fluctuations in the indian stock market

7/30/2019 fluctuations in the Indian Stock Market

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A.N Securities Ltd.

Internship Report

On

Fluctuations In The Indian Stock Market

-2011-12

Submitted to: prepared by:

Ms. Manjula Shastri Naina Agarwal

Amity School Of Business F-08

BBA(gen.)-2010-13

A3906410117


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DECLARATION

I the undersigned solemnly declare that the report of the projectwork entitled Fluctuations in the Indian Stock Market, is based my

own work carried out during the course of my study under the

supervision ofMr. Ajay Jain.

I assert that the statements made and conclusions drawn

are an outcome of the project work. I further declare that to the best of my

knowledge and belief that the project report does not contain any part of

any work which has been submitted for the award of any other

degree/diploma/certificate in this University or any other University.

Name:Naina Agarwal

Roll No.: F-08

EnrollmentNo.:A3906410117


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ACKNOWLEDGEMENT

I am extremely grateful and remain indebted to my guide

Mr. Ajay Jain for being a constant source of inspiration and for his wholehearted support in the Design, Implementation and Evaluation of myproject. It was through his constant guidance, constructive criticism andinvaluable suggestions and infrastructure that my project on Fluctuationsin the Indian Stock Market:2011-12 has seen the light of day. He hasbeen very co-operative throughout this project work. Through this column,it would be my utmost pleasure to express my sincere gratitude for hisencouragement, co-operation and consent without which accomplishmentof the project would have been an impossible and a distant dream.

I also extend my sincere appreciation to my faculty guideMs. Manjula Shastri who provided her valuable suggestions and precioustime in accomplishing my project report.

Lastly, I would like to thank the almighty and my parentsfor their moral support and my friends with whom I shared my day-to-dayexperience and received lots of suggestion that improved my quality ofwork.


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CERTIFICATE

TO WHOMSOEVER IT MAY CONCERN

This is to certify that Naina Agarwal of BBA general 2nd yearstudent of Amity University,Noida has done a project work in the

company onFluctuations in the Indian Stock Market:2011-12

under the guidance of Mr. Ajay Jain(Chief Managing Director of

A.N Securities Ltd.) towards the fulfilment of the during the

period May 7 , 2012 to June 30 , 2012.


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Materials and Methods

Primary research (also called field research) involves the collectionofdata that does not already exist, which is research to collect original data.

Primary Research is often undertaken after the researcher has gained some

insight into the issue by collecting secondary data. This can be through

numerous forms, including questionnaires, direct observation and

telephone interviews amongst others. This information may be collected in

things like questionnaires and interviews.

Secondary research (also known as desk research) involves the summary,

collation and/or synthesis of existing research rather than primary

research, where data is collected from, for example, research subjects or

experiments. Secondary research can come from either internal or external

sources. The proliferation of web search engines has increased

opportunities to conduct secondary research without paying fees to

database research providers.

This Project is mainly based on the secondary research as Secondary

research occurs when a project requires a summary or collection ofexisting data.
http://en.wikipedia.org/wiki/Datahttp://en.wikipedia.org/wiki/Questionnaireshttp://en.wikipedia.org/wiki/Primary_researchhttp://en.wikipedia.org/wiki/Primary_researchhttp://en.wikipedia.org/wiki/Primary_researchhttp://en.wikipedia.org/wiki/Primary_researchhttp://en.wikipedia.org/wiki/Questionnaireshttp://en.wikipedia.org/wiki/Data


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Objectives of Study

The objectives of the report were:

To know the basic terminology of stock market. To make the investor aware about the factors which may affect their

investment.

To get the knowledge of other markets such as commodity market.

To know the ups and downs of stock market of last one year.

To study volatility in Indian stock market while taking SENSEX of

Bombay stock exchange as a source of secondary data which broadly

represent Indian stock market along with NIFTY of National stock

exchange.

To study the factors which are making Indian stock market volatile.

To know the effect of these fluctuation on the Indian economy.

To furnish institutional material relevant for understanding the

environment in which stock market fluctuation are occurring.

Limitations of Project

Following are the limitations of the report:

The report is based on secondary research than on primary research.

This report does not have questionnaires to justify the conclusionsand analysis.

This report does not talk about the companys performance in

comparison with other competitors over the past years.


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Table of contents

er.No TOPICS PAGE NO

1.0 SCENARIO OF INDIAN STOCK MARKET 9

2.0 INFORMATION ABOUT COMPANY AND ITSSERVICES

10

3.0 CORPORATE BIRTH 104.0 CORPORATE MISSION 105.0 INFRASTRUCTURE 11

6.0 EMPLOYEES 11

7.0 ACHIEVEMENTS 11

8.0 MILESTONES 129.0 ORGANIZATIONAL CHART 13

10.0 INVESTMENT DESK 13

11.0 OTHER SERVICES 1412.0 PREFACE 15

13.0 EXECUTIVE SUMMARY 1614.014.114.2

14.314.4

RESEARCH PLAN

TITLE

SCOPE

HYPOTHESIS SOURCES OF DATA

17

15.0 INTRODUCTION OF STOCK EXCHANGE 18

16.016.1

INDIAN CAPITAL MARKET OVERVIEW

EVOLUTION

18

17.0 TRADING PATTERN OF INDIAN STOCKMARKET

19

18.0

18.1

OVER THE COUNTER EXCHANGE OFINDIA(OTCEI)

BULL AND BEAR MARKETS

19

2119.0 NATIONAL STOCK EXCHANGE(NSE) 2220.0 BOMBAY STOCK EXCHANGE(BSE) 24

21.0 LIST OF STOCK EXCHANGE IN INDIA 2522.122.222.322.4

ANALYSIS OF FLUCTUATION IN 2011-12

INTRODUCTION

2011-12

DATA PRELIMINARY STATISTICS

26

27

24.0 SENSEX MILESTONE 7926.0 CONCLUSIONS 86


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APPENDIX

DECLARATION 2

ACKNOWLEDGEMENT 3

CERTIFICATE 4

23.0 ANALYSIS OF STOCK MARKET FLUCTUATIONS2011

JUNE

JULY

AUGUST

SEPTEMBER

OCTOBER

NOVEMBER DECEMBER

2012

JANUARY

FEBRUARY

MARCH

APRIL

MAY

JUNE

28

2832353740

4346

515560646974

25.0 FINDINGS 8127.0 RECOMMENDATIONS 89

28.0 BIBLIOGRAPHY 90

1.01.11.21.31.41.51.61.71.81.92.02.12.22.3

2.42.5

TABLESGROWTH OF NSE SINCE INCEPTIONCHANGE IN DIFFERENT SECTORS ON 7th & 8thJUNE11NSE TURNOVER JUNE 2011GLOBAL MARKETS IN OCT 2011CHANGE IN DIFFERENT SECTORS IN NOV 2011TOTAL NET INVESTMENT BY FII IN DEC 2011GDP vs REPO RATE 2010,11,12ECONOMIC INDICATORRBI POLICY RATESFUEL SUBSIDIESMARKET SHARE OF DOMESTIC AIRLINESTOP 20 BRANDS OF AUTO IN APRIL 2012INDIAN RUPEE HITS ALL TIME LOW IN MAY 2012INDIAS EXTERNAL DEBT AND RATIO OF FOREIGN RESEVES TOTHE EXTERNAL DEBTTRENDS IN FII AND EXCHANGE FLOWFOREX VS INDIAN RUPEE

23293141444850

52535665667181

8385


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1.0 SCENARIO OF INDIAN STOCK MARKET

The financial scene is worldwide. The crisis had left the stock market in adeep crisis.

It is slowly regaining its breath and there are now investments made allthrough the world. Stock brokers as well as general public are makingmoney out of investing in shares and stocks. The financial trauma that all ofus faced are over and the recovery of the market is now being witnessed.Throughout the world the market is limping back to its normal trading life,as compared to other financial markets all over the world, the Indian stockmarket came back to life quite fast.The Indian Stock Market is the undisputed leader in the Asias market. Ithas a reputation among the foreign institutions. During the past few years

from the time of crash in 2004 there have been many swings in the Indianstock market. But, the gains from the market have been quite modest. Thetraders have made money by investing in shares and stocks and have madehandsome profits. The rate of inflation in India is high so the brokers aremore interested in selling than in buying stocks. The FDIs have alsoreduced considerably and the market has seen a rigorous financial criticalcondition. Now the financial scenario of Indian stock market is on the roadto recovery and is getting back its lost sight. In recent times market isgaining and has reached 17000 points and so is now looking towards a ray

of hope. Take your investment seriously and dont treat yourself to ups anddowns as the bad part has gone. However, be ready for the good and badpoints of the stock market investment.You should have proper investment guidance as it will work like magic foryou if you are trading shares in share market. You should have all the latestinformation ready with you. You need stock quotes, stock updates, dailystock alerts and every other information related to stock/stocks withinyour reach. The platform you use should be definitive in every part.Proficient stock advice from the brokers and the stock professionals is the

information that is must for you.


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A.N SECURITIES LTD.

2.0 Information about Company And Its Services

A.N Securities Ltd.-(Sister Concern of South Asian Stocks Ltd.)-a saga ofsuccess. From the modest beginning in 2011 the company has grown up byleaps and bounds under the stewardship of Mr. Ajay Jain (Chief managingdirector ).

A.N Securities is pioneer in the field of brokerage andservices in NSE . It is incorporated in year 2011 by a group of professional

who have a vast rich experience in Indian capital market . They have a bestonline trading platform in equity and derivative commutative brokerage ,investment service par excellence in the hall mark of A.N Securities.

A member of NSE like on-line trading sale and Purchase ofDebenture and shares.

They feel assure that being a progressive, intelligent, openminded and growth oriented customer you will surely utilize variousinvestment opportunities provided for customers benefit.

3.0 Corporate Birth

A.N Securities started its operation in 2011 in the field of brokerage andservices in NSE.

4.0 Corporate Mission

The company seeks to provide fast, reliable, effective and source investorfriendly financial services to clients. The synchronization of company andclients financial growth is kept in focus before adopting any work procedureor activity. Keeping clients satisfaction in centre, the Company has to grow

and success in ever extending vistas of financial services with of mutualprogress.


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5.0 Infrastructure

The Head Office of the Company is located at A-16 SurajMal Vihar, Delhi.

6.0 Employees

The employees of the company are the main asset and provide a rightdirection to an organization. The personals are professionally having vastwork experience in their respective fields to provide right impetus to ourorganization. Globalization & Liberalization is a boon for financial sector andthis sector is changing very fast. To cope up with the changes taking place

A.N Securities provides staff in house and outside training throughworkshops. The main motto behind this is to impart better and betterservices to clients.

7.0 Achievements

From a modest beginning in 1995, South Asian Stocks Ltd. has achieved a lot

in a short span of 16 years with the help of clients. Now it is looking forwardfor A.N securities to grow and it has actually resulted in vertical rise in clientbase in depository account. The company trading volume has also increasedsubstantially.


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8.0 Milestones

A.N Securities has investment analysis team which is engaged in analyzingthe Indian economy and corporate sectors to identify equity ideas. The teamstaunchly practices value investing philosophy and advices investors to takea mature and long term view of equity investments.

A.N Securities team is regularly engaged in findings way toimprove operational efficiencies and customer satisfaction. Manned by CAs ,

CSs, MBAs and Financial Analysts managing crucial functions, to provide

best products and services to its clients. A.N Securities practice meritocracyand each of the team members are provided with extensive training.

A.N Securities provide end to end equity solutions to all categoriesof its valued clients by using a combination of its numerous products andservices. It offers investment in trading ideas coupled with efficient andreliable trade execution and settlement. Some of the A.N securities are:-

On line trading NSE, BSE, NCDEX.

Future Stock index and option trading

Commodities trading in Gold, Silver , Rape Seed , Mustard Seed, Soyaseed, Soya , Mustard & Palm Oil , Staple , Cotton Rubber , Pepper, Grametc.

Future stocks like Tata motor, Tata steel, SBIN ,HDFC BANK,ICICIBANK, reliance industry , Hind.petro, Indian Oil etc.

Today A.N Securities is expanding its physical presence, to various parts ofDelhi as parts of its development and by providing customized investmentsolutions.


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9.0 ORGANISATIONAL CHART

MANAGING DIRECTORMr. Ajay Jain

DIRECTOR

HEAD(SYSTEMS)

HEAD(TRAINING)

HEAD(f&O)

HEAD(DEPOSITARY)

HEAD(ACCOUNTS)

HEADOPERATOR

ASST. HEAD(SYSTEMS)

OPERATOR(TRADING)

ASST. HEAD(F & O)

ACCOUNTANT

DIRECTOR


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10.1 OTHER SERVICES

The other services provided by A.N securities are:

They provide real-time quotes to their clients ensuring that they do not

miss the bus and have access to reliable data quickly.

They advise their clients on a daily basis on how to maximize their returns

on the stocks bought/ sold by suggesting exit/ stop-loss or re-entry points

in the respective stocks/ positions while keeping in mind their investment

objectives, personal financial situation, time horizon and risk taking

ability.

At A.N. SECURITIES, teams of skilled financial professionals constantly

monitor a whole gamut of investment opportunities in companies so as to

recommend buy/ sell on the basis of their analysis and research.

The companies are selected on the basis of various quantitative and

qualitative factors. Order Execution is their main strength; their endeavour

is to get the deals done as soon as we place them. They want their clients

to take advantage of each and every tick movement.

Capital Markets Segment

Their firms operations started in this segment way back and they have arich experience of dealing in this segment.

Derivatives Segment

Their continuous efforts to understand this segment have enabled them to

provide innovative strategies to their clients from which they can benefit.


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11.0 PREFACE

A project report on stock market is being prepared in attempts to interpretin-depth study of volatility in Indian stock market. This report helps us tounderstand various terminologies in stock market. This report gave meopportunity to have complete idea about volatility in stock market. Thisgave me idea about technical and fundamental analysis in stock market andhow trading is being done in stock market.This project report helps in following aspects,

Build understanding of central ideas and theories of stock market.

Develop familiarity with the analysis of stock market.

Furnish institutional material relevant for understanding theenvironment in which trading decisions are taken.

This project will guide to investors for an investment in stock market. Thisproject deployed a lot time for collections of information from varioussources. This project will be very helpful to know volatility from June 2011to june 2012 and reasons for such high volatility and would be able to takedecisions for investment in volatile stock market.


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12.0 EXECUTIVE SUMMARY

Stock market is an avenue for growth of earnings. This project includeshow broking is being done in stock market. It involves stock marketanalysis such as fluctuations in sensex & nifty, fluctuations in stock marketand reasons for the same. Stock market has been the best avenue forinvestment in securities since last 10 years. Mostly future and optiontrading was the worst trading in stock market in these sessions. I havecovered various sessions for analysis from June 2011 to June 2012.

In these sessions, stock market was most volatile so that Ihave covered various analyses with most affected factors to the globalmarket. Various stock indices in BSE such as BANKEX, BSE Metal, BSE IT,BSE FMCG, BSE PSU have been most affected due to panic market in thesesessions and I have made analysis of these indices.

In this project, I have included most gainer period andmost loser period with reasons for the same. I also included comparisonbetween Bond yields and foreign investments by foreign investors.

BSE FMCG SECTOR


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13.0 RESEARCH PLAN

13.1 Title: Fluctuation in Indian Stock Market and Analysis of volatility in2011-12.

13.2 Objectives:

To study volatility in Indian stock market while taking SENSEX ofBombay stock exchange as a source of secondary data which broadlyrepresent Indian stock market along with NIFTY of National stockexchange.

To study the factors which are making Indian stock market volatile.

To furnish institutional material relevant for understanding theenvironment in which stock market fluctuation are occurring.

13.3 Scope:

This study can be used by investors, traders and other professionals as asupplement to their own research.

13.4 Hypothesis:

This is the exploratory research which tries to shows the factors which aremaking stock market volatile.

Any fluctuation in foreign market has more effect on Indian stockmarket than that of domestic market.

In the given volatile economic conditions, the market is efficient toany news and information.

13.5 Sources of data:

Data used in this study is of secondary in nature. Sensex and Nifty is takenas a source of information which widely describes Indian stock market.Here monthly prices of both indexes are taken for the study purpose.


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15.0 INTRODUCTION OF STOCK EXCHANGE

Stock exchanges to some extent play an important role as indicators,reflecting the performance of the country's economic state of health. Stock

market is a place where securities are bought and sold. It is exposed to ahigh degree of volatility; prices fluctuate within minutes and aredetermined by the demand and supply of stocks at a given time.Stockbrokers are the ones who buy and sell securities on behalf ofindividuals and institutions for some commission.The Securities and Exchange Board of India (SEBI) is the authorizedbody, which regulates the operations of stock exchanges, banks and otherfinancial institutions.The past performances in the capital marketsespecially the securities scam by Harshad Mehta has led to tightening of the

operations by SEBI. In addition the international trading and investmentexposure has made it imperative to better operational efficiency. With theview to improve, discipline and bring greater transparency in this sector,constant efforts are being made and to a certain extent improvements havebeen made.As the condition of capital markets are constantly improving, ithas started drawing attention of lot more people than before. On the careerrelated aspects, professionals have opportunities to choose from for a widerange of jobs available in a number of organizations in this sector and onecan expect to have good times ahead of him.

16.0 INDIAN CAPITAL MARKET OVERVIEW

16.1 Evolution

Indian Stock Markets are one of the oldest in Asia. Its history dates back tonearly 200 years ago. The earliest records of security dealings in India aremeagre and obscure. The East India Company was the dominant institutionin those days and business in its loan securities used to be transacted

towards the close of the eighteenth century.Thus, at present, there are totally twenty-one recognized stock exchangesin India excluding the Over The Counter Exchange of India Limited (OTCEI)and the National Stock Exchange of India Limited (NSEIL).


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17.0 Trading Pattern of the Indian Stock Market

Trading in Indian stock exchanges is limited to listed securities of publiclimited companies. They are broadly divided into two categories, namely,

specified securities (forward list) and non-specified securities (cash list).Equity shares of dividend paying, growth-oriented companies with a paid-up capital of at least Rs.50 million and a market capitalization of at leastRs.100 million and having more than 20,000 shareholders are, normally,put in the specified group and the balance in non specified group.

Two types of transactions can be carried out on the Indian stock exchanges:(a) spot delivery transactions "for delivery and payment within the timeor on the date stipulated when entering into the contract which shall not be

more than 14 days following the date of the contract: and (b) forwardtransactions "delivery and payment can be extended by further period of14 days each so that the overall period does not exceed 90 days from thedate of the contract". The latter is permitted only in the case of specifiedshares. The brokers who carry over the outstanding pay carry over charges(cantango or backwardation), which are usually determined by the ratesof interest prevailing. A member broker in an Indian stock exchange can actas an agent, buy and sell securities for his clients on a commission basis andalso can act as a trader or dealer as a principal, buy and sell securities on

his own account and risk, in contrast with the practice prevailing on NewYork and London Stock Exchanges, where a member can act as a jobber or abroker only. The nature of trading on Indian Stock Exchanges are that ofage old conventional style of face-to-face trading with bids and offers beingmade by open outcry. However, there is a great amount of effort tomodernize the Indian stock exchanges in the very recent times.

18.0 Over The Counter Exchange of India (OTCEI)

The traditional trading mechanism prevailed in the Indian stock marketsgave way to many functional inefficiencies, such as, absence of liquidity,lack of transparency, unduly long settlement periods and benamitransactions, which affected the small investors to a great extent. Toprovide improved services to investors, the country's first ring less, scripless, electronic stock exchange - OTCEI - was created in 1992 by country'spremier financial institutions - Unit Trust of India, Industrial Credit andInvestment Corporation of India, Industrial Development Bank of India, SBICapital Markets, Industrial Finance Corporation of India, General Insurance

Corporation and its subsidiaries and Can Bank Financial Services.


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Trading at OTCEI is done over the centres spread across the country.Securities traded on the OTCEI are classified into: Listed Securities - The shares and debentures of the companies

listed on the OTC can be bought or sold at any OTC counter all over

the country and they should not be listed anywhere else. Permitted Securities - Certain shares and debentures listed on

other Exchanges and units of mutual funds are allowed to be traded. Initiated debentures - Any equity holding at least one-lakh

debentures of particular scrip can offer them for trading on the OTC.OTC has a unique feature of trading compared to other traditionalexchanges. That is, certificates of listed securities and initiated debenturesare not traded at OTC. The original certificate will be safely with thecustodian. But, a counter receipt is generated out at the counter, which

substitutes the share certificate and is used for all transactions.In the case of permitted securities, the system is similar to a traditionalstock exchange. The difference is that the delivery and payment procedurewill be completed within 14 days.Compared to the traditional Exchanges, OTC Exchange network has thefollowing advantages:

OTCEI has widely dispersed trading mechanism across the country,which provides greater liquidity and lesser risk of intermediarycharges.

Greater transparency and accuracy of prices is obtained due to thescreen based scrip less trading.

Since the exact price of the transaction is shown on the computerscreen, the investor gets to know the exact price at which s/he istrading.

Faster settlement and transfer process compared to other exchanges.

In the case of an OTC issue (new issue), the allotment procedure iscompleted in a month and trading commences after a month of the issue

closure, whereas it takes a longer period for the same with respect to otherexchanges. Thus, with the superior trading mechanism coupled withinformation transparency investors are gradually becoming aware of themanifold There are 2 types of Stock Market-:

1) Primary Market2) Secondary Market


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Primary Market

Primary market provides an opportunity to the issuers of securities, bothGovernment and corporations, to raise resources to meet their

requirements of investment. Securities, in the form of equity or debt, can beissued in domestic /international markets at face value, discount orpremium.The primary market issuance is done either through public issues orprivate placement. Under Companies Act, 1956, an issue is referred aspublic if it results in allotment of securities to 50 investors or more.However, when the issuer makes an issue of securities to a select group ofpersons not exceeding 49 and which is neither a rights issue nor a publicissue it is called a private placement.

Secondary Market

Secondary market refers to a market where securities are traded afterbeing offered to the public in the primary market or listed on the StockExchange. Secondary Market comprises of equity, derivatives and the debtmarkets. The secondary market is operated through two mediums, namely,the Over-the-Counter (OTC) market and the Exchange- Traded market. OTCmarkets are informal markets where trades are negotiated advantages of

the OTCEI.

18.1 Bull and Bear Markets:

Bull marketrefers to a market that is on the rise, it has sustained increasein market share prices. In such times, participants have faith that theuptrend will continue in the long term. Typically, country's economy isstrong and employment levels are high. Bear market is one that is indecline, share prices are continuously dropping, resulting in a downward

trend that participants believe will continue in the long run, having aspiralling effect. During a bear market, the economy typically slows downand unemployment may rise as companies begin laying off workers.Bear and Bull markets are named after the way in which each animalattacks its victims. It is characteristic of the Bull to drive its hornsUPWARDS into the air ,therefore upward moving markets are termed BullMarkets. Bear on the other hand, swipes its paws DOWNWARDS upon itsunfortunate prey ,therefore downward moving markets are termed BearMarkets. Exchanges are an organised marketplace, either corporation ormutual organisation, where members of the organisation gather to trade


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company stocks and other securities. The members may act either asagents for their customers, or as principals for their own accounts.Stock exchanges also facilitates for the issue and redemption of securitiesand other financial instruments including the payment of income and

dividends. The record keeping is central but trade is linked to such physicalplace because modern markets are computerised. The trade on anexchange is only by members and stock broker do have a seat on theexchange.

19.0 National Stock Exchange (NSE)

With the liberalization of the Indian economy, it was found inevitable to liftthe Indian stock market trading system on par with the internationalstandards. On the basis of the recommendations of high-powered PherwaniCommittee, Industrial Development Bank of India, Industrial Credit andInvestment Corporation of India, Industrial Finance Corporation of India,all Insurance Corporations, selected commercial banks and othersincorporated the National Stock Exchange in 1992.Trading at NSE can be classified under two broad categories:(a) Wholesale debt market and

(b) Capital market.Wholesale debt marketoperations are similar to money marketoperations institutions and corporate bodies enter into high valuetransactions in financial instruments such as government securities,treasury bills, public sector unit bonds, commercial paper, certificate ofdeposit, etc.There are two kinds of players in NSE:(a) Trading members and(b) Participants.

Recognized members of NSE are called trading members who trade onbehalf of themselves and their clients. Participants include trading


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members and large players like banks who take direct settlementresponsibility. Trading at NSE takes place through a fully automatedscreen-based trading mechanism, which adopts the principle of an order-driven market. Trading members can stay at their offices and execute the

trading, since they are linked through a communication network. Theprices at which the buyer and seller are willing to transact will appear onthe screen. When the prices match the transaction will be completed and aconfirmation slip will be printed at the office of the trading member.NSEhas several advantages over the traditional trading exchanges. They are asfollows:

NSE brings an integrated stock market trading network across thenation.

Investors can trade at the same price from anywhere in the country

since inter-market operations are streamlined coupled with thecountrywide access to the securities.

Delays in communication, late payments and the malpracticesprevailing in the traditional trading mechanism can be done awaywith greater operational efficiency and informational transparency inthe stock market operations, with the support of total computerizednetwork.

Unless stock markets provide professionals service, small investors andforeign investors will not be interested in capital market operations. And

capital marketbeing one of the major sources of long-term finance forindustrial projects, India cannot afford to damage the capital market path.In this regard NSE gains vital importance in the Indian capital marketsystem.

Table:1.0source: img_nse.jpg


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20.0 Bombay Stock Exchange(BSE) Sensex

For the premier Stock Exchange that pioneered the stock broking activity in

India,128 years of experience seems to be a proud milestone. A lot haschanged since 1875 when 318 persons became members of what today iscalled "The Stock Exchange, Mumbai" by paying a princely amount of Re1.Since then, the country's capital markets have passed through both goodand bad periods. The journey in the 20th century has not been an easy one.Till the decade of eighties, there was no scale to measure the ups anddowns in the Indian stock market. The Stock Exchange, Mumbai (BSE) in1986 came out with a stock index that subsequently became the barometerof the Indian stock market. SENSEX is not only scientifically designed but

also based on globally accepted construction and review methodology.First compiled in 1986, SENSEX is a basket of 30 constituent stocksrepresenting a sample of large, liquid and representative companies. Thebase year of SENSEX is 1978-79 and the base value is 100. The index iswidely reported in both domestic and international markets through printas well as electronic media. The Index was initially calculated based on the"Full Market Capitalization" methodology but was shifted to the free-floatmethodology with effect from September 1, 2003. The "Free-float MarketCapitalization" methodology of index construction is regarded as an

industry best practice globally. All major index providers like MSCI, FTSE,STOXX, S&P and Dow Jones use the Free-float methodology. Due to its wideacceptance amongst the Indian investors; SENSEX is regarded to be thepulse of the Indian stock market. As the oldest index in the country, itprovides the time series data over a fairly long period of time (From 1979onwards). Small wonder, the SENSEX has over the years become one of themost prominent brands in the country.The growth of equity markets in India has been phenomenal in the decadegone by. Right from early nineties the stock market witnessed heightened

activity in terms of various bull and bear runs. The SENSEX captured allthese events in the most judicial manner. One can identify the booms andbusts of the Indian stock market through SENSEX.


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21.0 List of Stock Exchanges In India:

Bombay Stock Exchange

National Stock Exchange Regional Stock Exchanges

Ahmedabad Stock Exchange

Bangalore Stock Exchange

Bhubaneshwar Stock Exchange

Calcutta Stock Exchange

Cochin Stock Exchange

Coimbatore Stock Exchange

Delhi Stock Exchange

Guwahati Stock Exchange Hyderabad Stock Exchange

Jaipur Stock Exchange

Ludhiana Stock Exchange

Madhya Pradesh Stock Exchange

Madras Stock Exchange

Magadh Stock Exchange

Mangalore Stock Exchange

Meerut Stock Exchange

OTC Exchange Of India

Pune Stock Exchange

Saurashtra Kutch Stock Exchange

Uttar Pradesh Stock Exchange

Vadodara Stock Exchange


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22.0ANALYSIS OF FLUCTUATION IN 2011-12:

22.1 Introduction:

There was a time when India was discussed as the land of snakecharmers, black magic and epidemics but the revolutionary Indiangrowth story changed everything. Indian economy at its heightcompelled the world to change its viewpoint towards India. Out of theseveral factors which changed the face of modern India, we aregoing to discuss the most roaring of them i.e. our share market.The earlier reform procedures adopted by India gave India the twomost sought after world-class brands i.e. SENSEX and NIFTY .The magicalfigures displayed by our market turned all the heads on India and

India became one of the most favoured places for investment.Now we are going to deal with the ups and downs in the share market sincelast two years i.e. since year 2011.Our share market has gone throughmany phases in there 2 years. We saw the investors getting overjoyed at21K and we saw them crying too when it crashed. We saw how the marketrewarded the undervalued shares and how the overvalued shares felldown to demonstrate the saying everything which rise more than

expected, has to fall.So to analyze the saga of Indian share market, wehad two indices to follow: BSE sensex and NSE nifty. Though NSE nifty is a

more advanced option and has left BSE sensex far behind, still we callBSE sensex as the barometer of our economy. Thats why we have followed the BSE sensex. It was not possible to track each andevery day figure of the sensex since last two years. The performance ofthe sensex and nifty is analyzed with the help of d at a and g ra phscol lected from various sources and some of the most ta lkeda bo ut movements of sensex starting with the secondary marketsummary of each year, firstly year 2011 and then year 2012.

22.2 2011-12

2011 was the year of great stress for Indian Rupee. It has lost greater than10 % of its value in the year 2011, making it one of the worst performingcurrencies in Asia. Logic says rupee appreciation shows the Indianeconomy is strengthening against US economy and depreciation makes theeconomy weaker. Overseas funds sold more than US$500 million worth ofIndian-listed shares over the last 5 years, reducing net income for 2011 toless than US$300 million a tiny sum compared with record investments of

greater than US$29 billion earned last year, on November 21, 2011 alone.Indian stock markets had a rather volatile outing in 2011 as indices fell by


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25% during the year. One of the reasons for this was thatforeignInstitutional Investors (FIIs) pulled out money from India by the truckloadcausing the sharp drop in stocks. The escalation of the crisis in Europe wasone of the factors that added to the overall negative sentiment. But to put

the blame entirely on that region would not be right. Problems back homein India also led to loss of confidence among investors. High inflation,interest rates, lower profits reported by India Inc., policy paralysis ingovernment were some of the main issues that led to big outflows.

Hence, in order to cushion the volatility in Indian stock markets and alsodeepen its under-developed markets. India allowed foreign nationals toinvest directly in the country's listed companies. Foreigners werepreviously restricted to investing in India's equity market through mutual

funds or other institutional channels. Whether this will result in animmediate flow of foreign money into India remains to be seen though.Ultimately what matters is what steps the government is taking to bring inreforms and ramping up the infrastructure of the country. If the politicaldeadlock continues the way it did in 2011, the chances of more investmentsin Indian markets , be it domestic or foreign, will be poor at best.

22.3 Data & Preliminary Statistics

To model the volatility of the Indian stock Market, we have used dailyclosing prices of the most popular stock index i.e. S&P CNX Nifty as proxy tothe Indian stock market.
http://www.equitymaster.com/india-markets/fiis/index.asphttp://www.equitymaster.com/india-markets/fiis/index.asphttp://www.equitymaster.com/india-markets/fiis/index.asphttp://www.equitymaster.com/india-markets/fiis/index.asp


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23.0 ANALYSIS OF STOCK MARKET FLUCTUATIONS

AND GLOBAL MARKET FROM JUNE 2011-JUNE 2012

JUNE

1stweek ended on 3rd June 2011

2nd week ended on 10th June 2011

3rd week ended on 17th June 2011

4th week ended on 24th June 2011

Date Open High Low Close Shares Traded Turnover( Cr)

01-Jun-2011 5561.05 5597.35 5559.45 5592.00 98629277 4670.86

02-Jun-2011 5529.90 5568.20 5521.95 5550.35 110949186 4709.42

03-Jun-2011 5565.70 5604.95 5507.20 5516.75 101017578 4757.10

06-Jun-2011 5504.30 5542.65 5479.85 5532.05 77137320 3486.68

07-Jun-2011 5509.15 5570.10 5507.80 5556.15 81858402 3830.70

08-Jun-2011 5535.25 5556.60 5514.90 5526.85 92928675 3869.33

09-Jun-2011 5523.55 5540.10 5502.05 5521.05 87033655 3859.17

10-Jun-2011 5518.05 5521.45 5457.45 5485.80 84190282 3995.15

13-Jun-2011 5469.85 5496.70 5436.95 5482.80 80104906 3807.22

14-Jun-2011 5485.60 5520.15 5484.20 5500.50 97840485 4714.26

15-Jun-2011 5494.45 5499.35 5438.95 5447.50 95878889 4562.47

16-Jun-2011 5419.65 5447.50 5389.80 5396.75 128063494 5341.03

17-Jun-2011 5412.50 5421.15 5355.85 5366.40 97876272 4480.59

20-Jun-2011 5372.20 5377.40 5195.90 5257.90 135334880 5956.17

21-Jun-2011 5280.80 5322.45 5257.00 5275.85 107191673 4765.02

22-Jun-2011 5304.65 5310.50 5262.50 5278.30 95769497 4151.39

23-Jun-2011 5269.10 5330.60 5252.25 5320.00 89001344 3756.75

24-Jun-2011 5343.40 5477.85 5343.40 5471.25 140100077 6791.80

27-Jun-2011 5441.20 5552.65 5434.25 5526.60 143402407 6707.54

28-Jun-2011 5548.85 5558.30 5496.35 5545.30 114413706 5127.85

29-Jun-2011 5566.50 5608.65 5566.50 5600.45 124593981 5463.96

30-Jun-2011 5614.50 5657.90 5606.10 5647.40 179224275 8133.27

INDIA

The BSE Sensex finished at 18,609, up 0.6% over the previous close. TheNSE Nifty closed at 5,592, up 32 points or 0.6% from the last close.

Investors went through a hectic 1stweek as an assortment of reportspopped through the period keeping investors in a dilemma and frontline


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indices in a sticky situation. Bullishness seemed to be returning to themarkets which were evident from the fact that the frontline indices showedsome resilience and did not capitulate despite an assortment ofdisappointing economic reports. The GDP data released showed that

nation's economy grew by 7.8% .Furthermore an official data released bythe Ministry of Commerce showed that India's six core industries grew by5.2% in April 2011 as compared to 7.4% in the previous month and 7.5% inthe same month of last year.Indian equity indices extended the downtrend for the second consecutiveweek as investors at large continued to avoid long positions amid anincreasingly vulnerable global as well as domestic setup. The hefty positionsquaring in last three session of the week proved very costly for thebenchmark indices as it plunged over two percent on week on week basis.

Foreign institutional investors (FII) restlessly attempted to plough backtheir hot money from the domestic markets because of confluence ofworrying economic trends like accelerating inflation, declining foreigninvestment and slower growth and domestic investment, that policy inertiais only making worse.With the domestic inflation persisting at uncomfortable levels, ReserveBank of India (RBI) furthered its aggressive stance against the rampantinflation and hiked repo rate and reverse repo rate by 25 basis points eachto 7.50% and 6.50% respectively, in its mid-quarter policy review, which

was in line with broader market expectations. However, the central bankhas left cash reserve ratio, which is the amount of funds that banks have tokeep with RBI, unchanged at 6%.

Table 1.1source: fullerton securities newsletter


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GLOBAL MARKETS

U.S. stocks retreated, sending the Standard & Poors 500 Index to thelongest losing streak since February 2009, as raw-material and financial

shares slumped amid growing concern the economy is slowing. The S&P500 fell 0.4 % to 1,279, dropping for a sixth day. The Dow Jones IndustrialAverage slid 21 points, or 0.2 %, to 12,048.Asian stocks have fallen as theFederal Reserve said the U.S. economy is slowing in some regions. JapansGDP shrank at an annualized 3.5 percent rate in the three months endedMarch 31 as most Asian indices are trading in the red. Nikkei is down0.34%, Hang Seng is down 0.07%while Kospi is down 0.25%.

CORPORATE/ ECONOMY NEWS

Top gainers

Reliance Communication was the top gainer of the month on Nifty,up by 9.76%. Reliance Communications received formal indicativeoffers from several interested parties, for the acquisition of RCOMscontrolling interest in Reliance Infratel, its passive infrastructuresubsidiary. The Board noted that, based on the indicative offers,completion of such a transaction would facilitate RCOMs stated

objectives of achieving a substantial reduction of its overall debtposition, and staying well within its target long term leverage ratios.

Reliance Capital was the other top gainer, up by 7.46%- All theReliance ADAG companies made a smart come back on the lasttrading day of the week after a plea was dismissed by a Delhi Courtfor making Anil Ambani one of the accused in the 2G spectrum scamcase.

Top losers

Tata Motors was the top loser on Nifty, down by 5.97%. Tata Motorstotal sales in May rose 10% year-on-year to 62,296 units. However,sales of its passenger cars Indica and Indigo saw a sharp decline. Alsoits total passenger vehicle sales in May, including Fiat carsdistributed in India, were down 8.3% to 21,549 units. Sales of itsIndica small car fell 35% year-on-year to 5,497 units, while mid-sizecar Indigos sales also declined 35% to 4,268 units during the month.

Mahindra &Mahindra was the other major loser down by 5.09% forthe week. Though the company reported a a 20 per cent jump in its


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total sales in May at 34,323 units as against 28,488 in the samemonth last year. In May, the company registered a 19 per cent jumpin sales in the domestic market to 32,159 units as compared to27,038. But it reported a six per cent rise in net profit for the quarter

ended March 31 at Rs 606 crore, as higher commodity costs dentedmargins.

Ambuja Cements was the other top loser, declining by 4.93%.Ambuja Cements reported a 6.57% dip in May sales at 17.64 lakhtones as compared to the same month last year. The company hadrecorded 18.88 lakh tones sales in May 2010. The cement productionof the company also declined during the reporting month at 17.36lakh tones against 19.04 lakh tones in May last year. Productiondecreased to 91.38 lakh tones, compared to 91.48 lakh tones in

January-may period of last year. Cumulative sales of the companyduring the January-May period, however, were up by 1.77% to 93.32lakh tones against 91.70 lakh tones during the corresponding perioda year ago.

COMMODITY / CURRENCY NEWS

Brent Crude Oil closed flat at $116 per barrel. Gold closed flat Rs 22,470and silver closed flat Rs 57,441.The Indian Rupee closed lower against the dollar at Rs 44.91 as the Indianequity benchmarks ended on a negative note on 30th June,2011.

ECONOMY / POLICY / GLOBAL NEWS

India's exports in April rose an annual 34%to $23.8 billion, while imports

for the month rose 14% on the year to $32.8 billion, government data

showed. India's trade deficit in April was at $9 billion, while its oil imports

rose 7.7% to $10.2 billion. India's exports grew a record 37.6% in the 2010-

11 fiscal year that ended in March, as demand soared for engineeringgoods, oil products and gems manufactured in Asia's third-largest economy

Table 1.2

source: fullerton securities newsletter


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July

1stweek ended on 8th July 2011

2nd week ended on 15th July 2011

3rd week ended on 22nd July 2011

4th week ended on 29th July 2011

Date Open High Low Close Shares TradedTurnover

( Cr)

27-Jun-2011 5441.20 5552.65 5434.25 5526.60 143402407 6707.54

28-Jun-2011 5548.85 5558.30 5496.35 5545.30 114413706 5127.85

29-Jun-2011 5566.50 5608.65 5566.50 5600.45 124593981 5463.96

30-Jun-2011 5614.50 5657.90 5606.10 5647.40 179224275 8133.27

01-Jul-2011 5705.75 5705.80 5609.75 5627.20 141092473 5590.28

04-Jul-2011 5679.55 5679.65 5633.10 5650.50 103528865 4266.62

05-Jul-2011 5659.85 5659.85 5612.30 5632.10 100776400 4938.19

06-Jul-2011 5622.70 5655.40 5610.75 5625.45 86109914 4239.98

07-Jul-2011 5633.35 5737.15 5632.95 5728.95 112220298 5439.55

08-Jul-2011 5734.65 5740.40 5651.05 5660.65 129276449 5659.53

11-Jul-2011 5648.05 5652.90 5601.70 5616.10 78899703 3579.63

12-Jul-2011 5556.90 5580.25 5496.95 5526.15 104907108 5294.13

13-Jul-2011 5542.05 5596.15 5541.40 5585.45 106019573 4702.05

14-Jul-2011 5569.00 5653.95 5541.70 5599.80 123015471 5390.44

15-Jul-2011 5602.95 5631.70 5562.75 5581.10 80426784 3668.42

18-Jul-2011 5581.75 5596.60 5550.95 5567.05 73604991 3305.34

19-Jul-2011 5569.85 5627.65 5557.20 5613.55 86555649 3983.28

20-Jul-2011 5642.05 5645.40 5555.10 5567.05 87093214 3825.45

21-Jul-2011 5554.60 5578.90 5532.70 5541.60 76327640 3681.07

22-Jul-2011 5576.95 5642.20 5567.10 5633.95 106781617 5040.43

25-Jul-2011 5633.80 5700.55 5616.70 5680.30 142008190 5622.44

26-Jul-2011 5688.45 5702.25 5560.15 5574.85 134108563 6270.33

27-Jul-2011 5588.55 5591.70 5521.50 5546.80 122321153 5358.36

28-Jul-2011 5492.40 5512.10 5475.65 5487.75 164522151 6883.18

29-Jul-2011 5479.00 5520.30 5453.95 5482.00 156128914 5901.53

INDIA

The Indian equities ended near the days low, with the Nifty closing below

5600 and the BSE Sensex finishing 150 points lower after opening near the

days high. The powerful overnight rally in the US markets and positivevibes from the European markets were unable to lift Indian markets as


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investors faced disappointing quarterly earnings during the day. BarringIRB Infra and Petronet LNG, most other companies announcing theirresults declined as the benchmark indices kept on drifting lower graduallythroughout the day. Finally, the BSE Sensex ended at 18,502, falling 151

points. The NSE Nifty closed at 5,567, dropping 46 points. BSE marketbreadth was negative. Out of 3,022 stocks traded, 1,694 declined while1,196 advanced. The Indian equity markets extended the fall for secondstraight day after RBIs hiked the Repo rate by 50 bps to 8.0% takingReverse Repo to 7.0%. Indian finance minster came out in support of move,stating the substantial rate hike was necessary to control the elevatedinflation levels even as the RBIs move left market participants andcorporate fuming.Normal monsoon rains are crucial to summer-sown crops and also

expected to gradually cause the easing in prices. Meanwhile, Indianagriculture production registered a record increase of around 11% duringthe 2010-11 agriculture season while ministry of finance approved 31foreign direct investment (FDI) proposals worth Rs 3844.70 core.The Empowered Group of Minister (EGoM) on food headed by Finance

Minister Pranab Mukherjee removed the four year ban from export of

wheat. The governments decision of removing the ban was quite late and

now it is expected that this will not have any significant impact on the

wheat prices in domestic market.

The downfall was largely led by metal and mining companies, in reaction to

the approval of the Daft Mines and Mineral Development and Regulation

(MMDR) Bill 2011, which called for coal miners to share up to 26% of their

profits with people directly affected, in a bid to smoothen the land

acquisition process and also to earmark 100% of the royalty paid by major

mineral mining companies.

GLOBALMARKETSU.S. stocks and Treasuries retreated as positive earnings reports wereoffset by concern that a Senate plan to help the U.S. government avoiddefault faced resistance from House Republicans while Crude rallied. TheStandard & Poors 500 Index slipped 0.1 percent to 1,326, a day after its

biggest rally since March. DJIA closed at 12,572, down 0.12 percent whileNasdaq closed at 2,814, down 0.43 percent. Asian markets are tradingnegative as Nikkei is down 0.05 percent, Hang Seng is down 0.28 percent,Strait Times is down 0.34 percent and Shanghai is down 0.2 percent.


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The country's third largest software exporter Wipro reported a

growth of 1.23% in consolidated netprofit for the quarter ended June

30, 2011, to Rs 1,334.9 crore. Last year, the company had posted anetprofit of Rs 1,318.6 crore for the first quarter, as per international

accounting standards.

Bharti Airtel up by 4.63% was the top gainer of the Nifty in thepassing week- Bharti Airtel, I has added 21.20 lakh mobilesubscribers in June, data from an industry body showed. Followingthe said addition, the companys total subscriber count stood at 16.92

crore. Recently, Bharti Airtel, Idea and Vodafone had signed 3Groaming pact in an effort to reduce cost and offer pan-India services.

FMCG firm Dabur have posted a 19.1% jump in its consolidated netprofit to Rs 127.74 crore for the April-June quarter on the back ofstrong demand across categories and stringent cost-saving measuresto mitigate rising input costs.

Gas Authority of India Ltd (GAIL) has registered a net profit of Rs985 crore in the first quarter ended June, 2011 an increase of 11%from Rs 886.88 crore in the same quarter a year ago. Net sales for thequarter were posted at Rs 8,867 crore. The rising fuel prices has led

to an increase of oil subsidy burden by 53%to Rs 682 crore from Rs445 crore in the corresponding quarter a year ago.

HCL Technologies posted a better-than-expected 52% jump in netprofit for April-June, as all its verticals and geographies posted stronggrowth. HCL's consolidated profit rose to Rs 511 core for April- June,compared with a profit of Rs 337 crore a year ago.


Brent Crude Oil ended up at $,118.1 per barrel. Gold closed up by 0.5% at

Rs 23,079 and silver closed up by 0.13% at Rs 59,030. The Indian Rupee

closed higher against the dollar at Rs 44.44 as the Indian equity

benchmarks ended on a negative note.


Securities and Exchange Board of India (SEBI) is likely to decide on the

takeover code of listed companies in its board meeting and will consider

the proposals of the takeover committee, headed by C Achuthan, formerpresiding officer of Securities Appellate Tribunal (SAT), which suggested


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the increase in the open offertrigger limit to 25% from 15% and raising the

open offer by acquirer to 100% from the existing 20%.

AUGUST

1stweek ended on 5thAugust 2011

2nd week ended on 12th August 2011

3rd week ended on 19ndAugust 2011

4th week ended on 26th August 2011


( Cr)

01-Aug-2011 5527.50 5551.90 5486.45 5516.80 98962726 4048.98

02-Aug-2011 5493.20 5496.30 5433.65 5456.55 110372244 4236.41

03-Aug-2011 5402.00 5422.60 5378.85 5404.80 133223864 5339.25

04-Aug-2011 5412.40 5434.50 5323.15 5331.80 118482440 4820.07

05-Aug-2011 5204.35 5229.65 5116.45 5211.25 196016865 7543.44

08-Aug-2011 5083.85 5204.20 5054.05 5118.50 188307028 7326.93

09-Aug-2011 4947.90 5167.00 4946.45 5072.85 233869015 9385.01

10-Aug-2011 5196.55 5197.95 5123.35 5161.00 158404456 6289.41

11-Aug-2011 5128.00 5184.95 5121.00 5138.30 113043482 4723.01

12-Aug-2011 5194.40 5194.45 5053.35 5072.95 128834807 5909.91

16-Aug-2011 5125.75 5132.20 5015.40 5035.80 130896704 5081.61

17-Aug-2011 5030.30 5112.15 5017.25 5056.60 143342008 5472.63

18-Aug-2011 5077.95 5078.60 4932.15 4944.15 139816131 5686.22

19-Aug-2011 4859.30 4893.60 4796.10 4845.65 166702431 7317.33

22-Aug-2011 4843.70 4910.05 4808.75 4898.80 123813921 5186.04

23-Aug-2011 4925.15 4965.80 4863.80 4948.90 130010440 5519.36

24-Aug-2011 4934.35 4962.40 4875.30 4888.90 129410652 5241.50

25-Aug-2011 4914.65 4915.85 4825.05 4839.60 184913414 7921.11

26-Aug-2011 4839.25 4872.00 4720.00 4747.80 149717732 5850.84

29-Aug-2011 4806.20 4934.40 4806.05 4919.60 145125304 5576.71

30-Aug-2011 4973.25 5016.25 4927.55 5001.00 181539730 7051.77

INDIA

The NSE Nifty has slipped over 160 points in the first three days with theindex closing belowthe 5350 levels for the first time since June 26.Marketsopened with a positive bias, tracking overnight gains in the US markets andpositive trend in a few Asian markets. However, the upswing was very

short-lived, asthe index slumped in late afternoon trade and ended nearday's low. Finally, the BSE Sensex ended at 17,693 losing 247 points. It had


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earlier touched a day's high of 18,032 and a day's low of 17,664. It openedat 18,032. The NSE Nifty closed at 5,331 losing 1.37 percent. The declinewas led by Realty, Auto, FMCG and Metals stocks.Amid the rising fears of global economic slowdown, the data released by

Indian finance ministry gave some confidence to investors as it showedthat foreign direct investments in India more than doubled to $4.66 billionin May from $2.21 billion a year earlier. Meanwhile, domestic sentimentsalso got boosted after weekly food inflation numbers moderated for secondsuccessive week to seven-week low levels, overlooking the speculationsthat incidental effects of last month's increase in diesel, kerosene andcooking gas prices may push up the inflationary pressure.GLOBAL MARKETS

Gripped by fear of a new recession, the stock market suffered its worst day

Thursday-4th

August,2011 since the financial crisis in the fall of 2008. TheDow Jones industrial average fell more than 500 points, its ninth-steepestdecline. The sell-off wiped out the Dow's remaining gains for 2011.Goldprices briefly hit a record high. Oil fell even more than stocks -- 6 percent..


Axis Bank's proposed Rs 1,080 crore ($240 million) US commercialpaper (USCP) program (BBB-/Stable/A-3) has been assigned A-1

short-term rating by Standard & Poor's (S&P) Ratings Services. A$240 million irrevocable direct-pay letter of credit issued by CitibankNA (A+/Negative/A-1) supports this program.

IT firm Infosys Technologies have said that it has implemented itscore banking solution, Finical, in Bank China trust Indonesia.

Electrical equipment maker Havells India have announced its entryinto the domestic appliances market with an aim to garner sales of Rs500 crore from the segment in the next four years.

Textile firm Bombay Dyeing said its net loss has widened by 29.9%to Rs 39.79 crore for the first quarter ended June 30, 2011 on theback of high expenses, including increase in raw materialconsumption.

Reliance Telecom, one of the accused firms in the 2G case, told aDelhi court that it did not hold substantial equity in Swan Telecom atthe time of grant of spectrum licences.



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Domestic passenger car sales declined by 16% to 133,747 units in July,2011, from 158,767 units in the same month last year. According to figuresreleased by the Society of Indian Automobile Manufacturers (SIAM),motorcycle sales in the country grew by 11% during the month to 785,278

units from 710,621 units in the corresponding month last year. Total two-wheeler sales increased by 13% to 1,056,906 units last month from938,514 units in July, 2010.

SEPTEMBER

1stweek ended on 8th September 2011

2nd week ended on 15th September 2011

3rd week ended on 22stSeptember 2011

4th week ended on 30th September 2011


( Cr)

02-Sep-2011 5109.80 5113.70 4993.35 5040.00 195055967 7689.70

05-Sep-2011 4998.90 5030.30 4964.45 5017.20 162898218 6359.59

06-Sep-2011 4993.35 5072.90 4942.90 5064.30 183680006 7278.00

07-Sep-2011 5080.15 5154.50 5076.30 5124.65 193856202 6883.16

08-Sep-2011 5139.20 5169.25 5098.25 5153.25 140855342 6093.78

09-Sep-2011 5161.30 5163.75 5046.80 5059.45 158713071 6482.27

12-Sep-2011 4981.70 4985.60 4911.25 4946.80 135500219 5175.51

13-Sep-2011 4977.80 5030.15 4911.05 4940.95 146005268 5305.87

14-Sep-2011 4965.05 5026.15 4917.40 5012.55 154276761 6416.57

15-Sep-2011 5062.35 5091.45 4967.45 5075.70 153648925 5935.88

16-Sep-2011 5123.35 5143.60 5068.10 5084.25 225187238 8379.56

19-Sep-2011 5068.40 5068.40 5019.25 5031.95 115737842 4042.27

20-Sep-2011 5042.55 5149.90 5035.25 5140.20 146599496 5504.69

21-Sep-2011 5153.75 5168.40 5109.85 5133.25 132918171 5142.01

22-Sep-2011 5054.45 5059.85 4907.75 4923.65 147608376 5675.35

23-Sep-2011 4873.75 4930.25 4829.60 4867.75 205769423 7364.65

26-Sep-2011 4878.60 4879.80 4758.85 4835.40 156079487 5475.64

27-Sep-2011 4905.15 4982.95 4905.15 4971.25 151313966 5284.66

28-Sep-2011 5005.50 5006.05 4918.45 4945.90 166872414 6078.49

29-Sep-2011 4924.20 5034.25 4906.00 5015.45 216156088 8284.97

30-Sep-2011 4990.15 5025.55 4924.30 4943.25 201962105 6764.12


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INDIA

After turbulent previous weeks and anxious weekends, the Indian equityindices ended in the negative terrain, starting-off the new week on a sour

note. The NSE Nifty extended its losing streak to a third straight tradingsession with sustained selling by FIIs, as they continue to be risk averseamid uncertainty over the eurozone credit crisis and economic slowdownin the US. The overseas investors have been net sellers for the past severaldays, selling worth Rs 35bn in the last 3 sessions. Reliance was the biggestdragger among Sensex stocks and along with HDFC Bank and Larsen &Toubro, contributed for a 60 points fall in the Sensex. Metal stocksdropped, mirroring a 3.2% drop in the London Metal Exchange on.IT stocks erased losses and ended up 0.5% at 5,011, as the rupee continued

to weaken against the dollar. A recovery in European markets, Dow futuresand buying in IT stocks helped the Sensex to recover around 250 pointsfrom the day's low of 15,801. The index finally ended with a loss of 111points to 16,051. The NSE Nifty closed at 4,835, down 32 points. BSEmarket breadth was negative. Out of 2,861 stocks traded, 1,963 declinedwhile 788 advanced.Indias growth in core infrastructure sector plunged to the 11 month low inAugust. This decline in the core infra index was due to record decline incoal which came to an all time low, followed by the natural gas which has

been experiencing negative growth since last December. The moderation inthe Index of Eight Core Industries indicates weakness in the Index ofIndustrial production (IIP) which also fell to its lowest level of 3.3% in July.

GLOBAL MARKETS

U.S. stocks rallied, rebounding from last weeks slump, as European officialsdiscussed plans to tame the regions debt crisis. Commodities reversed

losses and the Dollar Index declined. The European Central Bank islikely to debate restarting covered-bond purchases and may discuss

interest-rate cuts to ease funding strains, a euro-region central bank officialsaid. The Standard & Poors 500 Index jumped 2.3 percent to close at 1,163.The Dollar Index lost 0.5 percent, while the euro fell against 12 of 16 majorpeers. Asian markets are trading positive as Nikkei is up 1.8 percent, HangSeng is up 2.4 percent, Strait Times is up 1.5 percent and Shanghai is up 0.7percent. SGX Nifty is trading up 81 points, at 4921 suggesting a positivegap-up opening.


Top Gainers


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DLF up by 10.84% was the top gainer of the Nifty- DLF, India'slargest realty firm and green building developer - The 3C Companyare likely to sell their IT park in Noida to Infrastructure DevelopmentFinance Company (IDFC) for about Rs 500 crore. The deal is likely to

be closed shortly. DLF has about 70% stake in the IT Park and rest iswith the 3C Company. DLF eyes to raise up to Rs 7,000 crore in thenext 2-3 years from the sale of non-core assets to cut net debt of overRs 21,000 crore and it is expected to finalize at least two big-ticketdeals for sale of non-core assets during this quarter.

J P Associate up by 8.86% was the top gainer - Jaiprakash Associatessurged on a buzz that the company is mulling to dilute up to 26% inthe cement business and is looking for a partner. It has been furtherreported that Mexico's Cemex and South America's Votorantim

Group may be among the possible candidates. However it furtherclarified that Company has in place a Restructuring Committee ofDirectors, which examines various proposals from time to time toenhance the shareholders' value and that no such proposal has so farbeen put up to the said 'Restructuring Committee'.

Top Losers

Reliance Capital down by 21.62% was the top loser of Nifty for theweek - The company along with its other group companies weredown for the week on reports that three Reliance Group executives,Gautam Doshi, Surendra Pipara and Hari Nair, may turn approvers inthe 2G case. Meanwhile Reliance Capital is looking to divest part ofits stake in its asset management company (AMC) for which it is inadvance talks with Japan's Nippon Life. As the companys strategy to

reward its shareholders, it is considering a bonus share issue as wellas special dividend. The company will also focus on unlocking valueacross all its major businesses and will evaluate opportunities toenter the high growth sector of banking in the future.

Reliance Infra losing 12.83% was the other top loser - RelianceInfrastructure (R-Infra) is developing 27 projects at present, entailsan investment of Rs 45,000 crore ($9 billion). The company expectsthat as many as 20 projects will be generating revenue in FY12. Thefirm is developing 12 road projects worth Rs 16,500 crore, makingthe entity the largest private developer of roads in the country.


Brent Crude Oil ended down at $104 per barrel. Gold ended lower by 3.31percent at Rs25,671 and Silver closed down by 2.58% at Rs 51,485.The


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Indian Rupee closed lower against the dollar at Rs 49.44 as the Indian

equitybenchmarks ended on a negative note on 27th September,2011.


General Electric Co. reportedly plans to invest $200mn in a manufacturing

plant in Punenear Mumbai. According to reports, the size of the facility will

be about 450,000 squarefeet and will more than double to a million square

feet.Goldman Sachs to reportedly invest up to Rs 10bn ($202 mn) in an

Indian renewableenergy start-up, as the U.S. investment bank bets big on

the sector in the world'ssecond-fastest growing major economy.

OCTOBER

1stweek ended on 7th October 2011

2nd week ended on 14th October 2011

3rd week ended on 21stOctober 2011

4th week ended on 31th October 2011


( Cr)

03-Oct-2011 4874.40 4879.15 4823.90 4849.50 148921569 5230.17

04-Oct-2011 4823.50 4869.75 4728.30 4772.15 184413296 6736.87

05-Oct-2011 4791.30 4827.80 4741.00 4751.30 179140481 6385.35

07-Oct-2011 4883.65 4922.60 4861.20 4888.05 198288782 6914.62

10-Oct-2011 4886.85 4991.15 4882.05 4979.60 188839545 6247.21

11-Oct-2011 5019.90 5045.10 4964.00 4974.35 182038763 6386.80

12-Oct-2011 5011.20 5109.80 4997.65 5099.40 188008562 7528.09

13-Oct-2011 5130.80 5136.95 5067.65 5077.85 157302816 6319.82

14-Oct-2011 5057.35 5141.40 5056.60 5132.30 157781872 6140.27

17-Oct-2011 5156.20 5160.20 5084.50 5118.25 130460983 5029.13

18-Oct-2011 5049.45 5057.50 5011.05 5037.50 125550565 5148.86

19-Oct-2011 5080.45 5148.05 5075.30 5139.15 117468754 4776.09

20-Oct-2011 5086.55 5099.00 5033.95 5091.90 119333986 4582.47

21-Oct-2011 5106.60 5120.75 5037.95 5049.95 109893599 4733.71

24-Oct-2011 5114.70 5145.65 5084.75 5098.35 126073195 4927.43

25-Oct-2011 5137.90 5211.00 5085.55 5191.60 221084588 9967.24

26-Oct-2011 5214.95 5219.25 5196.15 5201.80 27496887 1059.46

28-Oct-2011 5341.90 5399.70 5322.80 5360.70 246078412 9151.20

31-Oct-2011 5358.90 5360.25 5314.60 5326.60 149483502 5937.99


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INDIA

Markets ended on a firm note following recovery in the European marketsand buying in index heavy weights- Reliance Industries and TCS, ahead of

second quarter results. The Sensex closed at 17,083, up 199 points, and theNifty ended at 5,132, up 54 points. Earlier in the day, the Sensex opened ona subdued note and touched a low of 16,828 in the morning session,tracking weak Asian peers after S&P downgraded Spain. The index changedtracks around noon and reclaimed 17,000 and touched a high of 17,112during the last leg of the trade, following gains in Europe. For the week, theNifty and Sensex advanced 5% each.The market proceedings ended on a jittery note as selling pressure towardsclose ahead of the impending weekend, which nullified the stability that

had characterized most of the session.Diwali - the festival of lights brought cheers back to the Indian stockmarkets as encouraging developments from the global front helpedmarkets participants in shrugging sluggish domestic developments. A weekafter plunging by around one and half a percent, Indian equity indicesdemonstrated an action-packed performance in the holiday shortenedweek and jumped to highest levels in around two months. The frontlineindices skyrocketed by over six percent in the passing week. The weekbegan on a positive note as the sentiments were supported by European

leaders assurances ofan upcoming rescue deal for the regions lingeringdebt problem. The subsequent session saw October series futures andoptions contract expire on a strong note with significant gains of close totwo percent.

GLOBAL MARKETS

Table 1.3source: fullerton securities newsletter

U.S. stocks rose, driving the Standard & Poors 500 Index to the largestweekly gain since July 2009, amid optimism over corporate earnings and

steps by European leaders to support the regions banks. Caterpillar


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Inc. (CAT), Walt Disney Co. (DIS) and DuPont Co. jumped at least 7.6percent to lead the Dow Jones Industrial Average, which rallied a thirdstraight week, the longest stretch since April, and erased its 2011 loss.


Top Gainers

Reliance Industries Ltd has posted a net profit of Rs. 57,030mn forthe quarter ended September 30, 2011 as compared to Rs. 49,230mnfor the quarter ended September 30, 2010. Total Income hasincreased from Rs. 581,510 mn for the quarter ended September 30,2010 to Rs. 796,710 mn for the quarter ended September 30, 2011.Net Profit for H1FY12increased by 16.3% to Rs113.64bn ($ 2.3 bn).Gross Refining Margin at $ 10.1/bbl for the quarter and $ 10.2/bblfor the half year ended 30th September 2011

State-owned Oil and Natural Gas Corp reported a 6 per cent rise inits net profit to Rs 5,388.77 crore in the quarter ended September30.ONGC had posted a net profit of Rs 5,089.64 crore in July-September quarter of 2009-10 fiscal. Sales rose to Rs 18,238.98 crorein Q2 of current fiscal from Rs.15,134.04 crore a year ago.

Top Losers

SBI down by 1.97% was the top loser of Nifty for the week - Postderegulation of savings deposit rates by Reserve Bank of India (RBI),the countrys largest lender, State Bank of India expects its average

funding cost for savings bank accounts to rise 100-125 basis points.Savings bank deposits comprise about 34 percent of SBI's totaldeposit base.

Idea Cellular reported a massive 41 per cent fall in consolidated net

profit to Rs 105.76 crore in the second quarter ended September 30,driven by larger interest cost and forex losses. However, total incomeof the mobile services provider rose to Rs 4,619.92 crore during thequarter under review, up from Rs 3,659.19 crore.


India has become more competitive in information technology compared toother countries , the Business Software Alliance (BSA) reported today with

its publication of the 2011 edition of the Economist Intelligence Unit's IT


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Industry Competitiveness Index. Indian banks loans rose by Rs1.72 trn

($35.1 billion) in September, according to a report.The Indian food processing industry is expected to reach USD

320 billion by 2015 and there is a need to create a conducive climate to

attract investments in this sector, an industry official said.

NOVEMBER

1stweek ended on 4th November 2011

2nd week ended on 11th November 2011

3rd week ended on 18stNovember 2011

4th week ended on 25th November 2011

5th week ended on 2nd December 2011


( Cr)

01-Nov-2011 5278.60 5310.85 5238.30 5257.95 152491922 5651.67

02-Nov-2011 5216.75 5300.10 5204.95 5258.45 144375106 4918.34

03-Nov-2011 5241.55 5281.60 5201.85 5265.75 160282802 5716.17

04-Nov-2011 5325.40 5326.45 5256.80 5284.20 149015829 5401.13

08-Nov-2011 5292.25 5304.25 5252.00 5289.35 120652007 4159.75

09-Nov-2011 5309.70 5317.50 5211.75 5221.05 146428609 6720.83

11-Nov-2011 5159.75 5198.60 5142.25 5168.85 168514208 6929.85

14-Nov-2011 5217.35 5228.90 5140.55 5148.35 134448100 5263.81

15-Nov-2011 5131.20 5158.75 5052.85 5068.50 149592578 5201.21

16-Nov-2011 5059.10 5065.20 4989.50 5030.45 161406885 5757.81

17-Nov-2011 5027.10 5036.80 4919.45 4934.75 149238976 5277.65

18-Nov-2011 4899.15 4915.90 4837.95 4905.80 192274363 6481.17

21-Nov-2011 4873.80 4873.80 4764.80 4778.35 154119333 5509.53

22-Nov-2011 4794.85 4854.00 4782.55 4812.35 174212435 6275.86

23-Nov-2011 4779.50 4779.50 4640.95 4706.45 178819371 6199.31

24-Nov-2011 4707.55 4771.10 4639.10 4756.45 213363083 7327.52

25-Nov-2011 4731.30 4767.30 4693.10 4710.05 162839558 5812.61

28-Nov-2011 4769.30 4859.10 4766.40 4851.30 145259101 4869.41

29-Nov-2011 4864.20 4866.10 4787.10 4805.10 155570321 5786.83

30-Nov-2011 4766.15 4851.55 4754.80 4832.05 282217865 11393.19

01-Dec-2011 4970.85 5011.90 4916.70 4936.85 183915785 6699.33

02-Dec-2011 4940.85 5062.55 4918.40 5050.15 180190935 6527.43


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INDIA

The benchmark indices started off with a gap up opening, on the back ofovernight gains in the US. As the day progressed, key indices graduallyclimbed higher. The Banking and the realty stocks were among

the major gainers. Even the broader indices participated in todaysrally.The BSE Sensex surged 323 points to close at 20,356. The NSE Niftyrose 100 points to close at 6,118.The broader indices ended with smartgains as well, the BSE Mid-Cap index ended higher by 1.8% and BSE Small-Cap index added 1.2%. The market breath was positive 1859 stocksadvanced, 1028 declined and 102 remained unchanged.

Table 1.4source : fullerton securities newsletter

GLOBALMARKETS

Stocks ended a choppy session little changed Monday as investorsremained jittery ahead of the week's three big events -- the midtermelections, the Federal Reserve meeting and the October jobs report. Aftersoaring more than 100 points earlier in the session, the Dow Jones endedjust 6 points higher.


Top Gainers:

Hindustan Unilever up by 4.21% was the top gainer of the Nifty -Indias largest fast moving consumer goods (FMCG) company has

been in jubilant mood after reporting 22% growth in its Q2 net profit.HUL has also launched an initiative 'Popeye' which allows its

employees across departments to highlight products shortage in anystore in the country. This move enabled company to stem loss of


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clients to rival brands. The pilot project was launched in Bangaloresix months ago, HUL received 230 calls from 100 outlets, which wereconverted into action points for the sales team.

Top Losers:

Bharat Petroleum Corporation down by 10.51% was the top loserof Nifty for the week - Rising debt, rupee fall weighed on the scripsperformance. BPCL along with other oil marketing companies wasassured subsidy for selling their products much below prevailingmarket prices; however, these companies are yet to receive themonetary aid. BPCLs net loss for Q2FY12 has widened at Rs 3229.27

crore as compared to the net loss of Rs 2561.89 crore in Q1FY'12. State Bank of India down by 8.53% was another top loser of Nifty-

The countrys largest public sector bank has reported that its grossnon-performing assets (NPAs) increased to 4.19% in the July-September quarter of FY12 versus 3.35% in a year ago period. NetNPAs too grew at 2.04% versus 1.70% during the same period.Although, SBIs net profit has registered growth of 12.36% at Rs

2,810.43 crore against Rs 2,501.37 crore for the quarter endedSeptember 30, 2010; beating streets expectation ofRs 2,800 crore.The growth in net profit was overlooked as NPAs moved up.

JP Associates down by 17.93% was the top loser of Nifty - There wasa buzz that Jaypee Group,is in talks to divest its stake in cement unit -Jaiprakash Associates. Later the company upon recommendations ofthe committee of directors received approval to demerge its cementplants in Gujarat & Andhra Pradesh and its other units viz. asbestossheet plants, heavy engineering workshop & Hi Tech casting centre /foundry into its wholly owned subsidiary, namely, Jaypee CementCorporation.

ECONOMY / POLICY NEWS

The Reserve Bank hinted at a marginal hike in key policy rates when itreviews its monetary stance today, saying inflation was still above thecomfort zone and that there was uptick in credit to non-food sectors.Ahead of RBI's mid-year monetary policy, the Plan panel yesterdaysuggested that the central bank should not hike the Cash Reserve Ratio(CRR), the amount banks are required to keep with the apex bank.An Empowered Group of Ministers (EGoM) headed by Finance MinisterPranab Mukherjee may next week decide on allocating natural gas from

fields like Reliance Industries' KG-D6 to power projects that will becommissioned by March 2012. Indias exports grew by 23.2% in September


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recording a two-year high of $18.02 billion, while faster import growthraised concerns over the countrys widening trade gap.

DECEMBER

1stweek ended on 9th December 2011

2nd week ended on 16th December 2011

3rd week ended on 23rd December 2011

4th week ended on 31th December 2011


( Cr)

01-Dec-2011 4970.85 5011.90 4916.70 4936.85 183915785 6699.33

02-Dec-2011 4940.85 5062.55 4918.40 5050.15 180190935 6527.43

05-Dec-2011 5036.50 5055.40 5002.55 5039.15 137254409 4689.58

07-Dec-2011 5050.10 5099.25 5032.25 5062.60 169428273 6005.21

08-Dec-2011 5037.40 5049.05 4921.45 4943.65 178853365 6029.68

09-Dec-2011 4870.75 4918.35 4841.75 4866.70 173612823 6040.22

12-Dec-2011 4906.85 4910.25 4755.55 4764.60 178338170 5926.00

13-Dec-2011 4733.60 4824.70 4728.50 4800.60 181043707 5816.38

14-Dec-2011 4788.70 4839.55 4750.40 4763.25 176252160 6324.86

15-Dec-2011 4712.80 4768.65 4673.85 4746.35 200317864 6976.68

16-Dec-2011 4752.50 4818.85 4628.20 4651.60 202060039 7284.93

19-Dec-2011 4623.15 4623.15 4555.90 4613.10 176447660 6302.29

20-Dec-2011 4635.80 4637.25 4531.15 4544.20 195304596 6279.01

21-Dec-2011 4636.45 4707.35 4601.95 4693.15 211310871 6689.82

22-Dec-2011 4636.90 4740.60 4632.95 4733.85 170789015 6017.00

23-Dec-2011 4763.20 4763.45 4693.20 4714.00 141982548 4676.75

26-Dec-2011 4718.15 4787.25 4718.15 4779.00 90847991 3034.39

27-Dec-2011 4780.20 4800.50 4723.65 4750.50 104828343 3342.15

28-Dec-2011 4756.20 4756.20 4685.65 4705.80 117463489 3657.52

29-Dec-2011 4681.15 4701.80 4639.05 4646.25 146003804 5137.28

30-Dec-2011 4659.95 4690.45 4608.90 4624.30 113900727 3785.33

INDIA

Indian markets showcased a fascinating performance on first day of the

week as it got a technical bounce after weeks of appalling feats dragged

stocks in oversold territory. The equity markets buckled under across the

board selling pressure in the subsequent session, leading the indices to

partly undo the good work done in the previous session. However, there


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appeared absolutely no signs of profit booking in the rest of the week,

which helped the indices to surmount various technical levels in the three-

day gaining streak.

The S&P CNX Nifty jumped by 340.10 points or 7.22% to 5050.15. On theNational Stock Exchange (NSE), Bank Nifty up 684.15 points or 8.06% to

9172.75, CNX IT up 325.45 points or 5.61% to 6122.90, while CNX mid- cap

up 221.65 points or 3.36% to 6819.35 and CNX Nifty Junior up 328.95

points or 3.62% to 9411.95 IN THE 1ST week.

Domestic equity markets commenced the week on a sluggish note as the

indices showcased an unenthusiastic performance since marketmen looked

to consolidate their position in the session after the benchmarks'

swashbuckling over seven percent surge in the week gone by. Indian

governments inability to fix out problems, get reform process going, to

take decisions, and put the economy ahead of politics are the factors that

dented investors confidence. Meanwhile, Finance Minister opined that

Indias fiscal targets would be a challenge in a slowing domestic economy

and uncertain global environment and revised the GDP forecast

downwards around 7.5% for the fiscal year ending March 2012, sharply

lower than the original estimate of 9%. In addition, reports showed thataccording to initial estimates, Indias industrial output contracted by 7% in

October, dragged down by a fall in the capital goods sector. Meanwhile,

investors overlooked the encouraging weekly inflation numbers which

showed that food inflation extended its declining streak for the fourth

straight week and eased to its slowest rate in more than two years to 6.6%

for the week ended November 26.

Investors also shrugged the trade data which showed that Indias exports

surged to $22.3 billion in November while import in November 2011 stood

at $35.9 billion, narrowing trade deficit to $13.6 billion compared to $19.6

billion in last month. Furthermore, domestic car sales registered a growth

of 7% in November, after seeing negative sales growth for four consecutive

months, but worries persisted that the automakers will miss out even on

the modest growth forecast of 2-4% this fiscal.

Market men overlooked Indias weekly food inflation data which declined

sharply to a nearly four-year low of 4.35% during the week ended


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December 3, thanks to the slew of seasonal factors like new crop arrival in

the market, and statistical base effect.

GLOBAL NEWS

The buzz that IMF is considering a rescue plan worth up to 600 billion euro

for Italy provide the much needed support to jittery markets earlier in the

week. Sentiments got buoyed as investors welcomed the world's major

central banks' new strategy to keep Europe's debt crisis from choking off

global lending, a dramatic step that comes as the availability of credit for

businesses and consumers has shown signs of freezing up. Amid the

ongoing global credit crunch and lingering Euro-zone woes, the six leading

central banks including US, Canada, UK, Japan, Switzerland and Europe

acted in concert by joining forces to lend dollars more cheaply to foreign

banks. Moreover, reports that the central bank in China reduced the

reserve requirement ratio of its banks by 50 bps to shore up activity in the

world's second-largest economy, also encouraged marketmen.

Table 1.5 source: ISE newsletter

CORPORATE NEWS

Top Gainers

Reliance Communication up by 4.32% was the top gainer of theweek- there was a buzz during the week that RelianceCommunications , India's biggest mobile phone carrier is close toclinching a deal and the company is in advance stages of talks with

private equity firms Carlyle and Blackstone to sell its tower unit. The


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deal which is expected to be to be announced in the next two weekscould be worth $4 billion.

Bharti Airtel up by 3.89% was the other to gainer of the week-Bharti Telecom, the majority stakeholder in private telecom operator

Bharti Airtel, has hiked the stake in Indias top mobile phone carrierby purchasing two lakh shares of the company for Rs 6.51 crorethrough open market transactions. With these transactions, the stakeof Bharti Telecom in the company now stands at 45.69 percent.

Tata Motors up by 2.13% was the top gainer of the week on Nifty -Tata Motors has launched two luxury buses, the Tata Divo, aluxurious long distance inter-city travel bus and the Tata StarbusUltra, a modern and practical offering for commuting within the city.

Top Losers

Axis Bank down by 8.17% was the top loser of the week on Nifty-Axis Bank lost along with other banking stocks despite launching--Insta Car Loans -- an auto finance facility that approves instant carloans at various car dealerships and at Axis Bank branches. Axis Bankhas developed this feature in association with BankBazaar.com.

Reliance industries losing 7.16% was the other major loser for theweek- Reliance Industries lost its position of the country's mostvalued company to Tata group firm TCS on the last trading day of theweek, as the shares of the company fell sharply in a weak market onconcerns of falling gas output from KG-D6, uncertainties overproduction sharing contracts and pressure on refining margins.

JP Associates down by 9.22% was the top loser on the nifty for theweek The Bombay Stock Exchange (BSE) will include GAIL (India)in its sensitive index Sen

fluctuations in the indian stock market

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