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A
SUMMER INTERNSHIP PROJECT
ON
STUDY ON THE EFFECT OF INTERNATIONAL COMMODITY
MARKET ON INDIAN COMMODITY MARKET
Submitted to
S.R. LUTHRA INSTITUTE OF MANAGEMENT
IN PARTIAL FULFILLMENT OF THE
REQUIREMENT OF THE AWARD FOR THE DEGREE OF
MASTER OF BUSINESS ADMINISTRATION

In
Gujarat Technological University
UNDER THE GUIDANCE OF


Faculty Guide: Company Guide:
Mr. Pratiksinh S. Vaghela Mr. Paresh Bhalani
Assistant Professor, Sub broker,
(Angel Broking Pvt. Ltd.)
Submitted by

Mr. BRIJESH V. MARAVIYA [Batch No. 2013-15, Enrollment
No.138050592047]
{Mo no. 8866447610}

MBA SEMESTER III

S.R. LUTHRA INSTITUTE OF MANAGEMENT 805
MBA PROGRAMME
Affiliated to Gujarat Technological University
Ahmedabad
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August, 2014
Students Declaration


I, Brijesh V. Maraviya undersigned, a student of S.R. LUTHRA Institute of
Management, Surat, declare that the project report entitled Study on the
effect of international commodity market on Indian commodity market. AT
ANJEL Broking Pvt. Ltd. prepared and submitted to Mr. Pratiksinh S.
Vaghela, Asst. Professor of S.R. LUTHRA Institute of Management, Surat.
This is my own work& the report prepared there in is based on my study and
experience during the tenure of my study at ANJEL Broking Pvt. Ltd..
I will not use this project report in future and will not submit the same to any
other university or institute or any other publisher without written permission of
my guide.
I further declare that the result of my findings and research in the subject is
original in nature and has not been previously submitted either in part or in
whole to any other institute or university for any degree. If it is found; I shall be
only responsible for its consequences.




Place: Surat


Date: _____________


__________________
(Brijesh V. Maraviya)


3


Institutes Certificate


Certified that this Summer Internship Project Report Titled Study on the effect
of international commodity market on Indian commodity market is the
bonafide work of Mr. Brijesh V. Maraviya (Enrollment No. 138050592047),
who has carried out the research under my supervision. I also certify further,
that to the best of my knowledge the work reported herein does not form part
of any other project report or dissertation on the basis of which a degree or
award was conferred on an earlier occasion on this or any other candidate.

Place: Surat
Date: ________________




___________________
(Pratiksinh S. Vaghela)
Assistant Professor,

___________________
(J. M. Kapadia)
I/C Director







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PREFACE


It is a great opportunity for management students of GTU to get exposure to
the stock market industry as a part of in summer internship project (SIP)
academic curriculum of MBA and get wide exposure to the real world during
industrial project.

This project has been real challenging for me. It realized during training period
of six weeks that stock market industry is drastically different than what I learn
in theories. Thus, practical exposure to this industry is valuable for me as a
management student. My practical knowledge has improved very well through
meeting people and offers them an invested in commodity market.

This report gives information about commodity market linkage between Indian
and international commodity market i.e. Study on the effect of international
commodity market on Indian commodity market








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ACKNOWLEDGEMENT

I take this opportunity to express my sincere gratitude to the following
personalities without whose help and guidance successful completion of my
project work would have been remained dream.
I wish to extend my sincere gratitude to, Mr.Paresh P. Bhalani, Sub
broker of the Angel Broking Pvt. Ltd., for providing me with all the facilities to
carry on this project work efficiently. The entire team at Angel Broking Pvt.
Ltd, for their co-operation and last but not the least the employees at Angel
Broking Pvt. Ltd for their support and encouragement in fulfillment of this
report.
I would like to thanks Mr. J. M. Kapadia, I/C Director, S.R. Luthara
Institute of Management, Surat for making available all facilities in fulfilling the
requirement my project report.

The project would have been possible throughout the experience,
guidance and supervision of Mr. Pratiksinh S. Vaghela has potentially and
critically gone through the subject matter. Her constructive criticism helped me
lot in presenting the project in concrete form. Finally, I would like to thank to
all these people who are directly or indirectly contributed to my project work.







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Executive Summery

This summer project report is prepared at ANGEL broking Pvt. Ltd.
on Study on the effect of international commodity market on Indian
commodity market as a part of curriculum of the MBA program. Indian futures
commodities market i.e. MCX and NCDEX, and world futures commodities
market i.e. CBOT US, COMEX US, LME UK AND NYMEX US. The technical
analysis method widely used in relation of mostly show the daily changing
price of two markets.
The first part of the project includes stock market industry profile,
introduction of the ANGEL broking Pvt. Ltd., product profile of the company
and introduction of commodity market, introduction of commodity exchange of
India.
In this project the descriptive research is used. I have used Excel for
statistical analysis Correlation and regression is studied to know whether
there is a relationship between the international commodities market linkages
of the MCX and NCDEX commodity market.
For this project study, the main aim of this project is to find out
correlation and regression between Indian commodities market and world
commodities market. There is a co-relation between commodities i.e. gold,
silver and copper (bullion), crude oil and natural gas (energy), and ncdex
market i.e. soy bean and cotton (agricultural), In world futures commodities
market, cbot i.e. soy bean, comex i.e. gold and silver, lme i.e. copper and
nymex i.e. crude oil and natural gas. It found that there is no effect of
International commodity market on Indian commodity market.
There may be many factors on which a both commodities market may
depend. Like, government policies, budget, bullion market, inflation, economic
and political condition, of country, dollar exchange rate etc this all are
variable factors may effect on commodities price but for study, have selected
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only two independent i.e. Indian commodities market and world commodities
market.
PLAGIARISM REPORT
Report
D i g i t a l s i g n e d
Author: JAY SHREE KRISHNA
Processing date: Sat, 2.8.2014 14:01:28 CEST
A total of 423 fragments were analysed. As a result 33 fragments (7.8%) were found
in other documents. In the document preview below the fragments are marked light
blue and clickable.
Cross reference documents
Following list of found documents is grouped by document titles and ordered by
found fragements. With a mouseclick on "x fragments" the relevant fragments in the
document are colored blue and the window scrolls to the first location. Click on "x
fragments" again resets the special marks.
9 fragments were found in a text with the title: "Stock exchange", located on:
http://en.wikipedia.org/wiki/Stock_exchange
5 fragments were found in a text with the title: "PEST analysis", located on:
http://en.wikipedia.org/wiki/PEST_analysis
5 fragments were found in a text with the title: "A Review on Data Mining
Applications to the Performance of Stock Marketing", located on:
http://www.ijcaonline.org/journal/number3/pxc387187.pdf
5 fragments were found in a text with the title: "Commercial Revolution", located on:
http://en.wikipedia.org/wiki/Commercial_Revolution
4 fragments were found in a text with the title: "Stock market", located on:
http://en.wikipedia.org/wiki/Stock_market
4 fragments were found in a text with the title: "Market entry strategy for Chinese
suppliers in the Russian consumer goods market", located on:
https://publications.theseus.fi/bitstream/handle/10024/28537/Shakhova_Olga.pdf?sequence=1
4 fragments were found in a text with the title: "National Stock Exchange of I ndia",
located on:
http://en.wikipedia.org/wiki/National_Stock_Exchange_of_India
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3 fragments were found in a text with the title: "I mpact of Proposed Commodity
Transaction Tax", located on:
http://www.eSocialSciences.com/data/articles/Document1782008420.6715509.pdf
3 fragments were found in a text with the title: "Rayleigh Distribution Definition",
located on:
http://business.fullerton.edu/Finance/jrepm/pdf/vol13n2/08.161_172.pdf
http://www.au-kbc.org/comm/Docs/thesis/ms/Thesis_Report_Vijayalashmi.doc
2 fragments were found in a text with the title: "Analysis of China's primary wood
products market - sawnwood and plywood", located on:
https://helda.helsinki.fi:443/bitstream/handle/10138/14804/Analysis of China's Primary Wood Products
Market(Minli Wan).pdf?sequence=1
2 fragments were found in a text with the title: "Search algorithms for FCSR
architectures and properties of the FCSR combiner generator", located on:
http://crypto.au-kbc.org/patterns/thesis/anand-thesis.pdf
2 fragments were found in a text with the title: "An Algebraic Framework For
Classifier Development And I ts Application in Face Recognition", located on:
http://crypto.au-kbc.org/patterns/thesis/sujith-thesis.pdf
1 fragment found in a text with the title: "I nitial public offering", located on:
http://en.wikipedia.org/wiki/Initial_public_offering
1 fragment found in a text with the title: "UK Standard I ndustrial Classification of
Economic Activities 2007 (SI C 2007)", located on:
http://www.statistics.gov.uk/methods_quality/sic/downloads/sic2007explanatorynotes.pdf
1 fragment found in a text with the title: "Long-Term Changes in Open Field
Behaviour Following a Single Social Defeat in Rats Can Be Reversed by Sleep
Deprivation", located on:
http://cbn.eldoc.ub.rug.nl/FILES/root/1996/PhysiolBehavMeerlo2/1996PhysiolBehavMeerlo2.pdf
1 fragment found in a text with the title: "Temporal responses of NDVI to
precipitation and temperature in the central Great Plains, USA", located on:
http://gislab.lanl.gov/docs/wang_2003_ijrs.pdf
1 fragment found in a text with the title: "The motivations and investment
preferences of Chinese investors who migrate to New Zealand", located on:
http://aut.researchgateway.ac.nz:80/bitstream/10292/869/4/SuR.pdf
1 fragment found in a text with the title: "Dunne : judge, mayor, governor /", located
on:
http://libsysdigi.library.illinois.edu/oca/Books2007-
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1 fragment found in a text with the title: "Predicting Stock Trends: A Multi Agent
Approach", located on:
http://upcommons.upc.edu/pfc/bitstream/2099.1/7188/1/T.Mater Dolcet-IA.pdf
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1 fragment found in a text with the title: "Reflections on Donald Creighton and the
Appeal of Biography", located on:
http://www.ufv.ca/jhb/Volume_1/Volume_1_Wright.pdf
1 fragment found in a text with the title: "Amsterdam Stock Exchange", located on:
http://en.wikipedia.org/wiki/Amsterdam_Stock_Exchange
1 fragment found in a text with the title: "A Study of I ndividual I nvestors in the
Capital Market in Kerala", located on:
http://dyuthi.cusat.ac.in/xmlui/bitstream/handle/purl/1629/A%20study%20of%20individual%20investo
rs%20in%20the%20capital%20market%20in%20kerala%2c%20Chap-3.PDF?sequence=3
1 fragment found in a text with the title: "PENGARUH TERPAAN RUBRI K TRAX
STAR PADA MAJ ALAH TRAX MAGAZI NE TERHADAP KREATI VI TAS
ANGGOTA GRUP BAND I NDI E(Studi pada anggota Komunitas Grup Band I ndie
Malang)", located on:
http://eprints.umm.ac.id/873/1/PENGARUH_TERPAAN_RUBRIK_TRAX_STAR_PADA_MAJALA
H_TRAXMAGAZINE_TERHADAP_KREATIVITAS_ANGGOTA_GRUP_BANDINDIE.pdf
1 fragment found in a text with the title: "GENUI NE PROGRESS I NDEX 2
Measuring Sustainable Development EXECUTIVE SUMMARY", located on:
http://www.gpiatlantic.org/pdf/health/tobacco/smoke-free-nb.pdf
1 fragment found in a text with the title: "I nsulin resistance and muscle wasting in
non-diabetic end-stage renal disease patients", located on:
http://ndt.oxfordjournals.org/content/22/9/2554.full.pdf
1 fragment found in a text with the title: "Essays in Econometrics Volume 2 ,
Causality, I ntegration and Cointegration, and Long Memory", located on:
http://ecsocman.edu.ru/data/390/696/1219/sampler.pdf
1 fragment found in a text with the title: "Management of multiple representations in
spatial DBMSs", located on:
http://www.gdmc.nl/zlatanova/thesis/html/refer/ps/sz_js_wq_agile04.pdf
1 fragment found in a text with the title: "Methods for structural characterisation of
Quillaja saponins by electrospray ionisation ion trap multiple-stage mass
spectrometry", located on:
http://diss-epsilon.slu.se:8080/archive/00001764/01/Bankefors_Johan_2008_44.pdf
1 fragment found in a text with the title: "Enterprises Energy Sustainability: I CT
Approach", located on:
https://publications.theseus.fi/bitstream/handle/10024/25161/Terekhova_Anna.pdf?sequence=1
1 fragment found in a text with the title: "Multi-Asset Market Dynamics*", located
on:
http://www.cerge-ei.cz/pdf/events/papers/030331_t.pdf
1 fragment found in a text with the title: "Structural classification of Quillaja
saponins by electrospray ionisation ion trap multiple-stage mass spectrometry in
combination with multivariate analysis", located on:
http://diss-epsilon.slu.se:8080/archive/00001227/01/06.1408_Tryckfil.pdf
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1 fragment found in a text with the title: "Finance and growth in the EU: New
evidence from the liberalisation and harmonisation of the banking industry.
European Central Bank Working Paper 266", located on:
http://www.ecb.int/pub/pdf/scpwps/ecbwp266.pdf
1 fragment found in a text with the title: "I ndia's Bond Market-Developments and
Challenges Ahead", located on:
http://aric.adb.org/pdf/workingpaper/WP22_India's_Bond_Market.pdf
1 fragment found in a text with the title: "Linking Farmers to Markets for High-
Value Agricultural Commodities", located on:
http://ageconsearch.umn.edu/bitstream/47437/2/2-PS-Birthal.pdf
1 fragment found in a text with the title: "Collaborative wireless sensor networks in
industrial and business processes", located on:
http://doc.utwente.nl/60027/1/thesis_M_Marin-Perianu.pdf
1 fragment found in a text with the title: "Finance and growth in the EU - new
evidence from the liberalisation and harmonisation of the banking industry",
located on:
http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp266.pdf
Subsequent the examined text extract:















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TABLE OF CONTENTS
Sr. No. Particulars Page No.
1. Introduction 01
1.1) About Commodity Market 01
1.2 ) Indian Commodity Market 03
1.2) Multi Commodity Exchange 07
2. Industry Profile 13
2.1) Global Stock Market 13
2.2) Indian Stock Market 19
2.2.1) Bombay Stock Exchange 25
2.2.2) National Stock Exchange 28
2.2.3) Stock Exchanges in India 33
2.3) PESTEL Analysis 34
3. Company Profile 38

3.1) Introduction and History
38
3.2) Our Organizational Structure 45
3.3) Departmental Study 49
3.4) Swot Analysis 57
4. Review of Literature 59
5. Research Methodology 62
5.1) Need For Research 62
5.2) Statement of Problem 62
5.3) Objective 62
5.4) Research Design 62
5.5) Data Collection Method 63
5.6) Hypotheses 63
5.7) Sample Size 63
5.8) Tools & Techniques 64
5.9) Limitation 64
6. Data Collection and Analysis 65
6.1) Research Analysis Tools 65
6.2) Co-relation between Gold price of MCX 68
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AND COMEX (US)
6.3) Regression between Gold price of MCX
AND COMEX
69
6.4) Co-relation between silver price of MCX
AND COMEX (US)
70
6.5) Regression between silver price of MCX
AND COMEX
71
6.6) Co-relation between copper price of MCX
AND LME (UK)
72
6.7) Regression between copper price of MCX
AND LME (UK)
72
6.8) Co-relation between crude oil price of MCX
AND NYMEX (US)
74
6.9) Regression between crude oil price of MCX
AND NYMEX (US)
74
6.10) Co-relation between natural gas price of
MCX AND NYMEX (US)
76
6.11) Regression between natural gas price of
MCX AND NYMEX (US)
76
6.12) Co-relation between soy bean price of
NCDEX AND CBOT (US)
78
6.13) Regression between soy bean price of
NCDEX AND CBOT (US)
78
6.14) Co-relation between cotton price of
NCDEX AND CBOT (US)
80
6.15) Regression between cotton price of
NCDEX AND CBOT (US)
80
7. Finding 82
8. Conclusion 84
Bibliography
Appendix



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LIST OF TABLES


Sr. No. Particulars Table
No.
Page
No.
1 Largest commodities exchanges in the world 1.1 02
2 Major Stock Exchanges 2.1 17
3 About Bombay Stock Exchange 2.2 25
4 About National Stock Exchange 2.3 28
5 Traded and delivery of BSE and NSE 2.4 30
6 Management of Angel Group 3.1 41
7 SWOT Analysis 3.2 57
8 Co-relation between Gold price of MCX AND
COMEX (US)
6.1 68
9 Regression between Gold price of MCX AND
COMEX
6.2 69
10 ANOVA for Gold price of MCX AND COMEX 6.3 69
11 Co-relation between silver price of MCX AND
COMEX (US)
6.4 70
12 Regression between silver price of MCX AND
COMEX
6.5 71
13 ANOVA for silver price of MCX AND COMEX 6.6 71
14 Co-relation between copper price of MCX AND
LME (UK)
6.7 72
15 Regression between copper price of MCX AND
LME (UK)
6.8 73
14

16 ANOVA for copper price of MCX AND LME (UK) 6.9 73
17 Co-relation between crude oil price of MCX AND
NYMEX (US)
6.10 74
18 Regression between crude oil price of MCX AND
NYMEX (US)
6.11 75
19 ANOVA for crude oil price of MCX AND NYMEX
(US)
6.12 75
20 Co-relation between natural gas price of MCX AND
NYMEX (US)
6.13 76
21 Regression between natural gas price of MCX AND
NYMEX (US)
6.14 77
22 ANOVA for natural gas price of MCX AND NYMEX
(US)
6.15 77
23 Co-relation between soy bean price of NCDEX AND
CBOT (US)
6.16 78
24 Regression between soy bean price of NCDEX
AND CBOT (US)
6.17 79
25 ANOVA for soy bean price of NCDEX AND CBOT
(US)
6.18 79
26 Co-relation between cotton price of NCDEX AND
CBOT (US)
6.19 80
27 Regression between cotton price of NCDEX AND
CBOT (US)
6.20 81
28 ANOVA for cotton price of NCDEX AND CBOT
(US)
6.21 81
29 Co-relation between Indian futures commodities
market and world future commodities market
7.1 83





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LIST OF FIGURES


Sr. No. Particulars Figure
No.
Page
No.
1 percentage changes in share of derivative trade on
exchange
1.1 12
2 Market capitalization (USD billions) 2.1 19


LIST OF APPENDIX


Sr. No. Particulars
Figure No.
1 Gold price of MCX AND COMEX (US) for the period
Apr 01, 2014 to Jul 01, 2014
1.1
2 Silver price of MCX AND COMEX (US) for the
period Apr 01, 2014 to Jul 01, 2014
1.2
3 Copper price of MCX AND LME (UK) for the period
Apr 01, 2014 to Jul 01, 2014
1.3
4 Crude Oil price of MCX AND NYMEX (US) for the
period Apr 01, 2014 to Jul 01, 2014
1.4
5 Natural Gas price of MCX AND NYMEX (US) for the
period Apr 01, 2014 to Jul 01, 2014
1.5
6 Soy Bean price of NCDEX AND CBOT (US) for the
period Apr 01, 2014 to Jul 01, 2014
1.6
7 Cotton price of NCDEX AND CBOT (US) for the
period Apr 01, 2014 to Jul 01, 2014
1.7


16













INTRODUCTION
ABOUT COMMODITY MARKET

INDIAN COMMODITY
MARKET

MULTI COMMODITY
EXCHANGE





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1.1 ABOUT COMMODITIES MARKET:-

What is the commodity market?
Commodity market is a place where trading in commodities takes
place. It is similar to an equity market, but instead of buying or selling shares
one buys or sells commodities.

How old are the commodities market?
The commodities markets are one of the oldest prevailing markets in
the human history. In fact, derivatives trading started off in commodities with
the earliest records being traced back to the 17th century when rice futures
were traded in Japan.

What are the different types of commodities that are traded in these
markets?
World-over one will find that a market exists for almost all the
commodities known to us. These commodities can be broadly classified into
the following:
Precious Metals: Gold, Silver, Platinum, etc.
Other Metals: Nickel, Aluminum, Copper, etc.
Agro-Based Commodities: Wheat, Corn, Cotton, Oils, Oilseeds, etc.
Soft Commodities: Coffee, Cocoa, Sugar, etc.
Live-Stock: Live Cattle, Pork Bellies, etc.
Energy: Crude Oil, Natural Gas, Gasoline, etc.

National Commodity Exchange:-
Multi Commodity Exchange of India Limited (MCX)
National Commodity & Derivatives Exchange Limited (NCDEX)
Indian National Multi-Commodity Exchange (NMCE)
Commodity Exchange Limited ICEX.
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Worlds futures commodity exchange:-
Chicago board of trade (CBOT)
(COMEX)
London metals exchange (LME)
New York mercantile exchange (NYMEX)

Largest commodities exchanges in the world:-
Exchange

Country Volume per month $M
CME Group USA 19
Tokyo Commodity
Exchange
Japan -
NYSE Euronext USA -
Dalian Commodity
Exchange
China -
Multi Commodity
Exchange

India -
Intercontinental
Exchange
USA, Canada, China,
UK
-


TABLES 1.1

How big is the Indian commodity trading market as compared to
other Asian markets?
The commodity market in India clocks a daily average turnover of Rs 12,000-
15,000 crore (Rs 120-150 billion). The accumulative commodities derivatives
trade value is estimated to have reached the equivalent of 66 per cent of the
19

gross domestic product and the future will only see the percentage rising,
says ICICI direct.com vice-president Kadar Deshpande.

What kind of products can be listed on the commodity market?
All commodities produced in the agriculture, mineral and fossil sectors have
been sanctioned for futures trading. These include cereals, pulses, ginned
cotton, un-ginned Cotton, oilseeds, oils, jute, jute products, sugar, gur,
potatoes, onions, coffee, tea, petrochemicals, and bullion, among others.

What are the factors that influence the commodity prices in the
market?
The commodity market is driven by demand and supply factors and inventory,
when it comes to perishable commodities such as agricultural products and
high demand products such as crude oil. Like any market, the demand-supply
equation influences the prices.

Variables like weather, social changes, government policies and global factors
influence the balance.

What is the size of the commodities market as compared to the
equity market?
In the developed markets the volumes on the exchange-based commodity
derivates markets are about five times more than that of the equity markets.

1.2 INDIAN COMMODITY MARKET:-

HISTORY:-
Commodity futures markets largely remain underdeveloped in India. This
is in spite of the countries long history of commodity derivatives trade as
compared to the US and UK. A major contributor to this fact is the extensive
government intervention in the agricultural sector in the post-independence
era. In reality, the production and distribution of several agricultural
commodities is still governed by the state and forwards as well as futures
20

trading have only been selectively introduced with stringent regulatory
controls.
Free trade in many commodity items remains restricted under the
Essential Commodities Act (ECA), 1955, and forwards as well as future
contracts are limited to specific commodity items listed under the Forward
Contracts (Regulation) Act (FCRA), 1952.

The evolution of the organized futures market in India commenced in
1875 with the setting up of the Bombay Cotton Trade Association Ltd.
Following widespread discontent among leading cotton mill owners and
merchants over the functioning of the Bombay Cotton Trade Association, a
separate association, Bombay Cotton Exchange Ltd., was constituted in 1983.
Futures trading in oilseeds originated with the setting up of the Gujarati
Vyapari Mandali in 1900, which carried out futures trading in ground nuts,
castor seeds and cotton. The Calcutta Hessian Exchange Ltd. and the East
India Jute Association Ltd. were set up in 1919 and 1927 respectively for
futures trade in raw jute. In 1921, futures in cotton were organized in Mumbai
under the auspices of East India Cotton Association (EICA). Before the
Second World War broke out in 1939, several futures markets in oilseeds
were functioning in the states of Gujarat and Punjab. Futures markets in
Bullion began in Mumbai in 1920, and later, similar markets were established
in Rajkot, Jaipur, Jamnagar, Kanpur, Delhi and Calcutta. In due course,
several other exchanges were established in the country, facilitating trade in
diverse commodities such as pepper, turmeric, potato, sugar and jiggery.

Post independence, the Indian constitution listed the subject of Stock
Exchanges and Future Markets under the union list. As a result, the regulation
and development of the commodities futures markets were defined solely as
the responsibility of the central government. A bill on forward contracts was
referred to an expert committee headed by Prof. A.D. Shroff and selected
committees of two successive parliaments and finally, in December 1952, the
Forward Contracts (Regulation) Act was enacted. The Forward Contracts
(Regulation) rules were notified by the central government in 1954. The
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futures trade in spices was first organized by the India Pepper and Spices
Trade Association (IPSTA) in Cochin in 1957.

Following the introduction of economic reforms in 1991, the Government
of India appointed an expert committee on forward markets under the
chairmanship of Prof. K.N. Kabra in June 1993. The committee submitted its
report in September 1994, championing the reintroduction of futures, which
were banned in 1966, and expanding its coverage to agricultural commodities,
along with silver.

In order to boost the agricultural sector, the National Agricultural Policy
2000 envisaged external and domestic market reforms and dismantling of all
controls and regulations in the agricultural commodity markets. It also
proposed an expansion of the coverage of futures markets to minimize the
wide fluctuations in commodity prices and for hedging the risk arising from
extreme price volatilities.


STRUCTURE, CONDUCT & CURRENT STATUS :-

Broadly, the commodities market exists in two distinct formsthe
over-the-counter (OTC) market and the exchange based market. Further, as
in equities, there exists the spot and the derivatives segments. Spot markets
are essentially OTC markets and participation is restricted to People who are
involved with that commodity, such as the farmer, processor, wholesaler, etc.
A majority of the derivatives trading takes place through the
exchange-based markets with standardized contracts, settlements, etc. The
exchange-based markets are essentially derivative markets and are similar to
equity derivatives in their working, that is, everything is standardized and a
person can purchase a contract by paying only a percentage of the contract
value.
A person can also go short on these exchanges. Moreover, even
though there is a provision for delivery, most contracts are squared-off before
22

expiry and are settled in cash. As a result, one can see an active participation
by people who are not associated with the commodity. The typical structure
of commodity futures markets in India is as follows:



At present, there are 26 exchanges operating in India and carrying out
futures trading activities in as many as 146 commodity items. As per the
recommendation of the FMC, the Government of India recognized the
National Multi Commodity Exchange (NMCE), Ahmadabad; Multi Commodity
Exchange (MCX), National Commodity and Derivative Exchange (NCDEX),
Mumbai and Indian Commodity Exchange ( ICEX) as nation-wide multi-
commodity exchanges.

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As compared to 59 commodities in January 2005, 94 commodities
were traded in December 2006 in the commodity futures market. These
commodities included major agricultural commodities such as rice, wheat,
jute, cotton, coffee, major pulses (such as urad, arahar and chana), edible
oilseeds (such as mustard seed, coconut oil, groundnut oil and sunflower),
spices (pepper, chillies, cumin seed and turmeric), metals (aluminum, tin,
nickel and copper), bullion (gold and silver), crude oil, natural gas and
polymers, among others. Gold accounted for the largest share of trade in
terms of value. A temporary ban was imposed on futures trading in urad and
tur dal in January 2007 to ensure orderly market conditions. An efficient and
well-organized commodities futures market is generally acknowledged to be
helpful in price discovery for traded commodities

1.3 Multi Commodity Exchange:-

ABOUT US :-
Multi Commodity Exchange of India Ltd. (MCX) is a state-of-the-art
demutualised multi commodity futures exchange with permanent recognition
from the Government of India to facilitate nationwide online trading, clearing
and settlement operations of commodities futures.
History :-
MCX was incorporated on April 19, 2002, and on September 26, 2003, it
received permanent recognition from the Government to establish a
nationwide online multicommodity exchange.
MCX was launched on November 10, 2003, following the Governments
initiative to revitalize the commodity exchange industry by allowing
demutualised, electronic, national commodity exchanges to trade in all
permitted commodities.
MCX was formally inaugurated by Mr. Mukesh Ambani, Chairman of
Reliance Industries Ltd, on November 18, 2003. On March 09, 2012, MCX
became Indias 1 exchange to be listed.
24

India has had a long history of organized commodity derivatives.
Historically, such a commodity exchange was; established in 1875 with the
derivatives market flourishing in the following years.
However, it was with the Government of Indian to if ying in April 2003
the permission for futures trading in commodities that opened the entire
commodity spectrum for future trading. This epoch-making step has allowed
online trading, clearing and settlement operations in commodity future
contracts. The incorporation of MCX on 19th April 2002 and its permanent
recognition from the government on 26th September 2003 have become the
real turning points in the area of commodity futures exchange.
MCX, promoted by Financial Technologies (India) Limited, enjoys the
confidence of investors from Indian and international financial sectors like
Euro next N.V.,State Bank of India and its associates, National Bank for
Agriculture and Rural Development(NABARD), SBI Life Insurance, Bank of
India, Bank of Baroda, Union Bank of India, Corporation Bank, Canara Bank,
HDFC Bank, FID Funds(Mauritius), Merrill Lynch and several others on one
hand, and has won the hear its of commodities on the other. With an aim to
seamlessly integrate with the global commodities ecosystem, MCX has forged
strategic alliances with leading international exchanges.
Product :-
Today, MCX offers more than 40commodities across various segments
such as bullion, energy, ferrous and nonferrous metals and a number of agri
commodities on its platform. The futures contracts of MCX have demonstrably
brought significant benefits to several sectors, not only for metals and energy
but also for smaller agricultural commodities such as cardamom, menthe oil
and soya oil. These futures contracts are found to be unique as they also
cover currency risk, which is inherent in internationally-referred commodities.

As settlement in MCXs futures contracts is allowed in Indian rupee,
traders on this platform do not need to hedge separately against foreign
currency risks.

25

The Exchange offers a trading platform that operates continuously for
more than their teen hours each day. This helps hedgers, arbitrageurs and
others to discover prices of various international commodities. In addition,
owing to high positive correlation between the commodity futures prices of
MCX and international markets, it is possible to ascertain rends between
different markets, thus offering arbitrage Opportunities.

MCXs ability to use and apply technology efficiently is a key factor in
the development of its business. The robust knowledge in restructure of the
Exchange, along with its rapid customization and deployment capabilities
enables it to operate efficiently with fast or de-routing, immediate trade
execution, trade repot ting, real-time risk management, market surveillance
and market data dissemination.

Market :-
In the recent past, brand MCX has taken a giant leap forward. Indias
No, 1 commodity exchange is, today, the first and only Indian exchange to be
listed on Indian bourses. In just over two years, the phenomenal growth has
helped MCX climb the global ranking.
From being the No. 6 commodity futures exchange in the world, in terms
of the number of contracts traded, MCX became the No. 3 global commodity
futures exchange at then of calendar year 2011.Today MCX is the worlds No.
1 commodity futures exchange in gold and silver, No. 2 in natural gas and No.
3 in crude oil in terms of the number of contracts traded (Source: FIA Annual
Volume Jan-Dec 2011 and various exchange websites). The Exchange offers
trading across more than 40 products including bullion, energy, ferrous and
non-ferrous metals and agri-products. Prominent amongst other commodities
are gold and silver and natural gas and crude oil futures.

Over the last few years, Indias commodity futures market has witnessed
tremendous surge in volumes. A number of repot its suggest that much of this
can be attributed to increased market participation and augmented awareness
levels that a commodity exchange can be both a portfolio diversifier and a risk
26

management tool. It is believed that as more commodities are traded,
commodity futures could actually surpass volumes of the stock market. A new
wave of impending regulatory reforms will not only help deepen the market
but also bring in professional practices and approach to Indias commodity
market. It will open the doors for commodity exchanges to introduce new
products and attract myriad participants with divergent needs to hedge
against commodity.

Achievements :-
It has been less than ten years since MCX opened its door to futures
trading. So it must be an exceptional achievement that in this brief span of
time it has already emerged as the third largest futures exchange in the world
and its fastest growing.
It is even more gratifying to know that in several individual
commodities it occupies a very premium place. While its short t-haul gains are
profoundly impressive, the honors of being the only commodity exchange in
the world to be certified to three ISO standards - ISO9001:2008 for quality
management systems, ISO14001:2004 for environmental management
systems and ISO 27001:2005 for information security management systems
is even more satisfying. part from MCX has several other firsts to its
credit.MCX was the first exchange in India to offer futures trading in steel,
crude oil and several other commodities including carbon credits. The
Exchange was the first to introduce indices such as MCX COMDEX
(commodities index), MCX Agro (agricultural commodities index), MCX
Energy (energy commodities index) and MCX Metal (metal commodities
index). It was the first exchange in India to initiate evening trading sessions
that national markets.
In March 2011, MCX be synchronized with the trading hours of global
exchanges in London, New York and other major intern came Indias first
exchange to report its sustainability performance for the financial year
2009/10. The Exchange has also been the first in India to introduce innovative
products such as contracts with smaller lot sizes. These include mini contracts
27

of metals such as zinc, lead, aluminum, copper and nickel, gold petal (one
gram gold contract) and silver micro (one kilogram silver contract).
On 9th March 2012, MCX achieved another feat by becoming the first
exchange in India to get listed, thus placing it on par with other listed global
exchanges.
To strengthen its back-end operations technologically, MCX has
implemented SAPECC 6.0 solutions to automate and integrate its key
business processes. It has the distinction of being the first commodity futures
exchange in India to deploy online proprietary technical analysis tools such as
MCX ACT and MCX ACT minion its website. This enables market participants
to analyze, identify and understand market conditions and behavioral patterns
by allowing them to view and customize char its in terms of duration and time.
With continuous improvement, it comes as no surprise that MCX has been
awarded for its pioneering work. In September 2006, MCX Bagged the Best
Commodity Exchange award presented by His Excellency Datuk Peter China
Kui, Minister of Plantation Industries & Commodities of Malaysia, in Mumbai.
In the same year it won the Number One Commodity Exchange of the Year
award presented by the National Agricultural Cooperative Marketing
Federation of India (NAFED).

AWARD :-

Recognition as Indias First Green Exchange by Priyadarshini Academy
and was conferred the Best Bullion Exchange award by the Bombay Bullion
Association. In the following year, MCX was given the Golden Peacock
Special Commendation award for Corporate Social Responsibility, the Sank
alp award for Agriculture and Rural Innovation and the Best Commodity
Exchange award at the Sixth India International Gold Convention.

At the beginning of the present decade it was felicitated with the
NASSCOM Social Innovation Honors and the FICCI Socio Economic
Development Foundation CSR award. Earlier in 2011, MCX received the
28

Financial Inclusion award from the SKOCH Foundation, the Indys award
under the category of Best in Corporate Social Responsibility Practices.

Opportunity abound :-
Financial Technologies promoted Multi Commodity Exchange is a
market leader in Indias burgeoning commodity derivatives market. Its journey
of becoming a dominant commodity exchange with 86% market share has
been fascinating. Interestingly, the next largest player has only 10% market
share. The domestic commodity derivatives market after being opened up in
2003 has witnessed robust 85% CAGR in turnover.
MCXs strategic initiatives of Building a globally referable commodity
portfolio, product innovation, global strategic alliances and cutting edge
trading technology helped it garner a dominant market share. More
importantly, trading depth/liquidity has substantially improved and remains a
cornerstone of its dominance. Aided by increasing turnover and fixed cost
leverage, MCXs OPM has seen tremendous expansion; doubling to 63% over
FY0812. With further room for capacity utilization improvement, margin will
most likely be sustained at elevated levels.
How many percentage changes in share of derivative trade on
exchange?

FIGURES 1.1
Parentage share of derivative trade on exchange, in highest traded in
derivative market is korea exchange i.e. 17% and lowest traded is 3% of
Russian exchange in derivative market. Mcx India is 5% traded in derivative
market.
29















INDUSTRY PROFILE
GLOBAL STOCK MARKET
INDIAN STOCK MARKET
BOMBAY STOCK
EXCHANGE
NATIONAL STOCK
EXCHANGE
STOCK EXCHANGE IN
INDIA
PESTEL ANALYSIS




30


Global Stock Market:-

What is the Stock Exchange?
A stock exchange is a corporation or mutual organization which provides the
facilities for stock brokers to trade company stocks and other securities. Stock
exchanges also provide facilities for the issue and redemption of securities, as
well as other financial instruments and capital events including the payment of
income and dividends. The securities traded on a stock exchange include
shares issued by companies, unit trusts and other pooled investment products
as well as bonds. To be able to trade a security on a certain stock exchange,
it has to be listed there.

Usually there is a central location at least for recordkeeping, but trade is less
and less linked to such a physical place, as modern markets are electronic
networks, which gives them advantages of speed and cost of transactions.
Trade on an exchange is by members only; a stock broker is said to have a
seat on the exchange.

A stock exchange is often the most important component of a stock market.
There is usually no compulsion to issue stock via the stock exchange itself,
nor must stock be subsequently traded on the exchange. Such trading is said
to be off exchange or over-the-counter. This is the usual way that bonds are
traded. The initial offering of stocks and bonds to investors is by definition
done in the primary market and subsequent trading is done in the secondary
market.

Increasingly all stock exchanges are part of a global market for securities.
Supply and demand in stock markets is driven by various factors which, as in
all free markets, affect the price of stocks. The French word for stock
exchange is bourse.

31



History of stock exchange:-

In 12th century France the courratiers de change were concerned with
managing and regulating the debts of agricultural communities on behalf of
the banks. As these men also traded in debts, they could be called the first
brokers.
In the late 13th century commodity traders in Bruges gathered inside the
house of a man called Van der Burse, and in 1309 they institutionalized this
until now informal meeting and became the "Bruges Bourse". The idea spread
quickly around Flanders and neighboring counties and "Bourses" soon
opened in Ghent and Amsterdam.

In the middle of the 13th century Venetian bankers began to trade in
government securities. In 1351 the Venetian Government outlawed spreading
rumors intended to lower the price of government funds. There were people in
Pisa, Verona, Genoa and Florence who also began trading in government
securities during the 14th century.


This was only possible because these were independent city states not ruled
by a duke but a council of influential citizens. The Dutch later started joint
stock companies, which let shareholders invest in business ventures and get
a share of their profits - or losses. In 1602, the Dutch East India Company
issued the first shares on the Amsterdam Stock Exchange. It was the first
company to issue stocks and bonds.

BRIEF HISTORY OF STOCK:-
Do you know that the world's foremost marketplace New York Stock
Exchange (NYSE), started its trading under a tree (now known as 68 Wall
Street) over 200 years ago? Similarly, India's premier stock exchange
32

Bombay Stock Exchange (BSE) can also trace back its origin to as far as 125
years when it started as a voluntary non-profit making association.
News on the stock market appears in different media every day. You
hear about it any time it reaches a new high or a new low, and you hear about
it daily in statements like 'The BSE Sensitive Index rose 5% today'. Obviously,
stocks and stock markets are important. Stocks of public limited companies
are bought and sold at a stock exchange.
However, what really are stock exchanges? Known also as the stock
market or bourse, a stock exchange is an organized marketplace for
securities (like stocks, bonds, options) featured by the centralization of supply
and demand for the transaction of orders by member brokers, for institutional
and individual investors. The exchange makes buying and selling easy.
However, where did it all start? The need for stock exchanges developed
out of early trading activities in agricultural and other commodities. During the
middle Ages, traders found it easier to use credit that required supporting
documentation of drafts, notes, and bills of exchange.
The history of the earliest stock exchange, the French stock exchange,
may be traced back to 12th century when transactions occurred in commercial
bills of exchange. To control this budding market, Phillip, the Fair, of France
(1268-1314) created the profession of courtier de change, which was the
predecessor of the French stockbroker.
At about the same time, in Bruges (a prosperous centre of the low
countries of Europe), merchants began gathering in front of the house of the
Van Der Buerse family to engage in trading. Soon the name of the family
became identified with trading and in time, a 'bourse' came to signify a stock
exchange.
At the same time, stock exchanges began to materialize in other trading
centre like the Netherlands (Amsterdam Bourse), Frankfurt (the Deutsche
Stock Exchange, formerly the Bores) the London Stock Exchange (LSE) in
England and Milan (the Boras).
33

In 1773, London stock dealers, who had been meeting informally in
coffee houses, moved into their own building to establish an exchange (see
history: London Stock Exchange).
Other European exchanges that opened in the 1600s and 1700s
included those in Belgium, Spain, Portugal, and Sweden. From the early
exchanges for commercial bills and notes, it was an easy and logical
transition to establish stock exchanges for securities. Amsterdam's Bourse
was the first to formally begin trading in securities.
Across the Atlantic, in the United States, securities markets began
speculative trading in issues of the new government. By 1791, the nation's
first stock exchange was established in the city of Philadelphia. A year later, in
1792, an exchange was set up in New York City by 24 merchants and
brokers, who decided to act as agents for other persons and give preference
to each other in their negotiations.
They did much of their trading under a tree at what is now 68 Wall
Street. That stock exchange grew as the nation became industrialized and by
1863, the New York Stock Exchange (NYSE) adopted its present name (see
history: New York Stock Exchange). Today, nearly three thousand companies
from all over the world trade their stocks valued at trillions of dollars here.
At that time, many stocks that were deemed not well enough for the
NYSE were traded outside on the curbs. This so called 'curb trading' has now
become the American Stock Exchange (AMEX) (see history: AMEX) .
Today, the NYSE and AMEX have been joined by the NASDAQ and
hundreds of local and international stock exchanges. By the mid-1800s, many
countries outside of Europe (including Canada and Australia) began trading in
securities. During the 19th and 20th centuries, major exchanges opened in
Asia, Eastern Europe, and parts of Africa and Latin America.



34

Worlds top stock exchanges:-


Major Stock Exchanges: Year ended 31 December 2013

Rank Stock
Exchange
Economy Headquarte
rs
Market
Capitalizatio
n
(USD
Billions)
Year-to-
date
Trade
Value
(USD
Billions)
1 NYSE
Euronext
United
States/
Europe

New York
City
14,085 12,693
2 NASDAQ
OMX Group
United
States/
Europe

New York
City
4,582 8,914
3 Tokyo Stock
Exchange
Japan

Tokyo 3,478 2,866
4 London Stock
Exchange
United
Kingdom
London 3,396 1,890
5 Hong Kong
Stock
Exchange
Hong
Kong
Hong Kong 2,831 913
6 Shanghai
Stock
Exchange
China Shanghai 2,547 2,176
7 TMX Group
Canada
Toronto 2,058 1,121
35

8 Deutsche
Brse
Germany
Frankfurt 1,486 1,101
9 Australian
Securities
Exchange
Australia
Sydney 1,386 800
10 Bombay Stock
Exchange
India Mumbai 1,263 93
11 National Stock
Exchange of
India
India Mumbai 1,234 442
12 SIX Swiss
Exchange
Switzerla
nd
Zurich 1,233 502
13 BM&F
Bovespa
Brazil So Paulo 1,227 751
14 Korea
Exchange
South
Korea
Seoul 1,179 1,297
15 Shenzhen
Stock
Exchange
China Shenzhen 1,150 2,007
16 BME Spanish
Exchanges
Spain Madrid 995 731
17 JSE Limited South
Africa
Johannesbu
rg
903 287
18 Moscow
Exchange
Russia
Moscow 825 300
19 Singapore
Exchange
Singapor
e
Singapore 765 215
20 Taiwan Stock
Exchange
Taiwan
Taipei 735 572
TABLE 2.1

36

Market capitalization (USD billions) :-


FIGURE 2.1

Asias top 5 Stock Exchange :-
1-Hong Kong Exchanges and Clearing (HKEx)
2-Bombay Stock Exchange (India)
3-Tokyo Stock Exchange (Japan)
4-Osaka Securities Exchange (Japan)
5-Karachi Stock Exchange (Pakistan)

2.2 Indian Stock Market :-

The working of stock exchanges in India started in 1875. BSE is the
oldest stock market in India. The history of Indian stock trading starts with 318
persons taking membership in Native Share and Stock Brokers Association,
which we now know by the name Bombay Stock Exchange or BSE in short. In
1965, BSE got permanent recognition from the Government of India. National
Stock Exchange comes second to BSE in terms of popularity. BSE and NSE
represent themselves as synonyms of Indian stock market. The history of
Indian stock market is almost the same as the history of BSE.


0
2000
4000
6000
8000
10000
12000
14000
16000
1 3 5 7 9 11 13 15 17 19
M
a
r
k
e
t

C
a
p
i
t
a
l
i
z
a
t
i
o
n

(
U
S
D

B
i
l
l
i
o
n
s
)

COUNTRIES
Market Capitalization
37

The 30 stock sensitive index or Sensex was first compiled in 1986. The
Sensex is compiled based on the performance of the stocks of 30 financially
sound benchmark companies. In 1990 the BSE crossed the 1000 mark for the
first time. It crossed 2000, 3000 and 4000 figures in 1992. The reason for
such huge surge in the stock market was the liberal financial policies
announced by the then financial minister Dr. Man Mohan Singh.

The up-beat mood of the market was suddenly lost with Harshad
Mehta scam. It came to public knowledge that Mr. Mehta, also known as the
big-bull of Indian stock market diverted huge funds from banks through
fraudulent means. He played with 270 million shares of about 90 companies.
Millions of small-scale investors became victims to the fraud as the Sensex
fell flat shedding 570 points.

To prevent such frauds, the Government formed The Securities and
Exchange Board of India, through an Act in 1992. SEBI is the statutory body
that controls and regulates the functioning of stock exchanges, brokers, sub-
brokers, portfolio managers investment advisors etc. SEBI oblige several rigid
measures to protect the interest of investors. Now with the inception of online
trading and daily settlements the chances for a fraud is nil, says top officials of
SEBI.

Sensex crossed the 5000 mark in 1999 and the 6000 mark in 2000.
The 7000 mark was crossed in June and the 8000 mark on September 8 in
2005. Many foreign institutional investors (FII) are investing in Indian stock
markets on a very large scale. The liberal economic policies pursued by
successive Governments attracted foreign institutional investors to a large
scale. Experts now believe the Sensex can soar past 14000 marks before
2010.

The unpredictable behavior of the market gave it a tag a volatile
market. The factors that affected the market in the past were good monsoon,
Bharatiya Janatha Partys rise to power etc. The result of a cricket match
between India and Pakistan also affected.
38

NDA was voted out of power and the Sensex recorded the biggest fall
in a day amidst fears that the Congress-Communist coalition would stall
economic reforms. Later prime minister Man Mohan Singhs assurance of
reforms with a human face cast off the fears and market reacted sharply to
touch the highest ever mark of 8500.

India, after United States hosts the largest number of listed companies.
Global investors now ardently seek India as their preferred location for
investment. Once viewed with skepticism, stock market now appeals to
middle class Indians also. Many Indians working in foreign countries now
divert their savings to stocks. This recent phenomenon is the result of opening
up of online trading and diminished interest rates from banks. The
stockbrokers based in India are opening offices in different countries mainly to
cater the needs of Non Resident Indians. The time factor also works for the
NRIs. They can buy or sell stock online after returning from their work places.

The recent incidents that led to growing interest among Indian middle
class are the initial public offers announced by Tata Consultancy Services,
Maruti Udyog Limited, ONGC and big names like that. Good monsoons
always raise the market sentiments. A good monsoon means improved
agricultural produce and more spending capacity among rural folk.
The bullish run of the stock market can be associated with a steady growth of
around 6% in GDP, the growth of Indian companies to MNCs, large potential
of growth in the fields of telecommunication, mass media, education, tourism
and IT sectors backed by economic reforms ensure that Indian stock market
continues its bull run
Stock markets refer to a market place where investors can buy and sell
stocks. The price at which each buying and selling transaction takes is
determined by the market forces (i.e. demand and supply for a particular
stock.

Let us take an example for a better understanding of how market
forces determine stock prices. ABC Co. Ltd. enjoys high investor confidence
and there is an anticipation of an upward movement in its stock price.
39

Therefore, buyers will have to bid a higher price for this stock to match
the ask price from the seller which will increase the stock price of ABC Co.
Ltd. On the contrary, if there are more sellers than buyers (i.e. high supply
and low demand) for the stock of ABC Co. Ltd. in the market, its price will fall
down.
In earlier times, buyers and sellers used to assemble at stock
exchanges to make a transaction but now with the dawn of IT, most of the
operations are done electronically and the stock markets have become almost
paperless. Now investors dont have to gather at the Exchanges, and can
trade freely from their home or office over the phone or through Internet.

One of the oldest stock markets in Asia, the Indian Stock Markets has
a 200 years old history.

ACHIEVEMENTS AND MILESTONES:-
1874 With the rapidly developing share trading business, brokers used
to gather at a street (now well known as "Dalal Street") for the purpose
of transacting business.
1875 "The Native Share and Stock Brokers' Association" (also known
as "The Bombay Stock Exchange") was established in Bombay
1880's Development of cotton mills industry and set up of many others
1894 Establishment of "The Ahmadabad Share and Stock Brokers'
Association"
1880 - 90's Sharp increase in share prices of jute industries in 1870's
was followed by a boom in tea stocks and coal
1908 "The Calcutta Stock Exchange Association" was formed
1920 Madras witnessed boom and business at "The Madras Stock
Exchange" was transacted with 100 brokers.
1923 When recession followed, number of brokers came down to 3 and
the Exchange was closed down
1934 Establishment of the Lahore Stock Exchange
1936 Merger of the Lahore Stock Exchange with the Punjab Stock
Exchange
40

1937 Re-organization and set up of the Madras Stock Exchange
Limited (Pvt.) Limited led by improvement in stock market activities in
South India with establishment of new textile mills and plantation
companies
1940 Uttar Pradesh Stock Exchange Limited and Nagpur Stock
Exchange Limited was established
1944 Establishment of "The Hyderabad Stock Exchange Limited"
1947 "Delhi Stock and Share Brokers' Association Limited" and "The
Delhi Stocks and Shares Exchange Limited" were established and later
on merged into "The Delhi Stock Exchange Association Limited"

Post Independence Scenario:-
The depression witnessed after the Independence led to closure of a lot of
exchanges in the country. Lahore Stock Exchange was closed down after the
partition of India, and later on merged with the Delhi Stock Exchange.
Bangalore Stock Exchange Limited was registered in 1957 and got
recognition only by 1963. Most of the other Exchanges were in a miserable
state till 1957 when they applied for recognition under Securities Contracts
(Regulations) Act, 1956. The Exchanges that were recognized under the Act
were:
1. Bombay
2. Calcutta
3. Madras
4. Ahmadabad
5. Delhi
6. Hyderabad
7. Bangalore
8. Bombay
9. Calcutta
10. Madras
11. Ahmadabad
12. Delhi
13. Hyderabad
41

14. Bangalore
15. Indore
The stock trading history in India is obscured in the mists of time.
Historical records, as and where they exist, rarely speak about business and
speculative activity except in passing. However, the origin of stock broking in
the country may go back to a time, when shares, debentures, and bonds
representing titles to property were first issued on the condition of transfer
from one person to another and the earliest record of dealings in securities in
India is the East India Company's loan securities, back in the 18th century.
The first stock exchange in India, Bombay Stock Exchange was
established in 1875 as 'The Native Share and Stockbrokers Association' and
has evolved over the years into its present status as the premier stock
exchange in the country. It may be noted that BSE is the oldest stock
exchange in Asia, even older than the Tokyo Stock Exchange, which was
founded in 1878. The country's second stock exchange was established in
Ahmadabad in 1894, followed by the Calcutta Stock Exchange (CSE). CSE
can also trace its origin back to 19th century. From a get together under a
'neem tree' way back in the 1830s, the CSE was formally established in May
1908.
India's other major stock exchange National Stock Exchange (NSE),
promoted by leading financial institutions, and was established in April 1993.
Over the years, several stock exchanges have been established in the major
cities of India. There are now 23 recognized stock exchanges Mumbai
(BSE, NSE and OTC), Calcutta, Delhi, Chennai, Ahmadabad, Bangalore,
Bhubhaneswar, Coimbatore, Guwahati, Hyderabad, Jaipur, Kochi, Kanpur,
Ludhiana, Mangalore, Patna, Pune, Rajkot, Vadodara, Indore and Meerut.




42

2.2.1 Bombay Stock Exchange:

(Source: Bombay Stock Exchange)
Owner Bombay Stock Exchange Limited
Key people Rajnikant Patel (CEO)

Currency INR
No. of listings 4,800
MarketCap US$ 1.61 trillion (2006) Volume US$ 980 billion (2006)
Indexes BSE sensex
TABLES 2.2
The Bombay Stock Exchange Limited is the oldest stock exchange in Asia.
It is also the biggest stock exchange in the world in terms of listed companies
with 4,800 listed companies as of August 2007. It is located at Dalal Street,
Mumbai, India.
On 31 December 2007, the equity market capitalization of the companies
listed on the BSE was US$ 1.79 trillion, making it the largest stock exchange
in South Asia and the tenth largest in the world.
The Bombay Stock Exchange was established in 1875. Around 4,800 Indian
companies list on the stock exchange, and it has a significant trading volume.
43

The BSE SENSEX (SENSitive indEX), also called the "BSE 30", is a widely
used market index in India and Asia. Though many other exchanges exist,
BSE and the National Stock Exchange of India account for most of the trading
in shares in India.
The BSE Broadcast is a large ticker on the wall of the BSE, which
continuously displays the latest stock quotes from the market. It also displays
on what is described as India's and South Asia's largest video screen one
of the leading business-news channels in India: NDTV Profit.
This new system was unveiled on December 15, 2006, when Dr Prannoy Roy,
the Managing Director of New Delhi Television (NDTV) Ltd, struck the BSE's
opening bell. Mr. Damodaran, the Chairman of the Securities and Exchange
Board of India (SEBI), said that the ticker would provide information and
analysis of the financial world.
The Stock Exchange, Mumbai, popularly known as "BSE" was
established in 1875 as "The Native Share and Stock Brokers Association". It
is the oldest one in Asia, even older than the Tokyo Stock Exchange, which
was established in 1878. It is a voluntary non-profit making Association of
Persons (AOP) and is currently engaged in the process of converting itself
into demutualised and corporate entity.

The Exchange, while providing an efficient and transparent market for
trading in securities, debt, and derivatives upholds the interests of the
Investors and ensures redressed of their grievances whether against the
Companies or its own member-brokers. It also strives to educate and
enlighten the investors by conducting investor education programmed and
making available to them necessary informative inputs.
A Governing Board having 20 directors is the apex body, which decides the
policies and regulates the affairs of the Exchange.

The Executive Director as the Chief Executive Officer is responsible for
the day-to-day administration of the Exchange and he is assisted by the Chief
Operating Officer and other Heads of Departments.
44

The Exchange has inserted new Rule No.126 A in its Rules, Bye-laws &
Regulations pertaining to constitution of the Executive Committee of the
Exchange. Accordingly, an Executive Committee, consisting of three elected
directors, three SEBI nominees, or public representatives, Executive Director
& CEO and Chief Operating Officer has been constituted. The Committee
considers judicial & quasi matters in which the Governing Board has powers
as an Appellate Authority, matters regarding annulment of transactions,
admission, continuance and suspension of member-brokers, declaration of a
member-broker as defaulter, norms, procedures and other matters relating to
arbitration, fees, deposits, margins and other monies payable by the member-
brokers to the Exchange, etc.

Turnover on the Exchange The average daily turnover of the Exchange during
the financial year 2000-2001 (April-March), was Rs.3984.19 crores and the
average number of daily trades was 5.69 lakhs. The average daily turnover of
the Exchange in the subsequent two financial years, i.e., 2001-02 & 2002-03,
has declined considerably to Rs. 1248.15 crores and Rs. 1251.29 crores
respectively. The average number of daily trades recorded during 2001-02
and 2002-03 numbered 5.17 lakhs and 5.63 lakhs respectively. The average
daily turnover and average number of daily trades during the quarter April-
June 2003 were Rs. 1101.05 crores and 5.70 lakhs respectively.
The ban on all deferral products like Borrowing & Lending of Securities
Scheme (BLESS) and Automated Lending & Borrowing Mechanism (ALBM) in
the Indian capital markets by SEBI w.e.f. July 2, 2001, abolition of account
period settlements, introduction of Compulsory Rolling Settlements in all
scrips traded on the Exchanges w.e.f. December 31, 2001, etc. have
adversely impacted the liquidity in the market and consequently there is a
considerable decline in the average daily turnover at the Exchange as
reflected in above statistics


45

2.2.2 National Stock Exchange:





(Source: National Stock Exchange)
Type Stock Exchange
Location Mumbai, India
Owner National Stock Exchange of India
Limited
Key people Abhinay dutta Managing Director
Currency INR
No. of listings 1587
MarketCap US$ 1.46 trillion (2006)
Indexes S&P CNX Nifty
CNX Nifty Junior
S&P CNX 500
Website www.nse-india.com
TABLES 2.3

46

The National Stock Exchange of India Limited (NSE), is a Mumbai-based
stock exchange. It is the largest stock exchange in India in terms of daily
turnover and number of trades, for both equities and derivative trading.
Though a number of other exchanges exist, NSE and the Bombay Stock
Exchange are the two most significant stock exchanges in India, and between
them are responsible for the vast majority of share transactions. The NSE's
key index is the S&P CNX Nifty, known as the Nifty, an index of fifty major
stocks weighted by market capitalization.
NSE is mutually-owned by a set of leading financial institutions, banks,
insurance companies and other financial intermediaries in India but its
ownership and management operate as separate entities.
As of 2006, the NSE VSAT terminals, 2799 in total, cover more than 1500
cities across India. In October 2007, the equity market capitalization of the
companies listed on the NSE was US$ 1.46 trillion, making it the second
largest stock exchange in South Asia.
NSE is the third largest Stock Exchange in the world in terms of the
number of trades in equities. It is the second fastest growing stock
exchange in the world with a recorded growth of 16.6%.
The National Stock Exchange of India (NSE), located in Bombay, is
Indias first debt market.
NSE was promoted by leading financial institutions at the behalf of the
government of India and was incorporate in November 1992 as a tax-
paying company.
In April 1993, it was recognized as a stock exchange under the
securities contracts (regulation) Act, 1956.
The NSE of India becomes operational in capital market segment on
3rd November 1994 in Mumbai.
Largest in India by daily turnover and number of trades, for both
equities and derivatives trading.
47

NSE has a market capitalization of around US$ 1.59 trillion and over
1,552 listings as if December 2010.
The NSE vast terminals, 2799 in total, cover more than 1500 cities
across India; NSE is the third largest Stock Exchange in the world in
term of the number of treads in equities.

NSE Indices:
o S&P CNX NIFTY
o S&P CNX DEFTY
o S&P CNX 500
o NIFTY Mid-Cap 50
o CNX NIFTY JUNIOR
o CNX MIDCAP
o CNX IT
o CNX 100
o BANK NIFTY

Traded and delivery of BSE and NSE:-


TABLE 2.4

48

Technology at NSE and BSE:-

NSE
Tata Consultancy Services, a division of Tata Sons Ltd., was selected as the
prime contractor and system integrator by the NSE to provide a total turnkey
solution for the money market and capital market's floorless trading system.
The aim was to enable NSE to provide nation-wide electronic trading with
highest transparency in the market place. Using the client-server architecture,
fault-tolerant computing and in-memory database, Tata Consultancy Services'
solution gave NSE high visibility and impact.
BSE
BOLT i.e., BSE's online trading system, is designed and developed by CMC
LTD, now a Tata Group company. This screen-based trading system replaced
the manual out-cry method of trading in the ring and went live on March 1995.
This enabled BSE to provide floorless and fully automated screen-based
trading facilities in capital market (CM) instruments with equal access to
investors all over the country.
Currently, BSE with around 685 members has seen an average daily turnover
of Rs 1,162 crore in July 2002.
For further expansion of its activities, BSE decided to provide web-based
trading facility to the members as it was felt that Internet trading would
fundamentally change the way exchange and brokers interact with their
customers. Tata Consultancy Services developed the system (BSE WebX)
with the objective of enabling the exchange to service its members and the
customers of the members in an efficient and cost-effective manner using the
Internet..

49

The importance of BSE and NSE to Mumbai
All over the world, in most major industrial cities where businesses were
starting up, requiring investment capital to grow and thrive, stock exchanges
act as the interface between suppliers and consumers of capital. Mumbai
being a major industrial centre is no exception, and the BSE has made a
major contribution to the industrial and economic development of Mumbai.
The impacts the exchanges have had on Mumbai are:-
1. Taxes and other statutory charges paid by NSE and BSE are
substantial and make a sizeable contribution to the exchequer. For
example, transactions on the stock exchanges are subject to stamp duty,
which is paid to the Government of Maharashtra. The annual revenue
from this ranges from Rs 75-100 crore.
2. The employment generation is significant. Brokers used to employ a
large number of Mumbai's citizens in their offices, especially for
settlement work as large quantities of share certificates and other
documents had to be physically counted, stored, sorted and delivered.
Before electronic trading, a number of sub-brokers executed orders on the
trading floor and hordes of investors used to visit the exchange.

3. Another example of employment generation is the evolution of simple
homegrown service providers, like the Angadia service, (a courier service
peculiar to Mumbai and Gujarat), which was in existence decades before
the advent of the modern-day courier service. Stockbrokers routinely
utilize (yes this is very much in vogue even today).

4. Considering the primary importance of Mumbai, both the leading
stock exchanges are headquartered in the city. The nation's regulatory
body, the Securities and Exchange Board of India (Sebi), modeled on the
lines of the SEC in the USA, is also headquartered in Mumbai. Both the
National Securities Depository Ltd (NSDL) and the Central Securities
Depository Ltd. (CDSL) have their head offices in Mumbai.
50

5.



With the opening up of the financial markets to foreign investors, a
number of foreign investors and brokers have established a sizeable
presence in the city of Mumbai, contributing significantly to its economic
development.

2.2.3 Stock Exchanges in India :-
The list maintained by the Securities and Exchange Board of India (SEBI)
is not current as of 2010.
Bombay Stock Exchange (BSE)
National Stock Exchange of India (NSE)
United Stock Exchange of India (USE)
Multi Commodity Exchange (MCX)
MCX Stock Exchange (MCX-SX)
Over the Counter Exchange of India (OTCEI)
Inter-connected Stock Exchange of India (ISE)
Madras Stock Exchange (MSE)
Ahmadabad Stock Exchange (ASE)
Bhubaneswar Stock Exchange (BhSE)
Cochin Stock Exchange (CSE)
Hyderabad Stock Exchange (HSE)
Calcutta Stock Exchange (CSE)
Delhi Stock Exchange (DSE)
Bangalore Stock Exchange
Madhya Pradesh Stock Exchange, Indore
Jaipur Stock Exchange (JSE)
Magadha Stock Exchange, Patna
UP Stock Exchange (UPSE)






51

2.3 PESTEL ANALYSIS:-
PESTEL analysis stands for "Political, Economic, Social, Technological,
Environmental and Legal analysis" and describes a framework of macro-
environmental factors used in the environmental scanning component of
strategic management. It is a part of the external analysis when conducting a
strategic analysis or doing market research, and gives an overview of the
different macro environmental factors that the company has to take into
consideration. It is a useful strategic tool for understanding market growth or
decline, business position, potential and direction for operations.

PESTLE analysis in order to see the bigger picture, can be a simple
or a rather complex task, depending on how much detail is gathered and also
how many people are involved as people see things differently. The six
elements form detailed below form a helpful tool for firms for example HR can
use this when reviewing a strategy.


The PESTLE analysis can be used for business planning, organisational
changes, strategic decision making or marketing purposes from a
departmental or an individual perspective to assist organisations to identify
trends, in potential opportunities and threats before their competitors or to
simply ensure that the basic factors are not overlooked.

52

Political factors:-
Political factors are how and to what degree a government intervenes
in the economy. Specifically, political factors include areas such as tax
policy, labour law, environmental law, trade restrictions, tariffs, and
political stability.
The government plays a big part within the operation of financial
services in terms of specific policy formulation, regulation/legislation
and decisions on government spending. The tax changes have caused
concern in the private equity business within that these changes will
drive investors out of the market and reduce the competitiveness and
attractiveness of the market for the private equity investor.
The tax has been deferred due to higher inflation but when the
changes take place at a later stage this will have a knock on effect on
terms of increased costs like VAT, corporation tax and national
insurance tax.
There is also the threat of challenge from the Conservative party and if
they beat Labour in the next election. This would question the effect
their policies would have on the anagal broking for example like their
plan to improve maternity and paternity pay for individuals, which will
increase company costs.
Economic factors:-
Economic factors include economic growth, interest rates, exchange
rates and the inflation rate. These factors have major impacts on how
businesses operate and make decisions. For example, interest rates
affect a firm's cost of capital and therefore to what extent a business
grows and expands.
A stable financial system plays a key role for a healthy and successful
economy. The current turmoil in the financial sector is significant to the
period immediately before the Great Depression of the 1930s.
53

Unemployment is at an all time high which should in theory make it
easier for to recruit but instead people in the city do not want to leave
their current positions to move elsewhere which has a knock on effect
for recruitment. review budgets and some departments have felt a
recruitment freeze and others are forced to downsize. However
downsizing may not be the short term answer, they may need to
consider developing their current workforce and increase retention
rates.
Social factors:-
Social factors include the cultural aspects and include health
consciousness, population growth rate, age distribution, career
attitudes and emphasis on safety. Trends in social factors affect the
demand for a company's products and how that company operates.
Having such schemes in place may incur additional costs but there are
long term benefits which include higher productivity, raised morale,
motivation, engagement and achieving strategic objectives.
The work life balance is also an important issue as many find that work
demands get in the way of other commitments so being aware of
different demands on time and energy has become increasingly
difficult to manage within the HR function.
It has become increasingly important to have family friendly policies
and flexible work patterns to help employees with other commitments
such as community commitments or studying.
Technological factors:-
Technological factors include technological aspects such as R&D
activity, automation, technology incentives and the rate of technological
change. They can determine barriers to entry, minimum efficient
production level and influence outsourcing decisions. Furthermore,
technological shifts can affect costs, quality and lead to innovation.
54

As Internet usage becomes more widespread, this has encouraged to
support the introduction of a new Human Resources Information
System (HRIS) and an online portal particularly used for recording
CPD.
There is a selection of videos, pod casts and questionnaires available
to enhance the skills of employees which in turn increases productivity.
HR monitor the usage and approach staff who have not accessed the
portal in order to encourage them to maximise their potential without
much resistance to change.
Legal operate within a complex legal and regulatory environment in
which they aim to adhere to best practice at all times. They seek to
maintain the highest business and ethical standards and to mitigate
and risks to their stakeholders. To help them carry out this policy, they
have a framework in place to monitor and report risk throughout the
company.
Environmental factors:-
Environmental factors include ecological and environmental aspects
such as weather, climate, and climate change, which may especially
affect industries such as tourism, farming, and insurance.
People in general are much more aware of environmental issues and
want to make sure that companies that they work for are ethical.
Therefore they need to have increased measures in place such as
CSR policies to satisfy employee needs.
Legal factors:-
Legal factors include discrimination law, consumer law, antitrust law,
employment law, and health and safety law.



55














COMPANY PROFILE
INTROUCTION AND
HISTORY
OUR ORAGANIZATIONAL
STRUCTURE
DEPARTMENTAL STUDY
SWOT ANALYSIS



56

INTRODUCTION AND HISTORY :-

Angel Broking is the retail broking arm of SSKI, an organization
with more than eight decades of trust & credibility in the stock market. It is
India's leading retail financial Services Company with We have over 250
share shops across 115 cities in India.

While our size and strong balance sheet allow us to provide you with varied
products and services at very attractive prices, our over 750 Client
Relationship Managers are dedicated to serving your unique needs.

Angel Broking is lead by a highly regarded management team that has
invested crores of rupees into a world class Infrastructure that provides our
clients with real-time service & 24/7 access to all information and products.

Our flagship Angel Broking Professional Network offers real-time prices,
detailed data and news, intelligent analytics, and electronic trading
capabilities, right at your fingertips. This powerful technology complemented
by our knowledgeable and customer focused Relationship Managers. We are
creating a world of Smart Investor.

Angel Broking offers a full range of financial services and products ranging
from Equities to Derivatives enhance your wealth and hence, achieve your
financial goals. Angel Broking' Client Relationship Managers are available to
you to help with your financial planning and investment needs. To provide the
highest possible quality of service, Angel Broking provides full access to all
our products and services through multi-channels.




57

INTRODUCTION TO ANGEL

In a shot span of 22 years since inception, the Angel Group has emerged
as one of the top five retail stock broking houses in India, having membership
of BSE, NSE and the two leading Commodity Exchanges in the country i.e.
NCDEX & MCX. Angel Broking is also registered as a Depository Participant
with CDSL.
The group is promoted by Mr. Dinesh Thakkar, who started this business
as a sub-broker in 1987 with a team of 3. Today the angel group is managed
by a team of 1937 direct employees and has a nationwide network comprising
of 21 Regional hubs, 124 branches and 6810 sub brokers & business
associates.
Angel is 100% focused on retail stock broking business unlike any other
larger national broking house. The group currently services more than 5.9
thousand retail clients.
Angel habitually generates value added features without the cost burden
being passed on to the clients as they strongly believe that better
understanding of clients needs and wants is their top priority. Their e-broking
facility is one such effort, which gives the client a platform to access state of
the art trading facility at the click of a button.
Angel has always strived for delivering customer delight and developing
strong long term bonds with its clients as well as channel partners. Angel
thrives on a vision to introduce new and innovative products and services
constantly.
Moreover, Angel has been among the pioneers to introduce the latest
technological innovations and integrate them efficiently within its business.



58

About the Angel
Angel Bookings tryst with excellence in customer relations began more
than 20 years ago. Angel Group has emerged as one of the top 3 retail
broking houses in India and incorporated in 1987.
Today, Angel has emerged as a premium Indian stock-broking and wealth
management house, with an absolute focus on retail business and a
commitment to provide "Real Value for Money" to all its clients.
It has memberships on BSE, NSE and the leading commodity exchanges
in India NCDEX & MCX. Angel is also registered as a depository participant
with CDSL.
Angel Group Companies
Angel Broking Ltd. Member on the BSE and Depository
Participant with CDSL
Angel Capital & Debt
Market Ltd.
Membership on the NSE Cash and
Futures & Options Segment
Angel Commodities
Broking Ltd.
Member on the NCDEX & MCX
Angel Securities Ltd. Member on the BSE

Incorporated :1997
BSE Membership :1997
NSE membership :1998
Member of NCDEX and MCX
Depository Participants with CDSL



59

Angels presence :-

Nation- wide network of 21 regional hubs
Presence 124 cities
6800 + sub brokers & business associates
5.9 lakh + clients

Management
S.No Name Designation & Department
1. Mr. Dinesh Thakkar : Founder Chairman & Managing Director
2. Mr. Lalit Thakkar : Director Research
3. Mr. Amit Majumdar : Executive Director Strategy and Finance
4. Mr. Rajiv Phadke : Executive Director HR & Corp
5. Mr. Vinay Agrawal : Executive Director Equity Broking
6. Mr. Nikhil Daxini : Executive Director - Sales and Marketing
7 Mr. Hitungshu Debnath : Executive Director - Distribution & Wealth
Management
8. Mr. Mudit Kulshreshtha : Executive Director Operations
TABLE 3.1
Milestones:-
Awarded with 'Broking House with Largest Distribution Network' and 'Best
Retail Broking House' at Dun & Bred street Equity Broking Awards 2009
August, 2008 Crossed 500000 trading accounts
November, 2007 Major Volume Driver for 2007
December, 2006 Created 2500 business associates
October, 2006 Major Volume Driver award for 2006
September, 2006 Launched Mutual Fund and IPO business
July, 2006 Launched the PMS function
October, 2005 Major Volume Driver award for 2005
60

September, 2004 Launched Online Trading Platform
April, 2004 Initiated Commodities Broking division
April, 2003 First published research report
November, 2002 Angels first investor seminar
March, 2002 Developed web-enabled back office software
November, 1998 Angel Capital and Debt Market Ltd. Incorporated
December, 1997 Angel Broking Ltd. Incorporated

ANGELS LOGO




61

ANGELS VISION


62



ANGELS BUSINESS PHILOSOPHY
63


3.2 OUR ORGANIZATIONAL STRUCTURE:-


Products of Angel Broking
1. Online Trading
2. Commodities
3. DP Services
4. PMS (Portfolio Management Services)
5. Insurance
6. IPO Advisory
7. Mutual Fund
8. Personal loans
CSO (Central
Support
Office)
Regional Office
Branches &
Franchise
Branches
Angel Clients
Branches &
Franchise
Branches
Business
Associates
Angel Clients
Branches &
Franchise
Branches
Regional Office Regional Office
64

9. Quality assurance
Online- Trading

Specially designed for the net savvy traders and investors who
prefer operating from their home or office through the internet. The
investor can access state of the art Technology with three different e-
broking products and voila trading on BSE, NSE, F & O, MCX and
NCDEX.
ANGEL DIET
Application based product for Traders.
Application based ideal for traders.
Multiple exchanges on single screen
Online fund transfer facility
User friendly & simple navigation
BSC, NSC, F&O, MCX & NCDEX
ANGEL ANYWHERE
Application based product for Traders with Charts.
Application-based platform for day traders
Intra-day/historical charts with various indicators
Online fund transfer facility
BSC, NSC, Cash & Derivatives

ANGELTRADE
Browser based product for Active Investors.
Browser based for investor
No installation required
Advantage of mobility
Trading as simple as internet surfing
BSC, NSC, F&O, MCX & NCDEX
65


ANGEL INVESTOR
User-friendly browser for investors
Easy online trading platform
Works in proxy and firewall system set up
Integrated Back office: Access account information anytime,
anywhere
Streaming quotes
Refresh static rates when required
Multiple exchanges on single screen
Online fund transfer facility
Investment Advisory Services
To derive optimum returns from equity as an asset class requires
professional guidance and advice. Professional assistance will always be
beneficial in wealth creation. Investment decisions without expert advice
would be like treating ailment without the help of a doctor.
Expert Advice: Their expert investment advisors are based at various
branches across India to provide assistance in designing and monitoring
portfolios.
Timely Entry & Exit: Their advisors will regularly monitor customers
investments and guide customers to book timely profits. They will also
guide them in adopting switching techniques from one stock to another
during various market conditions.
De-Risking Portfolio: A diversified portfolio of stocks is always better than
concentration in a single stock. Based on their research, They diversify
the portfolio in growth oriented sectors and stocks to minimize the risk and
optimize the returns.

66


Commodities
A commodity is a basic good representing a monetary value. Commodities
are most often used as inputs in the production of other goods or services.
With the advent of new online exchange, commodities can now be traded in
futures markets. When they are traded on an exchange, Commodities must
also meet specified minimum standards known as basic grade.
Types of Commodities
Precious Metals : Gold and Silver
Base Metals : Copper, Zinc , Steel and Aluminum
Energy : Crude Oil, Brent Crude and Natural Gas
Pulses : Chana , Urad and Tur
Spices : Black Pepper, Jeera, Turmeric , Red Chili
Others : Guar Complex, Soy Complex, Wheat and Sugar

Benefits at Angel
Three different online products tailored for traders & investors.
Single Screen customized market-watch for MCX / NCDEX with BSE /
NSE.
Streaming Quotes and real time Rates. Intra-day trading calls.
Research on 25 Agro Commodities, Precious and Base Metals,
Energy products and Polymers.
An array of daily, weekly and special research reports.
Highly skilled analysts with professional industry experience.
Active relationship management desk.
Seminars, workshops and investment camps for investors
Depositary Participant Services
Angel Broking Ltd. is a DP services provider though CDSL. We offer
depository services to create a seamless transaction platform to execute
67

trades through Angel group of companies and settle these transactions
through Angel Depository services.
Wide branch coverage
Personalized/attentive services of trained a dedicated staff
Centralized billing & accounting
Acceptance & execution of instruction on fax
Daily statement of transaction & holdings statement on e-mail
No charges for extra transaction statement & holdings statement
3.3 DEPARTMENT STUDY
PRODUCT & SERVICE DETAILS AND PORTFOLIO
REPORTS :
Market Outlook at 9:15 a.m.
Technical Report at 6:00 p.m.
Derivative Analysis Report at 9:15 a.m.

FUNDAMENTAL RESEARCH SERVICES:
The Sunday Weekly Report :
This weekly report is the ace of all reports. It offers a
comprehensive market overview and likely trends in the week ahead.
It also presents few top picks based on an in-depth analysis of
technical and fundamental factors.
It gives short term and long term outlook on these scrips, their price
targets and trading strategies. Another unique feature of this report is
that it provides an updated view of about 70 prominent stocks on an
ongoing basis
The Industry Watch :
This report provides an in-depth analysis of specific industries
which are likely to outperform others in the economy. It analyzes their
strengths and weaknesses and ascertains their future outlook. The
final view is arrived at after thorough interaction with industry experts.
68

Also comparative performances of various companies in the sector are
evaluated and top picks are recommended.
Stock Analysis :
Angels stock research has performed very well over the past
few years and the Angel Model Portfolio has consistently outperformed
the benchmark indices. The fundamentals of select scrip are
thoroughly analyzed and an actionable advice is provided along with
investment rationale for each scrip.
Flash News :
Key developments and significant news announcements that are
likely to have an impact on markets / scrip are flashed live on trading
terminals. Flash news keeps the market participants updated on an
online basis and helps them to reshuffle on their holdings.

TECHNICAL RESEARCH SERVICE :

Nifty Tracker :
Nifty Futures is the most traded instrument with highest volumes
in F & O and excellent liquidity. The team tracks the Nifty Future and
generates calls based on unique trading system which is a result of
their focused research over the past few years. The objective is to
generate positive returns for traders who are looking for a high risk /
high reward product.
Online Chart :
An online forum to help clients, specifically day traders in
judging the directions of the market and stocks which are in the
limelight.
Intraday Calls :
For day traders, Angel provides intra-day calls with entry, exit
and stop loss levels during market hours. These calls are flashed on
69

their terminals. Their analysts continuously track the calls and provide
recommendations according to the market movements
Position Calls :
Angels Position Trading Calls are based on thorough analysis
of the price movement in select scrips. These calls are for a 10-15 day
time span with stop loss and target levels. These calls are flashed on
their terminals during market hours.
Derivative Strategies :
Their analysts take view on the Nifty and select stocks based on
the derivatives data and technical tools. Suitable Derivative
Strategies are devised, which are flashed on their terminals and
published in their reports.
Futures Calls :
A customized product for HNIs to help them trade with
leveraged position; wherein clients are advised on the stocks with
entry, exit and stop loss level for short term benefits. Over and above
this, financial status of the calls is monitored at all times.
INVESTMENT ADVISORY DESK:
At Angel, they have a dedicated Investment Advisory Desk :-
To help manage clients equity portfolio and create wealth
To help client understand their risk profile and define investment goals
realistically
To minimize clients risk and maximize their returns
To help client decide what to buy / sell and when to buy / sell
To help clients understand macro-economic trends and sectoral /
company developments
To help client restructure their portfolio based on sound research

PORTFOLIO MANAGEMENT SERVICES :

70

Angel offers discretionary PMS to investors in order to assist them
in managing their funds amidst continuous changing market dynamics and
increasing complexities of investing.
Investing in equity market requires in-depth knowledge and
thorough analysis coupled with clear understanding of domestic and
international economies. Investors need the services of an expert to
manage their funds and deliver good returns in diverse market conditions.
Continuous wealth creation with and emphasis on capital preservation is
essential in todays complex markets.
In order to systematically diversify the holdings of clients across
varied sectors and with and intention to give them handsome returns,
Angel devised the concept of the Model Portfolio :-
Angel came out with its first Model Portfolio in August 2002
Since then it has come out with Model Portfolios which have
consistently outperformed the Sensex YOY
In fact the latest model portfolio by Angel has successfully
outperformed the Sensex by a whopping 80%

Angels Portfolio Advisory Team had a successful track record of assisting
its clients in managing their portfolios for over 4 years.
The Portfolio Management Process starts with understanding each
investors risk appetite and return expectations. The Portfolio Management
Team not only draws support from Angels in-house research team for new
investment ideas but also has its own stocks picking by adopting bottom up
research.
Salient features of PMS schemes are 100% discretionary, time horizon
12-18 months and Wealth creation at minimum risk.
ANGEL GOLD :
71

In a volatile market it is very difficult for an investor to pick up value
stocks which will give decent returns in the long run. We at Angel Gold realize
your need for a professional financial advisor and hence are here to assist
you in making wise and profitable decisions.
We strongly believe that right decisions taken at the right time are
always beneficial and that's why our entire research team comprising of 12
sector specialists along with our research head will understand your need,
return expectation, risk profile and time horizon to design your portfolio
accordingly. This portfolio will be tracked regularly and our efforts would be to
optimize your returns in the long run.
Features of the Angel Gold :
A premium service for clients who need professional guidance on long
term investments.
Minimum fund / portfolio of Rs. 1 lakh and maximum of Rs. 4 lakh eligible
for Angel Gold.
Appropriate risk profiling before taking investment decisions
Periodic group meetings and seminars in branches.
Monthly Newsletter from the desk of Angel Gold .
Browser based back-office software.
COMMODITIES SERVICES :

Agro Tech Speak :
Mainly gives the investors insight into and a forecast for agro
commodities viz. pulses (urad, channa etc); reports on oil complex
(soybeans castor etc.) along with spices with reports on kapas guar
seed.

Call Evaluation :
A report designed for evaluating the calls given by the angel
research team where the reports are classified in 3 broad categories
72

viz. achieved, triumph, not achieved along with the trade
recommendations.

Commodities Tech Speak :
This report mainly equips the investors dealing in MCX segment
in commodities like gold, silver, crude oil, copper etc with the market
insight and expert recommendation on the trading strategies
Angel Commodity Advantages :
Top Quality Research :
o Professionally qualified analysts with rich industry experience
o Research on 25 agro commodities, precious metals, base
metals, energy products and polymers

E-Broking :
o Single screen customized market watch for MCX / NCDEX with
BSE / NSE
o Streaming quotes and intraday calls
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73

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74

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OTHER FEATURES :-
1. Angel Broking First step Program :-
What is:-
In the complex world of investing in shares in India, interested
beginners didn't have any place they could start out from. This is why
Angel Broking started the First Step program - to assist and guide new
investors when they take their first steps into the world of investing in
shares. This program is explicitly designed for beginners. You will not
feel unintelligent when asking questions like "Who owns the Stock
Market?" or "What is a stock-split?" since Angel Broking people are
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Consist of:-
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75

A monthly investment report based on fundamental research with
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3.4 SWOT Analysis :-






A SWOT analysis focuses on the internal and external environments,
examining strengths and weaknesses in the internal environment and
opportunities and threats in the external environment.

SWOT Analysis
Strength 1. Innovative range of financial products.
2. Known for transparent functioning.
3. Innovative I. T solutions for customers.
4. Emphasis on building stronger bond with
customers.
5. Services offered include Equity Trading,
Commodities. Portfolio Management Services, Mutual
Funds, Life Insurance, IPO, Depository Services,
Investment Advisory.
Weakness 1. Less penetration in rural areas.
2. Indians are mostly conservative and prefer
investing in Gold and land.
76

3. High targets for the financial advisors and sales
department.
4. Many competitors, less differentiated products.
5. The reach in semi-urban areas and rural markets is
still very less.
Opportunity 1. High purchasing power and people looking to more
investment opportunities.
2. Growing Financial Services industry's share of
wallet for disposable income.
3. Regulatory reforms would aid greater participation
by all class of investors.
4. Leveraging technology to enable best practices and
processes.
5. Increased appetite (need) of Indian corporate for
growth.
Threats 1. Stringent Economic measures by Government and
RBI.
2. Entry of foreign finance firms in Indian Market.
3. New competitors Technology based business.
4. Slowdown in global liquidity flows.
5. Increased intensity of competition from local and
global players.
6. Unfavourable economic conditions.
TABLES 3.2







77





















78




1. Brajesh Kumar and ajay pandey (2011) :- Presented paper on international
linkages of the Indian commodity futures market. This paper investigates the
cross market linkages of Indian commodity futures for nine commodities with
futures markets outside India. Analyze the cross market linkages in terms of
return and volatility spillovers. The nine commodities consist of two
agricultural commodities: Soybean, and Corn, three metals: Aluminum,
Copper and Zinc, two precious metals: Gold and Silver, and two energy
commodities: Crude oil and Natural gas. Return spillover is investigated
through Johansens co integration test, error correction model, and Granger
causality test and variance decomposition techniques. We apply Vicariate
GARCH model (BEKK) to investigate volatility spillover between India and
other World markets. We find that futures prices of agricultural commodities
traded at National Commodity Derivatives Exchange, India (NCDEX) and
Chicago Board of Trade (CBOT), prices of precious metals traded at Multi
Commodity Exchange, India (MCX) and NYMEX. In case of commodities, it is
found that world markets have bigger (unidirectional) impact on Indian
markets. In vicariate model, effect of LME on MCX is stronger than the effect
of MCX on LME. Results of return and volatility spillovers indicate that the
Indian commodity futures markets function as a satellite market and
assimilate information from the world market.

2. Fung, Leung and Xu (2012):-Examined the information spillover between US
futures markets and the emerging commodity futures market in China. Three
commodity futures: Copper, Soybean, and Wheat. They used VECM-GARCH
model and found that for Copper and Soybean, US futures market played a
dominant role in transmitting information to the Chinese market. Commodities
considered in the analysis were: Aluminum, Copper, Soy- bean and Wheat.
79

Aluminum and Copper futures traded on LME and Soybean and Wheat
futures traded on CBOT were analyzed. US and the Zhengzhou Commodity
Exchange (CZCE) in China. They found that these markets were co
integrated and that there was bidirectional causality in returns between these
markets.

3. Prof. Swati Patel and Prof. Rashesh Patel (2011):- In the wake of recent
financial turmoil and instability, the term corporate governance shows the
scope of efficient integrity between Company Laws, Securities Compliance
and Legislative Acts of India. This study seeks to find to which extent Major
Indian Commodity Exchanges disclose their corporate governance practices
by examining the annual reports and practices as to adherence to mandatory
and non mandatory disclosure norms with inclusion of Clause 49 of Listing
Agreement for listed companies or otherwise as to safeguard the interest of
investors, society and legislative authorities through enhanced governance
practices for FY2010 and FY2011 prior to listing. Relevant score card method
has been adopted for comparative study of corporate governance disclosures
of Mcx India and NCDEX as being top two commodity market exchanges with
trade value of 82.36 % and 11.81 % respectively of total trade value of
commodity exchange trades in India prior to listing on stock exchanges.

4. Hua and Chen (2007):- Investigated the international linkages of Chinese
commodity futures markets. Commodities considered in the analysis were:
Aluminium, Copper, Soybean and Wheat. Aluminium and Copper futures
traded on LME and Soybean Band Wheat futures traded on CBOT were
analyzed. They applied Johansens co integration test, error correction model,
Granger causality test and impulse response analyses to understand the
relationship. They found that Aluminium, Copper and Soybean futures prices
are integrated with spot prices but did not find such co integration for wheat
spot and futures prices. They concluded that LME had a bigger impact on
Shanghai Copper and Aluminium futures and CBOT had a bigger impact on
Dalian Soybean futures.

80

5. Ge,Wang and Ahn (2008):- Investigated the linkages between Chinese and
US cotton futures market. They considered the futures prices of contracts
trading on New York Board of Trade (NYBOT) in US and the Zhengzhou
Commodity Exchange (CZCE) in China. They found that these markets were
cointegrated and that there was bidirectional causality in returns between
these markets.

6. Lin and Tamvakis (2001):-Examined the information transmission mechanism
and price discovery process in crude oil and refined oil products traded on the
New York Mercantile Exchange (NYMEX); and Londons International
Petroleum Exchange (IPE). They found substantial spillover effects between
two markets where IPE morning prices seem to be considerably affected by
the closing price of the previous day on NYMEX.


7. Holder, Pace and Tomas III (2002):- Investigated the market linkage between
US and Japan for Corn and Soybean futures.They considered Corn and
Soybean futures traded on the Chicago Board of Trade (CBOT) in U.S. and
the Tokyo Grain Exchange (TGE), and the Kanmon Commodity Exchange
(KCE) in Japan. They found that trading at CBOT had very little effect on the
Japanese contract volumes.

8. Xu and Fung (2005):- Investigated the cross-market linkages between US and
Japan for precious metals futures. Gold, platinum, and Silver. They applied
bivariate asymmetric ARMA-GARCH model to estimate the return and
volatility spillovers between these two markets and found that there was a
strong linkage between these markets with US market playing a leading role
in return spillover. They, however, found bidirectional volatility spillover
between the two markets.





81



















RESEARCH METHODOLOGY
NEED FOR STUDY
SATEMENT OF
PROBLEM
OBJECTIVES
RESEARCH DESIGN
DATA COLLECTION
METHOD
HYPOTHESES

82

Sample size
Tools &
techniques
LIMITATION

5.1-NEED FOR RESEARCH
Need for research is finding that how commodities price of Indian
commodities market affect on world commodities market.

To find out the correlation between commodities price of mcx and
ncdex and world future market price.

To know what is the effect of commodities on world commodities future
market when price of mcx and ncdex commodities is ups and down.

5.2-STATEMENT OF PROBLEM: -
To study of effect of world future commodity market on Indian
commodity market.

5.3-OBJECTIVE: -
The objective of this project is that to examine world commodities
market on mcx and ncdex market price fluctuation.

To examine the inter relationship that may run between mcx and ncdex
market price and world commodities market.

To know what is the effect of commodities on world commodities future
market when price of mcx and ncdex commodities is ups and down

5.4- RESEARCH DESIGN:-
83

In this research Descriptive research Design is used because it
determines cause-effect relationship between variables. Here
independent variables are the cause & dependent Variables are the
effect. Causal relation can be described in terms of correlation,
regression & coefficients.



5.5- DATA COLLECTION METHOD:-

In this research, Secondary data are collected.

Internet
Journal
Research paper
Reference book and articles

Researcher will take data for last 2 month i.e. since start from 1
th
June, 2014
data of MCX and NCDEX future market commodities and world future market
commodities.

5.6-HYPOTHIES:-
H0
1
= If there is no effect of world commodities market on MCX market
price.

H1
1
= If there is effect of world commodities market on MCX market
price.

H0
2
= If there is no effect of world commodities market on NCDEX
market price.

H1
2
= If there is effect of world commodities market on NCDEX market
price

5.7-SAMPLING SIZE: -

84

Gold BULLION
Silver
Crude oil ENERGY
Natural gas
Cooper METAL
Cotton (kapas) AGRICULTURAL
soya bean

5.8-TOOLS & TECNIQUS:-
Correlation and Regression with the help of Excel

5.9-LIMITATION:-
This is based on secondary data so that may there is possibility of lack
of knowledge.
Everyone have not that much amount of knowledge in particular field.
There is some time positive correlation and some time negative
correlation.
There is a no any direct relationship between Indian commodities
market and world commodities market so that this is the major imitation
that you cannot exactly find that when there is change in price at that
time what the situation in stock market is.
The analysis is based on historical data and that indicate past
performance, which may not be indicate the future performance.
Limited Time Period for study, I have only two month time period for study
on the project.






85






















86




6.1 Research Analysis Tools:-
Mean:-
The mean (also known as average), is obtained by dividing the sum
of observed values by the numbers of observations, n. although data points
fall above, below, or on the mean. It can be considered a good estimate for
predicting subsequent data points.
The means of a sample or a population is computed by adding all of
the observations and dividing by the number of observations. In general case,
the mean can be calculated, using one of the following equations:-

Sampling mean = = X/n
Where,
Ex = is the sum of all the population observations,
n= is the number of sample observations.

Correlation:-
Correlation is a statistical measurement of the relationship between
two variables. Possible correlation range from +1 to -1. A zero correlation
indicates that there is no relationship between the variables. A correlation of -
1 indicates a perfect negative correlation, meaning that as one variable goes
up, the other goes down.
A correlation of +1 indicates a perfect correlation, meaning that both
variables move in the same direction together.

Correlation co-efficient Definition:
87


A measure of the strength of linear association between two variables.
Correlation will always between -1.0 and +1.0. If the correlation is positive, we
have a positive relationship. If it is negative, the relationship is negative.






Where,
n= Number of observations
X= First Score
Y= Second Score
XY= sum of the product of first and second scores
X= sum of first scores
Y= sum of second scores
X2= sum of square of first scores
Y2= sum of square of second scores.

Types of correlation
There are two type of correlation:
1) Positive Correlation
2) Negative Correlation

1] Positive Correlation:
When the changes in the values of two are in same direction i.e. when
the values of one variable increase due to the value of the other variable also
increase and when the value of one variable decrease due to the value of the
other variable also decrease. It is known as positive correlation.

88

2] Negative Correlation:
When the changes in the value of two variables are in opposite direction
i.e. when the value of one variable increase due to the value of the other
variable also decrease and when the value of one variable decrease due to
the value of the other variable also increase. It is known as negative
correlation.
Regression:-

A statistical measure that attempts to determine the strength of the
relationship between one dependent variable (usually denoted by Y) and a
series of other changing variables (known as independent variables denoted
by X).
A regression is a statistical analysis assessing the association between
two variables. It is used to find the relationship between two variables.

Regression formula:

B
0
= XY-(X) (Y) n
nX
2
-(X)
2

B
1
= B
0



Y= B
1
+ B
0
*X

Where,
X and Y are the variables.
B
0
= the slope of the regression line
B
1
= the intercept point of the regression line and y axis
N= Number of values or elements
X = first score
Y = second score
XY= sum of the product of first and second scores
X =sum of first scores
89

Y= sum of second scores
X
2
= sum of square of first scores




Research variable :-

1) Gold price
2) cooper price
3) cotton price
4) soya bean price
5) silver price
6) natural gas price
7) crude oil price


6.2 Co-relation between Gold price of MCX AND COMEX (US):-


-0.0275

0.0464
x -1.76
Y 2.97
X
2
58.1746
Y
2
38.8821
29.9927
r =




0.63373
r
2
0.401614
Relation Positive relation between
90

Gold price of MCX AND
COMEX (US)
TABLES 6.1


Interpretation:
It has been founded by the study that Gold price of MCX and COMEX (US) has
followed a close relationship. The Pearson correlation values indicate positive
correlation between the Gold price of MCX and COMEX (US). (Correlation value is
(0.63373))
6.3 Regression between Gold price of MCX AND COMEX
(US):-
FORMULATING A HYPOTHESIS:-
Null Hypothesis (Ho): there is no effect of comex (us) gold
market price on mcx gold market price.
Alternative Hypothesis (Ha): there is effect of comex (us) gold
market price on mcx gold market price.
Significant Level: 95%
Regression Statistics
Multiple R 0.633734
R Square 0.401619
Adjusted R
Square
0.391967
Standard Error 0.611501
Observations 64
TABLES 6.2
ANOVA:-
df SS MS F Significance F
Regression 1 15.56042 15.56042 41.61284 1.9002529
Residual 62 23.18385 0.373933
Total 63 38.74427
91

PREDICTOR Coefficients Standard
Error
t Stat P-value
CONSTANT 0.060635 0.07646 0.7929 0.4308
X Variable 1 0.517398 0.08020 6.4508 1.9002
TABLES 6.3

Interpretation:
MCX GOLD = 0.060635 + 0.517398 COMEX GOLD
Here the value of Significance F is 1.9002529, since the significant
value is high than 0.05. So the null hypothesis is accepted and there is no
significance effect of Gold prices of MCX AND COMEX (US).

6.4 Co-relation between silver price of MCX AND COMEX
(US):-

0.05828

0.06703
x 3.73
Y 4.29
X
2
79.4825
Y
2
60.2309
57.5226
r =




0.83087
r
2
0.69034
Relation Positive relation between
silver price of MCX AND
COMEX (US)
TABLES 6.4
92

Interpretation:
Correlation Analysis:-
It has been founded by the study that Silver price of MCX and COMEX (US)
has followed a close relationship. The Pearson correlation values indicate
positive correlation between the Gold price of MCX and COMEX (US).
(Correlation value is (0.83087))
6.5 Regression between silver price of MCX AND COMEX
(US):-
FORMULATING A HYPOTHESIS:
Null Hypothesis (Ho): there is no effect of comex (us) silver
market price on mcx silver market price.
Alternative Hypothesis (Ha): there is effect of comex (us) silver
market price on mcx silver market price.
Significant Level: 95%
Regression Statistics
Multiple R 0.830874
R Square 0.690352
Adjusted R
Square
0.685357
Standard Error 0.547153
Observations 64
TABLES 6.5
ANOVA:-
df SS MS F Significance F
Regression 1 41.38199 41.38199 138.2272 1.98789087
Residual 62 18.56135 0.299377
Total 63 59.94334

PREDICTOR Coefficients Standard
Error
t Stat P-
value
CONSTANT 0.02492 0.06848 0.36386 0.7171
X Variable 1 0.722545 0.06147 11.7571 1.9879
TABLES 6.6
93

Interpretation:
MCX SILVER = 0.02492 + 0.722545 COMEX SILVER

Here the value of Significance F is 1.98789087, since the
significant value is high than 0.05. So the null hypothesis is accept and
there is no significance effect of silver price of MCX AND COMEX
(US).

6.6 Co-relation between copper price of MCX AND LME (UK):-

0.09

0.05621
x 5.94
Y 3.71
X
2
50.9762
Y
2
36.3593
35.4826
r =




0.823107
r
2
0.677505
Relation Positive relation between
copper price of MCX AND
LME (UK)
TABLES 6.7
Interpretation:
It has been founded by the study that copper price of MCX and LME (UK) has
followed a close relationship. The Pearson correlation values indicate positive
correlation between the Gold price of MCX and COMEX (US). (Correlation value is
(0.823107))

94

6.7 Regression between copper price of MCX AND LME (UK):-
FORMULATING A HYPOTHESIS:
Null Hypothesis (Ho): there is no effect lme (uk) copper market
price on mcx copper market price.
Alternative Hypothesis (Ha): there is effect lme (uk) copper
market price on mcx copper market price.
Significant Level: 95%
Regression Statistics
Multiple R 0.823107
R Square 0.677505
Adjusted R Square 0.672466
Standard Error 0.426806
Observations 66
TABLES 6.8

ANOVA:-
df SS MS F Significance F
Regression 1 24.49231 24.49231 134.4525 2.245769
Residual 64 11.65845 0.182163
Total 65 36.15075

PREDICTOR Coefficients Standard
Error
t Stat P-
value
CONSTANT -0.0065 0.05284 -0.1231 0.902
X Variable
1
0.69682 0.06005 11.5953 2.245
TABLES 6.9
Interpretation:
MCX COPPOR = -0.0065 + 0.69682 LME (UK) COPPOR

Here the value of Significance F is 2.245769, since the significant
value is high than 0.05. So the null hypothesis is accepted and there is
no significance effect of copper price of MCX AND LME (UK).

95







6.8 Co-relation between crude oil price of MCX AND NYMEX
(US):-

0.04723

0.04907
x 3.07
Y 3.19
X
2
46.9391
Y
2
40.5589
28.3658
r =



0.648908
r
2
0.50467
Relation Positive relation between
crude oil price of MCX
AND NYMEX (US)
TABLES 6.10
Interpretation:
It has been founded by the study that Crude oil price of MCX and NYMEX
(US) has followed a close relationship. The Pearson correlation values
indicate positive correlation between the Crude oil price of MCX and NYMEX
(US). (Correlation value is (0.648908))
6.9 Regression between crude oil price of MCX AND NYMEX
(US):-
96

FORMULATING A HYPOTHESIS:
Null Hypothesis (Ho): there is no effect of nymex (us) crude oil
market price on mcx crude oil market price.
Alternative Hypothesis (Ha): there is effect of nymex (us) crude
oil market price on mcx crude oil market price.
Significant Level: 95%

Regression Statistics
Multiple R 0.648908
R Square 0.421082
Adjusted R Square 0.411893
Standard Error 0.609315
Observations 65
TABLES 6.11
ANOVA:-
df SS MS F Significance F
Regression 1 17.0127 17.0127 45.82368 5.03553263
Residual 63 23.38965 0.371264
Total 64 40.40234

PREDICTOR Coefficients Standard
Error
t Stat P-value
CONSTANT 0.020598 0.07569 0.27213 0.78641
X Variable 1 0.602963 0.08907 6.76931 5.03553
TABLES 6.12
Interpretation:
MCX CRUDE OIL = 0.02492 + 0.722545 NYMEX (US) CRUDE OIL

Here the value of Significance F is 5.03553263, since the significant
value is high than 0.05. So the null hypothesis is accepted and there is
no significance effect of crude oil price of MCX AND NYMEX (US).




97






6.10 Co-relation between natural gas price of MCX AND
NYMEX (US):-

0.05231

0.04462
x 3.4
Y 2.9
X
2
200.512
Y
2
197.005
183.3711
r =



0.922566
r
2
0.851128
Relation Positive between natural
gas price of MCX AND
NYMEX (US)
TABLES 6.13
Interpretation:
It has been founded by the study that Gas price of MCX and NYMEX (US)
has followed a close relationship. The Pearson correlation values indicate
positive correlation between the Gas price of MCX and NYMEX (US).
(Correlation value is (0.922566))
6.11 Regression between natural gas price of MCX AND
NYMEX (US):-
FORMULATING A HYPOTHESIS:
98

Null Hypothesis (Ho): there is no effect of nymex (us) natural
gas market price on mcx natural gas market price.
Alternative Hypothesis (Ha): there is effect of nymex (us) natural
gas market price on mcx natural gas market price.
Significant Level: 95%
Regression Statistics
Multiple R 0.922567
R Square 0.85113
Adjusted R Square 0.848767
Standard Error 0.68207
Observations 65
TABLES 6.14
ANOVA:-
df SS MS F Significance F
Regression 1 167.5668 167.5668 360.1887 9.501473
Residual 63 29.30882 0.465219
Total 64 196.8756

PREDICTOR Coefficients Standard
Error
t Stat P-value
CONSTANT -0.00322 0.08463 -0.0380 0.96973
X Variable 1 0.914569 0.04818 18.9786 9.50147
TABLES 6.15


Interpretation:
MCX NATURAL GAS = -0.00322+ 0.914569 NYMEX (US) NATURAL GAS
Here the value of Significance F is 9.501473, since the significant
value is high than 0.05. So the null hypothesis is accepted and there is
no significance effect of natural gas prices of MCX AND NYMEX (US).



99







6.12 Co-relation between soy bean price of NCDEX AND CBOT
(US):-

0.8772

0.013
x 52.63
Y 0.78
X
2
578.0079
Y
2
762.0578
40.8743
r =


0.06130
r
2
0.003756
Relation Positive relation between soy
bean price of NCDEX AND CBOT
(US)
TABLES 6.16
Interpretation:
It has been founded by the study that Soy bean price of NCDEX and CBOT
(US) has followed a close relationship. The Pearson correlation values
indicate positive correlation between the Soy bean price of NCDEX and
CBOT (US). (Correlation value is (0.06130))
6.13 Regression between soy bean price of NCDEX AND
CBOT (US):-
100

FORMULATING A HYPOTHESIS:
Null Hypothesis (Ho): there is no effect of cobt (us) natural soy
bean market price on ncdex soy bean market price.
Alternative Hypothesis (Ha): there is effect of cobt (us) natural
soy bean market price on ncdex soy bean market price.
Significant Level: 95%

Regression Statistics
Multiple R 0.06313
R Square 0.003985
Adjusted R Square -0.01319
Standard Error 3.617511
Observations 60
TABLES 6.17

ANOVA:-
df SS MS F Significance F
Regression 1 3.037073 3.037073 0.232079 0.6318
Residual 58 759.0106 13.08639
Total 59 762.0477

PREDICTOR Coefficients Standard
Error
t Stat P-value
CONSTANT -0.05329 0.48686 -0.1094 0.91322
X Variable 1 0.075568 0.15686 0.48174 0.6318
TABLES 6.18
Interpretation:
NCDEX SOY BEAN = -0.05329+ 0.075568 CBOT (US) SOY BEAN

Here the value of Significance F is 0.6318, since the significant value
is high than 0.05. So the null hypothesis is accepted and there is no
significance effect of between soy bean prices of NCDEX AND CBOT
(US).


101






6.14 Co-relation between cotton price of NCDEX AND CBOT
(US):-

0.944444

-0.339206
x 59.5
Y -21.37
X
2
713.1672
Y
2
224.0223
-57.0476
r =


-0.097687
r
2
0.009542
Relation Negative relation between
cotton price of NCDEX AND
CBOT (US)
TABLES 6.19
Interpretation:
Correlation Analysis:-
It has been founded by the study that Cotton price of NCDEX and CBOT (US)
has followed a negative relationship. The Pearson correlation values indicate
negative correlation between the Cotton price of NCDEX and CBOT (US).
(Correlation value is (-0.097687)).
6.15 Regression between cotton price of NCDEX AND CBOT
(US):-
FORMULATING A HYPOTHESIS:
102

Null Hypothesis (Ho): there is no effect of cobt (us) natural
cotton market price on ncdex cotton market price.
Alternative Hypothesis (Ha): there is effect of cobt (us) natural
cotton market price on ncdex cotton market price.
Significant Level: 95%
Regression Statistics
Multiple R 0.097687
R Square 0.009543
Adjusted R Square -0.00669
Standard Error 1.8761
Observations 63
TABLES 6.20
NOVA:-
df SS MS F Significance F
Regression 1 2.068602 2.068602 0.587712 0.446262
Residual 61 214.7049 3.519752
Total 62 216.7735

PREDICTOR Coefficients Standard
Error
t Stat P-value
CONSTANT -0.28621 0.246268 -1.1621 0.24968
X Variable 1 -0.05611 0.073195 -0.7666 0.44626
TABLES 6.21


Interpretation:
Regression Analysis:-
NCDEX COTTON = -0.28621 + -0.05611CBOT (US) COTTON
Here the value of Significance F is 0.446262, since the significant
value is high than 0.05. So the null hypothesis is accepted and there is
no significance effect of cotton prices of NCDEX AND CBOT (US).


103
























104






Finding:-

After this project study, the study found that highly co-relation between
gold MCX market (i.e. Indian commodities market) and COMEX (US)
(i.e. world commodities market) is 0.63373.

MCX market price is increase than COMEX (US) market price is also
going increase and vice-versa.

There is a positive highly co-relation between silver MCX market and
COMEX (US) market i.e. 0.83087.

MCX market commodity price is increase than COMEX (US) market
commodity price are also going increase and vice-versa. It is an also
direct relationship.

Co-relation between copper MCX market and LME (UK) (i.e. world
commodities market) is 0.823107. It is a near 1 in co-relation area. So,
its highly relationship.

Co-relation between crude oil MCX market and NYMEX (US) (i.e.
world commodities market) is 0.653974. If increase price of crude oil
in MCX market than NYMEX (US) market price are also going to
increase.

105

In natural gas commodity, there is a highly positive co-relation
between MCX market and NYMEX (US) market (i.e. world
commodities market) is 0.922566.

MCX market price is increase than NYMEX (US) market price is
increase and vice-versa. It is an indirect relation between markets.

There is also negative co-relation between cotton NCDEX market and
CBOT (US) (i.e. world commodities market) is -0.097687.

Investors diver there risk and investment by investing their money in
increasing price of commodity market. If NCDEX market price of crude
oil is increase than CBOT (US) market price increase and investors
should invest money in CBOT (US) market and vice-versa.

Lastly, average co-relation between soy bean between NCDEX market
and CBOT is 0.06130. It is a positive co-relation.

There is a no Regression of gold price of commodity market between
MCX market and COMEX market i.e. no significance effect of COMEX
market on MCX market.


There is a no Regression of silver price of commodity market between
MCX market and COMEX market i.e. no significance effect of COMEX
market on MCX market.

There is a no Regression of copper price of commodity market
between MCX market and LME (UK) market i.e. no significance effect
of LME (UK) market on MCX market.

106

There is a no Regression of crude oil price of commodity market
between MCX market and NYMEX (US) market i.e. no significance
effect of NYMEX (US) market on MCX market.

There is a no Regression of Natural gas price of commodity market
between MCX market and NYMEX (US) market i.e no significance
effect of NYMEX (US) market on MCX market.

There is a no Regression of soya bean price of commodity market
between NCDEX AND CBOT (US) market i.e no significance effect of
CBOT (US) market on NCDEX market.

There is a no Regression of cotton price of commodity market
between NCDEX AND CBOT (US) market i.e. no significance effect of
CBOT (US) market on NCDEX market.



Co-relation between Indian futures commodities market
and world future commodities market:-

TABLES 7.1






COMMODITIES CO-RELATION (R)
GOLD ( MCX AND COMEX US)) 0.63373
SILVER ( MCX AND COMEX US)) 0.83087
COOPER (MCX AND LME (UK)) 0.823107
CRUDE OIL (MCX AND NYMEX (US))
0.653974
NATURAL GAS (MCX AND NYMEX (US)) 0.922566
SOYA BEAN (NCDEX AND CBOT (US)) 0.06130
COTTON (NCDEX AND CBOT (US)) -0.097687
107



























108








Conclusion:-

There is a co-relation between GOLD MCX AND COMEX (US) and CRUDE
OIL MCX AND NYMEX (US). There is a highly co-relation between MCX
market and COMEX market, COOPER between MCX AND LME (UK),
NATURAL GAS between MCX AND NYMEX (US) and low co-relation of
SOYA BEAN between NCDEX AND CBOT (US). There is a no co-relation
between COTTON NCDEX AND CBOT (US). It found that there is no effect of
International commodity market on Indian commodity market i.e. GOLD MCX
AND COMEX (US), CRUDE OIL MCX AND NYMEX (US), MCX market and
COMEX market, COOPER between MCX AND LME (UK), NATURAL GAS
between MCX AND NYMEX (US), SOYA BEAN between NCDEX AND
CBOT (US) and COTTON NCDEX AND CBOT (US).











109
























REFERENCE
BOOK
WEBSITE

110








BIBLIOGRAPHY

1. Reference books:-
Investment Management- by V.A. Avdhani, sixth Edition New Delhi:
Himalaya Publication 2006.
Research Methodology- by K Aswathappa and K Shridhara Bhat, fifth
Edition Prentice Hall of India 2009.

Business Statistics for Contemporary Decision Making- by Ken Black,
Fourth Edition Wiley 2008


2. Website:-
www.mcx.com
www.beursvanberlage.nl
www.rediff.com
www.bseindia.com
www.nseindia.com
www.arcadia.co.in
www.4xp.com
www.indexmundi.com
http://uk.finance.yahoo.com

http://www.jstor.org/stable/4412418- retried on 17/7/2014

articles.economictimes.indiatimes.com/keyword/commodity_market -
retried on 2/7/2014
111

en.wikipedia.org/wiki/commodity_market-retried on 21/6/2014
moneyweek.com/eight_reasons_commodities_beat_study_every_time-
retried on 24/6/2014
www.bseindia.com/education/content/module_ncfm.htm- retried on
25/6/2014
http://www.futuresindustry.org/files/pdf/Jul-Aug_FIM/Jul-
Aug_Volume.pdf--retried on 13/7/2014
http://www.sify.com/finance/stockpricequote/N_S_E_Index-
NSEIX/historicprices.html- retried on 24/6/2014
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=UK%3AS
SE&insttype=Stock&freq=1&show=&time=8- retried on 13/7/2014


















112









1. Gold price of MCX AND COMEX (US) for the period Apr 01, 2014 to
Jul 01, 2014:-

Date
Change%
X (MCX)
Change %
Y (COMEX,U.S.)
X
2
Y
2
XY
Jul 01, 2014 -0.11 0.35 0.0121 0.1225 -0.0385
Jun 30, 2014 0.38 0.47 0.1444 0.2209 0.1786
Jun 27, 2014 0.02 0.23 0.0004 0.0529 0.0046
Jun 26, 2014 -0.3 -0.42 0.09 0.1764 0.126
Jun 25, 2014 0.07 0.1 0.0049 0.01 0.007
Jun 24, 2014 0.19 0.22 0.0361 0.0484 0.0418
Jun 23, 2014 0.04 0.3 0.0016 0.09 0.012
Jun 20, 2014 0.21 0.19 0.0441 0.0361 0.0399
Jun 19, 2014 2.93 3.25 8.5849 10.5625 9.5225
Jun 18, 2014 -0.05 0.06 0.0025 0.0036 -0.003
Jun 17, 2014 0.03 -0.26 0.0009 0.0676 -0.0078
Jun 16, 2014 0.77 -0.26 0.5929 0.0676 -0.2002
Jun 13, 2014 1.13 0.01 1.2769 0.0001 0.0113
Jun 12, 2014 0.99 1.01 0.9801 1.0201 0.9999
Jun 11, 2014 -0.25 0.09 0.0625 0.0081 -0.0225
Jun 10, 2014 0.6 0.49 0.36 0.2401 0.294
Jun 09, 2014 0.46 -0.02 0.2116 0.0004 -0.0092
Jun 06, 2014 -3.83 -0.06 14.6689 0.0036 0.2298
113

Jun 05, 2014 0.96 0.72 0.9216 0.5184 0.6912
Jun 04, 2014 -0.36 -0.02 0.1296 0.0004 0.0072
Jun 03, 2014 0.13 0.04 0.0169 0.0016 0.0052
Jun 02, 2014 -0.6 -0.26 0.36 0.0676 0.156
May 30, 2014 0.12 -0.88 0.0144 0.7744 -0.1056
May 29, 2014 -0.01 -0.21 0.0001 0.0441 0.0021
May 28, 2014 -0.46 -0.47 0.2116 0.2209 0.2162
May 27, 2014 -1.91 -2.07 3.6481 4.2849 3.9537
May 26, 2014 0.49 0.06 0.2401 0.0036 0.0294
May 23, 2014 0.4 -0.25 0.16 0.0625 -0.1
May 22, 2014 -0.48 0.54 0.2304 0.2916 -0.2592
May 21, 2014 -2.88 -0.5 8.2944 0.25 1.44
May 20, 2014 0.15 0.06 0.0225 0.0036 0.009
May 19, 2014 0.2 0.05 0.04 0.0025 0.01
May 16, 2014 -1.12 -0.02 1.2544 0.0004 0.0224
May 15, 2014 -1.03 -0.94 1.0609 0.8836 0.9682
May 14, 2014 0.85 0.86 0.7225 0.7396 0.731
May 13, 2014 -0.58 -0.08 0.3364 0.0064 0.0464
May 12, 2014 0.36 0.64 0.1296 0.4096 0.2304
May 09, 2014 0.01 -0.01 0.0001 0.0001 -0.0001
May 08, 2014 0.01 -0.09 0.0001 0.0081 -0.0009
May 07, 2014 -1.27 -1.51 1.6129 2.2801 1.9177
May 06, 2014 -0.17 -0.05 0.0289 0.0025 0.0085
May 05, 2014 0.22 0.49 0.0484 0.2401 0.1078
May 02, 2014 1.02 1.52 1.0404 2.3104 1.5504
May 01, 2014 -1.06 -0.96 1.1236 0.9216 1.0176
Apr 30, 2014 0.48 -0.03 0.2304 0.0009 -0.0144
Apr 29, 2014 -0.76 -0.21 0.5776 0.0441 0.1596
Apr 28, 2014 0.25 -0.14 0.0625 0.0196 -0.035
Apr 25, 2014 0.4 0.79 0.16 0.6241 0.316
Apr 23, 2014 0.67 0.27 0.4489 0.0729 0.1809
Apr 22, 2014 0.25 -0.57 0.0625 0.3249 -0.1425
Apr 21, 2014 -0.02 -0.42 0.0004 0.1764 0.0084
Apr 17, 2014 -0.29 -0.74 0.0841 0.5476 0.2146
114

Apr 16, 2014 0.06 0.25 0.0036 0.0625 0.015
Apr 15, 2014 -1.33 -2.05 1.7689 4.2025 2.7265
Apr 14, 2014 0.71 0.64 0.5041 0.4096 0.4544
Apr 11, 2014 -0.09 -0.11 0.0081 0.0121 0.0099
Apr 10, 2014 1.28 1.12 1.6384 1.2544 1.4336
Apr 09, 2014 -0.21 -0.24 0.0441 0.0576 0.0504
Apr 08, 2014 0.53 0.83 0.2809 0.6889 0.4399
Apr 07, 2014 0.28 -0.4 0.0784 0.16 -0.112
Apr 04, 2014 0.1 1.47 0.01 2.1609 0.147
Apr 03, 2014 0.89 -0.48 0.7921 0.2304 -0.4272
Apr 02, 2014 0.37 0.84 0.1369 0.7056 0.3108
Apr 01, 2014 -1.6 -0.26 2.56 0.0676 0.416
TOTAL -1.76 2.97 58.1746 38.8821 29.9927
TABLE 1.1
2. Silver price of MCX AND COMEX (US) for the period Apr 01, 2014
to Jul 01, 2014:-
Date
change%
X(MCX)
change%
Y
(COMEX,U.S.)
X
2
Y
2
XY
Jul 01, 2014 0.42 0 0.1764 0 0
Jun 30, 2014 -0.93 0.37 0.8649 0.1369 -0.3441
Jun 27, 2014 -0.24 -0.63 0.0576 0.3969 0.1512
Jun 26, 2014 -0.04 0.33 0.0016 0.1089 -0.0132
Jun 25, 2014 0.36 0.53 0.1296 0.2809 0.1908
Jun 24, 2014 0.11 0.36 0.0121 0.1296 0.0396
Jun 23, 2014 -0.28 0.05 0.0784 0.0025 -0.014
Jun 20, 2014 0.58 0.73 0.3364 0.5329 0.4234
Jun 19, 2014 4.51 3.99 20.3401 15.9201 17.9949
Jun 18, 2014 0.06 0.32 0.0036 0.1024 0.0192
Jun 17, 2014 0.4 -0.37 0.16 0.1369 -0.148
Jun 16, 2014 0.79 0.7 0.6241 0.49 0.553
Jun 13, 2014 1.51 1.69 2.2801 2.8561 2.5519
Jun 12, 2014 1.59 0.1 2.5281 0.01 0.159
Jun 11, 2014 0.25 0.73 0.0625 0.5329 0.1825
115

Jun 10, 2014 0.52 0.11 0.2704 0.0121 0.0572
Jun 09, 2014 0.75 -0.15 0.5625 0.0225 -0.1125
Jun 06, 2014 -0.71 1.32 0.5041 1.7424 -0.9372
Jun 05, 2014 1.14 -0.04 1.2996 0.0016 -0.0456
Jun 03, 2014 0.37 0.05 0.1369 0.0025 0.0185
Jun 02, 2014 0.1 0.21 0.01 0.0441 0.021
May 30,2014 -1.08 -1.31 1.1664 1.7161 1.4148
May 29, 2014 -0.46 0.2 0.2116 0.04 -0.092
May 28, 2014 -0.4 -0.25 0.16 0.0625 0.1
May 27, 2014 -1.99 -1.91 3.9601 3.6481 3.8009
May 26, 2014 0.95 -0.01 0.9025 0.0001 -0.0095
May 23, 2014 -0.44 -0.23 0.1936 0.0529 0.1012
May 22, 2014 0.2 0.6 0.04 0.36 0.12
May 21, 2014 -0.33 -0.13 0.1089 0.0169 0.0429
May 20, 2014 0.4 0.25 0.16 0.0625 0.1
May 19, 2014 -0.07 0.09 0.0049 0.0081 -0.0063
May 16, 2014 -1.97 -0.74 3.8809 0.5476 1.4578
May 15, 2014 -1.49 -1.39 2.2201 1.9321 2.0711
May 14, 2014 1.11 1.12 1.2321 1.2544 1.2432
May 13, 2014 -0.48 0.1 0.2304 0.01 -0.048
May 12, 2014 1.53 2.36 2.3409 5.5696 3.6108
May 09, 2014 -0.32 -0.19 0.1024 0.0361 0.0608
May 08, 2014 -0.81 -0.72 0.6561 0.5184 0.5832
May 07, 2014 -1.51 -1.37 2.2801 1.8769 2.0687
May 06, 2014 1.45 0.06 2.1025 0.0036 0.087
May 05, 2014 -0.29 0.48 0.0841 0.2304 -0.1392
May 02, 2014 2.88 2.35 8.2944 5.5225 6.768
May 01, 2014 -1.02 -0.72 1.0404 0.5184 0.7344
Apr 30, 2014 -1.51 -1.54 2.2801 2.3716 2.3254
Apr 29, 2014 -1.19 -0.61 1.4161 0.3721 0.7259
Apr 28, 2014 -0.26 -0.65 0.0676 0.4225 0.169
116

Apr 27, 2014 -0.07 0.1 0.0049 0.01 -0.007
Apr 25, 2014 0.29 0.24 0.0841 0.0576 0.0696
Apr 23, 2014 0.58 0.05 0.3364 0.0025 0.029
Apr 22, 2014 0.5 0.03 0.25 0.0009 0.015
Apr 21, 2014 -0.83 -0.67 0.6889 0.4489 0.5561
Apr 17, 2014 -0.09 0.03 0.0081 0.0009 -0.0027
Apr 16, 2014 0.3 0.56 0.09 0.3136 0.168
Apr 15, 2014 -2.17 -2.16 4.7089 4.6656 4.6872
Apr 14, 2014 0.12 -0.68 0.0144 0.4624 -0.0816
Apr 11, 2014 -0.71 -0.16 0.5041 0.0256 0.1136
Apr 10, 2014 1.9 0.6 3.61 0.36 1.14
Apr 09, 2014 -1.21 -0.65 1.4641 0.4225 0.7865
Apr 08, 2014 0.27 0.51 0.0729 0.2601 0.1377
Apr 07, 2014 0.3 -0.03 0.09 0.0009 -0.009
Apr 04, 2014 -0.12 -0.06 0.0144 0.0036 0.0072
Apr 03, 2014 -0.26 -0.97 0.0676 0.9409 0.2522
Apr 02, 2014 1.28 1.28 1.6384 1.6384 1.6384
Apr 01, 2014 -0.51 0.03 0.2601 0.0009 -0.0153
TOTAL 3.73 4.29 79.4825 60.2309 57.5226
TABLE 1.2
3. Copper price of MCX AND LME (UK) for the period Apr 01, 2014 to
Jul 01, 2014:-
Date
Change%
X (MCX)
Change%
Y (LME, U.K.)
X
2
Y
2
XY
Jul 01, 2014 1.27 0.06 1.6129 0.0036 0.0762
Jun 30, 2014 1.08 1.15 1.1664 1.3225 1.242
Jun 27, 2014 -0.59 -0.27 0.3481 0.0729 0.1593
Jun 26, 2014 0.04 0.05 0.0016 0.0025 0.002
Jun 25, 2014 0.39 0.89 0.1521 0.7921 0.3471
Jun 24, 2014 0.1 -0.17 0.01 0.0289 -0.017
Jun 23, 2014 0.65 1.2 0.4225 1.44 0.78
117

Jun 20, 2014 1.59 1.43 2.5281 2.0449 2.2737
Jun 19, 2014 0.38 0.2 0.1444 0.04 0.076
Jun 18, 2014 -0.33 0.15 0.1089 0.0225 -0.0495
Jun 17, 2014 0.7 0.51 0.49 0.2601 0.357
Jun 16, 2014 1.26 0.51 1.5876 0.2601 0.6426
Jun 13, 2014 1.28 0.3 1.6384 0.09 0.384
Jun 12, 2014 -0.96 -0.59 0.9216 0.3481 0.5664
Jun 11, 2014 -0.3 -0.59 0.09 0.3481 0.177
Jun 10, 2014 0.4 0.33 0.16 0.1089 0.132
Jun 09, 2014 0.11 -0.27 0.0121 0.0729 -0.0297
Jun 06, 2014 -1.43 -1.23 2.0449 1.5129 1.7589
Jun 05, 2014 -0.46 0.13 0.2116 0.0169 -0.0598
Jun 04, 2014 -1.53 -1.59 2.3409 2.5281 2.4327
Jun 03, 2014 -0.77 -0.8 0.5929 0.64 0.616
Jun 02, 2014 1.25 0.97 1.5625 0.9409 1.2125
May 30, 2014 -0.04 -0.44 0.0016 0.1936 0.0176
May 29, 2014 -0.96 -0.72 0.9216 0.5184 0.6912
May 28, 2014 -0.05 -0.03 0.0025 0.0009 0.0015
May 27, 2014 -0.63 -0.59 0.3969 0.3481 0.3717
May 26, 2014 1.69 0.71 2.8561 0.5041 1.1999
May 23, 2014 0.83 0.92 0.6889 0.8464 0.7636
May 22, 2014 -0.09 0.37 0.0081 0.1369 -0.0333
May 21, 2014 -0.56 -0.53 0.3136 0.2809 0.2968
May 20, 2014 -0.47 -0.66 0.2209 0.4356 0.3102
May 19, 2014 0.45 0.52 0.2025 0.2704 0.234
May 16, 2014 -1.33 -0.05 1.7689 0.0025 0.0665
May 15, 2014 -0.55 -0.29 0.3025 0.0841 0.1595
May 14, 2014 0.82 0.55 0.6724 0.3025 0.451
May 13, 2014 -0.75 -0.22 0.5625 0.0484 0.165
May 12, 2014 1.48 1.85 2.1904 3.4225 2.738
May 09, 2014 0.56 0.82 0.3136 0.6724 0.4592
May 08, 2014 1 0.81 1 0.6561 0.81
May 07, 2014 -0.86 -0.63 0.7396 0.3969 0.5418
May 06, 2014 -0.24 0.06 0.0576 0.0036 -0.0144
118

May 05, 2014 -0.41 -0.41 0.1681 0.1681 0.1681
May 02, 2014 1.13 1.31 1.2769 1.7161 1.4803
May 01, 2014 0.98 0.08 0.9604 0.0064 0.0784
Apr 30, 2014 -1.59 -1.74 2.5281 3.0276 2.7666
Apr 29, 2014 -1.54 -0.47 2.3716 0.2209 0.7238
Apr 28, 2014 -0.56 -0.11 0.3136 0.0121 0.0616
Apr 27, 2014 0 -0.89 0 0.7921 0
Apr 25, 2014 1.12 0.38 1.2544 0.1444 0.4256
Apr 23, 2014 0.63 -0.02 0.3969 0.0004 -0.0126
Apr 22, 2014 0.71 0.38 0.5041 0.1444 0.2698
Apr 21, 2014 0.17 0.25 0.0289 0.0625 0.0425
Apr 17, 2014 0.67 0.63 0.4489 0.3969 0.4221
Apr 16, 2014 1.19 1.39 1.4161 1.9321 1.6541
Apr 15, 2014 -1.68 -1.74 2.8224 3.0276 2.9232
Apr 14, 2014 -0.05 -0.38 0.0025 0.1444 0.019
Apr 11, 2014 0.14 0.13 0.0196 0.0169 0.0182
Apr 10, 2014 0.56 -0.3 0.3136 0.09 -0.168
Apr 09, 2014 -0.63 -0.31 0.3969 0.0961 0.1953
Apr 08, 2014 -0.21 0.7 0.0441 0.49 -0.147
Apr 07, 2014 1.67 1.09 2.7889 1.1881 1.8203
Apr 05, 2014 -0.05 -0.71 0.0025 0.5041 0.0355
Apr 04, 2014 -1.18 -0.37 1.3924 0.1369 0.4366
Apr 03, 2014 0.3 -0.1 0.09 0.01 -0.03
Apr 02, 2014 0.24 0 0.0576 0 0
Apr 01, 2014 -0.1 0.1 0.01 0.01 -0.01
TOTAL 5.94 3.71 50.9762 36.3593 35.4826
TABLE 1.3
4. Crude Oil price of MCX AND NYMEX (US) for the period Apr 01,
2014 to Jul 01, 2014:-
Date
Change %
X (MCX)
Change %
Y (NYMEX, US)
X
2
Y
2
XY
Jul 01, 2014 -0.57 -0.03 0.3249 0.0009 0.0171
Jun 30, 2014 -0.42 -0.12 0.1764 0.0144 0.0504
Jun 27, 2014 -0.33 -0.09 0.1089 0.0081 0.0297
119

Jun 26, 2014 -0.67 -0.62 0.4489 0.3844 0.4154
Jun 25, 2014 0.44 0.44 0.1936 0.1936 0.1936
Jun 24, 2014 -0.08 -0.13 0.0064 0.0169 0.0104
Jun 23, 2014 -0.85 -0.87 0.7225 0.7569 0.7395
Jun 20, 2014 1.24 0.74 1.5376 0.5476 0.9176
Jun 19, 2014 0.05 0.44 0.0025 0.1936 0.022
Jun 18, 2014 -0.56 -0.26 0.3136 0.0676 0.1456
Jun 17, 2014 -0.11 -0.4 0.0121 0.16 0.044
Jun 16, 2014 0.34 -0.3 0.1156 0.09 -0.102
Jun 13, 2014 1.73 0.37 2.9929 0.1369 0.6401
Jun 12, 2014 1.55 2.08 2.4025 4.3264 3.224
Jun 11, 2014 0.39 0.13 0.1521 0.0169 0.0507
Jun 10, 2014 -0.18 -0.1 0.0324 0.01 0.018
Jun 09, 2014 2.05 0.86 4.2025 0.7396 1.763
Jun 06, 2014 -0.07 0.18 0.0049 0.0324 -0.0126
Jun 05, 2014 -0.66 -0.16 0.4356 0.0256 0.1056
Jun 04, 2014 0.13 -0.02 0.0169 0.0004 -0.0026
Jun 03, 2014 0.48 0.19 0.2304 0.0361 0.0912
Jun 02, 2014 -0.69 -0.55 0.4761 0.3025 0.3795
May 30, 2014 -0.36 -0.84 0.1296 0.7056 0.3024
May 29, 2014 0.26 0.84 0.0676 0.7056 0.2184
May 28, 2014 -0.57 -1.34 0.3249 1.7956 0.7638
May 27, 2014 -0.49 -0.16 0.2401 0.0256 0.0784
May 26, 2014 0.93 0.07 0.8649 0.0049 0.0651
May 23, 2014 0.61 0.59 0.3721 0.3481 0.3599
May 22, 2014 -0.78 -0.32 0.6084 0.1024 0.2496
May 21, 2014 1.93 1.7 3.7249 2.89 3.281
May 20, 2014 0.1 0.22 0.01 0.0484 0.022
May 19, 2014 0.42 0.09 0.1764 0.0081 0.0378
May 16, 2014 -0.88 0.51 0.7744 0.2601 -0.4488
May 15, 2014 -0.94 -0.85 0.8836 0.7225 0.799
May 14, 2014 1.06 0.66 1.1236 0.4356 0.6996
May 13, 2014 0.62 1.1 0.3844 1.21 0.682
May 12, 2014 0 0.6 0 0.36 0
120

May 09, 2014 -0.25 -0.27 0.0625 0.0729 0.0675
May 08, 2014 -0.41 -0.51 0.1681 0.2601 0.2091
May 07, 2014 0.45 1.28 0.2025 1.6384 0.576
May 06, 2014 0.55 0.02 0.3025 0.0004 0.011
May 05, 2014 -0.62 -0.28 0.3844 0.0784 0.1736
May 02, 2014 0.18 0.34 0.0324 0.1156 0.0612
May 01, 2014 -0.27 -0.32 0.0729 0.1024 0.0864
Apr 30, 2014 -1.46 -1.52 2.1316 2.3104 2.2192
Apr 29, 2014 -0.51 0.44 0.2601 0.1936 -0.2244
Apr 28, 2014 0 0.24 0 0.0576 0
Apr 25, 2014 -1.98 -1.31 3.9204 1.7161 2.5938
Apr 23, 2014 0.48 0.49 0.2304 0.2401 0.2352
Apr 22, 2014 -0.95 -0.68 0.9025 0.4624 0.646
Apr 21, 2014 -0.03 -2.15 0.0009 4.6225 0.0645
Apr 17, 2014 0.59 0.07 0.3481 0.0049 0.0413
Apr 16, 2014 -0.43 0.52 0.1849 0.2704 -0.2236
Apr 15, 2014 -0.08 0.01 0.0064 0.0001 -0.0008
Apr 14, 2014 -0.16 -0.29 0.0256 0.0841 0.0464
Apr 11, 2014 0.74 0.3 0.5476 0.09 0.222
Apr 10, 2014 0.18 0.33 0.0324 0.1089 0.0594
Apr 09, 2014 1.18 -0.19 1.3924 0.0361 -0.2242
Apr 08, 2014 1.88 1.01 3.5344 1.0201 1.8988
Apr 07, 2014 -0.58 2.11 0.3364 4.4521 -1.2238
Apr 05, 2014 0.05 -0.69 0.0025 0.4761 -0.0345
Apr 04, 2014 0.36 0.85 0.1296 0.7225 0.306
Apr 03, 2014 1.58 0.67 2.4964 0.4489 1.0586
Apr 02, 2014 -0.43 -0.12 0.1849 0.0144 0.0516
Apr 01, 2014 -2.11 -1.81 4.4521 3.2761 3.8191
TOTAL 3.07 3.19 46.9391 40.5589 28.3658
TABLE 1.4
5. Natural Gas price of MCX AND NYMEX (US) for the period Apr 01,
2014 to Jul 01, 2014:-
Date
Change %
X (MCX)
Change %
Y(NYMEX, US)
X
2
Y
2
XY
121

Jul 01, 2014 -0.63 -0.13 0.3969 0.0169 0.0819
Jun 30, 2014 1.89 1.18 3.5721 1.3924 2.2302
Jun 27, 2014 -1.08 -0.72 1.1664 0.5184 0.7776
Jun 26, 2014 -2.01 -2.8 4.0401 7.84 5.628
Jun 25, 2014 -0.18 0.29 0.0324 0.0841 -0.0522
Jun 24, 2014 2.28 1.97 5.1984 3.8809 4.4916
Jun 23, 2014 -2.01 -1.85 4.0401 3.4225 3.7185
Jun 20, 2014 -1.37 -1.11 1.8769 1.2321 1.5207
Jun 19, 2014 -1.21 -1.54 1.4641 2.3716 1.8634
Jun 18, 2014 -1.68 -1 2.8224 1 1.68
Jun 17, 2014 0.42 0.08 0.1764 0.0064 0.0336
Jun 16, 2014 -0.25 -0.44 0.0625 0.1936 0.11
Jun 13, 2014 0.99 -0.48 0.9801 0.2304 -0.4752
Jun 12, 2014 4.68 5.63 21.9024 31.6969 26.3484
Jun 11, 2014 0 -0.49 0 0.2401 0
Jun 10, 2014 -2.64 -2.48 6.9696 6.1504 6.5472
Jun 09, 2014 -0.86 -1.38 0.7396 1.9044 1.1868
Jun 06, 2014 0.18 0.19 0.0324 0.0361 0.0342
Jun 05, 2014 0.94 1.31 0.8836 1.7161 1.2314
Jun 04, 2014 0.04 0.24 0.0016 0.0576 0.0096
Jun 03, 2014 0.91 0.37 0.8281 0.1369 0.3367
Jun 02, 2014 0.77 1.54 0.5929 2.3716 1.1858
May 30, 2014 -0.22 -0.37 0.0484 0.1369 0.0814
May 29, 2014 -0.11 -1.21 0.0121 1.4641 0.1331
May 28, 2014 2.64 2.31 6.9696 5.3361 6.0984
May 27, 2014 2.12 2.65 4.4944 7.0225 5.618
May 26, 2014 1.01 -0.24 1.0201 0.0576 -0.2424
May 23, 2014 0.9 1.1 0.81 1.21 0.99
May 22, 2014 -3.34 -2.7 11.1556 7.29 9.018
May 21, 2014 -1.27 -1.65 1.6129 2.7225 2.0955
May 20, 2014 1.37 1.79 1.8769 3.2041 2.4523
May 19, 2014 1.31 1.36 1.7161 1.8496 1.7816
May 16, 2014 -2.66 -1.25 7.0756 1.5625 3.325
May 15, 2014 3.05 2.34 9.3025 5.4756 7.137
122

May 14, 2014 -0.31 0.21 0.0961 0.0441 -0.0651
May 13, 2014 -2.07 -1.71 4.2849 2.9241 3.5397
May 12, 2014 -1.81 -2.14 3.2761 4.5796 3.8734
May 09, 2014 -1.85 -0.9 3.4225 0.81 1.665
May 08, 2014 -2.96 -3.54 8.7616 12.5316 10.4784
May 07, 2014 -1.66 -1.23 2.7556 1.5129 2.0418
May 06, 2014 1.91 2.37 3.6481 5.6169 4.5267
May 05, 2014 0.32 0.3 0.1024 0.09 0.096
May 02, 2014 -1.29 -0.95 1.6641 0.9025 1.2255
May 01, 2014 -2.26 -1.99 5.1076 3.9601 4.4974
Apr 30, 2014 0.38 -0.33 0.1444 0.1089 -0.1254
Apr 29, 2014 -0.21 0.75 0.0441 0.5625 -0.1575
Apr 28, 2014 2.49 3.18 6.2001 10.1124 7.9182
Apr 27, 2014 0 -1.23 0 1.5129 0
Apr 25, 2014 -2.1 -0.53 4.41 0.2809 1.113
Apr 23, 2014 1.04 -0.19 1.0816 0.0361 -0.1976
Apr 22, 2014 0.88 0.89 0.7744 0.7921 0.7832
Apr 21, 2014 0.04 -0.93 0.0016 0.8649 -0.0372
Apr 17, 2014 4.05 4.66 16.4025 21.7156 18.873
Apr 16, 2014 -0.69 -0.81 0.4761 0.6561 0.5589
Apr 15, 2014 0.36 0.15 0.1296 0.0225 0.054
Apr 14, 2014 -1.92 -1.3 3.6864 1.69 2.496
Apr 11, 2014 -0.95 -0.75 0.9025 0.5625 0.7125
Apr 10, 2014 2.5 1.5 6.25 2.25 3.75
Apr 09, 2014 1.06 1.15 1.1236 1.3225 1.219
Apr 08, 2014 0.15 1.3 0.0225 1.69 0.195
Apr 07, 2014 2.51 0.83 6.3001 0.6889 2.0833
Apr 04, 2014 -1.11 -0.69 1.2321 0.4761 0.7659
Apr 03, 2014 2.5 2.43 6.25 5.9049 6.075
Apr 02, 2014 2.21 2.06 4.8841 4.2436 4.5526
Apr 01, 2014 -1.79 -2.17 3.2041 4.7089 3.8843
TOTAL 3.4 2.9 200.512 197.005 183.3711
TABLE 1.5

123

6. Soy Bean price of NCDEX AND CBOT (US) for the period Apr 01,
2014 to Jul 01, 2014:-

Date
Change %
X (NCDEX)
Change %
Y (CBOT, US)
X
2
Y
2
XY
Jul 01, 2014 -0.41 -6.36 0.1681 40.4496 2.6076
Jun 30, 2014 5.25 -6.29 27.5625 39.5641 -33.0225
Jun 27, 2014 -1.27 -1.12 1.6129 1.2544 1.4224
Jun 26, 2014 -0.63 0.46 0.3969 0.2116 -0.2898
Jun 25, 2014 -0.52 1.48 0.2704 2.1904 -0.7696
Jun 24, 2014 2.57 4 6.6049 16 10.28
Jun 23, 2014 0.76 2.85 0.5776 8.1225 2.166
Jun 20, 2014 -3.24 1.47 10.4976 2.1609 -4.7628
Jun 19, 2014 -1.03 3.08 1.0609 9.4864 -3.1724
Jun 18, 2014 0.94 -0.24 0.8836 0.0576 -0.2256
Jun 17, 2014 6.56 3.62 43.0336 13.1044 23.7472
Jun 16, 2014 -0.66 2.15 0.4356 4.6225 -1.419
Jun 13, 2014 -7.56 -4.03 57.1536 16.2409 30.4668
Jun 12, 2014 3.38 4.83 11.4244 23.3289 16.3254
Jun 11, 2014 1.72 -5.1 2.9584 26.01 -8.772
Jun 10, 2014 -0.96 -0.99 0.9216 0.9801 0.9504
Jun 09, 2014 -1.26 3.52 1.5876 12.3904 -4.4352
Jun 06, 2014 4.27 -1.97 18.2329 3.8809 -8.4119
Jun 05, 2014 0.88 0.43 0.7744 0.1849 0.3784
Jun 04, 2014 1.91 1.47 3.6481 2.1609 2.8077
Jun 03, 2014 4.47 -0.34 19.9809 0.1156 -1.5198
Jun 02, 2014 -3.74 6.37 13.9876 40.5769 -23.8238
May 30, 2014 -2.32 -3.21 5.3824 10.3041 7.4472
May 29, 2014 -0.66 -2.64 0.4356 6.9696 1.7424
May 28, 2014 6.06 -3.12 36.7236 9.7344 -18.9072
May 27, 2014 -2.61 5.96 6.8121 35.5216 -15.5556
May 23, 2014 5.87 2.57 34.4569 6.6049 15.0859
May 22, 2014 1.74 -4.98 3.0276 24.8004 -8.6652
May 21, 2014 -0.62 11.97 0.3844 143.2809 -7.4214
124

May 20, 2014 2.02 -2.19 4.0804 4.7961 -4.4238
May 19, 2014 6.73 3.89 45.2929 15.1321 26.1797
May 16, 2014 0.95 -0.77 0.9025 0.5929 -0.7315
May 15, 2014 -3.41 -2.68 11.6281 7.1824 9.1388
May 14, 2014 3.25 -1.74 10.5625 3.0276 -5.655
May 13, 2014 1.93 -1.04 3.7249 1.0816 -2.0072
May 12, 2014 -2.03 0.05 4.1209 0.0025 -0.1015
May 09, 2014 0.96 -2.94 0.9216 8.6436 -2.8224
May 08, 2014 1.67 0.56 2.7889 0.3136 0.9352
May 07, 2014 1.41 2.19 1.9881 4.7961 3.0879
May 06, 2014 -1.53 -3.85 2.3409 14.8225 5.8905
May 05, 2014 0.28 -4.17 0.0784 17.3889 -1.1676
May 02, 2014 -0.28 -6.38 0.0784 40.7044 1.7864
Apr 30, 2014 -5.63 -1.59 31.6969 2.5281 8.9517
Apr 29, 2014 -2.8 0 7.84 0 0
Apr 28, 2014 1.95 -0.6 3.8025 0.36 -1.17
Apr 25, 2014 3.07 -1.15 9.4249 1.3225 -3.5305
Apr 23, 2014 1.63 -4.05 2.6569 16.4025 -6.6015
Apr 22, 2014 6.05 -0.04 36.6025 0.0016 -0.242
Apr 21, 2014 1.61 3.26 2.5921 10.6276 5.2486
Apr 17, 2014 4.12 0.83 16.9744 0.6889 3.4196
Apr 16, 2014 -1.5 -4.08 2.25 16.6464 6.12
Apr 15, 2014 -1.33 -0.75 1.7689 0.5625 0.9975
Apr 11, 2014 0.6 5.79 0.36 33.5241 3.474
Apr 10, 2014 -1.18 3.4 1.3924 11.56 -4.012
Apr 09, 2014 2.11 0.76 4.4521 0.5776 1.6036
Apr 07, 2014 0.91 1.37 0.8281 1.8769 1.2467
Apr 04, 2014 3.13 4.04 9.7969 16.3216 12.6452
Apr 03, 2014 3.73 -2.87 13.9129 8.2369 -10.7051
Apr 02, 2014 5.66 3.16 32.0356 9.9856 17.8856
Apr 01, 2014 -0.34 -3.47 0.1156 12.0409 1.1798
TOTAL 52.63 0.78 578.0079 762.0578 40.8743
TABLE 1.6

125

7. Cotton price of NCDEX AND CBOT (US) for the period Apr 01,
2014 to Jul 01, 2014:-

Date
Change %
X(NCDEX)
Change %
Y(CBOT, US)
X
2
Y
2
XY
Jul 1, 2014 -0.69 -0.16 0.4761 0.0256 0.1104
Jun 30, 2014 1.67 -1.69 2.7889 2.8561 -2.8223
Jun 27, 2014 3.63 -0.03 13.1769 0.0009 -0.1089
Jun 26, 2014 -1.7 -0.51 2.89 0.2601 0.867
Jun 25, 2014 7.44 -1.8 55.3536 3.24 -13.392
Jun 24, 2014 4.62 -1.58 21.3444 2.4964 -7.2996
Jun 23, 2014 2.68 -11.61 7.1824 134.7921 -
31.1148
Jun 20, 2014 -1.62 0.16 2.6244 0.0256 -0.2592
Jun 19, 2014 -1.1 -3.62 1.21 13.1044 3.982
Jun 18, 2014 0.15 0.89 0.0225 0.7921 0.1335
Jun 17, 2014 2.1 2.88 4.41 8.2944 6.048
Jun 16, 2014 -0.86 0.91 0.7396 0.8281 -0.7826
Jun 13, 2014 -1.7 1.63 2.89 2.6569 -2.771
Jun 12, 2014 -1.19 0.23 1.4161 0.0529 -0.2737
Jun 11, 2014 2.27 -1.19 5.1529 1.4161 -2.7013
Jun 10, 2014 -1.93 2.2 3.7249 4.84 -4.246
Jun 09, 2014 -1.32 -0.29 1.7424 0.0841 0.3828
Jun 06, 2014 -2.11 -0.73 4.4521 0.5329 1.5403
Jun 05, 2014 5.56 -0.58 30.9136 0.3364 -3.2248
Jun 04, 2014 -2.13 -1.83 4.5369 3.3489 3.8979
Jun 03, 2014 1.2 1.13 1.44 1.2769 1.356
Jun 02, 2014 -1.58 0.62 2.4964 0.3844 -0.9796
May 30, 2014 6.11 -0.38 37.3321 0.1444 -2.3218
May 29, 2014 -1.54 1.62 2.3716 2.6244 -2.4948
May 28, 2014 3.13 -0.02 9.7969 0.0004 -0.0626
May 27, 2014 -2.99 -1.9 8.9401 3.61 5.681
126

May 26, 2014 -6.09 -1.48 37.0881 2.1904 9.0132
May 23, 2014 5.4 -1.42 29.16 2.0164 -7.668
May 22, 2014 1.97 0.22 3.8809 0.0484 0.4334
May 21, 2014 -0.52 -0.1 0.2704 0.01 0.052
May 20, 2014 -1.38 -0.73 1.9044 0.5329 1.0074
May 19, 2014 3.97 -0.55 15.7609 0.3025 -2.1835
May 16, 2014 9.33 -0.46 87.0489 0.2116 -4.2918
May 15, 2014 -2.1 -0.35 4.41 0.1225 0.735
May 14, 2014 3.83 -0.3 14.6689 0.09 -1.149
May 13, 2014 1.8 -1.31 3.24 1.7161 -2.358
May 12, 2014 1.09 0 1.1881 0 0
May 09, 2014 0.79 -0.53 0.6241 0.2809 -0.4187
May 08, 2014 -0.18 0.5 0.0324 0.25 -0.09
May 07, 2014 -0.12 -1.51 0.0144 2.2801 0.1812
May 06, 2014 2.37 -0.71 5.6169 0.5041 -1.6827
May 05, 2014 -3.49 0.43 12.1801 0.1849 -1.5007
May 02, 2014 0.18 -0.16 0.0324 0.0256 -0.0288
May 30, 2014 6.11 0.45 37.3321 0.2025 2.7495
May 29, 2014 -1.54 1.66 2.3716 2.7556 -2.5564
May 28, 2014 3.13 -0.99 9.7969 0.9801 -3.0987
May 26, 2014 -6.09 0.23 37.0881 0.0529 -1.4007
May 23, 2014 5.4 0.44 29.16 0.1936 2.376
May 22, 2014 1.97 -0.58 3.8809 0.3364 -1.1426
May 21, 2014 -0.52 1.2 0.2704 1.44 -0.624
May 20, 2014 -1.38 2.34 1.9044 5.4756 -3.2292
May 19, 2014 3.97 -0.97 15.7609 0.9409 -3.8509
May 16, 2014 9.33 0.62 87.0489 0.3844 5.7846
May 15, 2014 -2.1 -0.34 4.41 0.1156 0.714
May 14, 2014 3.83 0.79 14.6689 0.6241 3.0257
May 13, 2014 1.8 0.95 3.24 0.9025 1.71
May 12, 2014 1.09 -1.36 1.1881 1.8496 -1.4824
May 09, 2014 0.79 -1.39 0.6241 1.9321 -1.0981
127

May 08, 2014 -0.18 1.11 0.0324 1.2321 -0.1998
May 07, 2014 -0.12 -1.68 0.0144 2.8224 0.2016
May 06, 2014 2.37 1.49 5.6169 2.2201 3.5313
May 05, 2014 -3.49 -0.7 12.1801 0.49 2.443
May 02, 2014 0.18 -0.53 0.0324 0.2809 -0.0954
TOTAL 59.5 -21.37 713.1672 224.0223 57.0476
TABLE 1.7

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