It has high-end risk
management tools for all market segments to maintain a healthy business relationship with all
our valuable investors and clients.
For all market areas, they offer top-notch risk management technologies to ensure that our
valued clients and investors remain in good standing. The company currently enjoys a very
high level of market confidence, goodwill, and reputation. Our in-house software development
team creates and implements applications for the back-office functions of every exchange
segment. Their superior management solutions for business development and expansion are
their solid foundation in this fast-paced industry. They consistently deliver timely funds and
securities clearing to their esteemed clients worldwide, and they have the best track record in
this regard. They are an ISO 9001:2015 accredited business that strives to provide services and
products that satisfy customers. The brand “Steel City” means “confidence as strong as steel”.
Broking Services
We provide equity and derivatives broking services. We provide our clients with the most
skilled group of Research Analysts and Advisory Managers, supported daily by comprehensive
knowledge, experience, and research insights.
MF/IPO
We facilitate investments in Mutual Funds and Initial Public Offerings (IPO’s).
32
E-Governance
In 2014, they have been recognized as an authorized entity to process PAN cards through NSDL
e-Governance. Initially they started processing PAN cards at their Head Office and existing
Stock Broking Branch locations to promote their services. Later on, they also gotten into other
nearby states in India's north and south. Their management has focused on multiplying the
processing capacity in order to take advantage of untapped business volumes throughout the
nation, as they had seen a consistent growth in the processing of PAN cards year over year
when compared to other competitors. They opened more processing centers (TIN-FC) across
India as a result of unwavering drive. Currently, there are over 10,000 e-Government service
locations in India. Steel City has been positioned as the nation's top processor of PAN cards,
handling over one crore applications annually, thanks to this landmark. In order to serve clients
as a one-stop shop, they have processed additional e-Government services over the course of
six years, including e-TDS, TAN, SFT, NIR, NPS, and GST.
Research and Advisory

They have very competitive analysts to focus on the market trends of all Exchanges/Segments
in both fundamental and technical. Since they have very large scale of retail investors, they
understand their portfolios, investment plans and return of investments (ROI). Their advisory
team will keep posting the analysis reports to the respective clients based on their requirements.
Steel City is a well-known company with more than 25 years of commercial experience. Their
clientele numbers more than two lakh. They provide services in over 10,000 business locations
and over 1000 cities.
33
CHAPTER - IV
DATA ANALYSIS AND INTERPRETATION

PORTFOLIO CONSTRUCTION
The process of blending together the broad asset classes so as to obtain optimum return with
minimum risk is called portfolio Construction. Diversification of investments helps to spread
risk over many assets. In a diversified portfolio, some securities may not perform as expected,
but others may exceed the expectation and making the actual return of the portfolio reasonably
close to the anticipated one. Hence, it is a common practice to diversify securities in the
portfolio.
APPROACHES IN PORTFOLIO CONSTRUCTION

Commonly, there are two approaches in the construction of the portfolio of securities viz.
traditional approach and Markowitz efficient frontier approach.
In the traditional approach, investor's needs in terms of income and capital appreciation are
evaluated and appropriate securities are selected to meet the needs of the investor.
In the modern approach, portfolios are constructed to maximize the expected return for a given
level of risk. It views portfolio construction in terms of the expected return and the risk
associated with obtaining the expected return.
Traditional Approach
The traditional approach basically deals with two major decisions. They are:
(a) Determining the objectives of the portfolio
(b) Selection of securities to be included in the portfolio.
Steps in traditional approach
Analysis of constraints
Determination of Objectives
35
Selection of Portfolio
Bond and Common stock
Bond
Common stock
Assessment risk and return
Diversification
Markowitz Approach
Markowitz gives more attention to the process of selecting the portfolio. The stocks are not
selected on the basis of need for income or appreciation. But the selection is based on the risk
and return analysis. Return includes the market return and dividend. They are assumed to be
indifferent towards the form of return.
From the list of stocks, the investor selects roughly some group of shares. For these stocks'
expected return and risk would be calculated. The investor is assumed to have the objective of
maximizing the expected return and minimizing the risk. Further, it is assumed that investors
would take up risk in a situation when adequately rewarded for it. This implies that individuals
would prefer the portfolio of highest expected return for a given level of risk.
In the modern approach, the final step is asset allocation process that is to choose the portfolio
that meets the requirement of the investor. The risk taker i.e. who are willing to accept a higher
probability of risk for getting the expected return would choose high risk portfolio Investor
with lower tolerance for risk would choose low level risk portfolio. The risk neutral investor
would choose the medium level risk portfolio.
36
Managing the portfolio
After establishing the asset allocation, the investor has to decide how to manage the portfolio
over time. He can adopt passive approach or active approach towards the management of the
portfolio.
In the passive approach the investor would maintain the percentage allocation for asset classes
and keep the security holdings within its place over the established holding period.
In the active approach the investor continuously assesses the risk and return of the securities
within the asset classes and changes them accordingly. He would be studying the risks (1)
market related (2) group related and (3) security specific and changes the components of the
portfolio to suit his objectives.
MARKOWITZ MODEL
The portfolio risk can be calculated with the help of the following formula.
Portfolio standard deviation (Risk):
Correlation coefficient
Co-variance (COV12) = (1/n)Ʃ(σ1σ2)
Standard Deviation(σ) = √𝑉𝑎𝑟𝑖𝑎𝑛𝑐𝑒
Variance = (1/n-1) (Σd2)
X̅
37
1. APOLLO HOSPITALS
DATE X X̅ D=X-X̅ D2
15-Jun-23 5,218.75 4,761.74 457.01 2,08,859.97
14-Jun-23 5,009.00 4,761.74 247.26 61,138.50
13-Jun-23 4,951.05 4,761.74 189.31 35,839.03
12-Jun-23 4,924.75 4,761.74 163.01 26,572.91
09-Jun-23 4,926.70 4,761.74 164.96 27,212.46
08-Jun-23 4,926.65 4,761.74 164.91 27,195.97
07-Jun-23 5,026.45 4,761.74 264.71 70,072.44
06-Jun-23 4,940.10 4,761.74 178.36 31,813.00
05-Jun-23 4,950.20 4,761.74 188.46 35,517.93
02-Jun-23 4,967.30 4,761.74 205.56 42,255.74
01-Jun-23 4,814.25 4,761.74 52.51 2,757.51
31-May-23 4,621.95 4,761.74 -139.79 19,540.68
30-May-23 4,599.15 4,761.74 -162.59 26,434.86
29-May-23 4,640.45 4,761.74 -121.29 14,710.78
26-May-23 4,609.90 4,761.74 -151.84 23,054.78
25-May-23 4,568.15 4,761.74 -193.59 37,476.31
24-May-23 4,536.45 4,761.74 -225.29 50,754.68
23-May-23 4,550.40 4,761.74 -211.34 44,663.75
22-May-23 4,605.30 4,761.74 -156.44 24,472.85
19-May-23 4,447.15 4,761.74 -314.59 98,965.61
18-May-23 4,442.00 4,761.74 -319.74 1,02,232.39
17-May-23 4,482.15 4,761.74 -279.59 78,169.45

Source: http://www.nseindia.com
38
2. BAJAJ AUTO
15-Jun-23 4,721.55 4635.904 85.65 7,335.24
14-Jun-23 4,730.20 4635.904 94.30 8,891.74
13-Jun-23 4,755.95 4635.904 120.05 14,411.04
12-Jun-23 4,769.65 4635.904 133.75 17,887.99
09-Jun-23 4,743.40 4635.904 107.50 11,555.39
08-Jun-23 4,800.65 4635.904 164.75 27,141.24
07-Jun-23 4,780.75 4635.904 144.85 20,980.36
06-Jun-23 4,726.25 4635.904 90.35 8,162.40
05-Jun-23 4,710.05 4635.904 74.15 5,497.63
02-Jun-23 4,669.10 4635.904 33.20 1,101.97
01-Jun-23 4,643.60 4635.904 7.70 59.23
31-May-23 4,567.15 4635.904 -68.75 4,727.11
30-May-23 4,591.90 4635.904 -44.00 1,936.35
29-May-23 4,618.50 4635.904 -17.40 302.90
26-May-23 4,615.95 4635.904 -19.95 398.16
25-May-23 4,644.00 4635.904 8.10 65.55
24-May-23 4,517.60 4635.904 -118.30 13,995.84
23-May-23 4,498.10 4635.904 -137.80 18,989.94
22-May-23 4,523.25 4635.904 -112.65 12,690.92
19-May-23 4,483.20 4635.904 -152.70 23,318.51
18-May-23 4,518.65 4635.904 -117.25 13,748.50
17-May-23 4,529.35 4635.904 -106.55 11,353.75

39
3. ADANI PORTS
15-Jun-23 739.5 727.643 11.857 140.5884
14-Jun-23 739.35 727.643 11.707 137.0538
13-Jun-23 737.85 727.643 10.207 104.1828
12-Jun-23 742.1 727.643 14.457 209.0048
09-Jun-23 734.95 727.643 7.307 53.39225
08-Jun-23 736.4 727.643 8.757 76.68505
07-Jun-23 743.75 727.643 16.107 259.4354
06-Jun-23 745.4 727.643 17.757 315.311
05-Jun-23 738.8 727.643 11.157 124.4786
02-Jun-23 736.6 727.643 8.957 80.22785
01-Jun-23 732.05 727.643 4.407 19.42165
31-May-23 738.85 727.643 11.207 125.5968
30-May-23 734.05 727.643 6.407 41.04965
29-May-23 737.5 727.643 9.857 97.16045
26-May-23 726.85 727.643 -0.793 0.628849
25-May-23 724.5 727.643 -3.143 9.878449
24-May-23 718.25 727.643 -9.393 88.22845
23-May-23 734.05 727.643 6.407 41.04965
22-May-23 729.7 727.643 2.057 4.231249
19-May-23 688.1 727.643 -39.543 1563.649
18-May-23 664.95 727.643 -62.693 3930.412
17-May-23 684.6 727.643 -43.043 1852.7

36
4. BRITANIA INDUSTRIES
15-Jun-23 4,975.45 4,694.70 280.75 78,822.25
14-Jun-23 4,941.65 4,694.70 246.95 60,985.78
13-Jun-23 4,940.10 4,694.70 245.40 60,222.63
12-Jun-23 4,900.25 4,694.70 205.55 42,252.04
09-Jun-23 4,878.75 4,694.70 184.05 33,875.51
08-Jun-23 4,875.05 4,694.70 180.35 32,527.20
07-Jun-23 4,893.15 4,694.70 198.45 39,383.59
06-Jun-23 4,705.40 4,694.70 10.70 114.55
05-Jun-23 4,682.60 4,694.70 -12.10 146.34
02-Jun-23 4,654.15 4,694.70 -40.55 1,644.06
01-Jun-23 4,635.25 4,694.70 -59.45 3,533.95
31-May-23 4,657.05 4,694.70 -37.65 1,417.30
30-May-23 4,573.25 4,694.70 -121.45 14,749.37
29-May-23 4,575.25 4,694.70 -119.45 14,267.59
26-May-23 4,596.20 4,694.70 -98.50 9,701.66
25-May-23 4,563.30 4,694.70 -131.40 17,265.17
24-May-23 4,519.80 4,694.70 -174.90 30,588.96
23-May-23 4,521.65 4,694.70 -173.05 29,945.26
22-May-23 4,498.95 4,694.70 -195.75 38,316.89
19-May-23 4,499.85 4,694.70 -194.85 37,965.35
18-May-23 4,564.35 4,694.70 -130.35 16,990.34
17-May-23 4,631.90 4,694.70 -62.80 3,943.46
37
5. BHARTI AIRTEL
15-Jun-23 829.7 822.786 6.914 47.8034
14-Jun-23 827.95 822.786 5.164 26.6669
13-Jun-23 834.35 822.786 11.564 133.7261
12-Jun-23 836.35 822.786 13.564 183.9821
09-Jun-23 833.5 822.786 10.714 114.7898
08-Jun-23 836 822.786 13.214 174.6098
07-Jun-23 844.25 822.786 21.464 460.7033
06-Jun-23 829.45 822.786 6.664 44.4089
05-Jun-23 834.5 822.786 11.714 137.2178
02-Jun-23 836.5 822.786 13.714 188.0738
01-Jun-23 827.95 822.786 5.164 26.6669
31-May-23 849.9 822.786 27.114 735.169
30-May-23 818.45 822.786 -4.336 18.8009
29-May-23 821.25 822.786 -1.536 2.359296
26-May-23 817.95 822.786 -4.836 23.3869
25-May-23 822.7 822.786 -0.086 0.007396
24-May-23 801.4 822.786 -21.386 457.361
23-May-23 799.95 822.786 -22.836 521.4829
22-May-23 801.85 822.786 -20.936 438.3161
19-May-23 805.75 822.786 -17.036 290.2253
18-May-23 799.35 822.786 -23.436 549.2461
17-May-23 792.25 822.786 -30.536 932.4473

38
6. BPCL
15-Jun-23 378.9 364.288 14.612 213.5105
14-Jun-23 373.55 364.288 9.262 85.78464
13-Jun-23 373.6 364.288 9.312 86.71334
12-Jun-23 371.65 364.288 7.362 54.19904
09-Jun-23 359.45 364.288 -4.838 23.40624
08-Jun-23 361.1 364.288 -3.188 10.16334
07-Jun-23 368.1 364.288 3.812 14.53134
06-Jun-23 356.15 364.288 -8.138 66.22704
05-Jun-23 356.8 364.288 -7.488 56.07014
02-Jun-23 360.05 364.288 -4.238 17.96064
01-Jun-23 364.55 364.288 0.262 0.068644
31-May-23 363.5 364.288 -0.788 0.620944
30-May-23 360.4 364.288 -3.888 15.11654
29-May-23 361.7 364.288 -2.588 6.697744
26-May-23 364.3 364.288 0.012 0.000144
25-May-23 363.3 364.288 -0.988 0.976144
24-May-23 363.3 364.288 -0.988 0.976144
23-May-23 366.6 364.288 2.312 5.345344
22-May-23 361.6 364.288 -2.688 7.225344
19-May-23 360.3 364.288 -3.988 15.90414
18-May-23 360.7 364.288 -3.588 12.87374
17-May-23 364.75 364.288 0.462 0.213444
39
7. COAL INDIA
15-Jun-23 228.6 235.181 -6.581 43.30956
14-Jun-23 228.95 235.181 -6.231 38.82536
13-Jun-23 228.95 235.181 -6.231 38.82536
12-Jun-23 229 235.181 -6.181 38.20476
09-Jun-23 227.65 235.181 -7.531 56.71596
08-Jun-23 228.1 235.181 -7.081 50.14056
07-Jun-23 230.7 235.181 -4.481 20.07936
06-Jun-23 227.8 235.181 -7.381 54.47916
05-Jun-23 229.7 235.181 -5.481 30.04136
02-Jun-23 230.9 235.181 -4.281 18.32696
01-Jun-23 230.35 235.181 -4.831 23.33856
31-May-23 241.25 235.181 6.069 36.83276
30-May-23 244.3 235.181 9.119 83.15616
29-May-23 246.1 235.181 10.919 119.2246
26-May-23 241.5 235.181 6.319 39.92976
25-May-23 240.05 235.181 4.869 23.70716
24-May-23 241 235.181 5.819 33.86076
23-May-23 239.3 235.181 4.119 16.96616
22-May-23 238.7 235.181 3.519 12.38336
19-May-23 239.9 235.181 4.719 22.26896
18-May-23 239.6 235.181 4.419 19.52756
17-May-23 241.6 235.181 6.419 41.20356
40
8. CIPLA
15-Jun-23 998.2 954.77 43.43 1886.339
14-Jun-23 978.7 954.77 23.93 572.7406
13-Jun-23 981.5 954.77 26.73 714.5998
12-Jun-23 959.95 954.77 5.18 26.85312

09-Jun-23 969.25 954.77 14.48 209.7283
08-Jun-23 965.4 954.77 10.63 113.0394
07-Jun-23 960.45 954.77 5.68 32.28512
06-Jun-23 972.05 954.77 17.28 298.6675
05-Jun-23 974.8 954.77 20.03 401.281
02-Jun-23 965.85 954.77 11.08 122.8107

01-Jun-23 964.75 954.77 9.98 99.64032
31-May-23 953.05 954.77 -1.72 2.951524

30-May-23 959.85 954.77 5.08 25.82672
29-May-23 956.25 954.77 1.48 2.196324
26-May-23 951.35 954.77 -3.42 11.68272
25-May-23 945.45 954.77 -9.32 86.82512
24-May-23 938 954.77 -16.77 281.1658

23-May-23 930.4 954.77 -24.37 593.7994
22-May-23 924.95 954.77 -29.82 889.1131
19-May-23 916.25 954.77 -38.52 1483.636

18-May-23 914.5 954.77 -40.27 1621.512
17-May-23 923.95 954.77 -30.82 949.7491
41
9. EICHER LABORATARIES
15-Jun-23 3,581.05 3,426.53 154.52 23,875.19
14-Jun-23 3,485.95 3,426.53 59.42 3,530.26
13-Jun-23 3,487.70 3,426.53 61.17 3,741.28
12-Jun-23 3,438.45 3,426.53 11.92 141.99
09-Jun-23 3,428.75 3,426.53 2.22 4.91
08-Jun-23 3,499.70 3,426.53 73.17 5,353.26
07-Jun-23 3,542.10 3,426.53 115.57 13,355.50
06-Jun-23 3,537.90 3,426.53 111.37 12,402.39
05-Jun-23 3,462.30 3,426.53 35.77 1,279.21
02-Jun-23 3,511.60 3,426.53 85.07 7,236.22
01-Jun-23 3,525.40 3,426.53 98.87 9,774.49
31-May-23 3,443.60 3,426.53 17.07 291.25
30-May-23 3,458.00 3,426.53 31.47 990.11
29-May-23 3,477.85 3,426.53 51.32 2,633.33
26-May-23 3,514.00 3,426.53 87.47 7,650.30
25-May-23 3,435.65 3,426.53 9.12 83.10
24-May-23 3,383.15 3,426.53 -43.38 1,882.17
23-May-23 3,385.80 3,426.53 -40.73 1,659.26
22-May-23 3,265.00 3,426.53 -161.53 26,093.23
19-May-23 3,098.30 3,426.53 -328.23 1,07,737.56
18-May-23 3,153.50 3,426.53 -273.03 74,547.57
17-May-23 3,268.00 3,426.53 -158.53 25,133.03

42
10. DR. REDDYS
15-Jun-23 4,803.45 4,573.54 229.91 52,859.53
14-Jun-23 4,699.00 4,573.54 125.46 15,740.71
13-Jun-23 4,702.00 4,573.54 128.46 16,502.49
12-Jun-23 4,675.65 4,573.54 102.11 10,426.86
09-Jun-23 4,666.80 4,573.54 93.26 8,697.80
08-Jun-23 4,649.40 4,573.54 75.86 5,755.04
07-Jun-23 4,673.75 4,573.54 100.21 10,042.44
06-Jun-23 4,636.65 4,573.54 63.11 3,983.12
05-Jun-23 4,603.55 4,573.54 30.01 900.72
02-Jun-23 4,610.45 4,573.54 36.91 1,362.50
01-Jun-23 4,552.05 4,573.54 -21.49 461.73
31-May-23 4,501.05 4,573.54 -72.49 5,254.51
30-May-23 4,518.90 4,573.54 -54.64 2,985.31
29-May-23 4,556.25 4,573.54 -17.29 298.87
26-May-23 4,530.95 4,573.54 -42.59 1,813.74
25-May-23 4,503.95 4,573.54 -69.59 4,842.49
24-May-23 4,519.25 4,573.54 -54.29 2,947.19
23-May-23 4,460.55 4,573.54 -112.99 12,766.29
22-May-23 4,457.65 4,573.54 -115.89 13,430.03
19-May-23 4,391.95 4,573.54 -181.59 32,974.20
18-May-23 4,423.10 4,573.54 -150.44 22,631.59
17-May-23 4,481.50 4,573.54 -92.04 8,470.99
43
11. HINDUSTHAN UNILEVER MOTORS
15-Jun-23 3,534.70 3,635.78 -101.08 10,217.98
14-Jun-23 3,572.05 3,635.78 -63.73 4,062.02
13-Jun-23 3,592.65 3,635.78 -43.13 1,860.54
12-Jun-23 3,590.60 3,635.78 -45.18 2,041.59
09-Jun-23 3,581.30 3,635.78 -54.48 2,968.51
08-Jun-23 3,657.40 3,635.78 21.62 467.25
07-Jun-23 3,727.40 3,635.78 91.62 8,393.49
06-Jun-23 3,705.10 3,635.78 69.32 4,804.71
05-Jun-23 3,673.25 3,635.78 37.47 1,403.70
02-Jun-23 3,699.40 3,635.78 63.62 4,047.00
01-Jun-23 3,716.05 3,635.78 80.27 6,442.63
31-May-23 3,671.95 3,635.78 36.17 1,307.98
30-May-23 3,678.35 3,635.78 42.57 1,811.86
29-May-23 3,711.45 3,635.78 75.67 5,725.34
26-May-23 3,690.35 3,635.78 54.57 2,977.45
25-May-23 3,651.50 3,635.78 15.72 246.99
24-May-23 3,610.90 3,635.78 -24.88 619.21
23-May-23 3,601.60 3,635.78 -34.18 1,168.55
22-May-23 3,545.45 3,635.78 -90.33 8,160.23
19-May-23 3,570.90 3,635.78 -64.88 4,209.93
18-May-23 3,576.15 3,635.78 -59.63 3,556.21
17-May-23 3,628.75 3,635.78 -7.03 49.48
44
12. SBI
15-Jun-23 1,772.50 1,724.62 47.88 2,292.69
14-Jun-23 1,779.35 1,724.62 54.73 2,995.59
13-Jun-23 1,737.95 1,724.62 13.33 177.74
12-Jun-23 1,731.40 1,724.62 6.78 46.00
09-Jun-23 1,715.75 1,724.62 -8.87 78.64
08-Jun-23 1,711.95 1,724.62 -12.67 160.48
07-Jun-23 1,769.05 1,724.62 44.43 1,974.20
06-Jun-23 1,766.40 1,724.62 41.78 1,745.74
05-Jun-23 1,734.50 1,724.62 9.88 97.65
02-Jun-23 1,710.55 1,724.62 -14.07 197.91
01-Jun-23 1,702.45 1,724.62 -22.17 491.42
31-May-23 1,718.35 1,724.62 -6.27 39.29
30-May-23 1,725.15 1,724.62 0.53 0.28
29-May-23 1,713.30 1,724.62 -11.32 128.10
26-May-23 1,688.30 1,724.62 -36.32 1,319.00
25-May-23 1,701.35 1,724.62 -23.27 541.40
24-May-23 1,700.35 1,724.62 -24.27 588.94
23-May-23 1,697.95 1,724.62 -26.67 711.18
22-May-23 1,718.35 1,724.62 -6.27 39.29
19-May-23 1,716.10 1,724.62 -8.52 72.56
18-May-23 1,705.70 1,724.62 -18.92 357.89
17-May-23 1,724.85 1,724.62 0.23 0.05
15-Jun-23 1,772.50 1,724.62 47.88 2,292.69
45
13. HDFC LIFE
Date X X̅ D=X-X̅ D2
15-Jun-23 578.15 577.075 1.075 1.155625
14-Jun-23 585.05 577.075 7.975 63.60062
13-Jun-23 584.8 577.075 7.725 59.67562
12-Jun-23 584.4 577.075 7.325 53.65562
09-Jun-23 581.7 577.075 4.625 21.39063
08-Jun-23 593.9 577.075 16.825 283.0806
07-Jun-23 594.45 577.075 17.375 301.8906
06-Jun-23 579.7 577.075 2.625 6.890625
05-Jun-23 574.15 577.075 -2.925 8.555625
02-Jun-23 576.4 577.075 -0.675 0.455625
01-Jun-23 582.2 577.075 5.125 26.26563
31-May-23 592.35 577.075 15.275 233.3256
30-May-23 585.15 577.075 8.075 65.20562
29-May-23 579.05 577.075 1.975 3.900625
26-May-23 577.2 577.075 0.125 0.015625
25-May-23 572.05 577.075 -5.025 25.25063
24-May-23 566 577.075 -11.075 122.6556
23-May-23 562.7 577.075 -14.375 206.6406
22-May-23 567 577.075 -10.075 101.5056
19-May-23 557.6 577.075 -19.475 379.2756
18-May-23 561.55 577.075 -15.525 241.0256
17-May-23 560.1 577.075 -16.975 288.1506
46
14. GRASIM
15-Jun-23 423.05 413.959 9.091 82.64628
14-Jun-23 425.05 413.959 11.091 123.0103
13-Jun-23 421.4 413.959 7.441 55.36848
12-Jun-23 416.8 413.959 2.841 8.071281
09-Jun-23 415.05 413.959 1.091 1.190281
08-Jun-23 418.25 413.959 4.291 18.41268
07-Jun-23 422.6 413.959 8.641 74.66688
06-Jun-23 415.55 413.959 1.591 2.531281
05-Jun-23 419.7 413.959 5.741 32.95908
02-Jun-23 420.75 413.959 6.791 46.11768
01-Jun-23 406.35 413.959 -7.609 57.89688
31-May-23 405.9 413.959 -8.059 64.94748
30-May-23 413.1 413.959 -0.859 0.737881
29-May-23 419.9 413.959 5.941 35.29548
26-May-23 413.55 413.959 -0.409 0.167281
25-May-23 404.25 413.959 -9.709 94.26468
24-May-23 406.9 413.959 -7.059 49.82948
23-May-23 410.3 413.959 -3.659 13.38828
22-May-23 407.7 413.959 -6.259 39.17508
19-May-23 406.75 413.959 -7.209 51.96968
18-May-23 406.5 413.959 -7.459 55.63668
17-May-23 407.7 413.959 -6.259 39.17508
47
15. HERO MOTO CORP
15-Jun-23 2,843.05 2,820.65 22.40 501.67
14-Jun-23 2,931.60 2,820.65 110.95 12,309.46
13-Jun-23 2,952.45 2,820.65 131.80 17,370.71
12-Jun-23 2,930.40 2,820.65 109.75 12,044.62
09-Jun-23 2,899.30 2,820.65 78.65 6,185.51
08-Jun-23 2,964.80 2,820.65 144.15 20,778.65
07-Jun-23 2,958.00 2,820.65 137.35 18,864.47
06-Jun-23 2,904.80 2,820.65 84.15 7,080.89
05-Jun-23 2,870.60 2,820.65 49.95 2,494.80
02-Jun-23 2,892.65 2,820.65 72.00 5,183.71
01-Jun-23 2,800.40 2,820.65 -20.25 410.14
31-May-23 2,759.90 2,820.65 -60.75 3,690.81
30-May-23 2,779.15 2,820.65 -41.50 1,722.42
29-May-23 2,776.90 2,820.65 -43.75 1,914.24
26-May-23 2,745.15 2,820.65 -75.50 5,700.55
25-May-23 2,732.80 2,820.65 -87.85 7,717.97
24-May-23 2,738.70 2,820.65 -81.95 6,716.13
23-May-23 2,710.45 2,820.65 -110.20 12,144.48
22-May-23 2,692.15 2,820.65 -128.50 16,512.76
19-May-23 2,713.00 2,820.65 -107.65 11,588.95
18-May-23 2,735.15 2,820.65 -85.50 7,310.59
17-May-23 2,722.95 2,820.65 -97.70 9,545.68

48
16. HINDUSTHAN UNILEVER
15-Jun-23 2,689.70 2,662.63 27.07 733.06
14-Jun-23 2,698.75 2,662.63 36.13 1,305.02
13-Jun-23 2,675.90 2,662.63 13.28 176.23
12-Jun-23 2,643.45 2,662.63 -19.18 367.68
09-Jun-23 2,636.20 2,662.63 -26.43 698.28
08-Jun-23 2,679.90 2,662.63 17.28 298.43
07-Jun-23 2,716.20 2,662.63 53.57 2,870.28
06-Jun-23 2,691.15 2,662.63 28.53 813.68
05-Jun-23 2,695.80 2,662.63 33.18 1,100.58
02-Jun-23 2,716.70 2,662.63 54.07 2,924.11
01-Jun-23 2,697.90 2,662.63 35.28 1,244.33
31-May-23 2,667.55 2,662.63 4.93 24.26
30-May-23 2,656.55 2,662.63 -6.07 36.91
29-May-23 2,650.30 2,662.63 -12.32 151.91
26-May-23 2,652.35 2,662.63 -10.28 105.58
25-May-23 2,597.25 2,662.63 -65.38 4,273.89
24-May-23 2,614.95 2,662.63 -47.68 2,272.91
23-May-23 2,628.30 2,662.63 -34.32 1,178.21
22-May-23 2,638.10 2,662.63 -24.53 601.48
19-May-23 2,641.45 2,662.63 -21.18 448.38
18-May-23 2,627.55 2,662.63 -35.07 1,230.26
17-May-23 2,661.75 2,662.63 -0.88 0.77

49
17. ICICI
15-Jun-23 926.6 943.068 -16.468 271.195
14-Jun-23 939.8 943.068 -3.268 10.67982
13-Jun-23 943.55 943.068 0.482 0.232324
12-Jun-23 935.95 943.068 -7.118 50.66592
09-Jun-23 938.05 943.068 -5.018 25.18032
08-Jun-23 937.9 943.068 -5.168 26.70822
07-Jun-23 940.2 943.068 -2.868 8.225424
06-Jun-23 942.1 943.068 -0.968 0.937024
05-Jun-23 946.75 943.068 3.682 13.55712
02-Jun-23 938.15 943.068 -4.918 24.18672
01-Jun-23 936.1 943.068 -6.968 48.55302
31-May-23 949.15 943.068 6.082 36.99072
30-May-23 949.95 943.068 6.882 47.36192
29-May-23 948.15 943.068 5.082 25.82672
26-May-23 950.7 943.068 7.632 58.24742
25-May-23 939.85 943.068 -3.218 10.35552
24-May-23 940.65 943.068 -2.418 5.846724
23-May-23 953.4 943.068 10.332 106.7502
22-May-23 950.35 943.068 7.282 53.02752
19-May-23 954.3 943.068 11.232 126.1578
18-May-23 946.5 943.068 3.432 11.77862
17-May-23 939.35 943.068 -3.718 13.82352

Source:http://www.nseindia.com
50
18. INFOSYS
15-Jun-23 1,286.80 1,293.43 -6.63 43.89
14-Jun-23 1,300.40 1,293.43 6.98 48.65
13-Jun-23 1,304.85 1,293.43 11.43 130.53
12-Jun-23 1,291.95 1,293.43 -1.47 2.18
09-Jun-23 1,265.95 1,293.43 -27.47 754.88
08-Jun-23 1,282.80 1,293.43 -10.63 112.89
07-Jun-23 1,288.95 1,293.43 -4.47 20.03
06-Jun-23 1,279.00 1,293.43 -14.43 208.08
05-Jun-23 1,304.50 1,293.43 11.08 122.66
02-Jun-23 1,299.00 1,293.43 5.58 31.08
01-Jun-23 1,319.50 1,293.43 26.08 679.91
31-May-23 1,318.30 1,293.43 24.88 618.77
30-May-23 1,323.85 1,293.43 30.43 925.68
29-May-23 1,314.40 1,293.43 20.98 439.95
26-May-23 1,317.45 1,293.43 24.03 577.20
25-May-23 1,304.35 1,293.43 10.93 119.36
24-May-23 1,298.65 1,293.43 5.23 27.30
23-May-23 1,300.05 1,293.43 6.63 43.89
22-May-23 1,292.80 1,293.43 -0.63 0.39
19-May-23 1,268.90 1,293.43 -24.52 601.48
18-May-23 1,246.00 1,293.43 -47.43 2,249.13
17-May-23 1,246.90 1,293.43 -46.52 2,164.58
51
19. JSW STEEL
15-Jun-23 770.6 717.593 53.007 2809.742
14-Jun-23 772.85 717.593 55.257 3053.336
13-Jun-23 756.65 717.593 39.057 1525.449
12-Jun-23 747.3 717.593 29.707 882.5058
09-Jun-23 748.5 717.593 30.907 955.2426
08-Jun-23 748.8 717.593 31.207 973.8768
07-Jun-23 729.75 717.593 12.157 147.7926
06-Jun-23 712.85 717.593 -4.743 22.49605
05-Jun-23 712.15 717.593 -5.443 29.62625
02-Jun-23 706.6 717.593 -10.993 120.846
01-Jun-23 693.85 717.593 -23.743 563.73
31-May-23 696.3 717.593 -21.293 453.3918
30-May-23 704.6 717.593 -12.993 168.818
29-May-23 702.2 717.593 -15.393 236.9444
26-May-23 701.7 717.593 -15.893 252.5874
25-May-23 696.65 717.593 -20.943 438.6092
24-May-23 696 717.593 -21.593 466.2576
23-May-23 704.1 717.593 -13.493 182.061
22-May-23 704.6 717.593 -12.993 168.818
19-May-23 693.85 717.593 -23.743 563.73
18-May-23 692.05 717.593 -25.543 652.4448
17-May-23 695.1 717.593 -22.493 505.935

52
20. L&T
15-Jun-23 2,361.30 2,258.16 103.14 10,638.07
14-Jun-23 2,355.05 2,258.16 96.89 9,387.87
13-Jun-23 2,354.40 2,258.16 96.24 9,262.33
12-Jun-23 2,339.95 2,258.16 81.79 6,689.77
09-Jun-23 2,363.00 2,258.16 104.84 10,991.64
08-Jun-23 2,340.30 2,258.16 82.14 6,747.14
07-Jun-23 2,315.50 2,258.16 57.34 3,287.99
06-Jun-23 2,277.95 2,258.16 19.79 391.68
05-Jun-23 2,268.30 2,258.16 10.14 102.84
02-Jun-23 2,234.55 2,258.16 -23.61 557.38
01-Jun-23 2,207.80 2,258.16 -50.36 2,536.03
31-May-23 2,205.65 2,258.16 -52.51 2,757.20
30-May-23 2,210.80 2,258.16 -47.36 2,242.87
29-May-23 2,224.55 2,258.16 -33.61 1,129.56
26-May-23 2,218.45 2,258.16 -39.71 1,576.80
25-May-23 2,204.70 2,258.16 -53.46 2,857.86
24-May-23 2,185.15 2,258.16 -73.01 5,330.31
23-May-23 2,197.65 2,258.16 -60.51 3,661.34
22-May-23 2,216.60 2,258.16 -41.56 1,727.15
19-May-23 2,190.05 2,258.16 -68.11 4,638.84
18-May-23 2,188.20 2,258.16 -69.96 4,894.26
17-May-23 2,219.60 2,258.16 -38.56 1,486.80
53
21. NESTLE INDIA
15-Jun-23 22,966.20 21,906.47 1,059.73 11,23,031.91
14-Jun-23 22,728.75 21,906.47 822.28 6,76,147.69
13-Jun-23 22,492.60 21,906.47 586.13 3,43,550.72
12-Jun-23 22,289.35 21,906.47 382.88 1,46,598.63
09-Jun-23 22,073.45 21,906.47 166.98 27,882.99
08-Jun-23 22,148.90 21,906.47 242.43 58,773.27
07-Jun-23 22,367.75 21,906.47 461.28 2,12,781.08
06-Jun-23 21,705.40 21,906.47 -201.07 40,428.34
05-Jun-23 21,834.15 21,906.47 -72.32 5,229.89
02-Jun-23 22,046.45 21,906.47 139.98 19,594.96
01-Jun-23 21,874.30 21,906.47 -32.17 1,034.78
31-May-23 21,673.10 21,906.47 -233.37 54,460.62
30-May-23 21,574.45 21,906.47 -332.02 1,10,235.95
29-May-23 21,729.45 21,906.47 -177.02 31,335.37
26-May-23 21,581.75 21,906.47 -324.72 1,05,441.78
25-May-23 21,474.90 21,906.47 -431.57 1,86,250.94
24-May-23 21,380.60 21,906.47 -525.87 2,76,537.15
23-May-23 21,403.70 21,906.47 -502.77 2,52,775.66
22-May-23 21,494.80 21,906.47 -411.67 1,69,470.54
19-May-23 21,690.15 21,906.47 -216.32 46,793.48
18-May-23 21,679.60 21,906.47 -226.87 51,469.09
17-May-23 21,732.50 21,906.47 -173.97 30,264.87
54
22. ONGC
15-Jun-23 157.65 159.347 -1.697 2.879809
14-Jun-23 157.85 159.347 -1.497 2.241009
13-Jun-23 155.65 159.347 -3.697 13.66781
12-Jun-23 155.05 159.347 -4.297 18.46421
09-Jun-23 154.25 159.347 -5.097 25.97941
08-Jun-23 156.1 159.347 -3.247 10.54301
07-Jun-23 153.85 159.347 -5.497 30.21701
06-Jun-23 153.65 159.347 -5.697 32.45581
05-Jun-23 155.4 159.347 -3.947 15.57881
02-Jun-23 154.7 159.347 -4.647 21.59461
01-Jun-23 153.65 159.347 -5.697 32.45581
31-May-23 154.9 159.347 -4.447 19.77581
30-May-23 158.85 159.347 -0.497 0.247009
29-May-23 159 159.347 -0.347 0.120409
26-May-23 163.75 159.347 4.403 19.38641
25-May-23 166 159.347 6.653 44.26241
24-May-23 166.25 159.347 6.903 47.65141
23-May-23 165 159.347 5.653 31.95641
22-May-23 165.6 159.347 6.253 39.10001
19-May-23 164.9 159.347 5.553 30.83581
18-May-23 166.35 159.347 7.003 49.04201
17-May-23 167.25 159.347 7.903 62.45741

55
23. SBI LIFE
15-Jun-23 1,241.10 1,206.12 34.98 1,223.60
14-Jun-23 1,242.30 1,206.12 36.18 1,308.99
13-Jun-23 1,243.30 1,206.12 37.18 1,382.35
12-Jun-23 1,238.90 1,206.12 32.78 1,074.53
09-Jun-23 1,232.40 1,206.12 26.28 690.64
08-Jun-23 1,238.90 1,206.12 32.78 1,074.53
07-Jun-23 1,245.80 1,206.12 39.68 1,574.50
06-Jun-23 1,223.00 1,206.12 16.88 284.93
05-Jun-23 1,215.40 1,206.12 9.28 86.12
02-Jun-23 1,202.50 1,206.12 -3.62 13.10
01-Jun-23 1,207.75 1,206.12 1.63 2.66
31-May-23 1,235.00 1,206.12 28.88 834.05
30-May-23 1,215.90 1,206.12 9.78 95.65
29-May-23 1,218.10 1,206.12 11.98 143.52
26-May-23 1,195.75 1,206.12 -10.37 107.54
25-May-23 1,177.35 1,206.12 -28.77 827.71
24-May-23 1,175.35 1,206.12 -30.77 946.79
23-May-23 1,165.60 1,206.12 -40.52 1,641.87
22-May-23 1,150.80 1,206.12 -55.32 3,060.30
19-May-23 1,154.15 1,206.12 -51.97 2,700.88
18-May-23 1,152.70 1,206.12 -53.42 2,853.70
17-May-23 1,162.60 1,206.12 -43.52 1,893.99

56
24. TCS
15-Jun-23 3,216.30 3,268.56 -52.26 2,731.21
14-Jun-23 3,251.05 3,268.56 -17.51 306.64
13-Jun-23 3,243.70 3,268.56 -24.86 618.07
12-Jun-23 3,246.90 3,268.56 -21.66 469.20
09-Jun-23 3,209.30 3,268.56 -59.26 3,511.87
08-Jun-23 3,236.45 3,268.56 -32.11 1,031.12
07-Jun-23 3,274.90 3,268.56 6.34 40.18
06-Jun-23 3,232.30 3,268.56 -36.26 1,314.86
05-Jun-23 3,288.90 3,268.56 20.34 413.67
02-Jun-23 3,305.60 3,268.56 37.04 1,371.89
01-Jun-23 3,324.00 3,268.56 55.44 3,073.48
31-May-23 3,289.50 3,268.56 20.94 438.44
30-May-23 3,316.20 3,268.56 47.64 2,269.47
29-May-23 3,320.35 3,268.56 51.79 2,682.10
26-May-23 3,328.90 3,268.56 60.34 3,640.79
25-May-23 3,293.50 3,268.56 24.94 621.95
24-May-23 3,303.35 3,268.56 34.79 1,210.27
23-May-23 3,297.05 3,268.56 28.49 811.62
22-May-23 3,298.70 3,268.56 30.14 908.36
19-May-23 3,222.85 3,268.56 -45.71 2,089.50
18-May-23 3,199.85 3,268.56 -68.71 4,721.20
17-May-23 3,208.70 3,268.56 -59.86 3,583.34
57
25. TATA CONSUMERS
15-Jun-23 865 797.031 67.969 4619.785
14-Jun-23 862.5 797.031 65.469 4286.19
13-Jun-23 819.9 797.031 22.869 522.9912
12-Jun-23 800.75 797.031 3.719 13.83096
09-Jun-23 801 797.031 3.969 15.75296
08-Jun-23 807.1 797.031 10.069 101.3848
07-Jun-23 823.1 797.031 26.069 679.5928
06-Jun-23 792.1 797.031 -4.931 24.31476
05-Jun-23 792.45 797.031 -4.581 20.98556
02-Jun-23 796.05 797.031 -0.981 0.962361
01-Jun-23 793.65 797.031 -3.381 11.43116
31-May-23 798.65 797.031 1.619 2.621161
30-May-23 790.9 797.031 -6.131 37.58916
29-May-23 794.25 797.031 -2.781 7.733961
26-May-23 789.7 797.031 -7.331 53.74356
25-May-23 780.3 797.031 -16.731 279.9264
24-May-23 771.15 797.031 -25.881 669.8262
23-May-23 770.05 797.031 -26.981 727.9744
22-May-23 766.1 797.031 -30.931 956.7268
19-May-23 765.45 797.031 -31.581 997.3596
18-May-23 776.3 797.031 -20.731 429.7744
17-May-23 778.25 797.031 -18.781 352.726
58
CALCULATIONS FOR:
1. APOLLO HOSPITALS
X̅
Where,
X̅ = Arithmetic Mean; ΣX = Sum of total ‘X’ values; N = Number of items.
X̅ = 1,04,758.25/22
= 4,761.74
Variance = (1/n-1) (Σd2) = (1/21) (10,89,711.60) = 51891.02857
Standard Deviation = = 227.796
2. ADANI PORTS
X̅
Where,
X̅ = 16008.15/22
= 727.643
Variance = (1/n-1) (Σd2) = (1/21) (9274.366) = 441.636
3. BAJAJ AUTO
X̅
Where,
X̅ = 111261.70/22
= 4635.904
Variance = (1/n-1) (Σd2) = (1/21) (224551.76) = 1069.321
4. BRITANIA INDUSTRIES
X̅
Where,
X̅ = 103283.35/22
59
= 4694.70
Variance = (1/n-1) (Σd2) = (1/21) (568659.25) = 27079.011
5. BPCL
X̅
Where,
X̅ = 8014.35/22
= 364.288
Variance = (1/n-1) (Σd2) = (1/21) (694.5847) = 33.075
6. BHARATHI AIRTEL
X̅
Where,
X̅ = 18101.3/22
= 822.7864
Variance = (1/n-1) (Σd2) = (1/21) (5507.451) = 262.259
7. COAL INDIA
X̅
Where,
X̅ = 5174/22
= 235.181
Variance = (1/n-1) (Σd2) = (1/21) (861.3477) = 41.06
8. CIPLA
X̅
Where,
60
X̅ = 21004.9/22
= 954.77
Variance = (1/n-1) (Σd2) = (1/21) (10426.44) = 496.497
9. DIVIS LABORATARIES
X̅
Where,
X̅ = 75383.75/22
= 3426.53
Variance = (1/n-1) (Σd2) = (1/21) (329395.61) = 15685.50
10. DR REDDYS LABORATARIES
X̅
Where,
X̅ = 100617.85/22
= 4573.54
Variance = (1/n-1) (Σd2) = (1/21) (235148.15) = 11197.530
11. EICHER MOTORS
X̅
Where,
X̅ = 79987.25/22
= 3635.78
Variance = (1/n-1) (Σd2) = (1/21) (76542.65) = 364.888
12. GRASIM INDUSTRIES
X̅
Where,
61
X̅ = 37941.60/22
= 1724.62
Variance = (1/n-1) (Σd2) = (1/21) (14056.04) = 669.335
13. HDFC LIFE
X̅
Where,
X̅ = 12695.65/22
= 577.075
Variance = (1/n-1) (Σd2) = (1/21) (2493.569) = 118.741
14. HINDALCO
X̅
Where,
X̅ = 9107.1/22
= 413.959
Variance = (1/n-1) (Σd2) = (1/21) (947.4582) = 45.117
15. HERO MOTO CORPORATION
X̅
Where,
X̅ = 62054.35/22
= 2820.65
Variance = (1/n-1) (Σd2) = (1/21) (187789.2) = 8942.342
16. HINDUSTHAN UNILEVER
X̅
Where,
62
X̅ = 5857.75/22
= 2662.63
Variance = (1/n-1) (Σd2) = (1/21) (22856.17) = 1038.916
17. ICICI
X̅
Where,
X̅ = 20747.5/22
= 943.068
Variance = (1/n-1) (Σd2) = (1/21) (976.2877) = 46.489
18. INFOSYS
X̅
Where,
X̅ =28455.35/22
=1293.43
Variance = (1/n-1) (Σd2) = (1/21) (9922.51) = 472.500
19. JSW STEEL
X̅
Where,
X̅ = 15787.05/22
= 717.593
Variance = (1/n-1) (Σd2) = (1/21) (15174.24) = 722.582
20 LARSEN & TOUBRO LTD
X̅
Where,
63
X̅ = 49679.50/22
= 2258.16
Variance = (1/n-1) (Σd2) = (1/21) (92895.74) = 4423.606
21. NESTLE INDIA LTD
X̅
Where,
X̅ = 481942.30/22
= 21906.47
Variance = (1/n-1) (Σd2) = (1/21) (397089.72) =18909.034
Standard Deviation = 137.510
22. ONGC
X̅
Where,
X̅ = 3505.65/22
= 159.347
Variance = (1/n-1) (Σd2) = (1/21) (550.9124) = 26.233
23. STATE BANK OF INDIA LIFE INSURENCE
X̅
Where,
X̅ = 26534.64/22
= 1206.12
Variance = (1/n-1) (Σd2) = (1/21) (23821.96) = 1134.379
24. TCS
X̅
64
Where,
X̅ = 71908.35/22
= 3268.56
Variance = (1/n-1) (Σd2) = (1/21) (37859.23) = 1802.820
25. TATA CONSUMERS
X̅
Where,
X̅ = 17534.7/22
= 797.031
Variance = (1/n-1) (Σd2) = (1/21) (14813.22) = 70.5391
65
TABLE - 1
Standard Deviation of portfolio - INFOSYS, ICICI, L&T, DR REDDY'S
Date INFOSYS ICICI L&T DR REDDY'S
15-Jun-23 -6.63 -16.468 103.14 229.91
14-Jun-23 6.98 -3.268 96.89 125.46
13-Jun-23 11.43 0.482 96.24 128.46
12-Jun-23 -1.47 -7.118 81.79 102.11
09-Jun-23 -27.47 -5.018 104.84 93.26
08-Jun-23 -10.63 -5.168 82.14 75.86
07-Jun-23 -4.47 -2.868 57.34 100.21
06-Jun-23 -14.43 -0.968 19.79 63.11
05-Jun-23 11.08 3.682 10.14 30.01
02-Jun-23 5.58 -4.918 -23.61 36.91
01-Jun-23 26.08 -6.968 -50.36 -21.49
31-May-23 24.88 6.082 -52.51 -72.49
30-May-23 30.43 6.882 -47.36 -54.64
29-May-23 20.98 5.082 -33.61 -17.29
26-May-23 24.03 7.632 -39.71 -42.59
25-May-23 10.93 -3.218 -53.46 -69.59
24-May-23 5.23 -2.418 -73.01 -54.29
23-May-23 6.63 10.332 -60.51 -112.99
22-May-23 -0.63 7.282 -41.56 -115.89
19-May-23 -24.52 11.232 -68.11 -181.59
18-May-23 -47.43 3.432 -69.96 -150.44
17-May-23 -46.52 -3.718 -38.56 -92.04
66
TABLE - 1.1
CO-VARIANCE OF PORTFOLIO - 1
INFOSYS DR. ICICI DR. L & T DR.
INFOSYS ICICI INFOSYS L & T ICICI L & T
REDDYS REDDYS REDDYS
109.18284 -683.8182 -1524.3033 -1698.50952 -3786.15788 23712.9174
-22.81064 676.2922 875.7108 -316.63652 -410.00328 12155.8194
5.50926 1100.0232 1468.2978 46.38768 61.91772 12362.9904
10.46346 -120.2313 -150.1017 -582.18122 -726.81898 8351.5769
137.84446 -2879.9548 -2561.8522 -526.08712 -467.97868 9777.3784
54.93584 -873.1482 -806.3918 -424.49952 -392.04448 6231.1404
12.81996 -256.3098 -447.9387 -164.45112 -287.40228 5746.0414
13.96824 -285.5697 -910.6773 -19.15672 -61.09048 1248.9469
40.79656 112.3512 332.5108 37.33548 110.49682 304.3014
-27.44244 -131.7438 205.9578 116.11398 -181.52338 -871.4451
-181.72544 -1313.3888 -560.4592 350.90848 149.74232 1082.2364
151.32016 -1306.4488 -1803.5512 -319.36582 -440.88418 3806.4499
209.41926 -1441.1648 -1662.6952 -325.93152 -376.03248 2587.7504
106.62036 -705.1378 -362.7442 -170.80602 -87.86778 581.1169
183.39696 -954.2313 -1023.4377 -303.06672 -325.04688 1691.2489
-35.17274 -584.3178 -760.6187 172.03428 223.94062 3720.2814
-12.64614 -381.8423 -283.9367 176.53818 131.27322 3963.7129
68.50116 -401.1813 -749.1237 -625.18932 -1167.41268 6837.0249
-4.58766 26.1828 73.0107 -302.63992 -843.91098 4816.3884
-275.40864 1670.0572 4452.5868 -765.01152 -2039.61888 12368.0949
-162.77976 3318.2028 7135.3692 -240.10272 -516.31008 10524.7824
172.96136 1793.8112 4281.7008 143.36608 342.20472 3549.0624
555.16642 -3621.5681 5217.3131 -5740.95114 -11090.52796 134547.8173
67
i. INFOSYS AND ICICI
Co-variance (COVAB) = (1/n) Ʃ(dxdy)
= (1/22) (555.16642) = 25.234
Correlation Coefficient (r) = =25.234/ (21.737) (6.818) = 0.170
ii. INFOSYS AND L&T
= (1/22) (-3621.5681) = -164.616
Correlation Coefficient (r) = =-164.616/ (21.737) (66.510) = -0.113
iii. INFOSYS AND DR REDDYS
= (1/22) (5217.3131) = 237.150
Correlation Coefficient (r) = =237.150/ (21.737) (105.818) = 0.1031
iv. ICICI AND L&T
= (1/22) (-5740.95114) = -260.952
Correlation Coefficient (r) = = -260.952/ (6.818) (66.510) = -0.575

v. ICICI AND DR REDDYS
= (1/22) (-11090.52796) = -504.114
Correlation Coefficient (r) = = -504.114/ ((6.818) (105.818) = -0.698
vi. L&T AND DR REDDYS
= (1/22) (134547.8173) = 6115.809
Correlation Coefficient (r) = = 6115.809/ (66.510) (105.818) = 0.868
68
TABLE - 2
Standard Deviation of portfolio - TCS, HINDUSTHAN UNILEVER,

EICHER, DIVIS
HINDUSTHAN
Date TCS UNILEVER EICHER DIVIS
15-Jun-23 -52.26 1.075 -101.08 154.52
14-Jun-23 -17.51 7.975 -63.73 59.42
13-Jun-23 -24.86 7.725 -43.13 61.17
12-Jun-23 -21.66 7.325 -45.18 11.92
09-Jun-23 -59.26 4.625 -54.48 2.22
08-Jun-23 -32.11 16.825 21.62 73.17
07-Jun-23 6.34 17.375 91.62 115.57
06-Jun-23 -36.26 2.625 69.32 111.37
05-Jun-23 20.34 -2.925 37.47 35.77
02-Jun-23 37.04 -0.675 63.62 85.07
01-Jun-23 55.44 5.125 80.27 98.87
31-May-23 20.94 15.275 36.17 17.07
30-May-23 47.64 8.075 42.57 31.47
29-May-23 51.79 1.975 75.67 51.32
26-May-23 60.34 0.125 54.57 87.47
25-May-23 24.94 -5.025 15.72 9.12
24-May-23 34.79 -11.075 -24.88 -43.38
23-May-23 28.49 -14.375 -34.18 -40.73
22-May-23 30.14 -10.075 -90.33 -161.53
19-May-23 -45.71 -19.475 -64.88 -328.23
18-May-23 -68.71 -15.525 -59.63 -273.03
17-May-23 -59.86 -16.975 -7.03 -158.53
69
TABLE - 2.1
HINDUSTHAN
TCS TCS HINDUSTHAN HINDUSTHAN
UNILEVER
HINDUSTHAN HINDUSTHAN TCS EICHER UNILEVER UNILEVER
HINDUSTHAN
UNILEVER UNILEVER EICHER EICHER
UNILEVER
-56.1795 5282.4408 -8075.2152 -108.661 166.109 -15618.8816
-139.64225 1115.9123 -1040.4442 -508.24675 473.8745 -3786.8366
-192.0435 1072.2118 -1520.6862 -333.17925 472.53825 -2638.2621
-158.6595 978.5988 -258.1872 -330.9435 87.314 -538.5456
-274.0775 3228.4848 -131.5572 -251.97 10.2675 -120.9456
-540.25075 -694.2182 -2349.4887 363.7565 1231.08525 1581.9354
110.1575 580.8708 732.7138 1591.8975 2008.02875 10588.5234
-95.1825 -2513.5432 -4038.2762 181.965 292.34625 7720.1684
-59.4945 762.1398 727.5618 -109.59975 -104.62725 1340.3019
-25.002 2356.4848 3150.9928 -42.9435 -57.42225 5412.1534
284.13 4450.1688 5481.3528 411.38375 506.70875 7936.2949
319.8585 757.3998 357.4458 552.49675 260.74425 617.4219
384.693 2028.0348 1499.2308 343.75275 254.12025 1339.6779
102.28525 3918.9493 2657.8628 149.44825 101.357 3883.3844
7.5425 3292.7538 5277.9398 6.82125 10.93375 4773.2379
-125.3235 392.0568 227.4528 -78.993 -45.828 143.3664
-385.29925 -865.5752 -1509.1902 275.546 480.4335 1079.2944
-409.54375 -973.7882 -1160.3977 491.3375 585.49375 1392.1514
-303.6605 -2722.5462 -4868.5142 910.07475 1627.41475 14591.0049
890.20225 2965.6648 15003.3933 1263.538 6392.27925 21295.5624
1066.72275 4097.1773 18759.8913 925.75575 4238.79075 16280.7789
1016.1235 420.8158 9489.6058 119.33425 2691.04675 1114.4659
1417.35625 29930.4941 38413.4866 5822.57125 21683.00875 78386.2523
70
i. TCS AND HINDUSTHAN UNILEVER
= (1/22) (1417.35625) = 64.425
ii. TCS AND EICHER

= (1/22) (29930.4941) = 1360.477
iii. TCS AND DIVIS

= (1/22) (38413.4866) = 1746.067
iv. HINDUSTHAN UNILEVER AND EICHER

= (1/22) (5822.57125) = 264.662
Correlation Coefficient (r) = = 264.662/(10896)(60.372) = 2.312
v. HINDUSTHAN UNILEVER AND DIVIS

= (1/22) (21683.00875) = 985.59
vi. EICHER AND DIVIS

= (1/22) (78386.2523) = 3563.011
71
TABLE - 3
Standard Deviation of portfolio - APOLLO, BAJAJ AUTO, HERO MOTORS, HINDUSTHAN

UNILEBER
HERO HINDUSTHAN
DATE APOLLO BAJAJ AUTO MOTORS UNILEBER
15-Jun-23 457.01 85.65 22.4 27.07
14-Jun-23 247.26 94.3 110.95 36.13
13-Jun-23 189.31 120.05 131.8 13.28
12-Jun-23 163.01 133.75 109.75 -19.18
09-Jun-23 164.96 107.5 78.65 -26.43
08-Jun-23 164.91 164.75 144.15 17.28
07-Jun-23 264.71 144.85 137.35 53.57
06-Jun-23 178.36 90.35 84.15 28.53
05-Jun-23 188.46 74.15 49.95 33.18
02-Jun-23 205.56 33.2 72 54.07
01-Jun-23 52.51 7.7 -20.25 35.28
31-May-23 -139.79 -68.75 -60.75 4.93
30-May-23 -162.59 -44 -41.5 -6.07
29-May-23 -121.29 -17.4 -43.75 -12.32
26-May-23 -151.84 -19.95 -75.5 -10.28
25-May-23 -193.59 8.1 -87.85 -65.38
24-May-23 -225.29 -118.3 -81.95 -47.68
23-May-23 -211.34 -137.8 -110.2 -34.32
22-May-23 -156.44 -112.65 -128.5 -24.53
19-May-23 -314.59 -152.7 -107.65 -21.18
18-May-23 -319.74 -117.25 -85.5 -35.07
17-May-23 -279.59 -106.55 -97.7 -0.88
72
TABLE - 3.1
APOLL BAJAJ HERO
APOLL BAJAJ APOLL HERO BAJAJ HERO
HINDUSTHAN HINDUSTHAN HINDUSTHAN
39142.9065 10237.024 12371.2607 1918.56 2318.5455 606.368
23316.618 27433.497 8933.5038 10462.585 3407.059 4008.6235
22726.6655 24951.058 2514.0368 15822.59 1594.264 1750.304
21802.5875 17890.3475 -3126.5318 14679.0625 -2565.325 -2105.005
17733.2 12974.104 -4359.8928 8454.875 -2841.225 -2078.7195
27168.9225 23771.7765 2849.6448 23748.7125 2846.88 2490.912
38343.2435 36357.9185 14180.5147 19895.1475 7759.6145 7357.8395
16114.826 15008.994 5088.6108 7602.9525 2577.6855 2400.7995
13974.309 9413.577 6253.1028 3703.7925 2460.297 1657.341
6824.592 14800.32 11114.6292 2390.4 1795.124 3893.04
404.327 -1063.3275 1852.5528 -155.925 271.656 -714.42
9610.5625 8492.2425 -689.1647 4176.5625 -338.9375 -299.4975
7153.96 6747.485 986.9213 1826 267.08 251.905
2110.446 5306.4375 1494.2928 761.25 214.368 539
3029.208 11463.92 1560.9152 1506.225 205.086 776.14
-1568.079 17006.8815 12656.9142 -711.585 -529.578 5743.633
26651.807 18462.5155 10741.8272 9694.685 5640.544 3907.376
29122.652 23289.668 7253.1888 15185.56 4729.296 3782.064
17622.966 20102.54 3837.4732 14475.525 2763.3045 3152.105
48037.893 33865.6135 6663.0162 16438.155 3234.186 2280.027
37489.515 27337.77 11213.2818 10024.875 4111.9575 2998.485
29790.3145 27315.943 246.0392 10409.935 93.764 85.976
436603.443 391166.306 113636.137 192309.94 40015.646 42484.2965
73
i. APOLLO AND BAJAJ AUTO

= (1/22) (436603.443) = 19845.611
ii. APOLLO AND HERO MOTORS

= (1/22) (391166.306) = 17780.286
iii. APOLLO AND HINDUSTHAN UNILEVER

= (1/22) (113636.137) = 5165.278
iv. BAJAJ AUTO AND HERO MOTORS

= (1/22) (192309.94) = 8741.360
Correlation Coefficient (r) = = 8741.360/ (32700) (94.563) = 2.826
v. BAJAJ AUTO AND HINDUSTHAN UNILEVER

= (1/22) (21683.00875) = 985.59
vi. HERO MOTORS AND HINDUSTHAN UNILEVER

= (1/22) (78386.2523) = 3563.011
74
TABLE - 4
Standard Deviation of portfolio - COAL INDIA, SBI, GRASIM, HINDALCO

Date COAL INDIA SBI GRASIM HINDALCO
15-Jun-23 -6.581 34.98 47.88 9.091
14-Jun-23 -6.231 36.18 54.73 11.091
13-Jun-23 -6.231 37.18 13.33 7.441
12-Jun-23 -6.181 32.78 6.78 2.841
09-Jun-23 -7.531 26.28 -8.87 1.091
08-Jun-23 -7.081 32.78 -12.67 4.291
07-Jun-23 -4.481 39.68 44.43 8.641
06-Jun-23 -7.381 16.88 41.78 1.591
05-Jun-23 -5.481 9.28 9.88 5.741
02-Jun-23 -4.281 -3.62 -14.07 6.791
01-Jun-23 -4.831 1.63 -22.17 -7.609
31-May-23 6.069 28.88 -6.27 -8.059
30-May-23 9.119 9.78 0.53 -0.859
29-May-23 10.919 11.98 -11.32 5.941
26-May-23 6.319 -10.37 -36.32 -0.409
25-May-23 4.869 -28.77 -23.27 -9.709
24-May-23 5.819 -30.77 -24.27 -7.059
23-May-23 4.119 -40.52 -26.67 -3.659
22-May-23 3.519 -55.32 -6.27 -6.259
19-May-23 4.719 -51.97 -8.52 -7.209
18-May-23 4.419 -53.42 -18.92 -7.459
17-May-23 6.419 -43.52 0.23 -6.259
75
TABLE - 4.1
COAL SBI COAL GRA COAL HIN SBI GRA SBI HIN GRA HIN
-230.20338 -315.09828 -59.827871 1674.8424 318.00318 435.27708
-225.43758 -341.02263 -69.108021 1980.1314 401.27238 607.01043
-231.66858 -83.05923 -46.364871 495.6094 276.65638 99.18853
-202.61318 -41.90718 -17.560221 222.2484 93.12798 19.26198
-197.91468 66.79997 -8.216321 -233.1036 28.67148 -9.67717
-232.11518 89.71627 -30.384571 -415.3226 140.65898 -54.36697
-177.80608 -199.09083 -38.720321 1762.9824 342.87488 383.91963
-124.59128 -308.37818 -11.743171 705.2464 26.85608 66.47198
-50.86368 -54.15228 -31.466421 91.6864 53.27648 56.72108
15.49722 60.23367 -29.072271 50.9334 -24.58342 -95.54937
-7.87453 107.10327 36.759079 -36.1371 -12.40267 168.69153
175.27272 -38.05263 -48.910071 -181.0776 -232.74392 50.52993
89.18382 4.83307 -7.833221 5.1834 -8.40102 -0.45527
130.80962 -123.60308 64.869779 -135.6136 71.17318 -67.25212
-65.52803 -229.50608 -2.584471 376.6384 4.24133 14.85488
-140.08113 -113.30163 -47.273121 669.4779 279.32793 225.92843
-179.05063 -141.22713 -41.076321 746.7879 217.20543 171.32193
-166.90188 -109.85373 -15.071421 1080.6684 148.26268 97.58553
-194.67108 -22.06413 -22.025421 346.8564 346.24788 39.24393
-245.24643 -40.20588 -34.019271 442.7844 374.65173 61.42068
-236.06298 -83.60748 -32.961321 1010.7064 398.45978 141.12428
-279.35488 1.47637 -40.176521 -10.0096 272.39168 -1.43957
-2777.2218 -1913.9678 -532.76636 10651.5193 3515.22841 2409.81136
76
i. COAL INDIA AND SBI

= (1/22) (-2777.2218) = -126.237
ii. COAL INDIA AND GRASIM

= (1/22) (-1913.9678) = -86.998
iii. COAL INDIA AND HINDALCO

= (1/22) (-532.76636) = -24.216
Correlation Coefficient (r) = = -24.216/ (6.404) (6.716) = 0.563
iv. SBI AND GRASIM

= (1/22) (10651.5193) = 48.432
v. SBI AND HINDALCO

= (1/22) (3515.228) = 159.783
vi. GRASIM AND HINDALCO

= (1/22) (2409.811) = 109.536
77
TABLE - 5
Standard Deviation of portfolio - ONGC, TATA CONSUMERS, BHARATHI AIRTEL,

BRITANIA INDUSTRIES
TATA BHARATHI BRITANIA
Date ONGC CONSUMERS AIRTEL INDUSTRIES
15-Jun-23 11.857 53.007 43.43 2.29
14-Jun-23 11.707 55.257 23.93 1.99
13-Jun-23 10.207 39.057 26.73 0.99
12-Jun-23 14.457 29.707 5.18 2.24
09-Jun-23 7.307 30.907 14.48 2.39
08-Jun-23 8.757 31.207 10.63 3.24
07-Jun-23 16.107 12.157 5.68 1.89
06-Jun-23 17.757 -4.743 17.28 1.79
05-Jun-23 11.157 -5.443 20.03 2.79
02-Jun-23 8.957 -10.993 11.08 1.19
01-Jun-23 4.407 -23.743 9.98 4.09
31-May-23 11.207 -21.293 -1.72 1.44
30-May-23 6.407 -12.993 5.08 1.14
29-May-23 9.857 -15.393 1.48 -0.66
26-May-23 -0.793 -15.893 -3.42 0.94
25-May-23 -3.143 -20.943 -9.32 -0.41
24-May-23 -9.393 -21.593 -16.77 1.29
23-May-23 6.407 -13.493 -24.37 -0.41
22-May-23 2.057 -12.993 -29.82 -3.81
19-May-23 -39.543 -23.743 -38.52 -8.26
18-May-23 -62.693 -25.543 -40.27 -8.01
17-May-23 -43.043 53.007 -30.82 -8.21
78
TABLE - 5.1
ONGC TATA ONGC AIRTE ONGC BRI TATA AIRTE TATA BRI AIRTE BRI
-115.34339 -11.733058 -476.43275 469.937666 19082.29675 1941.1055
-98.007093 -7.730508 -369.68415 338.081916 16167.56955 1275.2498
-84.546693 -42.752108 -907.2438 264.457116 5612.0526 2837.8056
-15.980543 -58.284508 -883.24835 50.444516 764.44045 2788.0802
-20.229993 -54.609258 -938.10285 42.523866 730.49445 1971.9117
-32.694043 -42.905858 -585.59645 133.051766 1815.94415 2383.1449
-143.30129 -117.98761 -1090.8797 559.545016 5173.39305 4259.5308
28.091907 -37.964808 -60.9579 -32.860184 -52.7617 71.3048
18.081207 -46.235158 47.7587 -53.661834 55.4301 -141.7394
4.558707 -63.728958 188.43585 -13.453434 39.77955 -556.1027
19.261557 -29.419308 338.68665 -17.459484 201.00045 -306.9998
-7.199693 -120.57596 167.42955 43.897566 -60.95535 -1020.8421
3.047107 2.154992 60.36065 26.584016 744.60995 526.6072
0.965007 0.532992 41.44915 4.271616 332.19045 183.4752
-32.278393 -21.292908 -433.6955 35.452716 722.1035 476.346
-111.31134 -0.572158 -874.2042 1.438866 2198.4534 11.3004
-178.65654 -147.62756 -1207.3347 553.491066 4526.5869 3740.4114
-152.52359 -129.09191 -978.25165 616.138116 4669.06205 3951.7698
-193.41154 -130.91281 -1224.0248 647.571416 6054.74325 4098.222
-175.36929 -94.600908 -1082.0021 538.013916 6153.55785 3319.4646
-145.17919 -164.12231 -912.84105 485.851716 2702.28585 3054.8826
-148.42624 -241.32601 -496.3084 573.496616 1179.4468 1917.6608
-1580.4534 -1560.7857 -11676.688 5266.814552 78811.72405 36782.5893
79
i. ONGC AND TATA CONSUMERS

= (1/22) (-1580.4534) = -71.838
Correlation Coefficient (r) = = -71.838/ (51.121) (83.9875) = 0.016
ii. ONGC AND BHARATHI AIRTEL

= (1/22) (-1506.7857) = -70.944
iii. ONGC AND BRITANNIA INDUSTRIES

= (1/22) (-11676.88) = -530.767
iv. TATA CONSUMERS AND BHARATHI AIRTEL

= (1/22) (5266.814 = 239.400
Correlation Coefficient (r) = = 239.400(83.9875) (16.194) = 0.176
v. TATA CONSUMERS AND BRITANNIA INDUSTRIES

= (1/22) (78811.72405) = 3582.351

vi. BHARATHI AIRTEL AND BRITANNIA INDUSTRIES
= (1/22) (36782.5893) = 1671.935
Correlation Coefficient (r) = = 1671.935(16.194) (164.557) = 0.627
80
TABLE - 6
Standard Deviation of portfolio - ASIAN PAINTS, SBI, TITAN, BAJAJ

NESTLE
Date ADANI PORTS JSW STEELS CIPLA INDIA
15-Jun-23 -1.697 67.969 6.914 280.75
14-Jun-23 -1.497 65.469 5.164 246.95
13-Jun-23 -3.697 22.869 11.564 245.4
12-Jun-23 -4.297 3.719 13.564 205.55
09-Jun-23 -5.097 3.969 10.714 184.05
08-Jun-23 -3.247 10.069 13.214 180.35
07-Jun-23 -5.497 26.069 21.464 198.45
06-Jun-23 -5.697 -4.931 6.664 10.7
05-Jun-23 -3.947 -4.581 11.714 -12.1
02-Jun-23 -4.647 -0.981 13.714 -40.55
01-Jun-23 -5.697 -3.381 5.164 -59.45
31-May-23 -4.447 1.619 27.114 -37.65
30-May-23 -0.497 -6.131 -4.336 -121.45
29-May-23 -0.347 -2.781 -1.536 -119.45
26-May-23 4.403 -7.331 -4.836 -98.5
25-May-23 6.653 -16.731 -0.086 -131.4
24-May-23 6.903 -25.881 -21.386 -174.9
23-May-23 5.653 -26.981 -22.836 -173.05
22-May-23 6.253 -30.931 -20.936 -195.75
19-May-23 5.553 -31.581 -17.036 -194.85
18-May-23 7.003 -20.731 -23.436 -130.35
17-May-23 7.903 -18.781 -30.536 -62.8
81
TABLE - 6.1
CO-VARIANCE OF PORTFOLIO – 6
ADANI JSW ADANI CIPLA ADANI NESTL JSW CIPLA JSW NESTL CIPLA NESTL
628.503999 514.94951 27.15253 2302.09401 121.38603 99.4547
646.893699 280.14851 23.29693 1322.30001 109.96143 47.6207
398.654799 272.83311 10.10493 1043.99361 38.66643 26.4627
429.474099 74.88726 32.38368 153.88226 66.54368 11.6032
225.837449 105.80536 17.46373 447.53336 73.86773 34.6072
273.279699 93.08691 28.37268 331.73041 101.11068 34.4412
195.812799 91.48776 30.44223 69.05176 22.97673 10.7352
-84.221451 306.84096 31.78503 -81.95904 -8.48997 30.9312
-60.727551 223.47471 31.12803 -109.02329 -15.18597 55.8837
-98.464301 99.24356 10.65883 -121.80244 -13.08167 13.1852
-104.6354 43.98186 18.02463 -236.95514 -97.10887 40.8182
-238.63065 -19.27604 16.13808 36.62396 -30.66192 -2.4768
-83.246151 32.54756 7.30398 -66.00444 -14.81202 5.7912
-151.7288 14.58836 -6.50562 -22.78164 10.15938 -0.9768
12.603149 2.71206 -0.74542 54.35406 -14.93942 -3.2148
65.823849 29.29276 1.28863 195.18876 8.58663 3.8212
202.823049 157.52061 -12.11697 362.11461 -27.85497 -21.6333
-86.449651 -156.13859 -2.62687 328.82441 5.53213 9.9917
-26.726601 -61.33974 -7.83717 387.45126 49.50333 113.6142
938.869449 1523.19636 326.62518 914.58036 196.11718 318.1752
1601.3673 2524.64711 502.17093 1028.61661 204.59943 322.5627
-2281.5803 1326.58526 353.38303 -1633.67574 -435.18747 253.0322
2403.53248 7481.07522 1437.89101 6706.13772 351.68851 1404.4299
82
i. ADANI PORTS AND JSW
= (1/22) (2403.53248) = 109.251

ii. ADANI PORTS AND CIPLA
= (1/22) (7481.07522) = 340.048
iii. ADANI PORTS AND NESTLE
= (1/22) (1437.89101) = 65.358
iv. JSW AND CIPLA
= (1/22) (6706.13772) = 304.824

v. JSW AND NESTLE
= (1/22) (351.68851) = 15.985
Correlation Coefficient (r) = = 15.985/ ((26.880) (137.510) = 0.004
vi. CIPLA AND NESTLE
= (1/22) (1404.4299) = 63.837
83
CALCULATION OF PORT FOLIO RISK
Portfolio risk can be calculated with help of following formula,
𝑊𝐴 = 𝑊𝐵 = 𝑊𝐶 = 𝑊𝐷 = 0.25
PORTFOLIO 1: INFOSYS, ICICI, L&T, DR REDDY'S
=41.107
PORTFOLIO 2: TCS, HDFC, EICHER, DIVIS
= 46.057
PORTFOLIO 3: APOLLO, BAJAJ AUTO, HERO MOTORS, HINDUSTHAN UNILEBER
= 86.24
84
PORTFOLIO 4: COAL INDIA, SBI, GRASIM, HINDALCO
= 13.793
PORTFOLIO 5: ONGC, TATA CONSUMERS, BHARATHI AIRTEL, BRITANIA INDUSTRIES
= 48.5496962
PORTFOLIO 6: ASIAN PAINTS, SBI, TITAN, BAJAJ FINSERV
= 37.138
85
PORTFOLIO RISK
TABLE - 9
NAME OF THE RISK OF THE

PORTFOLIO COMBINATION OF PORTFOLIO PORTFOLIO
1 INFOSYS, ICICI, L&T, DR REDDY'S 41.107
2 TCS, HDFC, EICHER, DIVIS 46.057
APOLLO, BAJAJ AUTO, HERO

3 MOTORS, HINDUSTHAN UNILEBER 86.29
COAL INDIA, SBI, GRASIM,

4 HINDALCO 13.793
ONGC, TATA CONSUMERS,
BHARATHI AIRTEL, BRITANIA
5 INDUSTRIES 48.594
ASIAN PAINTS, SBI, TITAN, BAJAJ

6 FINSERV 37.138
As per the Table No.7, the portfolio risk is ranked as 3,5,2,1,6,4
86
risk
13% 15% portfolio 1

portfolio 2
18% portfolio 3
17%
portfolio 4
5% portfolio 5
portfolio 6
32%
Based on the study, the low risk is for the 4th portfolio (COAL INDIA, SBI, GRASIM,
HINDALCO) and high risk is for the 3rd portfolio (APOLLO, BAJAJ AUTO, HERO MOTORS,
HINDUSTHAN UNILEBER) in NSE listed stocks during the month of JUNE 2023.
87
CHAPTER 5
• FINDINGS
• SUGGESTIONS
• CONCLUSION
FINDINGS
The following are the facts identified during this study (15th may 2023 to 15th June 2023):
• The 1st portfolio containing INFOSYS, ICICI, L&T, DR REDDY'S companies
have a risk of 41.107which constitutes up to 15% as Infosys and ICICI are the top
buys and top sales respectively.
• The 2nd portfolio containing TCS, HDFC, EICHER, DIVIS companies has a risk
of 46.057 which constitutes up to 17% due to negative returns of both TCS and
Hindustan Unileber.
• The 3rd portfolio containing APOLLO, BAJAJ AUTO, HERO MOTORS,
HINDUSTHAN UNILEBER Finance Corporation has a risk of 86.29 which
constitutes up to 32% due to BAJAJ AUTO being one of the most preferred stocks.
• The 4th portfolio containing COAL INDIA, SBI, GRASIM, HINDALCO
companies have a risk of 13.793 which constitutes up to5% due to government
industries.
• The 5th portfolio containing ONGC, TATA CONSUMERS, BHARATHI AIRTEL,
BRITANIA INDUSTRIES has a portfolio risk of 48.594 which constitutes up to
18% due to government policies changing.
• The 6th portfolio containing ADANI, JSW, CIPLA, NESTLE companies has a risk
of 37.138 which constitutes up to 13%.
89
SUGGESTIONS
• The 3rd portfolio (APOLLO, BAJAJ AUTO, HERO MOTORS, HUL) having high risk
constituting up to 32% and 4th portfolio (COAL INDIA, SBI, GRASIM, HCO) having
minimum risk constituting up to 5%. So, it is advisable to invest in either of these
portfolios when compared to remaining selected portfolios.
• APOLLO with 227.6 has high risk whereas ONGC with 5.121 has low risk among all
the remaining stocks. So if the investor is going for individual stock investment then
investment in Britania industries stocks is preferred to remaining (15th may 2023 to 15th
June 2023).
• It is suggested to invest in negatively correlated securities than positive ones because

these negatively correlated securities help investors diversify their portfolio by
including a mix of investments. This reduces the volatility risk in the portfolio.
• An investor must have an idea before selecting the scrips. He must select those scrips
which have a consistent track record. This led him to provide with a good results &
estimates.
• An investor before going to take investment decision he must do fundamental analysis

(economical, industrial, company & environmental factors) and technical analysis
(behavior of the price of the stock), to determine the future prices for the stock.
90
CONCLUSION
Portfolio management's main purpose is to help investors choose between alternative

investments wisely. Every management of a portfolio must specify in the same prospectus
objectives such as maximum returns, optimum returns, value of capital, safety, etc.
The portfolio risk study means to study the expected return and it is taken in even
weights. So risk is calculated based on 30day average data of the individual stocks. It is
calculated using the correlation cofficient method as per Markowitz model.
In general, stock markets are considered volatile and in measuring the risk – render
trading – volatility is an important factor. Sometimes stock markets are very volatile.
How they places the money in various securities to maximize his wealth depends on the
investors. An investor should be able to analyze the different investment options that are
available to them, minimizing risk and maximizing returns.
The management of portfolios provides optimal returns to investors through the
correct selection and continuous portfolio change from one plan to another or from one
plan to another within the same portfolio. For investors, 'greater returns on the portfolio
at lower risk is always a good combination.'
91
BIBLIOGRAPHY
Books:
• Security analysis and portfolio management by -Punithavathy Pandian, Vikas

Publishing House; Second edition (1 January 2012), ISBN-13 : 978-9325963085
• Security analysis and portfolio management by -S. Kevin, PHI Learning; 3rd edition
(30 September 2022); PHI Learning Pvt. Ltd., Rimjhim House, 111, Patparganj
Industrial Estate, Delhi 110092, ISBN-13 : 978-9391818265
Journals:
1. A study on risk & return analysis of selected securities in India by Dr. P. Subramanyam,
Dr. Nalla Bala Kalyan published in International Journal of Engineering Technologies
and Management Research (VOL 5 ISSUE 4, APRIL 2018)
2. Sharpe’s single index model and its application to construct optimal portfolio: an
empirical study By Niranjan Mandal, B.N. Dutta Smriti Mahavidyalaya and Burdwan
published in The Great Lakes Herald March 2013 (Volume 7, Issue 1)
3. Portfolio management - risk & return analysis of selected scripts by Dr. V. Sreehari, G.
Ramesh, G. Vinesh Kumar, K. Sandeep Kumar in International Journal of Mechanical
Engineering and Technology (IJMET) Volume 8, Issue 12, December 2017.
4. A study on portfolio management by Kuraku Rekha, Mrs. N.L. Deepthi, Malla Reddy
Engineering College and Management Sciences, Medchal, Telangana – 501401, JETIR
August 2020, Volume 7, Issue 8, (ISSN-2349-5162).
5. Investment Analysis and Portfolio Management of Top 10 Stocks Picks in India Amid
Market Turmoil in COVID-19 by Supriya Shiv narayan Singh in International Journal
of Science and Research (IJSR) ISSN: 2319-7064.
Websites: www.nseindia.com
http://www.steelcitynettrade.com

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A STUDY ON

“PORTFOLIO MANAGEMENT OF NSE SELECTED INDEXED STOCKS”

STEEL CITY SECURITIES LTD., PEDDAPURAM

A Project report submitted to

SCHOOL OF MANAGEMENT STUDIES, JNTUK KAKINADA

MASTER OF BUSINESS ADMINISTRATION

Under the esteemed guidance of

MBA., M.Com., Ph.D.

School of Management Studies

JAWAHARLAL NEHRU TECHNOLOGICAL UNIVERSITY KAKINADA

“PORTFOLIO MANAGEMENT OF NSE SELECTED INDEXED

STEEL CITY SECURITIES LTD., PEDDAPURAM

A Project report submitted to

SCHOOL OF MANAGEMENT STUDIES, JNTUK KAKINADA

MBA., M.Com., Ph.D.

School of Management Studies

JAWAHARLAL NEHRU TECHNOLOGICAL UNIVERSITY

Kakinada –533003 (A.P) INDIA

I, PITLA RAMYA, student at School of Management Studies, JNTUK.

PLACE: KAKINADA PITLARAMYA

KAKINADA Kakinada –533003(A.P) INDIA

Project Guide Director SMS

Introduction of study 1-6

Need for the study 7

Scope of the study 9

Review of literature 12-21

Statement of the problem 23

Methodology of the study 24

Chapter 3 Industry profile 26-31

Company profile 32-33

Findings of the study 89

1. Shares, scrip's, stocks, bonds, debentures and other marketable securities.

3. Rights or interests in securities.

The investor is confronted by an infinite number of possible securities or portfolios. Portfolios

Portfolio management is related to building and maintaining an investment collection.

FEATURES OF PORTFOLIO MANAGEMENT

1) Investment safety: A key goal in portfolio management is the primary objective,

CAPITAL MARKET AND ITS STRUCTURE

• Primary or new issue market.

There are many 'New Issue Market' players, they are:

Secondary market players are as follows:

• Down Securities Issuers like corporations.

DEFINITION OF STOCK EXCHANGE:

STOCK EXCHANGE NATURE AND FUNCTION

• Protect investors' securities interests • Encouraging security market development.

• Securities market regulation.

• To find the co-variances of Twenty-five selected stocks between the values.

• To measure the expected return with Markowitz model approach.

• Major observations are based on the secondary data only.

• Analysis is done only on the basis of Markowitz model approach.

1. A study on risk & return analysis of selected securities in India by Dr. P.

THE STUDY'S OBJECTIVES

Studying equity returns and risk evaluations.

2) To study the equity, change coefficient.

3) Propose to investors when investing in shares.

4) To use tools and techniques to measure the risks to selected securities.

THE STUDY'S OBJECTIVE:

The study's main aims are:

1. To get a look at the idea in the Single Index model of Sharpe.