A DISSERTATION ON THE MESUREMENT OF RISKBETA OR ABSOLUTE VOLATILITY?

SUBMITTED TOWARDS FULFILLMENT OF POST GRADUATE DIPLOMA IN BUSINESS MANAGEMENT (Approved by AICTE, Govt. of India) (Equivalent to MBA)

Under the Guidance of: Dr. VIDYA SEKHRI Chairperson Finance IMS Ghaziabad

Submitted By: ANAGH RASTOGI PGDM (2009-11) BM09032

Institute of Management Studies C-238, Bulandshahr Road, Lal Quan Ghaziabad 201009

TO WHOMSOEVER IT MAY CONCERN

This is to certify that the project entitled, BETA OR ABSOLUTE VOLATILITY A TECHNICAL ANALYSIS? is submitted by Anagh Rastogi, student of PGDM (Full Time) 2009-2011 batch, IMS Ghaziabad for the fulfillment of the requirements for the award of two year Post Graduate Diploma in Business Management is a bonafied record of the work done by him under my guidance from and that this has not been submitted by him for any other Degree or Diploma.

Dr. Vidya Sekhri CHAIRPERSON FINANCE IMS, GHAZIABAD

DECLARATION

I the Student of PGDM (2009-11) of Institute of Management Studies, Ghaziabad hereby declare that the project on BETA OR ABSOLUTE VOLATILITY A TECHNICAL ANALYSIS? has been done under the guidance of Dr. VIDYA SEKHRI.

Anagh Rastogi (Candidates name & Signature)

This is to certify that the above project submitted is correct to the best of my knowledge.

Dr. Vidya Sekhri Chairperson Finance

ACKNOWLEDGEMENT Every accomplishment requires a lot of efforts, hard work, support and blessings. This project is no exception. This project would not have been possible without the support and cooperation of a lot of people. I am grateful to my project guide Dr. Vidya Sekhri, who provided me her constructive ideas and advice at every stage of this project. Her expertise helped me a lot in accomplishing the objectives of the project. Last but not the least I would like to thank my family and friends for their support and blessings without which I would not have succeeded.

Thank You, Anagh Rastogi (BM-09032)

TABLE OF CONTENT CONTENTS PAGE NO.

1. ABSTRACT

2. INTRODUCTION 3. LITERATURE REVIEW

7 8

4. OBJECTIVE OF THE STUDY

5. RESEARCH METHODOLOGY

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6. WHAT IS THE BETA AND A.V

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7. THE VALUE OF A.V, R, BETA OF ALL THE COMPANIES (CALCULATED) 16 TABLE ANALYSIS OF ABOVE CALCULATED A.V, R AND BETA 19

8. ANALYSIS (Certain Tests)

9. LIMITATIONS

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10. CONCLUSION 11. BIBLIOGARHY

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12. ANNEXURE - 50 NIFTY COMPANIES WITH SYMBOLS

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ABSTRACT There are plenty of soothsayers/financial wizard offering advice and strategies to investors. However, to play safe and manage their funds optimally, they need organized information, logical reasoning backed by scientific methods and techniques. There are two ways to see the stock exchange volatility, Beta or absolute volatility. Now the question is which gives the perfect result as per as volatility is concern. In the paper emphasises is given to find out that, Is there any difference between the results given by absolute volatility and beta of a share.

INTRODUCTION This dissertation report is all about Beta or Absolute Volatility that how should I constrain my portfolio's BETA OR ABSOLUTE VOLATILITY in order to achieve market neutrality? That is the practical question to be answered. Market neutrality is a very useful feature, and is well worth pursuing. The value of a fund to an investor is partly based on the return that it generates, and partly based on its correlation to the rest of the investor's portfolio. The lower the correlation, the more valuable it is? But the question is should we just go for beta and correlation or that other thing which is absolute volatility. In my dissertation report, I have tried my level best to have an answer to this question.

LITERATURE REVIEW: Published studies that have examined Beta and Absolute volatility in the stock market appear to be limited. According to Keppler M. (1990) if you ask investors what risk they assume when buying stocks, they likely will respond, Losing money. Modern portfolio theorists do not, however, define risk as a likelihood of loss, but as volatility, which are determined using statistical measures of variance such as standard deviation and beta. While standard deviation is a measure of absolute volatility that shows how much an investments return varies from its average return over time, beta is a measure of relative volatility that indicates the price variance of an investment compared to the market as a whole. Burns P. (2003) suggested that Simulations are performed which shows the difficulty of actually achieving realized market neutrality. Results suggest that restrictions on the net value of the fund are particularly ineffective. A negative correlation that is-market negativity, is proposed as a more reasonable target, both on theoretical and practical grounds. Random portfolios, portfolios that obey given constraints but are otherwise unrestricted, prove themselves to be a very effective tool to study issues such as this. Cotter, John (2004) suggested that the use of absolute return volatility has many modeling benefits. Volatility modeling is a key issue for the finance industry from an academic and practitioner perspective. This is understandable given the importance that volatility plays in risk management and the development of accurate risk measures. To illustrate, successful market risk management requires the use of accurate risk measures such as minimum capital requirements.

OBJECTIVE OF THE STUDY: 1. Is there any difference between the results given by absolute volatility and beta of a share? 2. Should we shift from beta to absolute volatility for better understanding the share and market performance? 3. Is there any significant role of correlation of a particular share and market in the end result of volatility?

RESEARCH METHODOLOGY: - Technical Analysis - Sample Size- 50 Nifty Shares - Time duration - one year (1 February. 2010 31 January. 2011) - Test correlation, t-test, chi-square test, regression and few more.

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What Is the Beta? In finance, the beta () of a stock or portfolio is a number describing the relation of its returns with that of the financial market as a whole. In other words, Beta measures a stock's volatility, the degree to which its price fluctuates in relation to the overall market. In other words, it gives a sense of the stock's market risk compared to the greater market. Beta is used also to compare a stock's market risk to that of other stocks. Investment analysts use the Greek letter '' to represent beta. Beta = Covariance (stock versus market returns) / Variance of the Stock Market Or, = r * share / market Here; r = correlation between share and market A beta of 1 indicates that the security's price tends to move with the market. A beta greater than 1 indicates that the security's price tends to be more volatile than the market, and a beta less than 1 means it tends to be less volatile than the market. Many utility stocks have a beta of less than 1, and, conversely, many high-tech NSE/BSE listed stocks have a beta greater than 1. Essentially, beta expresses the fundamental tradeoffs between minimizing risk and maximizing return. Let's give an illustration; Say a company has a beta of 2. This means it is two times as volatile as the overall market. Let's say we expect the market to provide a return of 10% on an investment. We would expect the company to return 20%. On the other hand, if the market were to decline and provide a return of -6%, investors in that company could expect a return of -12% (a loss of 12%). If a stock had a beta of 0.5, we would expect it to be half as volatile as the market: a market return of 10% would mean a 5% gain for the company and An asset with a beta of 0 shows, that its price is not at all correlated with the market or in other words a positive beta means that the asset generally follows the market. A negative beta shows

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that the asset inversely follows the market; the asset generally decreases in value if the market goes up and vice versa Do you know your stocks beta? If you do, what does it mean and should you be concerned? Beta is one of the most used and misused of the financial ratios. First off, lets review what a beta is, then look at how you can use it in a meaningful way. The beta is a measure of a stocks price in relation to the rest of the market. In other words, how does the stocks price move relative to the overall market? Beta and Risk Of course, there is more to it than that. Risk also implies return. Stocks with a high beta should have a higher return than the market. If you are accepting more risk, you should expect more reward.

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Analysis of Common Stock Beta values:

Negative Beta

Shows an inverse relation to the stock market and is highly unlikely. Gold Stocks though fall into this category. Value of current cash (with no inflation) has a Beta of 0. No

Beta of 0

matter how the market performs, idle cash sitting always remains the same (with no inflation).

Beta 0 1

These stocks are less volatile than the stock market in general. Commonly includes utility company stocks. A Beta of 1 means the stock market is moving in the same direction as the Market Index such as S&P 500. Stocks with a Beta of >1 is more volatile than the stock market. This commonly includes high-tech stocks. Why? This is because

Beta of 1

Beta >1

as technology becomes rapidly advanced, outdated technology is useless. Many companies are thus wiped out due to out-dated technology. This is impossible. A stock can never be 100 times more risky

Beta >100

than the stock market in general. This is because a small change in The returns of the stock will make the stock price go to $0.

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Few Examples: Stock Beta = 2

Market % Return 10% -8%

Individual Stock % Return (10% x 2) = 20% (-8% x 2) = -16%

If the market provides a 10% return to ordinary investors, the stock with a Beta of 2 will provide a 20% return (higher risk, higher return!). However, if the market provides a negative 8% return, then the Stock with a Beta of 2 will provide a -16% (higher risk, probability of lower returns!). Here's another example, with a stock that has a Beta of 0.5

Stock Beta = 0.5

Market % Return 10% -8%

Individual Stock % Return (10% x 0.5) = 5% (-8% x 0.5) = -4%

If the market provides a 10% return to ordinary investors, the stock with a Beta of 0.5 will provide a 5% return (lower risk, lower return!). However, if the market provides a negative 8% return, then the Stock with a Beta of 2 will provide only a -4% loss, (lower risk, lower returns!).

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How to Use Beta Investors can find the best use of the beta ratio in short-term decision-making, where price volatility is important. If you are planning to buy and sell within a short period, beta is a good measure of risk. However, as a single predictor of risk for a long-term investor, the beta has too many flaws. Careful consideration of a companys fundamentals will give you a much better picture of the potential long-term risk. Problems with Beta While the may seem to be a good measure of risk, there are some problems with relying on beta scores alone for determining the risk of an investment. 1. Beta looks backward and history is not always an accurate predictor of the future. 2. Beta also doesnt account for changes that are in the works, such as new lines of business or industry shifts. 3. Beta suggests a stocks price volatility relative to the whole market, but that volatility can be upward as well as downward movement. In a sustained advancing market, a stock that is outperforming the whole market would have a beta greater than 1.

Absolute volatility (A.V): Absolute volatility is equal to standard deviation of share divided by standard deviation of market. Above we have written that = r * share / market. Here: r = correlation between share and market and the balance share / market the absolute volatility. In other words A.V = share / market

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The value of A.V, r, Beta of all the companies are given below: ABSOLUTE COMPANY SYMBOL S.D OF SHARE VARIANCE OF SHARE S.D OF MARKET VOLITILITY (A.V) (S.D OF SHARE / S.D OF MARKET) ABB ACC AXISBANK BHEL BPCL CAIRN CIPLA DLF GAIL GRASIM HCLTECH HDFCBANK HINDALCO HDFC ITC ICICIBANK IDEA INFOSYSTCH IDFC JPASSOCIAT 0.03096 0.000958522 0.03061 0.000936972 0.04008 0.001606406 0.03008 0.000904806 0.02841 0.000807128 0.03394 0.001151924 0.02415 0.000583223 0.05525 0.003052563 0.02904 0.000843322 0.03112 0.000968454 0.04411 0.001945692 0.02696 0.000726842 0.00070278 0.00041943 0.04077 0.001662193 0.03734 0.001394276 0.02393 0.000572645 0.04421 0.001954524 0.03686 0.02649 0.00135866 0.00070172 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 1.2630 0.657 0.432 1.2487 0.644 0.414 1.3801 0.608 0.369 1.6350 0.771 0.594 1.2271 0.797 0.636 1.1590 0.369 0.136 1.9047 0.500 0.250 1.3846 0.704 0.496 0.9852 0.467 0.218 2.2539 0.708 0.502 1.1847 0.568 0.323 1.2695 0.614 0.377 1.7994 0.608 0.370 1.0998 0.758 0.575 1.0815 0.514 0.264 1.6632 0.715 0.511 0.8355 0.400 0.160 1.5233 0.762 0.580 0.9762 0.553 0.305 1.8035 0.826 0.682 1.5037 0.762 0.580 1.0806 0.632 0.399 1.8525 0.718 0.515 2.2094 0.769 0.592 0.830 0.804 0.838 1.260 0.978 0.428 0.953 0.975 0.460 1.596 0.673 0.780 1.094 0.834 0.556 1.189 0.334 1.160 0.539 1.490 1.146 0.683 1.329 1.700 R r2 BETA

AMBUJACEM 0.03383 0.001144469

BHARTIARTL 0.04669 0.002179956

HEROHONDA 0.02651 HINDUNILVR 0.02048

0.04541 0.002062068 0.05416 0.002933306

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ABSOLUTE COMPANY SYMBOL JINDALSTEL LT M&M MARUTI NTPC ONGC POWERGRID PNB RANBAXY RELCAPITAL RCOM RELIANCE RELINFRA RPOWER SIEMENS SBIN SAIL STER SUZLON TCS TATAPOWER TATASTEEL UNITECH WIPRO S.D OF SHARE VARIANCE OF SHARE S.D OF MARKET 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 0.02451 VOLITILITY (A.V) r r2 BETA 1.194 1.232 1.087 0.646 0.661 0.885 0.727 0.892 0.787 1.652 1.523 1.236 1.628 1.074 1.042 1.145 1.523 1.437 0.470 1.530 0.815 1.240 0.870 1.456 1.653 0.818

0.06711 0.004503752 0.03581 0.001282356 0.03991 0.001592808 0.02861 0.000818532 0.02411 0.000581292 0.02976 0.000885658 0.02761 0.000762312 0.03194 0.001020164 0.03923 0.001538993 0.05076 0.002576578 0.04751 0.0022572 0.03546 0.001257412 0.04911 0.002411792 0.03441 0.001184048 0.03937 0.001549997 0.03416 0.001166906 0.04531 0.002052996 0.04671 0.002181824 0.05611 0.003148332 0.04569 0.002087576 0.02986 0.00089162

2.7377 0.436 0.190 1.4608 0.843 0.711 1.6281 0.667 0.445 1.1671 0.553 0.306 0.9836 0.672 0.451 1.2140 0.729 0.532 1.1263 0.646 0.417 1.3030 0.685 0.469 1.6004 0.492 0.242 2.0707 0.798 0.636 1.9381 0.786 0.617 1.4466 0.854 0.730 2.0034 0.812 0.660 1.4037 0.765 0.586 1.6061 0.649 0.421 1.3935 0.822 0.675 1.8484 0.824 0.679 1.9055 0.754 0.568 1.2218 0.385 0.148 2.2890 0.669 0.447 1.8639 0.437 0.191 1.9271 0.643 0.414 1.2181 0.714 0.510 1.9626 0.742 0.550 2.4933 0.663 0.440 1.2924 0.633 0.401

SUNPHARMA 0.02995 0.000897003

TATAMOTOR 0.04724 0.002231618 0.04811 0.002314572 0.06112 0.003735654 0.03168 0.001003622

VARIANCE OF MARKET of market is = (S.D OF MARKET) 2 = (0.02451) 2 = 0.000600898 17

Following table shows the analysis of above calculated A.V, r and Beta. HIGH A.V HIGH BETA AXISBANK BHARTIARTL BHEL CAIRN DLF HCLTECH HINDALCO HDFC IDEA IDFC ICICIBANK JPASSOCIAT JINDALSTEL LT M&M ONGC PNB RELCAPITAL RCOM RELIANCE RELINFRA RPOWER SIEMENS SBIN SAIL STER SUZLON TATAMOTORS TATASTEEL UNITECH 30 TOTAL LOW A.V HIGH BETA HIGH A.V LOW BETA ABB ACC AMBUJACEM BPCL GAIL GRASIM HDFCBANK HEROHONDA INFOSYSTCH MARUTI POWERGRID RANBAXY SUNPHARMA TCS TATAPOWER WIPRO LOW A.V LOW BETA CIPLA HINDUNILVR ITC NTPC

16

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ANALYSIS (Certain Tests) HIGH V.R (no. of shares) 30 16 LOW V.R (no. of shares) 0 4

HIGH BETA LOW BETA

So there are 30 shares of High V.R and High Beta, 0 of Low V.R but High Beta, 16 of Low Beta but High V.R and finally 4 of Low V.R and Low Beta. There are many benefits of A.V over the beta. First of all let us see the relation of A.V with beta. Chi-Square Tests of A.V and beta of 50 Shares: Crosstabs Case Processing Summary Valid N Percent A_V * BETA 50 100.0% Cases Missing N Percent 0 .0% Total N Percent 50 100.0%

A_V * BETA Cross tabulation Count BETA 0 A_V Total 0 1 4 16 20 1 0 30 30 Total 4 46 50

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Symmetric Measures Value Asymp. Std. Approx. Approx. Error Tb Sig. .007c .007c Exact Sig. .017 .017

Interval by Pearson's R .377 .093 2.817 Interval Ordinal by Spearman .377 .093 2.817 Ordinal Correlation N of Valid Cases 50 a. Not assuming the null hypothesis. b. Using the asymptotic standard error assuming the null hypothesis. c. Based on normal approximation.

Chi-Square Tests Point Asymp. Sig. Exact Sig. Exact Sig. Probabili (2-sided) (2-sided) (1-sided) ty

Value
a

df

Pearson Chi-Square 7.094 1 .008 .017 .017 Continuity 4.522 1 .033 Correctionb N of Valid Cases 50 a. 2 cells (50.0%) have expected count less than 5. The minimum expected count is 1.52. b. Computed only for a 2x2 table c. The standardized statistic is 2.637.

Degree of freedom=1 Level of significant= 5% H0= there is no significant relation between A.V and Beta H1=there is significant relation between A.V and Beta 2tab, 0.05,1 2cal = 3.841 = 7.094

Now, 2cal > 2tab, (7.094 > 3.841) So, 2 cal is accepted. H1 is accepted which means there is significant relation between A.V and Beta,

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The Chi-Square Test analysis shows that there is significant relation between A.V and Beta. Although the factors by which, these two has been calculated are different. The difference is of correlation (r). But still according to Chi-Square Test analysis Regression Test on A.V and Beta of 50 Shares:

Descriptive Statistics Mean BETA AV 1.037040 1.548586 Std. Deviation .3670012 .4304356 N 50 50

Correlations BETA Pearson Correlation Sig. (1-tailed) N BETA AV BETA AV BETA AV 1.000 .835 . .000 50 50 AV .835 1.000 .000 . 50 50

Model Summary Change Statistics Mod el 1 Adjusted R Std. Error of R Square Square the Estimate Change F Change .2039436 .697 110.676 Sig. F Cha nge

R Square

df1 1

df2

.835a .697 .691 a. Predictors: (Constant), AV

48 .000

Strength of association = R Square = 0.691 That signifies the proportion of the total variation in beta that account for by the variation Of A.V. Now here it means in Beta, the total variation of A.V is 0.69 21

Coefficients Unstandardized Coefficients Model 1 (Constant) B -.066 Std. Error .109 .068 .835 Standardized Coefficients Beta T -.604 10.520 Sig. .549 .000

AV .712 a. Dependent Variable: BETA

Correlation between A.V & Beta = 0.835 Correlation between A.V & r = 0.22057662 Correlation between Beta & r = 0.69865757 Regression equation = BETA = 0.712 * A.V + (-0.066) Or 0.712 * A.V - 0.066 This data is of last one year from here if we know the value of A.V for any share we can easily calculate the value of Beta but main problem with beta is that it is 0.712 * A.V - 0.066, Now can we take Beta as a true measure of volatility? For this let us try further with other tests to prove that A.V is better than Beta

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The common thing between A.V and Beta is r: Now there can be 3 types of r between stock market and a particular share:

Case 1 r=1 Case 2 r>1

Case 3 r<1 Case 4 r 0.5

Now let us take some examples to prove that A.V is more powerful tool to judge any shares volatility then Beta. We know, Beta= r * share / market. A.V = share / market It means Beta = r * A.V 1st case: Now if, r = 1,and A.V is 1.29 or 1 or 0.85 etc. Than Beta in this case is equal to A.V because r = 1 and Beta = r * A.V, than in this case what is the use of Beta. 2nd case: Now if, r >1,and A.V is 0.5 or 0.75 or 1 or 1.5 etc. Than beta in this case will be always more then A.V, means the Beta value is showing exaggerate value of volatility.

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3rd case: Now if, r<1, A.V is 0.5 or 0.75 or 1 or 1.5 etc. In this case A.V is saying that volatility of the share is 0.5 or 0.75 or 1 or 1.5 etc. but due to r is less than 1 (r<1). The value of Beta will be less than of A.V. Here again beta is telling the misleading output. Although A.V is saying a particular share is of high volatile but Beta is just the opposite. 4th case: Now if, r 0.5, A.V is 0.5 or 0.75 or 1 or 1.5 etc. In this case again r 0.5, the value of Beta will be just half of the A.V or even less than the half value of A.V. All the case of r and effects of A.V on Beta:

Cases Case 1 (r = 1) Case 2 (r > 1)

Result Beta in this case is equal to A.V; there is no use of Beta. Beta in this case will be always more then A.V, means the Beta value is showing exaggerate value of volatility.

Case 3 (r < 1)

The value of Beta will be less than of A.V. Here again beta is telling the misleading output. Beta will be just half of the A.V or even less than the half value of A.V.

Case 4 (r 0.5)

Now, Is it a wise decision to check Beta of a particular share and not the A.V and r. These findings are based on the assumption that, If Beta is 0.85 then it is a low beta, otherwise high Beta. And if A.V is less then 1 then its a low A.V, otherwise it is a high A.V.

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LIMITATIONS

1. I have taken 50 nifty shares only it is possible that it may not give the true picture of total shares in the market. 2. The time duration of my study is one year (1 February. 2010 - 31 January. 2011); this also may not give the actual picture. 3. This study is technical analyses study not a fundamental one, so there are chances that it may not give the correct picture. 4. The test, tool, analysis and recommendations regarding Beta or A.V are truly personal, it maybe possible that some people dont agree with this. 5. These findings are based on the assumption that, If Beta is 0.85 then it is a low beta, otherwise high Beta and if A.V is less then 1 then its a low A.V, otherwise it is a high A.V.

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CONCLUSION BETA is a measure the check the volatility of a share but when we see its comparison with the ABSOLUTE VOLATILITY, the result is in front of us. Absolute volatility is giving much accurate result than Beta. We have seen in Chi-Square Test analysis that there is significant relationship between Beta and A.V. after proving the relationship between Beta and A.V; I have proved in Regression test analysis that A.V is telling the right volatility than Beta, if we know the value of A.V for any share we can easily calculate the value of Beta but main problem with beta is that it is 0.712 * A.V - 0.066, Now can we take Beta as a true measure of volatility? Than in the further analysis when I have taken correlation (r) as a base I have again proved that the value given by A.V is far more reliable the value given by Beta. There is no end for this discussion that whether A.V is good or Beta is Better but one thing is clear from this that A.V is better and reliable than Beta.

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BIBLIOGARHY

Cotter, John University College Dublin, Absolute Return Volatility (2004) Michael Keppler, Risk is Not The Same as Volatility (November 1990) Patrick Burns, Does my beta look big in this? (15th July 2003) Financial Management by Khan and Jain. Portfolio Management, Volume 6, CFA, Level 1,2011 Quantitative Techniques, Volume 6, CFA, Level 1, 2011.
www.burns-stat.com/pages/Working/betalookbig.pdf www.kamny.com/load/publications/p03_eng.pdf

www.moneycontrol.com www.nse.com
www.ucd.ie/bankingfinance/docs/wp/COTTER5.PDF

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ANNEXURE THESE ARE THE 50 NIFTY COMPANIES ON WHICH ANALYSIS HAS BEEN DONE: COMPANY NAME ABB Ltd. ACC Ltd. Ambuja Cements Ltd. Axis Bank Ltd. Bharat Heavy Electricals Ltd. Bharat Petroleum Corporation Ltd. Bharti Airtel Ltd. Cairn India Ltd. Cipla Ltd. DLF Ltd. GAIL (India) Ltd. Grasim Industries Ltd. HCL Technologies Ltd. HDFC Bank Ltd. Hero Honda Motors Ltd. Hindalco Industries Ltd. Hindustan Unilever Ltd. REFINERIES TELECOMMUNICATION SERVICES OIL EXPLORATION/PRODUCTION PHARMACEUTICALS CONSTRUCTION GAS CEMENT AND CEMENT PRODUCTS COMPUTERS SOFTWARE BANKS AUTOMOBILES - 2 AND 3 WHEELERS ALUMINIUM DIVERSIFIED HEROHONDA HINDALCO HINDUNILVR GRASIM HCLTECH HDFCBANK CAIRN CIPLA DLF GAIL BHARTIARTL BPCL ELECTRICAL EQUIPMENT BHEL INDUSTRY ELECTRICAL EQUIPMENT CEMENT AND CEMENT PRODUCTS CEMENT AND CEMENT PRODUCTS BANKS AMBUJACEM AXISBANK ACC SYMBOL ABB

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Housing Development Finance Corporation Ltd. I T C Ltd. ICICI Bank Ltd. Idea Cellular Ltd. Infosys Technologies Ltd. Infrastructure Development Finance Co. Ltd. Jaiprakash Associates Ltd. Jindal Steel & Power Ltd. Larsen & Toubro Ltd. Mahindra & Mahindra Ltd. Maruti Suzuki India Ltd. NTPC Ltd. Oil & Natural Gas Corporation Ltd. Punjab National Bank Ranbaxy Laboratories Ltd. Reliance Capital Ltd. Reliance Communications Ltd. Reliance Industries Ltd. Reliance Infrastructure Ltd. Reliance Power Ltd. Siemens Ltd. State Bank of India Steel Authority of India Ltd. STEEL AND STEEL PRODUCTS SAIL POWER POWER ELECTRICAL EQUIPMENT BANKS RELINFRA RPOWER SIEMENS SBIN AUTOMOBILES - 4 WHEELERS AUTOMOBILES - 4 WHEELERS POWER OIL EXPLORATION/PRODUCTION BANKS PHARMACEUTICALS FINANCE TELECOMMUNICATION SERVICES REFINERIES RCOM RELIANCE ONGC PNB RANBAXY RELCAPITAL M&M MARUTI NTPC FINANCIAL INSTITUTION DIVERSIFIED STEEL AND STEEL PRODUCTS ENGINEERING IDFC JPASSOCIAT JINDALSTEL LT FINANCE HOUSING CIGARETTES BANKS TELECOMMUNICATION SERVICES COMPUTERS SOFTWARE IDEA INFOSYSTCH HDFC ITC ICICIBANK

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Sterlite Industry Ltd. Sun Pharmaceutical Industries Ltd. Suzlon Energy Ltd. Tata Consultancy Services Ltd. Tata Motors Ltd. Tata Power Co. Ltd. Tata Steel Ltd. Unitech Ltd. Wipro Ltd.

METALS

STER

PHARMACEUTICALS ELECTRICAL EQUIPMENT COMPUTERS SOFTWARE AUTOMOBILES - 4 WHEELERS POWER STEEL AND STEEL PRODUCTS CONSTRUCTION COMPUTERS SOFTWARE

SUNPHARMA SUZLON TCS TATAMOTORS TATAPOWER TATASTEEL UNITECH WIPRO

The share price of these 50 shares and market has been collected from www.nseindia.com from 1 February. 2010 - 31 January. 2011, time duration is one year.

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