Fundamental Analysis

A REPORT ON
Technical and fundamental of 30 BSE listed Stocks
GUIDIED BY: Mrs. Janki Mistry
SUBMITTED BY Mr. Nilay Zaveri 2009-2011
DEPARTMENT OF BUSINESS & INDUSTRIAL MANAGEMENT VEER NARMAD SOUTH GUJARAT UNIVERSITY SURAT
COLLAGE CERTIFICATE
This is to certify that project report titled Technical and fundamental analysis of 30 BSE listed Stocks has been successfully completed by Mr. Nilay K. Zaveri, based on his own work. This project report incorporates the results of his study and analysis.
Dr.Renuka Garg (Head of Department)
Mrs. Janki Mistry (Project Guide)
Place: Surat
Date:
DECLARATION
I, NILAY ZAVERI, DO hereby declare that the project Technical and fundamental analysis of 30 BSE listed Stocks submitted in partial fulfillment of the award of the Master Of Business Administration Degree of the VEER NARMAD SOUTH GUJRAT UNIVERSITY has been carried out by me under the guidance and supervision of Mrs. JANKI MISTRY, faculty of MBA Department, DEPARTMENT OF BUSINESS AND INDUSTRIAL DEVELOPMANT.
It has also not being submitted by me or anybody for the award of any other degree or diploma of this or any other institution earlier.
DATE:
NILAY ZAVERI
ACKNOWLEDGMENT
I would like to take this opportunity and express our gratitude and thanks to all the supporters, who helped and guided us during the completion of our project work. I would also like to express our sincere thanks to our faculty Mrs.JANKI MISTRY for exposing us to such kind of field experience and supporting and guiding us during the project work. I am also thankful to MOTILAL OSWAL SECURITIES LIMITED at Surat for providing the required support and giving us permission to work in their company. I am also thankful those people who give their precious time for filling the questionnaire. And at last, I would like to thank all who have directly or indirectly help us to develop my project and that respondent who provide us their kind respoBSEs.
-NILAY ZAVERI
CONTENTS
Title
Chapter 1 1.1 Introduction 1.2 Market Profile 1.3 Industry Profile 1.4 Company Profile Chapter 2 2.1 Research Methodology 2.2 Objectives of the Study 2.3 Need and Scope 2.4 Limitations of the study Chapter 3 3.1 Analysis and Interpretation Chapter 4 4.1 Findings 4.2 Conclusion 4.3 Suggestions Bibliography Appendix 8
No.
10 24 27
37 37 38 39
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81 85 86 87 88
Executive Summary
Executive Summery is a brief introduction of each chapter. It contains very few details of each chapter. Executive Summery is a very important because the reader or user can know the details; objective etc of the report is a very useful to them on. The objective of this study is to understand the technical and fundamental of 30 BSE listed Stocks on the Brokers & SubBrokers and Retail Investors To complete the project successfully, following method was adopted. RESEARCHMETHODOLOGY:: : : : Descriptive & Causal. Primary and Secondary Open-ended, dichotomous, multiples 200 respondents 50 Brokers & Sub-Brokers 150 Retail Investors Sample Plan : Convenience sampling
Research Design Sources of Data Types of Questions Sample Size
Data analysis of the project include secondary data, The information collected through questionnaires was analyses using SPSS software So as to improve quality of the project. Frequency distribution charts are used while analyzing and number so achieved are presented in a percentage form so as to represent it through graph. Because buying and selling activities done through the news of company as well as countries, so that it will not much more effect of one hours on trading time. . If investors make lesser trades of high value, so leads them to benefit. As they need to pay lesser brokerage but if there maid smaller values of many trades than they have to pay more brokerage hence more cost to them.
Chapter-1
1.1 Introduction
This project report is prepared as result of summer training of M.B.A. (Full time) which was of 8 weeks from 10th May 2010 to 9th June 2010. The researcher has taken training at MOTILAL OSWAL SECURITIES LTD. which is simply related with stock market. Hence it is Stock broking firm which deals with different market like Equity, Commodity, and Derivatives etc. The management thesis which I was done as a part of my studies is Technical and fundamental analysis of 30 BSE listed Stocks. The study I conducted provided me an excellent opportunity to implement all that I have learnt in my class room sessions in the practical outfield.
Objective of the training: To gain knowledge about different market such as capital market and its industry which is helpful in completing this report effectively. To gain the knowledge about stock market and it operation. To become familiarize with organization, which help in applying theoretical concepts into practical routine. To understand the working system of different department. To get an experience of working environment. To become part of professionalism. To understand technical terms and its applications in study. To understand of working of different departments and its connectivity with whole organization. To gain the detailed knowledge of core functions like Marketing, Human Resources, Finance, Research.
To know how the scripts are being traded in Equity market, Derivatives.
Benefits of the training:-.

Got the knowledge about stock market and its operations. Learnt about different scrip. Learnt about equity and derivatives and how the prices are being volatile. The working of SEBSEX and NIFTY its rules and regulation. How to invest in different security and at what time investor should exit or enter in trading. How the top management is handling whole organization structure. Learnt some technical terms of stock market and its application in trading. Got the knowledge about different strategies for trading in Equity and F&O.
1.2 Market PROFILE

Stock Market Overview:The main function of the stock market is to enable trade in the shares of public companies, which in turn reflect the performance of the companies whose shares are traded in the stock market. Here is providing you with a detailed Stock Market Overview. Stock markets are also a vital part of an economy or the economic system of a country. Today most economies around the world are judged by the performance of their stock markets. The stock markets serve a vital purpose in the growth and development of a company that wants to expand. Such companies with expansion plans and new projects are in need of funding and the stock market serves as the best platform from which a company can sell itself to the discerning public on the basis of merit among other things. To trade in the stock market a company has to be absolutely transparent about its vital fundamentals such as revenues, income, assets, liabilities, infrastructure, etc. as this allows the investing public to make a fair assessment of the said companys market worth.
The stock markets function on the basis of two principles, which are better known as: Primary markets When a company decides to sell its shares to the public through an (Initial Public Offer) IPO then it can be said that it is operating in the primary market. In fact, for companies that offer their shares to the public for the first time, this process is a mandatory requirement and involves a few stages of compliance with the market regulator that eventually allows it to trade in the stock market. Secondary markets After a company has successfully completed its IPO it is allowed to get listed in the particular stock market where it has applied for membership. Here it may be said that the company has entered the secondary market and its shares are available for trade as those of other companies listed on the stock market. The market regulator determines the listing price but thereafter the companys shares are traded on a regular basis and the price is determined by the market forces, primarily demand and supply.
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There are two main exchanges in India: 1. BSE Stock Exchange 2. BSE Stock Exchange
The most famous stock exchange in India is the Mumbai Stock Exchange whose market movement indicator the (Bombay Stock Exchange) BSE SeBSEx is still an icon of Indias economic performance. However, in an IT enabled environment it is the far more sophisticated and advanced (National Stock Exchange) BSE that has gradually gained in prominence due to more substantive profile.
History of Indian Stock Market:The Indian stock market is one of the oldest and fastest growing financial markets in the world and considered to the best among the markets of the emerging economies. The history of Indian stock markets dates back 200 years toward the end of the 18th century when India was under the spell of the East India Company. The development of the capital market in India concentrated around Mumbai where no less than 200 to 250 stockbrokers were active during the second half of the 19th century. The growth of the various stock exchanges in India was more due to local demand-pulls than anything else and coBSEquently the stock exchanges of Mumbai (BSE), Ahmadabad and Kolkata were established by the end of the 19th century. By the early 1960s the total number of stock exchanges in India rose to eight that included Mumbai, Ahmadabad and Kolkata apart from Madras, Kanpur, Delhi, Bangalore and Pune. Today there are 21 regional stock exchanges in India in addition to the centralized BSE (National stock Exchange) and OTCEI (Over the Counter Exchange of India). The stock markets in India remained stagnant due to the controlled nature of the economy up to the early 1990s when the Indian economy began liberalizing. As the controls
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began to be dismantled or eased out, the stock markets witnessed a flurry of IPOs hitting the market. This resulted in many new companies across different industry segments to come up with newer products and services. One of the striking features of the growth of the Indian economy in recent years has been the role played by its stock markets in assisting and fuelling that growth. Much of the organized sector in India has been affected by high growth and the stock markets played an allinclusive role in sustaining that growth. Many PSUs (Public Sector Undertakings) that decided to offload part of their equity were also helped by the well-organized stock market in India. During the mid 1990s the government of India launched the BSE (National Stock Exchange) and the OTCEI (Over the Counter Exchange of India) to usher in an easier and more transparent form of trading in stocks. While the BSE has not just done well to grow and evolve into the virtual backbone of capital markets in India the OTCEI struggled and is yet to show any sign of growth and development. The integration of IT into the capital market infrastructure has been particularly smooth in India due to the countrys world class IT industry and this has pushed up the operational efficiency of the Indian stock market to global standards. As a result the country has been able to capitalize on its high growth and attract foreign capital like never before. The SEBI (Securities and Exchange Board of India) is the regulating authority for capital markets in India. SEBI came into prominence in the 1990s after the capital markets experienced some turbulence and has grown in strength as one of the countrys most important institutions.
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Bombay Stock Exchange (BSE):Bombay Stock Exchange is the oldest stock exchange in Asia with a rich heritage, now spanning three centuries in its 133 years of existence. What is now popularly known as BSE was established as "The Native Share & Stock Brokers' Association" in 1875. BSE is the first stock exchange in the country which obtained permanent recognition (in 1956) from the Government of India under the Securities Contracts (Regulation) Act 1956. BSE's pivotal and pre-eminent role in the development of the Indian capital market is widely recognized. It migrated from the open outcry system to an online screen-based order driven trading system in 1995. Earlier an Association of Persons (AOP), BSE is now a corporatised and demutualised entity incorporated under the provisions of the Companies Act, 1956, pursuant to the BSE (Corporatisation and Demutualization) Scheme, 2005 notified by the Securities and Exchange Board of India (SEBI). With demutualization, BSE has two of world's best exchanges, Deutsche Brse and Singapore Exchange, as its strategic partners. Over the past 133 years, BSE has facilitated the growth of the Indian corporate sector by providing it with an efficient access to resources. There is perhaps no major corporate in India which has not sourced BSE's services in raising resources from the capital market. Today, BSE is the world's number 1 exchange in terms of the number of listed companies and the world's 5th in transaction numbers. The market capitalization as on December 31, 2007 stood at USD 1.79 trillion. An investor can choose from more than 4,700 listed companies, which for easy reference, are classified into A, B, S, T and Z groups. The BSE Index, SEBSEX, is India's first stock market index that enjoys an iconic stature, and is tracked worldwide. It is an index of 30 stocks representing 12 major sectors. The SEBSEX is constructed on a 'free-float' methodology, and is sensitive to market sentiments and market realities. Apart from the SEBSEX, BSE offers 21 indices, including 12 sectoral indices. BSE has entered into an index cooperation agreement with Deutsche Brse. This agreement has
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made SEBSEX and other BSE indices available to investors in Europe and America. Moreover, Barclays Global Investors (BGI), the global leader in ETFs through its iShares brand, has created the 'iShares BSE SEBSEX India Tracker' which tracks the SEBSEX. The ETF enables investors in Hong Kong to take an exposure to the Indian equity market. BSE has tied up with U.S. Futures Exchange (USFE) for U.S. dollar-denominated futures trading of SEBSEX in the U.S. The tie-up enables eligible U.S. investors to directly participate in India's equity markets for the first time, without requiring American Depository Receipt (ADR) authorization. The first Exchange Traded Fund (ETF) on SEBSEX, called "SPICE" is listed on BSE. It brings to the investors a trading tool that can be easily used for the purposes of investment, trading, hedging and arbitrage. SPICE allows small investors to take a long-term view of the market. BSE provides an efficient and transparent market for trading in equity, debt instruments and derivatives. It has a nation-wide reach with a presence in more than 450 cities and towns of India. BSE has always been at par with the international standards. The systems and processes are designed to safeguard market integrity and enhance transparency in operations. BSE is the first exchange in India and the second in the world to obtain an ISO 9001:2000 certifications. It is also the first exchange in the country and second in the world to receive Information Security Management System Standard BS 7799-2-2002 certification for its BSE On-line Trading System (BOLT). BSE continues to innovate. In recent times, it has become the first national level stock exchange to launch its website in Gujarati and Hindi to reach out to a larger number of investors. It has successfully launched a reporting platform for corporate bonds in India christened the ICDM or Indian Corporate Debt Market and a unique ticker-cum-screen aptly named 'BSE Broadcast' which enables information dissemination to the common man on the street. In 2006, BSE launched the Directors Database and ICERS (Indian Corporate Electronic Reporting System) to facilitate information flow and increase transparency in the Indian capital market. While the Directors Database provides a single-point access to
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information on the boards of directors of listed companies, the ICERS facilitates the corporate in sharing with BSE their corporate announcements. With over 20 million shareholders, India has the third largest investor base in the world after the USA and Japan. Over 9,000 companies are listed on the stock exchanges, which are serviced by approximately 7,500 stockbrokers. The Indian capital market is significant in terms of the degree of development, volume of trading and its tremendous growth potential. There are 23 recognized stock exchanges in India, including the Over the Counter Exchange of India (OTCEI) for small and new companies and the National Stock Exchange (BSE), which was set up as a model exchange to provide nation-wide services to investors. BSE, which in the recent past has accounted for the largest trading volumes, has a fully automated screen based system that operates in the wholesale debt market segment as well as the capital market segment. India has emerged as the worlds 15th largest equity market after it added several companies to the billion-dollar club in terms of capitalization in the last three months, taking the total to 81 companies. India has become the third largest Asian market (excluding Japan and Australia) after having toppled Korea, China and Singapore that have 80, 50 and 47 firms with billion-dollar market capitalization respectively. India is also inching closer to outpacing Taiwan that has 84 such companies but lags far behind Hong Kong which has 107, the highest in Asia. Bombay Stock Exchange (BSE), one of the oldest in the world, accounts for the largest number of listed companies and has also started a screen-based trading system with the introduction of the Bombay On-Line Trading system The number of companies listed on the BSE at the end of December 1994 was 4,702. This was more than the aggregate total of companies listed in 9 emerging markets (Malaysia, S.Africa, Mexico, Taiwan, Korea, Philippines, Thailand, Brazil and Chile). The number of companies was also more than the in developed markets of Japan, UK, Germany, France, Australia, Switzerland, Canada and Hong Kong. There is a large presence of FIIs in the Indian capital market with over 451 FIIs and 38 foreign brokers registered with SEBI. The cumulative investment of FIIs in the Indian
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stock market stood at US$ 6.59 billion in July 1996 and US $12 billion in April 2000. Since January 2005, FII's have pumped in $8 billion into Indian markets, compared to $8.5 billion in entire 2004 and $6.6 billion in entire 2003. Foreign investors invested $4.02 billion in JuneAugust 2005, which is much higher than the $3.41 billion flows India received between January and May. The recent decision of the government of easing limits on inward portfolio investment, with an increase in the ceiling for FII and non-resident Indians from 24 percent to 30%, provides a tremendous incentive to FII investment. FIIs are also permitted to invest self owned funds in the debt market and in unlisted securities.
Bombay Stock Exchange, commonly referred to as the BSE, (Bombay hare Bzar) is a stock exchange located on Dalal Street, Mumbai, Maharashtra, India. It is the 10th largest stock exchange in the world by market capitalisation. Established in 1875, BSE Ltd. (formerly known as Bombay Stock Exchange Ltd.), is Asias first Stock Exchange and one of Indias leading exchange groups. Over the past 137 years, BSE has facilitated the growth of the Indian corporate sector by providing it an efficient capital-raising platform. Popularly known as BSE, the bourse was established as "The Native Share & Stock Brokers' Association" in 1875. BSE is a corporatised and demutualised entity, with a broad shareholder-base which includes two leading global exchanges, Deutsche Bourse and Singapore Exchange as strategic partners. BSE provides an efficient and transparent market for trading in equity, debt instruments, derivatives, mutual funds. It also has a platform for trading in equities of small-and-medium enterprises (SME). Around 5000 companies are listed on BSE making it world's No. 1 exchange in terms of listed members. The companies listed on BSE Ltd command a total market capitalisation of USD Trillion 1.2 as of 31 October 2012. BSE Ltd is world's fifth most active exchange in terms of number of transactions handled through its electronic trading system. It is also one of the worlds leading exchanges (3rd largest in July 2012) for Index options trading (Source: World Federation of Exchanges).
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BSE also provides a host of other services to capital market participants including risk management, clearing, settlement, market data services and education. It has a global reach with customers around the world and a nation-wide presence. BSE systems and processes are designed to safeguard market integrity, drive the growth of the Indian capital market and stimulate innovation and competition across all market segments. BSE is the first exchange in India and second in the world to obtain an ISO 9001:2000 certification. It is also the first Exchange in the country and second in the world to receive Information Security Management System Standard BS 7799-2-2002 certification for its On-Line trading System (BOLT). It operates one of the most respected capital market educational institutes in the country (the BSE Institute Ltd.). BSE also provides depository services through its Central Depository Services Ltd. (CDSL) arm. BSEs popular equity index - the S&P BSE SENSEX [Formerly SENSEX ] - is India's most widely tracked stock market benchmark index. It is traded internationally on the EUREX as well as leading exchanges of the BRCS nations (Brazil, Russia, China and South Africa). On Tuesday, 19 February 2013 BSE has entered into Strategic Partnership with S&P DOW JONES INDICES and the SENSEX has been renamed as "S&P BSE SENSEX".
Session
Timing
Pre-open Trading Session 09:00 - 09:15 Trading Session 09:15 - 15:30
Position Transfer Session 15:30 - 15:50 Closing Session 15:50 - 16:05
Option Exercise Session 16:05 The hours of operation for the BSE quoted above are stated in terms the local time (GMT + 5:30). BSE's normal trading sessions are on all days of the week except Saturday, Sundays and holidays declared by the Exchange in advance.[2]
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History
The Phiroze Jeejeebhoy Towers house the Bombay Stock Exchange since 1980. The Bombay Stock Exchange is the oldest exchange in India. It traces its history to the 1855, when four Gujarati and one Parsi stockbroker would gather under banyan trees in front of Mumbai's Town Hall. The location of these meetings changed many times, as the number of brokers constantly increased. The group eventually moved to Dalal Street in 1874 and in 1875 became an official organisation known as 'The Native Share & Stock Brokers Association'. In 1956, the BSE became the first stock exchange to be recognised by the Indian Government under the Securities Contracts Regulation Act. The Bombay Stock Exchange developed the BSE SENSEX in 1986, giving the BSE a means to measure overall performance of the exchange. In 2000 the BSE used this index to open its derivatives market, trading SENSEX futures contracts. The development of SENSEX options along with equity derivatives followed in 2001 and 2002, expanding the BSE's trading platform. Historically an open outcry floor trading exchange, the Bombay Stock Exchange switched to an electronic trading system in 1995. It took the exchange only fifty days to make this transition. This automated, screen-based trading platform called BSE On-line trading (BOLT) currently has a capacity of 8 million orders per day. The BSE has also introduced the world's first centralised exchange-based internet trading system, BSEWEBx.co.in to enable investors anywhere in the world to trade on the BSE platform.[3] The BSE is currently housed in Phiroze Jeejeebhoy Towers at Dalal Street, Fort area.
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Timeline Following is the timeline on the rise of the SENSEX through Indian stock market history. 1830 to 1875 1830's Business on corporate stocks and shares in Bank and Cotton presses started in Bombay. 1860-1865Cotton price bubble as a result of the American Civil War. 1870 - 90's Sharp increase in share prices of jute industries followed by a boom in tea stocks and coal 1875 To 1995 9th Jul 1875 The Native Share & Stock Broker's Association formed 2nd Feb 1921 Clearing House started by Bank of India 31st Aug 1957 BSE granted permanent recognition under Securities Contracts (Regulation) Act (SCRA) 2nd Jan 1986 SENSEX, country's first equity index launched (Base Year: 1978-79 =100) 10th Jul 1987 Investor's Protection Fund (IPF) introduced 3rd Jan 1989 BSE Training Institute (BTI) inaugurated 25th Jul 1990 SENSEX closes above 1000 15th Jan 1992 SENSEX closes above 2000 30th Mar 1992 SENSEX closes above 4000 1 May 1992 SEBI Act established (An Act to protect, develop and regulate the securities market) 29 May 1992 Capital Issues (Control) Act repealed
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1992 Securities Appellate Tribunal (SAT) established 14th Mar 1995 BSE On-Line Trading (BOLT) system introduced 1996 To 2000 19th Aug 1996 First major SENSEX revamp 12 May 1997 Trade Guarantee Fund (TGF) introduced 21st Jul 1997 Brokers Contingency Fund (BCF) introduced 1997 BSE On-Line Trading (BOLT) system expanded nation-wide 22nd Mar 1999 Central Depository Services Ltd.(CDSL) set up with other financial institutions 1st Jun 1999 Interest Rate Swaps (IRS) / Forward Rate Agreements (FRA) allowed 15th Jul 1999 CDSL commences work 11th Oct 1999 SENSEX closed above 5000 11th Feb 2000 SENSEX crosses 6000 intra-day 9th Jun 2000 Equity Derivatives introduced 2001 To 2005 1st Mar 2001 Corporatisation of Exchanges proposed by the Union Govt. 1st Feb 2001 BSE Webx Launched 1st Jun 2001 Index Options launched 4th Jun 2001 BSE PSU index introduced 15th Jun 2001 WDM operations at commenced
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2nd Jul 2001 VaR model introduced for margin requirement calculation 9th Jul 2001 Stock options launched 11th Jul 2001 BSE Teck launched, Indias First free float index 25th Jul 2001 Dollex 30 launched 1st Nov 2001 Stock futures launched 29th Nov 2001 100% book building allowed 31st Dec 2001 All securities turn to T+5 1st Feb 2002 Two way fungibility for ADR/GDR 15th Feb 2002 Negotiated Dealing System (NDS) established 1st Apr 2002 T+3 settlement Introduced 1st Jan 2003 Indias first ETF on SENSEX - SPICE' introduced 16th Jan 2003 Retail trading in G Sec 1st Apr 2003 T+2 settlement Introduced 1st June 2003 Bankex launched 1st Sep 2003 SENSEX shifted to free-float methodology 1st Dec 2003 T group launched 2nd Jun 2004 SENSEX closes over 6000 for the first time (564.71 points, 11.14%) 17th May 2004 Second biggest fall of all time, Circuit filters used twice in a day (the Scheme) announced by SEBI
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20th May 2005 The BSE (Corporatisation and Demutualisation) Scheme, 2005 8th Aug 2005 Incorporation of Bombay Stock Exchange Limited 12th Aug 2005 Certificate of Commencement of Business 19th Aug 2005 BSE becomes a Corporate Entity 2006 To 2010 7th Feb 2006 SENSEX closed above 10000 7th Jul 2006 BSE Gujarati website launched 21st Oct 2006 BSE Hindi website launched 2nd Nov 2006 iShares BSE SENSEX India Tracker listed at Hong Kong Stock Exchange 2nd Jan 2007 Launch of Unified Corporate Bond Reporting platform: Indian Corporate Debt Market (ICDM) 7th Mar 2007 Singapore Exchange Limited entered into an agreement to invest in a 5% stake in BSE 16th May 2007 Appointed Date under the Scheme i.e. Date on which Corporatisaton and Demutualisation was achieved. Notified by SEBI in the Official Gazette on 29.06.2007 10th Jan 2008 SENSEX All-time high 21206.77 1st Oct 2008 Currency Derivatives Introduced 18 May 2009 The SENSEX raised 2110.70 points (17.34%) and Index-wide upper circuit breaker applied 7th Aug 2009 BSE - USE Form Alliance to Develop Currency & Interest Rate
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24th Aug 2009 BSE IPO Index launched 1st Oct 2009 Bombay Stock Exchange introduces trade details facility for the Investors 5th Oct 2009 BSE Introduces New Transaction Fee Structure for Cash Equity Segment 25th Nov 2009 BSE launches FASTRADE - a new market access platform 4th Dec 2009 BSE Launches BSE StAR MF Mutual Fund trading platform 7th Dec 2009 Launch of clearing and settlement of Corporate Bonds through Indian Clearing Corporation Ltd. 14th Dec 2009 Marathi website launched 18th Dec 2009 BSE's new derivatives rates to lower transaction costs for all 4th Jan 2010 Market time changed to 9.0 a.m. - 3.30 p.m. 20th Jan 2010 BSE PSU website launched 22nd Apr 2010 New DBM framework @ Rs.10 lakhs - 90% reduction in Membership Deposit 12 May 2010 Dissemination of Corporate Action information via SWIFT platform 23 July 2010 Options on BOLT 21st Sep 2010 First to introduce Mobile-based Trading 29th Sep 2010 Introduction of Smart Order Routing (SOR) 4th Oct 2010 EUREX - SENSEX Futures launch 11th Oct 2010 Launch of Fastrade on Web (FoW) - Exchange hosted platform 5th Nov 2010 SENSEX closes above 21,000 for the first time. To date, this is the all-time closing high for the index.
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12th Nov 2010 Commencement of Volatility Index 22nd Nov 2010 Launch of SLB 10th Dec 2010 Launch of SIP 27th Dec 2010 Commencement of Shariah Index 2011 To 2012 17th Nov 2011 Maharashtra and United Kingdom Environment Ministers launched Concept Note for BSE Carbon Index 7th Jan 2011 BSE Training Institute Ltd. with IGNOU launched India's first 2 year full-time MBA programme specialising in Financial Market 15th Jan 2011 Co-location facility at BSE - tie up with Netmagic 22nd Feb 2012 Launch of BSE-GREENEX to promote investments in Green India 13th Mar 2012 Launch of BSE - SME Exchange Platform 30th Mar 2012 BSE launched trading in BRICSMART indices derivatives
19 February 2013 - SENSEX becomes S&P SENSEX as BSE ties up with Standard and Poor's to use the S&P brand for Sensex and other indices.[4]
Indices
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Graph of S&P BSE SENSEX monthly data from January 1991 to May 2013 The launch of SENSEX in 1986 was later followed up in January 1989 by introduction of BSE National Index (Base: 1983-84 = 100). It comprised 100 stocks listed at five major stock exchanges in India - Mumbai, Calcutta, Delhi, Ahmedabad and Madras. The BSE National Index was renamed BSE-100 Index from 14 October 1996 and since then, it is being calculated taking into consideration only the prices of stocks listed at BSE. BSE launched the dollar-linked version of BSE-100 index on 22 May 2006. BSE launched two new index series on 27 May 1994: The 'BSE-200' and the 'DOLLEX-200'. BSE-500 Index and 5 sectoral indices were launched in 1999. In 2001, BSE launched BSE-PSU Index, DOLLEX-30 and the country's first free-float based index - the BSE TECk Index. Over the years, BSE shifted all its indices to the free-float methodology (except BSE-PSU index). BSE disseminates information on the Price-Earnings Ratio, the Price to Book Value Ratio and the Dividend Yield Percentage on day-to-day basis of all its major indices. The values of all BSE indices are updated on real time basis during market hours and displayed through the BOLT system, BSE website and news wire agencies. All BSE Indices are reviewed periodically by the BSE Index Committee. This Committee which comprises eminent independent finance professionals frames the broad policy guidelines for the development and maintenance of all BSE indices. The BSE Index Cell carries out the day-to-day maintenance of all indices and conducts research on development of new indices.[5] SENSEX is significantly correlated with the stock indices of other emerging markets[6][7] Awards
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The World Council of Corporate Governance has awarded the Golden Peacock Global CSR Award for BSE's initiatives in Corporate Social Responsibility (CSR).
The Annual Reports and Accounts of BSE for the year ended 31 March 2006 and 31 March 2007 have been awarded the ICAI awards for excellence in financial reporting.
It has been cited as one of the world's best performing stock market by Reuters. The Human Resource Management at BSE has won the Asia - Pacific HRM awards for its efforts in employer branding through talent management at work, health management at work and excellence in HR through technology.Bombay Stock Exchange - Finance Learners
1993 Bombay bombings at BSE On Friday, 12 March 1993,at 1:30 p.m. a powerful car bomb exploded in the basement of the Bombay Stock Exchange building. The 28-story office building housing the exchange was severely damaged, and many nearby office buildings also suffered some damage. About 50 were killed by this explosion.[8]
Trading Pattern of the Indian Stock Market:Indian Stock Exchanges allow trading of securities of only those public limited companies that are listed on the Exchanges. They are divided into two categories:
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Types of Transactions:The flowchart below describes the types of transactions that can be carried out on the Indian Stock exchanges:
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Indian Stock exchange allows a member broker to perform following activities:

Act as an agent, Buy and sell securities for his clients and charge commission for the same, Act as a trader or dealer as a principal, Buy and sell securities on his own account and risk.
Over The Counter Exchange of India (OTCEI) Traditionally, trading in Stock Exchanges in India followed a conventional style where people used to gather at the Exchange and bids and offers were made by open
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outcry. This age-old trading mechanism in the Indian Stock markets used to create much functional inefficiency. Lack of liquidity and transparency, long settlement periods and benami transactions are a few examples that adversely affected investors. In order to overcome these inefficiencies, OTCEI was incorporated in 1990 under the Companies Act 1956. OTCEI is the first screen based nationwide Stock Exchange in India created by Unit Trust of India, Industrial Credit and Investment Corporation of India, Industrial Development Bank of India, SBI Capital Markets, Industrial Finance Corporation Oil India, General Insurance Corporation and its subsidiaries and Can Bank Financial Services.
Advantages of OTCEI:
Greater liquidity and lesser risk of intermediary charges due to widely spread trading mechanism across India.
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1)
The screen-based scrip less trading ensures transparency and accuracy of prices. Faster settlement and transfer process as compared to other exchanges. Shorter allotment procedure (in case of a new issue) than other exchanges.
1.2 industry profile

Stock Broking Industry:The equity brokerage industry in India is one of the oldest in the Asia region. India had an active stock market for about 150 years that played a significant role in developing risk markets as also promoting enterprise and supporting the growth of industry. The roots of a stock market in India began in the 1860s during the American Civil War that led to a sudden surge in the demand for cotton from India resulting in setting up of a number of joint stock companies that issued securities to raise finance. This trend was akin to the rapid growth of securities markets in Europe and the North America in the background of expansion of railroads and exploration of natural resources and land development. Historical records show that as early as 1864, there were about 1,000 brokers with the stock markets functioning from three places in Mumbai; between 9 am to 7 pm at the junction of Meadows Street and Rampart Row, from day break till 9 am and from 7 pm to early hours of next morning at Bazargate. Share prices rose sharply even at that time. A share of Colaba Land Company during the boom period of the 1860s rose from Rs 10,000 at par to Rs 120,000 and that of Back bay Shares went up from Rs 2,000 to Rs 54,000. Bombay, at that time, was a major financial centre having housed 31 banks, 20 insurance companies and 62 joint stock companies.
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Reports on stock markets around that time indicate that an ordinary broker in 1864 earned about Rs 200 per day, a huge sum in those days. The boom period came to an abrupt end in 1865. In Jul 1865, what was then used to be called the share mania ended with burst of the stock market bubble? Never had I witnessed in any place a run so widely distributed nor such distress followed so quickly on the heels of such prosperity thus wrote Richard Temple, who served as the Governor of Bombay at that time. An interesting aspect is that despite the collapse of the stock market, most of the brokers met their payment commitments. In the aftermath of the crash, banks, on whose building steps share brokers used to gather to seek stock tips and share news, disallowed them to gather there, thus forcing them to find a place of their own, which later turned into the Dalal Street. A group of about 300 brokers formed the stock exchange in Jul 1875, which led to the formation of a trust in 1887 known as the Native Share and Stock Brokers Association. A unique feature of the stock market development in India was that that it was entirely driven by local enterprise, unlike the banks which during the pre-independence period were owned and run by the British. Following the establishment of the first stock exchange in Mumbai, other stock exchanges came into being in major cities in India, namely Ahmadabad (1894), Calcutta (1908), Madras (1937), Uttar Pradesh and Nagpur (1940) and Hyderabad (1944). The stock markets gained from surge and boom in several industries such as jute (1870s), tea (1880s and 1890s), coal (1904 and 1908) etc, at different points of time.
Indias Major Stock Broking Companies:-
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The Indian broking industry has come a long way in the last decade and has also undergone a significant paradigm shift. The industry has shed most of its negative trappings of the past and is now being considered a preferred sector for building long term careers by professionals from all disciplines. Unprecedented growth of market volumes and growing participation by investors spread beyond the traditional geographical pockets, coupled with professionalization of work cultures and demand for value-added services like investment advisory and portfolio management, has created a huge demand for talent at all levels. This growth story is expected to be sustained for at least a decade or even more because of the steady increase in the investor penetration and wider acceptance of stock investments as a reliable option for long term wealth creation. Robust all round economic growth and favorable demographics are other important factors which are transforming India from a nation of savers to investors. Improved quality of the Indian regulatory framework and high compliance standards, have led to greater transparency in all transactions and minimized the systemic risks. Historically, the Indian financial services industry has been dominated by the banking sector. However, globalization & liberalization of Indian Equity Markets has led to
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rapid modernization and the professionalization of the financial sector. This has led to the emergence of the broking industry, as an important part of the financial services sector, competing for talent with banks, insurance companies, NBFCs etc. The Indian Broking industry has indeed come of age & is attracting huge investments from large domestic corporate houses as well as from international players. The Indian Broking industry is now in a most exciting phase and is likely to grow at a much faster rate compared with many other sectors. High quality Research & Advice, State-of-the-art Technology & Business Analytics, Progressive HR Practices and CRM/Quality Management systems, have emerged as the new drivers of competitive advantage in this business. The scope of services provided by domestic brokerages has also moved up the value chain from mere Execution & Settlement to cover the full range of financial products to meet the diverse needs of customers, who are better educated and aware about Personal Financial Planning. In conclusion, it would be appropriate to say that the Indian Broking industry is now one of the hottest destinations for job seekers at the entry level as well as for experienced professionals a trend which is here to stay!!!
1.3 COMPANY PROFILE OVERVIEW:Introduction: Someone once said - A goal is a dream with a deadline When you have the dream to grow big; you need a partner who not only shares this dream; but who also has the passion to put thought into action to help you achieve your dreams. MOTILAL OSWAL SECURITIES LIMTED (MOSL) was founded in 1987 as a small subbroking unit, with just two people running the show. Focus on customer-first-attitude, ethical and transparent business practices, respect for professionalism, research-based value investing and implementation of cutting-edge technology has enabled us to blossom into an almost 2000 member team. Today MOSL is a well diversified financial services firm offering a range of financial products and services such as Wealth Management , Broking & Distribution , Commodity Broking, Portfolio Management Services , Institutional Equities, Private Equity , Investment Banking Services and Principal Strategies.
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We have a diversified client base that includes retail customers (including High Net worth Individuals), mutual funds , foreign institutional investors, financial institutions and corporate clients. We are headquartered in Mumbai and as of March 31st, 2010, had a network spread over 584 cities and towns comprising 1,397 Business Locations operated by our Business Partners and us. As at March 31st, 2010, we had 6, 21,215 registered customers. The reason for their growth and size has been a large Sub-broker network. Over 1,300 of their outlets are run by our Sub-brokers. The success of this network is based on a unique WIN-WIN business model and a host of unique investments in the business that helps our partners grow BIG.
Financials: In 2006, the Company placed 9.48% of its equity with two leading private equity investors based out of the US New Vernon Private Equity Limited and Bessemer Venture Partners. The company got listed on BSE and BSE on September 9, 2007. The issue which was priced at Rs.825 per share (face value Rs.5 per share) got an overwhelming respoBSE and was subscribed 27.18 times in turbulent market conditions. The issue gave a return of 21% on the date of listing. As of end of financial year 2008, the group net worth was Rs.7 bn and market capitalization as of March 31, 2008 was Rs.19 bn. Credit rating agency Crisil has assigned the highest rating of P1+ to the Companys short-term debt program. Shareholding Pattern at on 31st December 08. As of December 31st, 2008; the total shareholding of the Promoter and Promoter Group stood at 70.37%. The shareholding of institutions stood at 10.07% and non-institutions at 19.56% Focus on Research: Research is the solid foundation on which Motilal Oswal Securities advice is based. Almost 10% of revenue is invested on equity research and they hire and train the best resources to become advisors. At present MOSL have 27 Research Analysts researching over 27 sectors and 23 commodities. From a fundamental, technical and derivatives research perspective; Motilal Oswal's research reports have received wide coverage in the media (over a 1000 mentions last year). Their consistent effort towards quality equity research has reflected in an increase in the ratings and rankings across various categories in the Asia Money Brokers Poll over the years. Just having solid research is not enough. It needs to be shared with our customers and partners seamlessly, accurately and speedily. To facilitate this we have established India's largest Dealing room & Advisory desk spread over 26000 sq ft area housing over 250+advisors at Malad, Mumbai.
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LOCATIONS IN INDIA:-
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VISION:-
GUIDING PRINCIPLES & CORE VALUES: Customer interest is paramount Ethical and transparent business practices Respect for professionals, associates and business partners Research based value investing Cutting edge technology to ensure world-class customer service
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DRIVING FORCE: Excellence in Execution Integrity Team Work Passion and Attitude Meritocracy
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BUSINESS: Wealth Management Broking & Distribution Asset Management Institutional Equities Private Equity Investment Banking and Principal Strategies
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PRODUCTS & SERVICES: Equity- BSE/BSE Derivatives- BSE cash & F&O BSE cash & F&O Portfolio Management Service Online Trading Insurance Distribution Commodities- NCDEX/MCX Mutual Fund Distribution IPOs Depository Services- CDSL/NSDL Loan against shares Asset Management Private Equity Investment Banking Wealth Management
GROUP PROFILE & STRUCTURE: Well-diversified, financial services company offering a range of financial products and services, focused on wealth creation for all customers, such as institutional and corporate clients, HNI and retail customers. Network Spread over 584 cities and towns comprising 1397 business locations operated by our business partners.
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BUSINESS MODELS: Franchisee: For entrepreneurs who can set up their office. Remisiers: For entrepreneurs wanting to set up their business at no capital cost. Trainee Entrepreneurs: For students who want to turn entrepreneurs. Agents: For sales oriented financial advisors who want to add their revenues. Exclusive: For entrepreneurs who want to set up a wealth management business.
TOOLS:As a Sub-broker you also get access to the following tools to enable smooth operations of your business. Business Planner: To prepare Annual Business Plan for the business associates & Monthly Business Analysis Report to track monthly progress. Customer Profiler: To understand and document the customer's risk profile to provide him customized service. Portfolio Restructuring: To re-jig the customers' portfolio based on our research recommendations. WMS: The Wealth Management System helps client to keep track of his portfolio and investments with Motilal Oswal and helps in managing his wealth better. The WMS is an extensive tool and provides various different summary and drilled down reports giving complete details of investment across a wide range of products which includes equities, derivatives, PMS, Mutual Funds, commodities, alternate assets etc., It has been designed in a simple to use manner and gives latest updates. The System follows high security standards to ensure security of client portfolio details. Falcon: Technical Analysis Software. C-Connect : SMS Software to provide real time advisory calls &trade confirmations. Online Mutual Funds & IPO software: For online mutual funds & IPO application. Quarterly Business Review: Comprehensive business presentation to each BA's to equip them to understand their business progress including SWOT analysis. MyCharts: An online tool which provides ready-made stock research analysis, charts, patterns, forecasts and indicators to entry/exit levels.
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MANAGEMENT TEAM:MOSL management team is regularly engaged in finding ways to improve operational efficiencies and customer satisfaction. You will find CAs, CFAs, ICWAs, CSs, MBAs and IT professionals managing crucial functions, to bring you best products and services from research & advice to trade execution & settlement. At MOSL we practice meritocracy and each of the team members is provided extensive training.
TRAINING & MANPOWER DEVELOPMENT:MOSL conducts various training and development programs regularly to enhance the capabilities of its team. As much as 5% of the salary bill is spent on such programs, which is amongst the highest for a broking organization in India. MOSL is truly a learning organization with lead being taken by the Directors, who regularly participate in top management learning programs like Strategic Management Program at Indian School of Business, Hyderabad, Strategy Summits with Management Gurus like Tom Peters and Dr. Lester Thurow, Dean, Sloan School of Management, (MIT) and Brand Management Seminar by Al Ries etc.
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Chapter-2
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2.1 RESEARCH METHODOLOGY

The success of the analysis mostly depends on the methodology on which it is carried out. The appropriate methodology will improve the validity of the findings. Area Of The Study: The study was mainly concentrated on Surat city.
2.2 OBJECTIVES OF THE STUDY

The summer training study helps the student to check whether the theory and practice actually matches. Organizational exposure helps the student to know how effectively they performed in the market.
To understand the Technical and fundamental analysis of 30 BSE listed Stocks on

turnover and trades in their Cash segment & in their F&O segment.
To study the Technical and fundamental analysis of 30 BSE listed Stocks & BSE on the
Brokers & SubBrokers.
To study whether Retail Investors will benefitted or not by the increase in the trading
timings of BSE & BSE.
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2.3 NEED AND SCOPE OF THE STUDY

This study of the report help to Retail investors and Brokers & Sub- brokers with regarding to the changing in timing on Capital market. This report will show the percentage change in no of trades & percentage change in total turnover on Capital market. This report will be also helpful to Retail Investors because they will easily understand by this report about the effect of increasing one hour on stock exchange turnover. It will also help to prospective Investors to know about the real picture of BSE & BSE activity due to change in time.
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2.4 LIMITATIONS OF THE Study
There are number of limitations which are necessary to be enumerated so as to show the degree of appropriateness of the research study. The limitations of my research study are mentioned as below.
The questionnaire was prepared in English language and hence some respondents found it difficult to understand and interpret. The shortage of time was another constrain for the study. Many Brokers & Sub-Brokers were hesitant to fill up the questionnaire and may not have given true respoBSE to some of the question. Economic, political, global and other reason were not take into consideration for increase/decrease in the volume and trade while doing secondary data analysis. The sample size is 50 in case of Brokers, Sub-Brokers in 150 in case of Retail Investors and may not be a proper representation of the problem. The data is collected from respondents in Surat region only and the outcome is based on their opinion but it may vary from region to region.
The subject is very wide but survey taken place only in Surat.
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RESEACH DESIGN:Descriptive Research: Descriptive research includes survey and fact-findings enquire of different kinds. The major purpose of descriptive research is description of the state affairs, as it exists at present. DATA COLLECTION: The study is based on the data collected through primary and secondary sources. Primary Source of Data The primary source of data is being collected by preparing a Questionnaire and it was collected by Interrogation/Communication the Respondents. Secondary Source of Data For having the detailed study and preparing report about this topic, it is necessary to have some of the secondary information which is collected from the following: Websites Relevant Publication
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SAMPLING DESIGN:The basic idea of sampling is that by selecting some of the elements in a population, we may draw conclusions about the entire populations. I have selected sample though of Convenience Sampling Method. First, I call only selected Brokers & Sub-brokers by telephone and take the appointment.
SAMPLING PLAN: 1. Sampling Area 2. Sample Population - Surat City. - Two Groups of respondents classified under 1) Brokers & Sub-brokers, 2) Retail Investors 3. Sample Size - 50 Brokers & Sub-Brokers 150 Retail Investors, Total 200 4. Sampling technique - Non Probability Convenience Sampling Method.
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Chapter-3
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ANALYSIS AND INTERPRETATION 3.1 Analysis of BSE case market:Data of before increase in trading time on BSE:(Table-3.1)
No of trades 7139555 6677970 7554347 7403121 7126263 6705574 6078934 7583172 7498097 6908912 1859668 6577752 7019058 6758331 6296132 6264732 7414621 7183107 6948478 7671027 Traded Value (Rs.crore) 20111.83 18347.14 21128.25 21042.82 20841.57 18297.04 15765.64 20330.01 20025.41 18960.5 3806.11 17217.55 18009.67 17267.19 16682.46 15714.37 20193.69 18389.72 20641.51 20196.37 No of trades 6877652 6758856 7171611 6988658 6504257 7202106 7275674 7145631 6372044 5869838 6348643 6486896 6654995 6615369 5665398 6362466 6189386 6262862 6914853 6075721 Traded Value (Rs.crore) 17404.01 16255.35 16766.91 16857.41 15756.86 19261.68 17931.74 18129.76 14880.95 13713.98 14985.37 15943.05 16112.96 16326.7 13634.38 15367.54 15117.33 17629.54 17230.72 15170.55 No of trades 6428612 6904623 6729502 6465251 5913980 6462134 6365002 6051127 6290103 5461301 5804742 5825488 5898504 6013058 5121779 5007884 6275971 6023692 5300767 5426432 Traded Value (Rs.crore) 15804.95 18010.28 16257.61 14864.13 13561.49 15366.62 14906.9 13993.19 15061.44 12700.34 13625.91 13654.37 13258.82 13515.27 11271.07 10717.59 14454.5 13554.58 11502.03 11670.08
Date 1-Oct-11 5-Oct-11 6-Oct-11 7-Oct-11 8-Oct-11 9-Oct-11 12-Oct-11 14-Oct-11 15-Oct-11 16-Oct-11 17-Oct-11 20-Oct-11 21-Oct-11 22-Oct-11 23-Oct-11 26-Oct-11 27-Oct-11 28-Oct-11 29-Oct-11 30-Oct-11
Date 3-Nov11 4-Nov11 5-Nov11 6-Nov11 9-Nov11 10-Nov11 11-Nov11 12-Nov11 13-Nov11 16-Nov11 17-Nov11 18-Nov11 19-Nov11 20-Nov11 23-Nov11 24-Nov11 25-Nov11 26-Nov11 27-Nov11 30-Nov11
Date 1-Dec11 2-Dec11 3-Dec11 4-Dec11 7-Dec11 8-Dec11 9-Dec11 10-Dec11 11-Dec11 14-Dec11 15-Dec11 16-Dec11 17-Dec11 18-Dec11 21-Dec11 22-Dec11 23-Dec11 24-Dec11 29-Dec11 30-Dec11
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Data of after increase in trading time on BSE:(Table-3.2)

Traded Value (Rs.crore) 14978.55 19694.33 18670.78 16867.77 17649.85 20557.45 18401.57 17094.13 16838.48 16836.7 16024.69 16850.75 17282.35 17758.66 20584.76 13348.96 18732.59 20903.73 19366.47 Traded Value (Rs.crore) 14757.48 15743.14 13715.09 13075.97 13996.37 1823.8 14131.93 12698.05 13514.19 11127.08 10190.89 10134.75 13216.91 11847.59 11850.24 9720.82 10469.99 11694.23 12973.81 18461.11 Traded Value (Rs.crore) 14657.01 15289.03 15333.36 15200.87 15197.84 13108.91 13347.01 12708.12 12539.37 10832.64 11375.56 14263.93 13881.4 13370.92 12403.18 12424.92 17579.22 13546.5 12650.69 13260.48
Date 4-Jan-12 5-Jan-12 6-Jan-12 7-Jan-12 8-Jan-12 11-Jan-12 12-Jan-12 13-Jan-12 14-Jan-12 15-Jan-12 18-Jan-12 19-Jan-12 20-Jan-12 21-Jan-12 22-Jan-12 25-Jan-12 27-Jan-12 28-Jan-12 29-Jan-12
No of trades 6399108 8159688 7867248 7449736 7384907 7258290 7622076 7113498 6954667 7335483 7023206 7545863 7372641 7683220 8166131 6169761 7537247 7164151 8086589
Date 1-Feb12 2-Feb12 3-Feb12 4-Feb12 5-Feb12 6-Feb12 8-Feb12 9-Feb12 10-Feb12 11-Feb12 15-Feb12 16-Feb12 17-Feb12 18-Feb12 19-Feb12 22-Feb12 23-Feb12 24-Feb12 25-Feb12 26-Feb12
No of trades 6822223 6998866 6210686 6032567 6450094 1211411 6487487 6029783 6306415 5521854 5054430 4928124 5951095 5613250 5418161 4971292 4988651 5527230 5161563 7569064
Date 2-Mar12 3-Mar12 4-Mar12 5-Mar12 8-Mar12 9-Mar12 10-Mar12 11-Mar12 12-Mar12 15-Mar12 16-Mar12 17-Mar12 18-Mar12 19-Mar12 22-Mar12 23-Mar12 25-Mar12 26-Mar12 29-Mar12 30-Mar12
No of trades 6190708 6428030 6513509 6785505 6246093 5708976 5849271 5694075 5466552 4887502 5373832 6194860 6224699 5916825 5793772 5617188 6067919 5752021 5341087 5816579
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Impact on No. of Trades:-
t- test: paired two sample for means:- [No. of trades]

Before Change in Trading Time Mean Variance Observations Pearson Correlation Hypothesized Mean Difference Df t Stat 6436361.983 7.5368E+11 60 0.262936338 0 59 0.966348216 After Change in Trading Time 6283550.617 1.25892E+12 60
Here, in the above table we interpret the data from the following way: Mean: The mean value of the trades before timing change is 6436361.983 and after timing change is 6283550.617 which shown the small difference. Now, we see that weather this difference is significantly accepted or not for that the following T-test is conducted to check the difference significantly. T-test: H0 (Null Hypothesis): The timing changing is not affected on the mean value of trades. H1 (Alternative Hypothesis): The timing changing is affected on the mean value of trades. At 5% significant level, the calculated value is less than the table value which implies that our null hypothesis (H0) is accepted. Interpretation: So we can interpret that the timing changing in the BSE is significantly not affected to the mean value of trades. Increase in the timing of BSE would not affect much to the No. of trades in the case market. After increase in trading time, it decreases by 2.37%. So there is a negative effect on the No. of trades in the case market.
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Impact on Total Turnover [Rs. Crore]:-
t- test: paired two sample for means:- [Total Turnover]

Before Change in Trading Time Mean Variance Observations Pearson Correlation Hypothesized Mean Difference Df t Stat 16086.6135 9454323.484 60 0.394896364 0 59 3.511134065 After Change in Trading Time 14497.1925 10834125.02 60
Here, in the above table we interpret the data from the following way: Mean: The mean value of the total turnover before timing change is 16086.6135 and after timing change is 14497.1925 which shown the large difference. Now, we see that weather this difference is significantly accepted or not for that the following T-test is conducted to check the difference significantly. T-test: H0 (Null Hypothesis): The timing changing is not affected on the mean value of total turnover. H1 (Alternative Hypothesis): The timing changing is affected on the mean value of total turnover. At 5% significant level, the calculated value is more than the table value which implies that our null hypothesis (H0) is not accepted. Interpretation: So we can interpret that the timing changing in the BSE is significantly affected to the mean value of total turnover. Increase in the timing of BSE would affect much to the total turnover in the case market. After increase in trading time, it decreases by 9.87%. So there is a negative effect on the total turnover in the case market.
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3.2 Analysis of BSE F&o Market:Data of before increase in trading time on BSE:(Table-3.3)
Date 1-Oct11 5-Oct11 6-Oct11 7-Oct11 8-Oct11 9-Oct11 12-Oct11 14-Oct11 15-Oct11 16-Oct11 17-Oct11 20-Oct11 21-Oct11 22-Oct11 23-Oct11 26-Oct11 27-Oct11 28-Oct11 29-Oct11 30-Oct11
No. of contracts 1923134 2057416 3376900 2998213 2560043 2348109 2708623 2339885 2570695 1939716 464288 2654669 2383420 3153973 2888567 3100646 4574091 4029458 4563201 3074747
Turnover (Rs. cr.) 54343.16 56090.77 88732.6 81030.16 69732.16 63622.53 72005.84 65953.48 71611.55 56190.92 13250.34 74134.92 67937 86383.23 79719.69 85283.71 121614.1 106431 118012.7 78337.49
Date 3-Nov11 4-Nov11 5-Nov11 6-Nov11 9-Nov11 10-Nov11 11-Nov11 12-Nov11 13-Nov11 16-Nov11 17-Nov11 18-Nov11 19-Nov11 20-Nov11 23-Nov11 24-Nov11 25-Nov11 26-Nov11 27-Nov11 30-Nov11
No. of contracts 3306018 2907604 3894350 3013427 2853419 3067084 3299192 3105289 2731359 2149921 2641311 2446411 2900790 3661943 2937504 3289623 3251421 5079096 3718639 2510674
Turnover (Rs. cr.) 81574.39 72239.34 96498.5 77394.87 73802.2 81008.35 86963.91 82089.52 72277.97 58411.07 71301.23 67322.64 79048.32 98015.39 80777.38 91101.55 91235.9 137130.4 96075.18 67547.79
Date 1-Dec11 2-Dec11 3-Dec11 4-Dec11 7-Dec11 8-Dec11 9-Dec11 10-Dec11 11-Dec11 14-Dec11 15-Dec11 16-Dec11 17-Dec11 18-Dec11 21-Dec11 22-Dec11 23-Dec11 24-Dec11 29-Dec11 30-Dec11
No. of contracts 2187914 1973636 2150585 2614138 2123486 2521056 2215214 2129351 2624879 2722306 2558261 2815943 2731593 2661078 2635949 2221675 4358695 3025512 2614871 2785123
Turnover (Rs. cr.) 60656.98 56715.28 60660.28 71530.98 58040.99 69428.98 61314.31 57983.48 71331.55 73694.26 69721.45 76131.29 73698.14 71436.59 70627.77 60289.04 117607.6 84665.29 74334.74 79691.4
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Data of after increase in trading time on BSE:(Table-3.4)
Date 4-Jan12 5-Jan12 6-Jan12 7-Jan12 8-Jan12 11-Jan12 12-Jan12 13-Jan12 14-Jan12 15-Jan12 18-Jan12 19-Jan12 20-Jan12 21-Jan12 22-Jan12 25-Jan12 27-Jan12 28-Jan12 29-Jan12
No. of contracts 1457077 2009138 1756976 1785333 1607279 1521536 2373165 2412962 1892566 1613789 2062598 2199481 2267611 4039879 4930873 3381237 5965968 6300279 3524074
Turnover (Rs. cr.) 42559.47 59599.01 52701.84 53412.08 48481.59 46016.12 69334.16 70881.61 56287.13 48879.73 60224.4 63441.87 65565.5 111117.2 132392.1 92202.15 158504 166193 92503.91
Date 1-Feb12 2-Feb12 3-Feb12 4-Feb12 5-Feb12 6-Feb12 8-Feb12 9-Feb12 10-Feb12 11-Feb12 15-Feb12 16-Feb12 17-Feb12 18-Feb12 19-Feb12 22-Feb12 23-Feb12 24-Feb12 25-Feb12 26-Feb12
No. of contracts 2238004 3000530 2984851 2702064 3580736 506069 3674342 2638930 3175905 2888901 2335029 2564802 3244650 2422853 3625613 3093638 3123345 3436997 4686200 4506504
Turnover (Rs. cr.) 60383.27 79683.06 78755.97 71019.05 90464.62 12783.21 93132.53 67880.6 81243.48 73749.79 59415.62 64999.1 85124.49 64858.39 92723.13 81018.24 82264 91298.01 122098.6 116981.3
Date 2-Mar12 3-Mar12 4-Mar12 5-Mar12 8-Mar12 9-Mar12 10-Mar12 11-Mar12 12-Mar12 15-Mar12 16-Mar12 17-Mar12 18-Mar12 19-Mar12 22-Mar12 23-Mar12 25-Mar12 26-Mar12 29-Mar12 30-Mar12
No. of contracts 2620384 2472659 2238880 2486739 2120750 1809477 2358932 2419033 2335523 2222486 2911115 3527741 2611927 2686029 3641693 4210181 4862685 2014764 1975189 2088547
Turnover (Rs. cr.) 70716.46 67620.3 63065.91 69027.18 59633.67 52434.16 65513.54 66223.11 64652.67 61582.01 79942.82 98322.93 73500.18 75841.36 102533.2 118690.1 136971 57814.27 57047.03 60223.04
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Impact on No. of Contracts:-
t- test: paired two sample for means:- [No. of contracts]

Variable 1 2835768.9 5.47224E+11 60 0.512428872 0 59 0.0893969 Variable 2 2824870.267 1.16166E+12 60
Mean Variance Observations Pearson Correlation Hypothesized Mean Difference Df t Stat
Here, in the above table we interpret the data from the following way: Mean: The mean value of the No. of contracts before timing change is 2835768.9 and after timing change is 2824870.267 which shown the small difference. Now, we see that weather this difference is significantly accepted or not for that the following T-test is conducted to check the difference significantly. T-test: H0 (Null Hypothesis): The timing changing is not affected on the mean value of No. of contracts. H1 (Alternative Hypothesis): The timing changing is affected on the mean value of No. of contracts. At 5% significant level, the calculated value is less than the table value which implies that our null hypothesis (H0) is accepted. Interpretation: So we can interpret that the timing changing in the BSE is significantly not affected to the mean value of No. of contracts. Increase in the timing of BSE would not affect much to the No. of contracts in the F&O market. After increase in trading time, it decreases by 0.38%. So there is a negative effect on the No. of contracts in the F&O market.
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Impact on Total Turnover [Rs. Crore]:-
t- test: paired two sample for means:- [Total Turnover]

Variable 1 Variable 2 77138.67967 76529.89483 762025853.9 355443877.5 60 60 0.477300297 0 59 0.189283764
Mean Variance Observations Pearson Correlation Hypothesized Mean Difference Df t Stat
Here, in the above table we interpret the data from the following way: Mean: The mean value of the total turnover before timing change is 77138.67967 and after timing change is 76529.89483 which shown the small difference. Now, we see that weather this difference is significantly accepted or not for that the following T-test is conducted to check the difference significantly. T-test: H0 (Null Hypothesis): The timing changing is not affected on the mean value of total turnover. H1 (Alternative Hypothesis): The timing changing is affected on the mean value of total turnover. At 5% significant level, the calculated value is more than the table value which implies that our null hypothesis (H0) is accepted. Interpretation: So we can interpret that the timing changing in the BSE is significantly not affected to the mean value of total turnover. Increase in the timing of BSE would not affect much to the total turnover in the F&O market. After increase in trading time, it decreases by 0.78%. So there is a negative effect on the total turnover in the F&O market.
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3.3 Analysis of Broker & sub-broker Data:1) Are you a? (Table 3.5)
RespoBSE Percentage 16 32% 34 68%
Broker Sub-Broker
(Chart 3.1) Are you?
68%
32%
Broker
Sub-Broker
Interpretation:
I have taken the sample of 50 Brokers & Sub-Brokers out of them around 68% are Sub-Brokers. Only 32% Brokers are taken as sample for the research study.
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2)
Since how long are you in stock broking business? (Table 3.6)
RespoBSE Percentage 10 20% 13 26% 11 22% 16 32%
0-5 years
6-10 years 11 to 15 years More than 15 years
(Chart 3.2) Since how long are you in stock broking business?
32% 26% 20% 22%
0-5 years
6-10 years
11 to 15 years
More than 15 years
Interpretation:
The Brokers & Sub-Brokers in this analysis are having too much experience that means in this analysis 32% of the Brokers & Sub-Brokers are taken in to consideration who have experience above 15 years, so that their experience can be utilized in the analysis effectively. This will fulfill the objective.
59
3)
In which products\services do you deal? (Table 3.7)

RespoBSE Percentage Stock \ Cash Market Future & Option Both 19 5 26 38% 10% 52%
(Chart 3.3) In which products\services do you deal?
52%
30 25 20 15 10 5 0 Stock \ Cash Market Future & Option Both
38%
10%
Interpretation:
38% of the Brokers & Sub-Brokers in this analysis deal with Stock\Cash market as there is huge demand of this market by the investors. Apart from this 10% of the Brokers & Sub-Brokers deal with the F&O market and they advise different available strategies related to F&O in Derivative market. But still this analysis involves 52% of the Brokers & Sub-Brokers who are engaged in both these market. So that they can give more input of the changed trading timing schedule of BSE effectively.
60
4)
Do you feel that the trading timing of 09:55 to 03:30 was quite appropriate?
(Table 3.8)
RespoBSE Percentage 17 34% 23 46% 8 16% 2 4% 0 0%
Highly agree Agree Neutral Disagree Highly disagree
(Chart 3.4) Do you feel that the trading timing of 09:55 to 03:30 was quite appropriate?
46% 25 20 15 10 5 4% 0% Highly disagree 34% 16%
Highly agree
Agree
Neutral
Disagree
Interpretation:
46% of the respondents were Agree with the previous trading timing that is 09:55 to 03:30. 34% of the respondents were Highly Agree toward this trading timing and 16% of the respondents were neutral with the previous trading timing.
61
5)
The increase in trading timing from 9:00 to 3:30 was required?
(Table 3.9) Highly agree Agree Neutral Disagree Highly disagree

(Chart 3.5) The increase in trading timing from 9:00 to 3:30 was required?
30%
15
26% 18% 14% 12%
10
0 Highly agree Agree Neutral Disagree Highly disagree
Interpretation:
30% of the respondents were having Agree opinion regarding this trading timing that is 9:00 to 3:30. As per their opinion this changed trading timing would not make impact on the Stock\Cash market and F&O market. 14% of the respondents were Highly agree with the changed trading timing. Only 12% of respondents were Highly disagree with this timing. So ultimately 44% of the respondents having positive opinion regarding these changed trading timing.
62
6)
Do you think that the broking business turnover will increase by increase in the trading time? (Table 3.10)
Yes No RespoBSE Percentage 32 64% 18 36%
(Chart 3.6) Do you think that the broking business turnover will increase by increase in the trading time?
Yes No
36%
64%
Interpretation:
64% of the respondents were Agree with the potential increment in the broking business turnover with the expansion of the trading timing. Only 36% of the respondents believe that it would not make much difference with this changed trading timing.
63
7)
If yes, approximately by how much?
(Table 3.11) 0-5% 5-10% 10-15% 15-20% above 20%

(Chart 3.7) If yes, approximately by how much?
10 8 6 4 2 0 0-5%
24% 15%
27% 21%
9%
5-10%
10-15%
15-20%
above 20%
Interpretation:
Those respondents who believed that this changed trading timing would have greater impact on the broking business turnover are as follows: 27% of the respondents believe that the overall broking business turnover would enhance by 10-15%. 24% of the respondents believe that the turnover would enhance by 5-10%. 21% &15% of the respondents were having extreme opinion regarding this changed trading timing by 15-20% & 0-5%.
64
8)
Would the increase in the trading timing result in increase in revenue?
(Table 3.12)
Yes No RespoBSE Percentage 34 68% 16 32%
(Chart 3.8) Would the increase in the trading timing result in increase in revenue?
68% 40 30 20 10 0 32%
Yes
No
Interpretation:
68% of the respondents were having opinion that with the changed trading timing. The broking business turnover would increases so it would also affect the total revenue. Only 32% of the respondents believe that it would not make much impact on the revenue.
65
9)
If Yes, approximately by how much? (Table 3.13) 0-1% 1-2% 2-3% above 3%
(Chart 3.9) If Yes, approximately by how much?
15 10 5 0 0-1%
39% 21% 24%
18%
1-2%
2-3%
above 3%
Interpretation:
Those respondents who believed that this changed trading timing would have greater impact on the broking business revenue are as follows: 39% of the respondents believe that the overall broking business revenue would increase by 1-2%. 24% of the respondents believe that the revenue would increase by above 3%. 18% & 21% of the respondents were having extreme opinion regarding this changed trading timing by 0-1% & 2-3%.
66
10)
Would the increase in trading timing have any increase in cost?
(Table 3.14)
Yes No
(Chart 3.10) Would the increase in trading timing have any increase in cost?
76%
40 30 20 10 0 Yes No 24%
Interpretation:
76% of the respondents were having opinion that with the changed trading timing. The broking business trading timing and turnover would increases so it would also affect the total cost. Only 24% of the respondents believe that it would not make much impact on the cost.
67
11) If Yes, approximately by how much?
(Table 3.15) 0-1% 1-2% 2-3% above 3%

38%
15
30% 24%
10
11%
5
0 0-1% 1-2% 2-3% above 3%
Interpretation:
Those respondents who believed that this changed trading timing would have greater impact on the broking business cost are as follows: 38% of the respondents believe that the overall broking business cost would increase by 0-1%. 30% of the respondents believe that the cost would increase by above 1-2%. 24% & 11% of the respondents were having extreme opinion regarding this changed trading timing by 2-3% & above 3%.
68
12) Do you feel that the increase in trading timing will benefit the participants in capital market?
(Table 3.16)
Yes No
(Chart 3.12) Do you feel that the increase in trading timing will benefit the participants in capital market?
62% 40
30
20 10 0 Yes No
38%
Interpretation:
62% of the respondents believe that with the expansion of the changed trading timing would affect more & more speculative investors to make the transition on the Stock\Cash market. Apart from this it would also attract Hedger & Arbitrager to earn marginal profit by taking position and simultaneously buying and selling particular securities from one market to another respectively.
69
Cross tabulation:Since how long are you in stock broking business? * The increase in trading timing from 9:00 to 3:30 was required?
Cross tabulation
(Table 3.17) The increase in trading timing from 9:00 to 3:30 was required? Total Highly Highly Agree Agree Neutral Disagree Disagree Since how long are you in stock broking 0-5 Years business? 6-10 Years 11-15 Years More than 15 Years Total
3 0 1 3
2 7 3 4
2 3 5 3
1 3 1 3
2 0 1 3
10 13 11 16
16
13
50
Interpretation:
Those Brokers & Sub-Brokers who are in their business of broking for more than 10 years are supposed to have considerable experience. Among them 41% such Brokers & Sub-Brokers Agree to the increase in timing and 30% disagree to the increase in timings is required. From the less experience 52% brokers & sub-brokers agree to increase in timing and 26% broker & subbroker disagree to increase in timing.
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3.4 Analysis of Retail Investor Data:Gender:

(Table 3.18) Gender Male Female RespoBSE Percentage 132 88% 18 12%
(Chart 3.13) Gender

Male Female
12%
88%
Interpretation:
I have taken the sample of 150 respondent out of them around 88% are male investor. And Only 12% female investor for the research study.
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Occupation:(Table 3.19)
RespoBSE Percentage
Businessman Salaried Person Student Others
36 66 30 18
24% 44% 20% 12%
(Chart 3.14) Occupation
12% 24% 20%
Businessman Salaried Person Student Others
44%
Interpretation:
The respondents approached for research study were 150 among which 44% were salaried person while businessmen were 24%. Students comprised of 20 % while the remaining proportion i.e.12% were other.
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1)
Are you a?
(Table 3.20)
Investor Intra day Trader Delivery based trader RespoBSE Percentage 61 41% 50 33% 39 26%
(Chart 3.15) Are you a?
70 60 50 40 30 20 10 0
41% 33% 26%
Investor
Intra day Trader
Delivery based trader
Interpretation:
I have taken the sample of 150 Retail Investors out of them around 41% are Investors. Only 33% Intraday Traders and 26% Delivery based trader are taken as sample for the research study.
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2)
Since how long are you investing in stock market?
(Table 3.21)
0-5 years
6-10 years 11 to 15 years More than 15 years
(Chart 3.16) Since how long are you investing in stock market?
80 60 40 20 0
45%
23%
17%
14%
0-5 years
6-10 years
11 to 15 years
More than 15 years
Interpretation:
The Retail Investors in this analysis are having too much experience that means in this analysis only 14% of the Retail Investors are taken in to consideration and 45% of the Retail Investors are taken in to 0-5 years in Stock market, so that their experience can be utilized in the analysis effectively. This will fulfill the objective.
74
3)
In which products are you investing?
(Table 3.22)
Stock \ Cash Market Future & Option Both RespoBSE Percentage 70 47% 24 16% 56 37%
(Chart 3.17) In which products are you investing?
80 60 40 20
47% 37%
16%
Stock \ Cash Market
Future & Option
Both
Interpretation:
47% of the Retail Investors in this analysis invest with Stock\Cash market as there is huge demand of this market. Apart from this 16% of the Retail Investors invest with the F&O market. But still this analysis involves 37% of the Retail Investors who are engaged in Both these market. So that they can give more input of the changed trading timing schedule of BSE effectively.
75
4)
Do you feel that the trading timing of 09:55 to 03:30 was quite appropriate?
(Table 3.24) Highly agree Agree Neutral Disagree Highly disagree

(Chart 3.19) Do you feel that the trading timing of 09:55 to 03:30 was quite appropriate?
80 60 40 20 0 Highly agree 17%
41% 29%
10% 3% Agree Neutral Disagree Highly disagree
Interpretation:
41% of the respondents were Agree with the previous trading timing that is 09:55 to 3:30. 17% of the respondents were Highly Agree toward this trading timing.
76
5)
The increase in trading timing from 9:00 to 3:30 was required?
(Table 3.25)
Highly agree Agree Neutral Disagree Highly disagree
(Chart 3.20) The increase in trading timing from 9:00 to 3:30 was required?
26% 40 30 20 10 0 Highly agree Agree 19%
25% 20%
10%
Neutral
Disagree
Highly disagree
Interpretation:
26% of the respondents were having Agree opinion regarding this trading timing that is 9:00 to 3:30. As per their opinion this changed trading timing would make positive impact on the Stock\Cash market and F&O market. 19% of the respondents were Highly agree with the changed trading timing. Only 10% of respondents were Highly disagree with this timing. So ultimately 45% of the respondents having positive opinion regarding these changed trading timing.
77
6)
Do the increases in trading timing will result into more Investment in stock market? (Table 3.26) Yes No RespoBSE Percentage 115 77% 35 23%
(Chart 3.21) Do the increases in trading timing will result into more Investment in stock market?
Yes No
23% 77%
Interpretation:
77% of the respondents were Agree with the potential increment in to more investment in stock market with the expansion of the trading timing. Only 23% of the respondents believe that it would not make much difference with this changed trading timing.
78
7)
(Table 3.27)
0-5% 5-10% 10-15% 15-20% above 20%
33% 40 30 20 10 0 0-5%
29% 15% 12% 10%
5-10%
10-15% 15-20%
above 20%
Interpretation:
Those respondents who believed that this changed trading timing would have greater impact on the potential increment in to more investment in stock market are as follows: 33% of the respondents believe that the overall increment in to more investment in stock market would enhance by 0-5%. 29% of the respondents believe that the increment in to more investment in stock market would enhance by 5-10%. 15% &12% of the respondents were having extreme opinion regarding this changed trading timing by 10-15% & 15-20%.
79
8)
Do the increases in the trading time will increase the Profit?
(Table 3.28)
Yes No
(Chart 3.23) Do the increases in the trading time will increase the Profit?
Yes
34%
No
66%
Interpretation:
66% of the respondents were having opinion that with the changed trading timing. The investment would increases so it would also affect the total profit. Only 34% of the respondents believe that it would not make much impact on the profit.
80
9)
If Yes, approximately by how much?
(Table 3.29)
0-5% 5-10% 10-15% above 15%
50 40 30 20 10 0
41%
33%
15% 9%
0-5%
5-10%
10-15%
above 15%
Interpretation:
Those respondents who believed that this changed trading timing would have greater impact on the profit are as follows: 41% of the respondents believe that the profit would increase by 0-5%. 33% of the respondents believe that the profit would increase by above 5-10%. 15% & 9% of the respondents were having extreme opinion regarding this changed trading timing by 10-15% & above 15%.
81
10)
Do the increases in trading time will have any increase in cost?
(Table 3.30) Yes No RespoBSE Percentage 95 63% 55 37%
(Chart 3.25) Do the increases in trading time will have any increase in cost? 37%
Yes No
63%
Interpretation:
63% of the respondents were having opinion that with the changed trading timing. The broking business trading timing and investment would increases so it would also affect the total cost. Only 37% of the respondents believe that it would not make much impact on the cost.
82
11)
(Table 3.31) RespoBSE Percentage 41 43% 34 36% 14 15% 8 8%
0-5% 5-10% 10-15% above 15%
50 40
43% 36%
30
20 10 0 0-5% 5-10%
15% 8%
10-15%
above 15%
Interpretation:
Those respondents who believed that this changed trading timing would have greater impact on the investment cost are as follows: 43% of the respondents believe that the overall investment cost would increase by 0-5%. 36% of the respondents believe that the cost would increase by above 5-10%. 15% & 8% of the respondents were having extreme opinion regarding this changed trading timing by 10-15% & above 15%.
83
12)
Do you feel that the increase in trading timing will benefit to you?
(Table 3.32) RespoBSE Percentage 107 71% 43 29%
Yes No
(Chart 3.27) Do you feel that the increase in trading timing will benefit to you?
Yes
29%
No
71%
Interpretation:
From the above chart conclude that there are 71% investors feel that increasing timing on stock market will benefit & there are 29% investors feel that there will be no benefit by changing in trading time of stock market.
84
Cross tabulation:Distribution Sample * Do the increases in trading timing will result into more investment in stock market?
Cross tabulation
(Table 3.33) Do the increases in trading timing will result into more investment in stock market? Yes Distribution Sample Businessman Salaried Person Student Others Total 30 51 20 14 115 No 6 15 10 4 35 36 66 30 18 150
Total
Interpretation:
There were different categories of respondents based on their profession but on an average 77% believed that the increase in trading timing will increase investment in stock market. From the businessman category, 83.33% businessman believed that it will increase investment. From the student category, 50% students believed that it will increase investment.
85
3.7
Cross tabulation
Distribution sample * Do you feel that the increase in trading timing will benefit to you?
Cross tabulation
(Table 3.34) Do you feel that the increase in trading timing will benefit to you? Yes Distribution Businessman sample Serviceman Student Professional Total 21 47 22 17 107 No 14 21 7 1 43 35 68 29 18 150
Total
Interpretation:
On an average 71% of respondents having different profession believed that increase in trading timing will benefit them. From the Businessman category, 60% businessmen feel that increase in trading timing will benefit to them. From the professional category, most of professional feel that it will benefit to them.
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Chapter-4
87
4.1FINDINGS
To Stock Market Of India
After changes in the trading time in BSE cash market, there is decrease in number of trades with 2.37%. After changes in the trading time in BSE cash market, there is considerable decrease in total turnover with 9.87%. After changes in the trading time in BSE F&O segment, there is no considerable change in number of contracts, which has decreased on an average by 0.38%. So there is not much effect on number of contracts after increase in trading timings in BSE F&O segment. After changes in the trading time in BSE F&O segment, there is no considerable change in total turnover, which has decreased on an average by 0.78%. So there is not much effect on total turnover after increase in trading timings in BSE F&O segment.
To Broker & Sub-Broker

Based on survey of 50 Brokers & Sub-Brokers found that there is 68% are Sub-Brokers & 32% are Corporate Brokers. There are 52% Brokers & Sub-Brokers who deal in both that means Stock\Cash market and Future & Option market. Rest of 38% and also 10% Brokers & Sub-Brokers shown they are dealing only in Stock\Cash market and also Future & Option market. Based on survey on timing change it found that 46% Brokers & Sub-Brokers feel that it is appropriate time. Remaining respondents have shown that it is Neutral that means there is nothing much more effect on trading due to change in time on stock market. There are 30% respondents feel that shown strongly interest it is really require to change in timing for trading on stock exchange. But 26% respondents shown their interest in neutral that means it is not much more require for changing time.
88
Those Brokers & Sub-Brokers who are in their business of broking for more than 10 years are supposed to have considerable experience. Among them 41% such Brokers & SubBrokers Agree to the increase in timing and 30% disagree to the increase in timings is required. From the less experience 52% brokers & sub-brokers agree to increase in timing and 26% broker & sub-broker disagree to increase in timing. Out of 68% Brokers & Sub-Brokers feel that it will increasing turnover of its business due to change in time on stock market. Out of these respondents based on their reply there are 24% respondents feel that it will increase by 5-10% turnover on business with also it will increase the revenue out of that 39% feel that it will increase by 1-2% revenue on business. Out of 50 Brokers & Sub-Brokers 76% says yes out of that 38% respondent feel that cost will increase by 0-1% of its business volume. 54% respondents feel that it will increase by more than 2% and rest of the 11% respondents feel that cost will increase by more than 3% of its business revenue due to the change in time on stock market. Remaining 24% respondents shown their interest it will not affect or not increase in cost. There are 62% Brokers & Sub-Brokers their prediction the stock market participant will increase because of one more hrs trading will be more benefit as well as 38% respondents feel that it will not effect of time change on participant that means the participant will not get much of benefit from it.
To Retail Investor
The respondents approached for research study were 150 among which 44% were salaried person while businessmen were 24%. Students comprised of 20% while the remaining proportion i.e.20% were others. From the sample of 150 Retail Investors, around 41% are Investors. Only 33% Intraday Traders and 26% are delivery base trader taken as sample for the research study. Out of these respondents based on their reply there are 45% of the Retail Investors are taken in to 5 years in Stock market. So that their experience can be utilized in the analysis effectively. This will fulfill the objective.
89
47% of the Retail Investors in this analysis invest with Stock\Cash market as there is huge demand of this market. Apart from this 16% of the Retail Investors invest with the F&O market. But still this analysis involves 37% of the Retail Investors who are engaged in both these market. So that they can give more input of the changed trading timing schedule of BSE & BSE effectively. 41% of the respondents were Agree with the previous trading timing that is 09:55 to 3:30. 17% of the respondents were Highly Agree toward this trading timing. 26% of the respondents were having Agree opinion regarding this trading timing that is 9:00 to 3:30. As per their opinion this changed trading timing would not make impact on the Stock\Cash market and F&O market. 77% of the respondents were Agree with the potential increment in to more investment in stock market with the expansion of the trading timing. Only 23% of the respondents believe that it would not make much difference with this changed trading timing. Out of these respondents based on their reply there are 33% of the respondents believe that the overall increment in to more investment in stock market would enhance by 0-5%. 66% of the respondents were having opinion that with the changed trading timing. The broking business turnover would increases so it would also affect the total revenue. Only 34% of the respondents believe that it would not make much impact on the revenue. Out of these respondents based on their reply there are 41% of the respondents believe that the profit would increase by 0-5%. 63% of the respondents were having opinion that with the changed trading timing. The broking business trading timing and investment would increases so it would also affect the total cost. Only 37% of the respondents believe that it would not make much impact on the cost. Out of these respondents based on their reply there are 43% of the respondents believe that the overall investment cost would increase by 0-5%. From the above chart conclude that there are 71% investors feel that increasing timing on stock market will benefit & there are 29% investors feel that there will be no benefit by changing in trading time of stock market.
90
There were different categories of respondents based on their profession but on an average 77% believed that the increase in trading timing will increase investment in stock market. From the businessman category, 83.33% businessman believed that it will increase investment. From the student category, 50% students believed that it will increase investment. On an average 71% of respondents having different profession believed that increase in trading timing will benefit them. From the Businessman category, 60% businessmen feel that increase in trading timing will benefit to them. From the professional category, most of professional feel that it will benefit to them.
91
4.2 CONCLUSION
To Stock Market Of India
Overall above all question conclude that as increase trading hours is in to initial stage it doesnt make much different turnover or no. of trades of the market of BSE. There was a much negative effect on total turnover in the case market after increase in trading time. We might see more effect after six months or one year or more. Here it shows negative co-relation in Cash and F & O market between before and after of change trading hours.
To Broker & Sub-Broker

There is a survey of 50 Brokers & Sub-Brokers in Surat city on change time on stock exchange for trading. It concludes that maximum brokers & sub-brokers were satisfied with the earlier timing of the stock market. Increase in trading timing will increase in their business turnover. It will also result in increase revenue and cost. In increasing trading time will be benefit to participant says that by 62% and rest of the 38% Brokers & Sub-Brokers says that it will not affect / benefit the participant in capital market. Because buying and selling activities done through the news of company as well as countries, so that it will not much more effect of one hours on trading time.
To Retail Investor
More investors are less experience, so they are Agree with the trading timing of 09:55 to 3:30 appropriate and only few are agree on current increasing in trading timing hours. As timing going to be increase, the investment is also increase in stock market. As my sample increase in trading hours benefit the investors but cost also plays the major part. It also makes increase in their profit.
92
4.3 SUGGSTIONS
The dematerialization charges brokerage and margined money high so broker & company should try and lower their charges to compete. From the Brokers & Sub-brokers point of view the increased trading time will increase the cost of transaction. So it should be reduced as much as possible. As respondent in Surat city are not fully aquatint with knowledge about F & O market so broker in term must try to give more knowledge about F & O to the investors by organizing seminar presentation. Instead of increasing the 1st half timing exchange should increase the timing in 2nd half Rather found that retail investor as avoiding the early trade and doing less. Reduce some taxes so that one can compensate on expeBSEs front Government should take a step as to start a banking system start earlier in a day so one can deposit margin amount earlier for trading. Stock Exchange, SEBI and Government should jointly take a step for increase trades and turnover.
93
Bibliography
BOOKS Philip Kotler and Gery Armstrong ,Principles of Marketing Management Ramaswamy V.S, Namakumari S; Marketing management D.D. Sharma, Marketing Research Green & Tull, Marketing Research Kothari C.R, Research Methodology- Methods and Techniques; Business research method, William G. Zikhmand, 7th addition,
WEB SITE VISITED 1. http://www.BSEindia.com/content/equities/eq_turnnov2009.htm 2. http://www.BSEindia.com/content/equities/eq_turndec2009.htm 3. http://www.BSEindia.com/content/equities/eq_turnjan2010.htm 4. http://www.BSEindia.com/content/equities/eq_turnfeb2010.htm 5. http://www.BSEindia.com/content/fo/fo_turnnov2009.htm 6. http://www.BSEindia.com/content/fo/fo_turndec2009.htm 7. http://www.BSEindia.com/content/fo/fo_turnjan2010.htm 8. http://www.BSEindia.com/content/fo/fo_turnfeb2010.htm 9. http://en.wikipedia.org/wiki/National_Stock_Exchange_of_India
94
APPENDIX QUESTIONNAIRE
Respected Sir, Studying the Technical and fundamental analysis of 30 BSE listed Stocks and BSE This study is an attempt to find out the effectiveness of increase in the trading timings of BSE & BSE. In this regard, I request you to kindly spare your valuable time and fill the below mentioned questionnaire. I can assure you that the information given by you will be used only for academic purpose. 1) Are you a? 1 Broker 2. Sub-broker
2) Since how long are you in stock broking business? 1 0-5 years 3 11 to 15 years 2 6-10 years 4 More than 15 years
3) In which products\services do you deal? 1 Stock\Cash market 3 Both 2 Future & Option 4 Other..)
4) Do you feel that the trading timing of 10:00 to 3:30 was quite appropriate? 1.Highly agree 2.Agree 3.Neutral 4.Disagree 5.Highly disagree
5) The increase in trading timing from 9:00 to 3:30 was required? 1.Highly agree 2.Agree 3.Neutral 4.Disagree 5.Highly disagree
95
Does the broking business turnover will increase by increase in the trading time? 1. Yes 2. No
6) If yes, approximately by how much? 1. 0-5% 3. 10-15% 5. above 20% 7) Would the increase in the trading timing result in increase in revenue? 1. Yes 8) If Yes, approximately by how much? 1. 0-1% 3. 2-3% 2. 1-2% 4. Above 3% 2. No 2. 5-10% 4. 15-20%
9) Would the increase in trading timing have any increase in cost? 1. Yes 10) If yes, approximately by how much? 1. 0-1% 3. 2-3% 2. 1-2% 4. Above 3% 2. No
11) Do you feel that the increase in trading timing will benefit the participants in capital market? 1. Yes 2. No
Thank You
96
Surveyor:- NILAY ZAVERI
QUESTIONNAIRE
Respected Sir, Studying the Technical and fundamental analysis of 30 BSE listed Stocks and BSE This study is an attempt to find out the effectiveness of increase in the trading timings of BSE& BSE. In this regard, I request you to kindly spare your valuable time and fill the below mentioned questionnaire. I can assure you that the information given by you will be used only for academic purpose.
1) Name
.....
2) Occupation 1 Business man 3 Student 3) Income : 2 Salaried Person 4 Others
4) How much percentage of your income, invests in stock market?...................
1) Are you a? 1 Investor 3 Delivery Based Trader 2) Since how long are you investing in stock market? 1 0-5 years 3 11 to 15 years 2 6-10 years 4 More than 15 years 2. Intraday Trader
97
3) In which products are you investing? 1 Stock\Cash market 3 Both 2 Future & Option 4 Other..)
4) Do you feel that the trading timing of 9:55am to 3:30pm was quite appropriate? 1.Highly agree 2.Agree 3.Neutral 4.Disagree 5.Highly disagree
5) The increase in trading timing from 9:00 to 3:30 was required? 1.Highly agree 2.Agree 3.Neutral 4.Disagree 5.Highly disagree
6) Does the increase in trading timing will result into more investment in stock market? 1. Yes 7) If yes, approximately by how much? 1. 0-5% 3. 10-15% 5. above 20% 8) Do the increases in the trading time will increase the profit? 1. Yes 2. No 2. 5-10% 4. 15-20% 2. No
9) If Yes, approximately by how much? 1. 0-5% 3. 11-15% 2. 6-10% 4. above 15%
10) Does the increase in trading time will have any increase in cost? 1. Yes 11) If yes, approximately by how much? 1. 0-5% 4. 11-15%
98
2. No
2. 6-10% 4. Above 15%
12) Do you feel that the increase in trading timing will benefit to you? 1. Yes 2. No
Thank You
Surveyor:- NILAY ZAVERI
(MBA Student from VNSGU
in Surat)
99

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A REPORT ON

Technical and fundamental of 30 BSE listed Stocks

GUIDIED BY: Mrs. Janki Mistry

SUBMITTED BY Mr. Nilay Zaveri 2009-2011

Dr.Renuka Garg (Head of Department)

Mrs. Janki Mistry (Project Guide)

Research Design Sources of Data Types of Questions Sample Size

Benefits of the training:-.

1.2 Market PROFILE

Pre-open Trading Session 09:00 - 09:15 Trading Session 09:15 - 15:30

Position Transfer Session 15:30 - 15:50 Closing Session 15:50 - 16:05

Indian Stock exchange allows a member broker to perform following activities:

1.2 industry profile

Indias Major Stock Broking Companies:-

2.1 RESEARCH METHODOLOGY

2.2 OBJECTIVES OF THE STUDY

To understand the Technical and fundamental analysis of 30 BSE listed Stocks on

2.3 NEED AND SCOPE OF THE STUDY

2.4 LIMITATIONS OF THE Study

Data of after increase in trading time on BSE:(Table-3.2)

Impact on No. of Trades:-

t- test: paired two sample for means:- [No. of trades]

Impact on Total Turnover [Rs. Crore]:-

t- test: paired two sample for means:- [Total Turnover]

Data of after increase in trading time on BSE:(Table-3.4)

Impact on No. of Contracts:-

t- test: paired two sample for means:- [No. of contracts]

Mean Variance Observations Pearson Correlation Hypothesized Mean Difference Df t Stat

Impact on Total Turnover [Rs. Crore]:-

t- test: paired two sample for means:- [Total Turnover]

Mean Variance Observations Pearson Correlation Hypothesized Mean Difference Df t Stat

(Chart 3.1) Are you?

6-10 years 11 to 15 years More than 15 years

32% 26% 20% 22%

More than 15 years

In which products\services do you deal? (Table 3.7)

(Chart 3.3) In which products\services do you deal?

Highly agree Agree Neutral Disagree Highly disagree

46% 25 20 15 10 5 4% 0% Highly disagree 34% 16%

The increase in trading timing from 9:00 to 3:30 was required?

(Table 3.9) Highly agree Agree Neutral Disagree Highly disagree

26% 18% 14% 12%

0 Highly agree Agree Neutral Disagree Highly disagree

If yes, approximately by how much?

(Table 3.11) 0-5% 5-10% 10-15% 15-20% above 20%

(Chart 3.7) If yes, approximately by how much?

Would the increase in the trading timing result in increase in revenue?

(Chart 3.9) If Yes, approximately by how much?

39% 21% 24%

Would the increase in trading timing have any increase in cost?

11) If Yes, approximately by how much?

(Table 3.15) 0-1% 1-2% 2-3% above 3%

(Chart 3.11) If Yes, approximately by how much?

0 0-1% 1-2% 2-3% above 3%

3.4 Analysis of Retail Investor Data:Gender:

(Chart 3.13) Gender

Businessman Salaried Person Student Others

24% 44% 20% 12%

(Chart 3.14) Occupation

12% 24% 20%

Businessman Salaried Person Student Others

(Chart 3.15) Are you a?

41% 33% 26%