051

A Study on Relationship Between Nifty with World Stock Indices
INRODUCTION
A stock index is a compilation of several stock prices into a single number. Indices
come in various shapes and sizes. Some are broad-based and measure moves in broad,
diverse markets. Others are narrow-based and measure more specific industry sectors
of the marketplace. Perceivable that it is not the number of stocks that comprise
the
average that determine if an index is broad-based or narrow-based, but rather the

diversity of the underlying securities and their market coverage. Different stock
indices can be calculated in different ways. Accordingly, even where indices are
based on identical securities, they may measure the relevant market differently
because of differences in methods of calculation.
A stock index is a compilation of stocks constructed in such a manor to track a

particular market, sector, commodity, currency, bond, or other asset. Statistical
indicator used in measurement and reporting of changes in the market value of a
group of stocks/shares. Stock Market is a place where the stocks of a listed company
are traded. A single figure that sums up the overall performance of the market on a
daily basis is the Stock Index. A good Stock Index captures the movement of the well
diversified and highly liquid stocks. Different stock indices track the market
differently--depending on (1) which averaging method is used to establish the index,
(2) whether the index is broad based or narrow based, and (3) whether the averaging
method assigns weights on the basis of market price or market capitalization. . For a
lay man it is the pulse rate of the economy. Index movements reflect the changing
expectations of the stock market about future dividends of the corporate sector.
THE OXFORF COLLEGE OF BUSINESS MANAGEMENT

Stock Exchanges as a centre for trading were established as early as the 16th century.
In Antwerp, a major financial hub in Belgium, traders gathered together in 1531 to
speculate in shares and commodities. This was the world's first Stock Exchange.
London and Paris set up Exchanges sometime near the end of the 17th century. Close
to hundred years later, in 1792, the New York Stock Exchange (NYSE) was
established, which is still one of the worlds most powerful exchanges today. The
reason for establishment was primarily the need for financing businesses and for
providing returns for the finances.
In India, the Stock Exchange, Mumbai, was established in 1875 as The Native Share
and Stockbrokers Association (a voluntary non-profit making association) and is now
popularly known as the Bombay Stock Exchange (BSE). The other major exchange is
the National Stock Exchange of India Limited (NSE) and was incorporated in
November 1992. Combined the two trading zones are responsible for 99.9% of the
trading done in India.
Capitalization-Weighted
An index can be constructed so that weightage are biased toward the securities of
larger companies, a method of calculation known as capitalization-weighted. In
calculating the index value, the market price of each component security is multiplied
by the number of shares outstanding. This will allow a security's size and
capitalization to have a greater impact on the value of the index.

Equal Dollar-Weighted
Another type of index is known as equal dollar-weighted and assumes an equal
number of shares of each component stock. This index is calculated by establishing an
aggregate market value for every component security of the index and then
determining the number of shares of each security by dividing this aggregate market
value by the current market price of the security. This method of calculation does not
give more weight to price changes of the more highly capitalized component
securities.
Other Types
An index can also be a simple average: calculated by simply adding up the prices of
the securities in the index and dividing by the number of securities, disregarding
numbers of shares outstanding. Another type measures daily percentage movements
of prices by averaging the percentage price changes of all securities included in the
index.
Adjustments & Accuracy

Securities may be dropped from an index because of events such as mergers and
liquidations or because a particular security is no longer thought to be representative
of the types of stocks constituting the index. Securities may also be added to an index
from time to time. Adjustments to indices might be made because of such
substitutions or due
to the issuance of new stock by a component security. Such
adjustments and other similar changes are within the discretion of the publisher of the
index and will not ordinarily cause any adjustment in the terms of outstanding index
options.
However, an adjustment panel has authority to make adjustments if the publisher of

the underlying index makes a change in the indices composition or method of
calculation that, in the panel's determination, may cause significant discontinuity in
the index level.
Finally, an equity index will be accurate only to the extent that:

The
component securities in the index are being traded.
The
prices of these securities are being promptly reported.
The market prices of these securities, as measured by the index, reflect price
movements in the relevant markets.
Stock market indices may be classified in many ways.

A broad-base index represents the performance of a whole stock market and by proxy,
reflects investor sentiment on the state of the economy. The most regularly quoted
market indices are broad-based indices comprised of the stocks of large companies
listed on a nation's largest stock exchanges, such as the American NASDAQ and
DOW Jones, the Hong Kong Hang Sang, the German DAX, the Japanese NIKKEI
225, the Indian Nifty and the Korea KOSPI .
An index may also be classified according to the method used to determine its price.
In a Price-weighted index such as the Dow Jones Industrial Average the price of each
component stock is the only consideration when determining the value of the index.
Thus, price movement of even a single security will heavily influence the value of the
index even though the dollar shift is less significant in a relatively highly valued issue,

and moreover ignoring the relative size of the company as a whole. Thus, a relatively
small shift in the price of a large company will heavily influence the value of the
index. In a market-share weighted index, price is weighted relative to the number of
shares, rather than their total value. Traditionally, capitalization- or share-weighted
indices all had a full weightage i.e. all outstanding shares were included. Recently,
many have changed to a float- adjusted weighting which helps indexing.
So now to check that whether there is any relationship exist between the world stock
indices with the Nifty. Now the problem set arises that whether the impact on the one
market will be the same as compared to the other. To check the impact that there is
any correlation exits between the market and the change in one market will lead the
change in other considered market.
Determinants of a Stock Index:

Following parameters should be taken into picture before one constructs a stock
index:
Liquidity:
Liquidity of stocks as measured by the impact cost criterion which determines the
cost faced when actually trading the index. For example if the current market price of
a stock is Rs 200 and a trader purchases it at Rs 202 (due to involved transaction
costs) then the market impact cost is 1% and the stock is considered highly liquid for
lower impact cost.
Diversification:
Diversification, by putting stocks of various sectors that reflect the economy, is used
to cancel out stock noise which is essentially the individual stock fluctuations and to

reduce investors risks. An index must thus have a balanced representation of all
sectors.
Optimum size:
More stocks lead to greater diversification but the limiting factor is the size of the
index. Increasing number of stocks in an index from 10 to say 50 gives a sharp
reduction in risks but increasing the number beyond a point does very little in risk
reduction. Further it might lead to addition of illiquid stocks. For example, the optimal
size for NSE Nifty 50.
Market Capitalization:
The index should include primarily the stocks of companies that have significant
market capitalization with respect to the index such that any major change in the price
of the stock is reflected in the index. For example in NSE Nifty 50 Index.
Averaging:
Every stock primarily moves for two reasons: The news about the company and the
news about the country. An ideal index is affected only by the latter, that is the news
of the economy and the effect of the former is knocked out by proper averaging.
The stock market indexes are useful in a number of ways to stock investors. First, the
market indexes provide an historical perspective of stock market performance, giving
investors more insight into their investment decisions. Investors who do not know
which individual stock to invest in can use indexing as a method of choosing their
stock investments. By wanting to match the performance of the market, investors can
invest in index mutual funds or index exchange-traded funds (ETFs) that track the
performance of the indexes with which they are aligned. This form of investing gives
investors the opportunity to do as well as the markets and not significantly
underperform the markets. The second benefit of stock market indexes is that they

provide a yardstick with which investors can compare the performance of their
individual stock portfolios. Individual investors with professionally managed
portfolios can use the indexes to determine how well their managers are doing in
managing their money. The third major use of stock market indexes is as a forecasting
tool. Studying the historical performance of the stock market indexes, you can
forecast trends in the market. The Internet bubble is a prime example, which in
hindsight provides 20/20 vision. The price-to-earnings (P/E) ratio of the stock markets
was in the high 20s to low 30s in 19992000, indicating that the markets could not
sustain the rapid increase in stock prices. The P/E ratio for the market historically has
ranged between the high single digits and the low 30s, with an average around 15.
The P/E ratio for the S&P 500 was 17 on August 4, 2006, an indication that the stock
market was not particularly overvalued. Consequently, the market indexes provide
investors with a useful tool for forecasting trends in the market.
All the indexes are correlated; that is, they all move together in the same direction.
However, there are some differences. The Nasdaq and the AMEX indexes are not as
highly correlated with the S&P 500 and the DJIA. This makes sense because
companies in the NASDAQ and AMEX indexes are younger, smaller, and riskier than
the companies in the DJIA and S&P 500 Index. The best approach is to choose the
index
that
closely
resembles
the
makeup
of
your
stock
portfolio.
Individual measures of the market are convenient indicators or gauges of the stock
market. These market indexes are convenient gauges of the stock market that also
indicate the direction of the market over a period of time. By using these market
indexes, you can compare how well individual stocks and mutual funds have
performed against comparable market indicators for the same period.

The contribution of stock markets to economic growth:
There is a lot of discussion about the relation of the stock markets and the economic
growth of a country. The main reasons for this phenomenon are that stock exchanges:
Increase liquidity and constitutes a mechanism for diversification of risk (risk

management device), therefore making market participants more prone to
invest.
Improve the flow of information about activities of companies, which results

to the improvement of corporate control and eventually to better corporate
governance. In other words, the organizational and managerial structure of the
corporations becomes more effective.
Give the possibility to societys savings to direct to alternative investment ways that
are more productive. Existence of an exchange increases the stock of funding
available for riskier investment projects prerequisite to economic growth. In general,
it can be said that stock markets contribute to both capital accumulation and
technological innovation.
Here taken the comparison among the Indian market with the other world market to
check whether the Indian stock index(Nifty) also reacts with the other world indices
and try to prove the relationship among them using the regression model developed
with market variation data.
Market Taken under consideration

1. NASDAQ
2. NYSE Composite Index
3. DOW JONES
4. NIFTY
5. FTSE 100 Index
6. DAX
7. NIKKEI 225
8. HANG SENG
9. KOSPI

Review of Literature & Design of Study
2.1 INTRODUCTION TO THE STUDY:

A stock market index is a method of measuring a section of the stock market. A stock
index is a compilation of stocks constructed in such a manor to track a particular
market, sector, commodity, currency, bond, or other asset.
Many indices are used as benchmarks, to measure the performance of portfolios such
as mutual funds. It is a compilation of several stock prices into a single number.
Different stock indexes can be calculated in 3 different ways i.e., Market
Capitalization Method, Equal Dollar Weighted Method, Price Return Accordingly,
even where indexes are based on identical securities, they may measure the relevant
market differently because of differences in methods of calculation.
2.2 LITERATURE REVIEW:

Dr. John Mylonakis(1993), "Do the International Stock Indices reflect all
available market information? A weak form efficiency analysis"
The scope of this paper is to examine the four main
international stock market indices, in order to test for the existence of weak form
efficiency in the real world and if stock prices follow a random walk process. Results
show that as for the daily in-returns they tend to be stationary and not normally
distributed. There is some small degree of serial correlation that is statistically
significant. Returns are not identically distributed so we can claim that index prices do
not follow a random walk process. The scope of this paper is to examine four stock
10

market indices in order to test for the existence of weak form efficiency in the real
world. It can be claimed that in reality, markets are neither perfectly efficient nor
completely inefficient. All markets are efficient to a certain extent, some more so than
others. In markets with substantial impairments of efficiency, more knowledgeable
investors can strive to outperform less knowledgeable ones. Thus, evidence supports
the random walk model is evidence supporting efficiency with respect to past returns.
Carolyn Sprague(2008), "Stock Indexes"

This article discusses some of the major stock indexes in the
US including their history and relevance to todays investors. Stock indexes, or stock
market indexes, are lists of stocks and statistics that reflect the composite value.
Broad-based indexes such as the Dow Jones Industrial Average or the S&P 500 in the
US are representative of the performance of the entire market. For this reason, these
indexes are closely watched as a reflection of how investors view the state of the
economy. Specialized indexes allow investors to track portfolios for specific sectors
of the overall market which are much more manageable. Specialized indexes track
performance of stock portfolios that are grouped by common attributes such as market
or size of company. This essay discusses some of the major broad-based indexes and
current trends surrounding the use of traditional indexes. Stakeholder issues are
discussed from the standpoint of what current stock indexes provide for managers,
investors and policy makers. A new generation of stock indexes is emerging to meet
additional stakeholder demands and these are discussed along with other emerging
trends in the use and creation of stock indices.
11

Noel Amenc, Felix Goltz and Veronique Le Sourd (2009), "The Performance
of Characteristics-based Indices"
This paper analyses a set of characteristics-based indices that, it

has been argued, outperform market cap-weighted indices. They analyse the
performance of an exhaustive list of these indices and show that i) the outperformance
over value-weighted indices may be negative over long time periods, and ii) there is
no significant outperformance over equal-weighted indices. An analysis of the style
and sector exposures of characteristics-based indices reveals a significant value tilt.
When this tilt is properly adjusted for, the abnormal returns of these indices decrease
considerably. Moreover, it is straightforward to construct portfolios with higher
Sharpe ratios than characteristics-based indices through factor or sector tilts.
Jon E. Eggins and Robert J. Hill(2010), "Momentum and Contrarian Stock

Market Indices"
A contrarian investment strategy can earn risk-adjusted excess

returns when investors overreact to news, while a momentum strategy can when
investors under react. DeBondt and Thaler (1985, 1987) find evidence of overreaction
over periods of a few years, Jegadeesh and Titman ( 1993,2001 ) of under reaction
over periods of a few months, and Jegadeesh ( 1990) and Lehmann ( ! 990) of
overreaction over periods of between one week and a month. Lo and MacKinlay
(1990) also find evidence of contrarian profits over short time horizons, but unlike
Jegadeesh and Lehmann attribute their finding primarily to cross-autocorrelations
between stocks rather than overreaction. Large numbers of investors follow contrarian
and momentum strategies (see for example Goetzmann and Massa, 2002). The same
is true of mutual funds. Grinblatt, Titman and Wermers (1995) find that 77% of the
12

155 mutual funds in their sample engage in momentum investing, while Menkhoff
and Schmidt (2005) find that momentum and contrarian strategies are common among
German fund managers. The pervasiveness of momentum/contrarian trading rules
(e.g. 6-12 month momentum and one month contrarian) was demonstrated by the socalled 'quant meltdown' of August 2007, when a large number of quantitative
managers using such strategies experienced significant losses (see Khandani and Lo,
2007).
Richard Fu & Marco Pagani(2010), "On the co-integration of international

stock indices"
This paper investigates the co-integration relationship among a
group of international stock indices in light of new developments of econometric
methods. Kasa (1992) first documented strong evidence for co-integration relations
among five national stock indices, which suggests that there exists a common trend
among those stock indices. Using Johansen multivariate co-integration test, we find
that his findings are persistent in a sample of longer periods and more countries. In
order to investigate whether these results are driven by statistical biases related to the
sample size, we apply to our tests the Johansens small sample correction factor. An
important application of co-integration tests in finance area is to test market efficiency
by examining the long-run relationship among time series of prices of different assets.
For example, if the prices in two markets are co-integrated then it would be possible
to forecast one from the other, which suggests that markets are either not efficient, or
individual markets are efficient but segmented, or market indices are driven by timevarying risk factors.
13

Som Sankar Sen (2011), "Relationship Between Sensex and Some Selected
Stock Price Indices of the Asia-Pacific Region"
In the era of liberalization and globalization, investing
community and academicians are interested in investigating the movements of price
indices of different countries stock markets. The interrelationship among these
markets is studied and analyzed to explore the possibilities of risk diversification and
opportunities to earn higher returns. The monthly stock price indices might also be a
better choice as opposed to daily indices to avoid the problem of non-synchronous
trading when daily indices are in use, as daily indices may be influenced by some
thinly traded stocks. In this study, in this context, seeks to investigate the possible
nexus (both short run and long run) between the monthly stock indices of India
(Sensex) and that of the Australia [All Ordinaries (AORD)], Hong Kong [Hang Seng
Index (^HSI)], Indonesia [Composite Index (^JKSE)], Japan [Nikkei 225 (^N225)],
Malaysia [Composite Index (^KLSE)], Korea [KOSPI Composite Index (^KS11)],
Singapore [Straits Times Index (^STI)] and Taiwan [TSEC Weighted Index (^TWII)].
2.3 STATEMENT OF THE PROBLEM:

There are various views with respect to the interlinking & operation of the stock
market indices. Many investors believe that the Nifty has a significant correlation
with the other indices and if those indices have done well then on the same day Nifty
will also react in the same manner. That means Nifty is directly proportional to the
other world stock indices and vice versa.
14

2.4 SCOPE OF THE STUDY:
The scope of the study is limited to Nifty and Global indices under, which total of
nine indices have been selected. historical data for the past 3 years has been
considered.
2.5 OBJECTIVES OF THE STUDY:

To study the correlation between Nifty index and Global indices.
To find out the correlation between the Nifty with other indices at different
point of time.
To analyze the volatility between Nifty with other indices.
2.6 OPERATIONAL DEFINETIONS OF CONCEPS:

Stock Index:
Statistical indicator used in measurement and reporting of changes in the
market value of a group of stocks/shares.
Composite Index:
A grouping of equities, indexes or other factors combined in a standardized
way, providing a useful statistical measure of overall market or sector
performance over time. Also known as a "composite index".
Capitalization:
In accounting, it is where costs to acquire an asset are included in the price of
the asset.
15

Weighted:
A mathematical process by which figures and components are adjusted to
reflect importance by value or proportion.
Debt market:
The debt market is the market for trading debt securities. The debt market thus
involves corporate bonds, government bonds, municipal bonds, negotiable
certificates of deposit, and various money market investments.
2.7 METHODOLOGY:
Type of Study:
The study type is analytical, quantitative and historical.
Analytical as facts and existing information is used for the analysis.
Quantitative as correlation equation is calculated and the variables are expressed in
measurable terms.
Historical as the historical information is used for analysis and interpretation.
Data gathering procedure and instrumentation

Type of Data: Secondary data
Data:
Historical week closing and opening values of the stock indices
Nifty, NASDAQ, NIKKEI, DAX, FTSE100, KOSPI etc., has been collected.
Data Source:
Secondary data was collected from book, magazine, research articles and major
from websites.
16

Description about the analysis tools used
Correlation
A statistical concept that shows the tendency of two or more variables to change their
values at the same time, either in the same direction i.e. positive correlation or
opposite directions i.e. negative correlation. In general statistical usage, correlation or
co-relation refers to the departure of two variables from independence. In this broad
sense there are several coefficients, measuring the degree of correlation, adapted to
the nature of data. A number of different coefficients are used for different situations.
The best known is the Pearson product-moment correlation coefficient, which is
obtained by dividing the covariance of the two variables by the product of their
standard deviations. Despite its name, it was first introduced by Francis Galton
Pearson product-moment correlation coefficient.
The Karl's Pearson's correlation coefficient X, Y between two random variables X and
Y as:
The correlation is defined only if both of the standard deviations are finite and both of
them are nonzero. It is a corollary of the Cauchy-Schwarz inequality that the
correlation cannot exceed 1 in absolute value.
17

2.8 LIMITATIONS OF THE STUDY:
An elaborate study was not possible, because of time constraints.
Time lag between the markets so the spread of information does not have
same impacts.
2.9 CHAPTER SCHEME:

CHAPTER 1- Introduction
This chapter contains an introduction to the broad area of the topic chosen,
specific area of the topic chosen, introduction to the topic itself and an overview of
industry in general.
CHAPTER 2- Research Design

This chapter contains the plan of study, which include statement of the
problem, need for study/significance of the dissertation, review of the previous
studies, objectives, operational definition of concepts, scope, methodology, sample
design, sources of data, tool and techniques for data collection, limitations and an
overview of chapter scheme.
CHAPTER 3- Profile of the Company:

This chapter contains a complete profile of the company including history,
nature of business, products and services of the company.
18

CHAPTER 4- Data Analysis and Interpretation:
This chapter contains an analysis of the data with required interpretation. The
information obtained needs to be reduced to tables; graphs and charts are to be used
wherever necessary. Inferences are to be drawn following the interpretation of the
table.
CHAPTER 5- Summary of findings, conclusions and recommendation:
This chapter starts with an overview of the dissertation, summary of the
findings of the inferences are to be drawn following interpretation of the table,
provide conclusions and after recommendations based on the findings. It is to be
noted that the recommendations are practical, acceptable and comprehensive.
19

PROFILE OF THE ORGANIZATION
NIFTY
NSE is a stock exchange located at Mumbai, Maharashtra, India. It is the16th
largest stock exchange in the world by market capitalization and largest in India by
daily turnover and number of trades, for both equities and derivative trading. NSE has
a market capitalization of around US$985 billion and over 1,640 listings as of
December 2011. 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 NSE NIFTY (National Stock Exchange Fifty),
an index of fifty major stocks weighted by market capitalization.
Nifty Fifty was an informal term used to refer to 50 popular large cap stocks on the
New York Stock Exchange in the 1960s and 1970s that were widely regarded as solid
buy and hold growth stocks. The fifty are credited with propelling the bull market of
the early 1970s. Most are still solid performers, although a few are now defunct or
otherwise worthless.
The long bear market of the 1970s that lasted until 1982 caused valuations of the nifty
fifty to fall to low levels along with the rest of the market, with most of these stocks
under-performing the broader market averages. A notable exception was Wal-Mart,
the best performing stock on the list, with a 29.65% compounded annualized return
over a 29 year period.
The National Stock Exchange of India was promoted by leading Financial
institutions at the behest of the Government of India, and was incorporated in
20

November 1992 as a tax-paying company. In April 1993, it was recognized as a stock
exchange under the Securities Contracts (Regulation) Act, 1956. NSE commenced
operations in the Wholesale Debt Market segment in June 1994.
The S&P CNX Nifty is a well diversified 50 stock index accounting for 22 sectors of
the economy. It is used for a variety of purposes such as benchmarking fund
portfolios, index based derivatives and index funds S&P CNX Nifty is owned and
managed by India Index Services and Products Ltd, which is a joint venture between
NSE and CRISIL. IISL is India's first specialized company focused upon the index as
a core product. IISL has a Marketing and licensing agreement with Standard & Poor's,
who are world leaders in index services.
Market Representation
S&P CNX Nifty stocks represent about 65.57% of the total free float market
capitalization of the universe of the stocks traded on NSE as on March 30, 2012.
The S&P CNX Nifty Index represents about 66.90% of the free float market
capitalization of the stocks listed on NSE as on December 30, 2011. The total traded
value for the last six months of all index constituents is approximately 56.58% of the
traded value of all stocks on the NSE. Impact cost of the S&P CNX Nifty for a
portfolio size of Rs.50 lakhs is 0.08%. S&P CNX Nifty is professionally maintained
and is ideal for derivatives trading
NSE became the first stock exchange to get approval for interest rate futures, As
recommended by SEBI-RBI committee, on 31 August 2009, a futures contract based
on 7% 10 Year Government of India (Notional) was launched with quarterly
maturities.
21

Diversification:
S&P CNX Nifty is a diversified index, accurately reflecting overall market
conditions. The reward to- risk ratio of S&P CNX Nifty is higher than other leading
indices, making it a more attractive portfolio hence offering similar returns, but at
lesser risk.
Indices of NSE:
NSE also set up as index services firm known as India Index Services & Products Limited
(IISL) and has launched several stock indices, including:
S&P CNX Nifty
CNX Nifty Junior
CNX 100 (= S&P CNX Nifty + CNX Nifty Junior)
S&P CNX 500 (= CNX 100 + 400 major players across 72 industries)
CNX Midcap (introduced on 18 July 2005 replacing CNX Midcap 200)
NASDAQ
The NASDAQ Stock Market, also known as simply the NASDAQ, is an American
stock exchange. "NASDAQ" originally stood for "National Association of Securities
Dealers
Automated
Quotations". It
is
the second-largest
stock
exchange
by capitalization in the world, after the New York Stock Exchange. As of January 25,
2011, there are 2,711 listings, with a total capitalization of over $4.5 trillion. The
NASDAQ has more trading volume than any other electronic stock exchange in the
world. The exchange is owned by NASDAQ OMX Group, which also owns
the OMX stock exchange network.
22

The Nasdaq Composite is a stock market index of all of the common stocks and
similar securities (e.g. ADRs, tracking stocks, limited partnership interests) listed on
the NASDAQ stock market, meaning that it has over 3,000 components. It is highly
followed in the U.S. as an indicator of the performance of stocks of technology
companies and growth companies. Since both U.S. and non-U.S. companies are listed
on the NASDAQ stock market, the index is not an exclusively U.S. index.
Launched in 1971 with a base value of 100 points, the Nasdaq Composite Index is a
broad based index which is calculated under a market capitalization weighted
methodology. To be eligible for inclusion in the Composite, a security's U.S. listing
must be exclusively on the NASDAQ Stock Market (unless the security was dually
listed on another U.S. market prior to 2004 and has continuously maintained such
listing), and have a security type of either:
American Depositary Receipts (ADRs)
Common Stock
Limited Partnership Interests
Ordinary Shares
Real Estate Investment Trusts (REITs)
Shares of Beneficial Interest (SBIs)
Tracking Stocks
History:
NASDAQ was founded in 1971 by the National Association of
Securities Dealers(NASD), who divested themselves of it in a series of sales in 2000
and 2001. It is owned and operated by the NASDAQ OMX Group, the stock of which
was listed on its own stock exchange beginning July 2, 2002, under the ticker
23

symbol NASDAQ: NDAQ. It is regulated by the Financial Industry Regulatory
Authority (FINRA), the successor to the NASD. When the NASDAQ stock
exchange began trading on February 8, 1971, it was the world's first electronic stock
market. At first, it was merely a computer bulletin board system and did not actually
connect buyers and sellers. The NASDAQ helped lower the spread (the difference
between the bid price and the ask price of the stock) but somewhat paradoxically was
unpopular among brokerages because they made much of their money on the spread.
In 1992, it joined with the London Stock Exchange to form the first intercontinental
linkage of securities markets. NASD spun off NASDAQ in 2000 to form a publicly
traded company, the NASDAQ Stock Market, Inc.
In 2006 NASDAQ changed from stock market to licensed national exchange.
On November 8, 2007, NASDAQ bought the Philadelphia Stock Exchange (PHLX)
for US$652 million. PHLX is the oldest stock exchange in Americahaving been in
operation since 1790. To qualify for listing on the exchange, a company must be
registered with the United States Securities and Exchange Commission (SEC), have at
least three market makers (financial firms that act as brokers or dealers for specific
securities) and meet minimum requirements for assets, capital, public shares, and
shareholders.
In
February,
2011,
Euronext with Deutsche
in
the
Brse,
wake
of
an
speculation
announced
developed
merger
of NYSE
that
Nasdaq
and Intercontinental Exchange (ICE) could mount a counter-bid of their own for
NYSE. Nasdaq could be looking to acquire the American exchange's cash equities
business, ICE the derivatives business. As of the time of the speculation, "NYSE
Euronexts market value was $9.75 billion. Nasdaq was valued at $5.78 billion, while
24

ICE was valued at $9.45 billion." Late in the month, Nasdaq was reported to be
considering asking either ICE or the Chicago Merc to join in what would be probably
have to be, if it proceeded, an $1112 billion counterbid.
Indices:
NASDAQ-100
NASDAQ Bank
NASDAQ Biotechnology Index
NASDAQ Transportation Index
NASDAQ Composite
NYSE Composite index

The NYSE Composite is a stock market index covering all common stock listed on
the New York Stock Exchange, including American Depositary Receipts, Real Estate
Investment Trusts, tracking stocks, and foreign listings. Over 2,000 stocks are covered
in the index, of which over 1,600 are from United States corporations and over 360
are foreign listings; however foreign companies are very prevalent among the largest
companies in the index: of the 100 companies in the index having the largest market
capitalization (and thus the largest impact on the index), more than half (55) are nonU.S. issues. This includes corporations in each of the ten industries listed in the
Industry Classification Benchmark. It uses free-float market cap weighting.
The origin of the NYSE can be traced to May 17, 1792, when the Buttonwood
Agreement was signed by 24 stockbrokers outside of 68 Wall Street in New York
under a buttonwood tree on Wall Street. On March 8, 1817, the organization drafted a
25

constitution and renamed itself the "New York Stock & Exchange Board." Anthony
Stockholm was elected the Exchange's first president.
It was originally given a value of 50 points, based on the market closing on December
31, 1965, and is weighted by the number of shares listed for each issue. It was reintroduced in January 2003 with a value of 5,000 points. The NYSE Composite
outperformed the Dow Jones Industrial Average, the Nasdaq Composite, and the S&P
500 in 2004, 2005, and 2006[2] and closed above the 10,000 level for the first time on
June 1, 2007. The NYSE Composite set a closing high of 10,311.61 on October 31,
2007 but failed to pass the intra-day high of 10,387.17 it reached in trading on
October 11, 2007. On September 29, 2008, continuing troubles in the financial sector
culminated in a loss of more than 8%. On November 20, 2008, the index plummeted
below 5,000 to a multi-year bear market low near 4,650. Its lifetime low (as currently
calculated) stands at 347.77 points, reached in October 1974. On May 6, 2010, the
Dow Jones Industrial Average posted its largest intraday percentage drop since the
October 19, 1987 crash, with a 998 point loss later being called the Flash Crash (As
the drop occurred in minutes before rebounding). The SEC and CFTC published a
report on the event, although it did not come to a conclusion as to the cause. The
regulators found no evidence that the fall was caused by erroneous ("fat finger")
orders.
The index is continuously computed, and printed on ticker tape every half hour, with
point changes in the index converted to dollar amounts. In addition to the overall
composite, there are separate indices for industrial, transportation, utility, and
financial corporations. The index is the basis of the iShares NYSE Composite Index
Fund (NYC), an exchange-traded fund.
26

DOW JONES
The Dow Jones Industrial Average was founded by Charles Dow on May 26, 1896,
and represented the dollar average of 12 stocks from leading American industries.
Previously in 1884, Dow had composed an initial stock average called the Dow Jones
Averages, which contained nine railroads and two industrial companies that appeared
in the Customer's Afternoon Letter, a daily two-page financial news bulletin which
was the precursor to The Wall Street Journal. The original group of 12 stocks
ultimately chosen to form the Dow Jones Industrial Average did not contain any
railroad stocks, but purely industrial stocks. Of these, only General Electric currently
remains part of that index.
The Dow Jones Industrial Average also called the DJIA, Dow 30, or informally the
Dow Jones or The Dow is one of several stock market indices created by nineteenth
century Wall Street Journal editor and Dow Jones & Company co-founder Charles
Dow. Dow compiled the index as a way to gauge the performance of the industrial
component of America's stock markets. It is the second oldest continuing U.S. market
index, after the Dow Jones Transportation Average, which Dow also created. Today,
the average consists of 30 of the largest and most widely held public companies in the
United States. The "industrial" portion of the name is largely historicalmany of the
30 modern components have little to do with heavy industry. The average is price
weighted. To compensate for the effects of stock splits and other adjustments, it is
currently a scaled average, not the actual average of the prices of its component
stocksthe sum of the component prices is divided by a divisor, which changes
whenever one of the component stocks has a stock split or stock dividend, to generate
the value of the index.
27

The index is currently a scaled average & not the actual average of the prices of its
component stocks. To compensate for the effects of stock splits and other
adjustments,the sum of the component prices is divided by a divisor, which changes
whenever one of the component stocks has a stock split or stock dividend, to generate
the value of the index. Since the divisor is currently less than one, the value of the
index is higher than the sum of the component prices. The Dow Jones Industrial
Average, comprised of 12 smokestack companies, made its debut May 26, 1896.
Twelve years earlier, Mr. Dows initial stock average, containing 11 stocks (nine of
which were railroad issues) appeared in Customers Afternoon Letter, a daily twopage financial news bulletin that was the precursor of The Wall Street Journal. The
index opened at 40.94 when it was first published. It hit an all-time low of 28.48
during the summer of 1896. The New York Stock Exchange was closed for the next
four months on July 30, 1914.
Late-2000s recession:
During the early part of the 2010s, the Dow made a fairly notable rally attempt in the
face of growing global concerns such as the 2010 European sovereign debt crisis and
the Dubai debt crisis. Although for the most part just a political event, the Dow closed
at the 10,785.89 level on March 22, 2010 following the passage of the landmark
Patient Protection and Affordable Care Act in Washington. On May 6, 2010, just after
2:30 pm EDT, the Dow Jones Industrial Average plunged by 998.50 points, an intraday loss of 9.2%. The event later became known as the 2010 Flash Crash or the
"Flash Crash". Although there was an immediate recovery, it was the biggest intraday fall ever. This would have put the trading day as the fifth-worst market sell-off on
a percentage basis as well. The Dow bottomed out at 9,869, and then recovered
quickly, eventually ending at 10,520.32, a loss of 347.80 points or 3.2%.
28

On February 1, 2011, the Dow settled at the 12,040.16 level, reaching past the 12,000
mark for the first time in over two and a half years. Following negative reaction to
news surrounding the United States debt ceiling crisis, the Dow closed in correction
territory at the 11,383.68 level, after a 512.76 point drop on August 4, 2011. Later on
August 8, following the U.S. Sovereign debt downgrade from Standard & Poor's to
AA+ from AAA, the Dow plummeted 634.76 points to close at 10,809.85, its first
close under 11,000 since November 2010. On February 28, 2012, the Dow closed
above the 13,000 level for the first time since May 19, 2008, settling at 13,005.12.
With the Dow also reaching a new closing high of 13,264.49 and an intraday high of
13,297.11 (both reached on April 2), the index still remains 8.3% below its all-time
intraday high as of the close on April 12.
stock market crashes:

In November 27, 2009 Dubai requests a debt deferment following its massive
renovation and development projects, as well as the late-2000s recession. The
announcement causes global stock markets to drop.
In May 6, 2010 The Dow Jones Industrial Average suffers its worst intra-day point
loss, dropping nearly 1,000 points before partially recovering.
In August 2011 Stock markets around the world plummet during late July and early
August, and are volatile for the rest of the year.
29

NIKKEI
The Nikkei 225, more commonly called the Nikkei, the Nikkei index, or the Nikkei
Stock Average, is a stock market index for the Tokyo Stock Exchange (TSE). It has
been calculated daily by the Nihon Keizai Shimbun (Nikkei) newspaper since 1950. It
is a price-weighted average (the unit is yen), and the components are reviewed once a
year. Currently, the Nikkei is the most widely quoted average of Japanese equities,
similar to the Dow Jones Industrial Average. In fact, it was known as the "Nikkei
Dow Jones Stock Average" from 1975 to 1985.
The Nikkei 225 Futures was launched at Singapore Exchange (SGX) in 1986, the
Osaka Securities Exchange (OSE) in 1988 & Chicago Mercantile Exchange (CME) in
1990.
The Nikkei average hit its all-time high on December 29, 1989 when it reached an
intra-day high of 38,957.44.
Stocks are reviewed annually and announcements of review results are made in
September. Changes, if required, are made at the beginning of October. Changes may
also take place at any time if a stock is found to be ineligible for the Stock Average
e.g. delisting, etc. All proposed changes will be announced in Nikkei's Japanese
newspapers and will appear on NNI.
The S&P CNX Nifty is a well diversified 50 stock index accounting for 22 sectors of
the economy. It is used for a variety of purposes such as benchmarking fund
portfolios, index based derivatives and index funds S&P CNX Nifty is owned and
managed by India Index Services and Products Ltd. (IISL), which is a joint venture
between NSE and CRISIL. IISL is India's first specialized company focused upon the
30

index as a core product. IISL has a Marketing and licensing agreement with Standard
& Poor's (S&P), who are world leaders in index services.
S&P CNX Nifty is owned and managed by India Index Services and Products Ltd. (IISL),
which is a joint venture between NSE and CRISIL. IISL is Indias first specialized company
focused upon the index as a core product. IISL has a licensing and marketing agreement with
Standard and Poors (S&P), who are world leaders in index services.
Market Representation
S&P CNX Nifty stocks represent about 65.57% of the total free float market
capitalization of the universe of the stocks traded on NSE as on March 30, 2012.
The S&P CNX Nifty Index represents about 66.90% of the free float market
capitalization of the stocks listed on NSE as on December 30, 2011. The total traded
value for the last six months of all index constituents is approximately 56.58% of the
traded value of all stocks on the NSE. Impact cost of the S&P CNX Nifty for a
portfolio size of Rs.50 lakhs is 0.08%. S&P CNX Nifty is professionally maintained
and is ideal for derivatives trading
NSE became the first stock exchange to get approval for interest rate futures, As
recommended by SEBI-RBI committee, on 31 August 2009, a futures contract based
on 7% 10 Year Government of India (Notional) was launched with quarterly
maturities.
Diversification:
S&P CNX Nifty is a diversified index, accurately reflecting overall market
conditions. The reward to- risk ratio of S&P CNX Nifty is higher than other leading
indices, making it a more attractive portfolio hence offering similar returns, but at
lesser risk.
31

Indices of NSE:
NSE also set up as index services firm known as India Index Services & Products
Limited(IISL) and has launched several stock indices, including:
S&P CNX Nifty(Standard & Poor's CRISIL NSE Index)
CNX Nifty Junior
CNX 100 (= S&P CNX Nifty + CNX Nifty Junior)
S&P CNX 500 (= CNX 100 + 400 major players across 72 industries)
CNX Midcap (introduced on 18 July 2005 replacing CNX Midcap200)
FTSE 100 Index

The FTSE 100 Index, also called FTSE 100, FTSE, or, informally, the 'footsie', is a
share index of the stocks of the 100 companies listed on the London Stock Exchange
having the highest market capitalization. It is the most widely used of the FTSE
Group's indices, and is frequently reported (e.g. on UK news bulletins) as a measure
of business prosperity.
The index is maintained by the FTSE Group, an independent company joint owned by
the Financial Times and the London Stock Exchange. Its name derives from the
acronym of its two parent companies, but has since been registered as a limited
company in its own right.
The index began on 4 January 1984 with a base level of 1000; the highest value
reached to date is 6950.6, on 30 December 1999. After falling dramatically during the
financial crisis of 2007-2010 to a low of below 3,500 in March 2009, the index
recovered by a significant margin to its peak since then of 6,091.33 on 8 February
32

2011, its highest level since mid-2008. It then fell sharply to under the 5,000 mark on
the morning of 23 September 2011. As of 19 April 2012 it was at 5,744.
The index is maintained by the FTSE Group, an independent company which

originated as a joint venture between the Financial Times and the London Stock
Exchange. It is calculated in real time and published every 15 seconds.
FTSE 100 companies represent about 81% of the market capitalization of the whole
London Stock Exchange. Even though the FTSE All-Share Index is more
comprehensive, the FTSE 100 is by far the most widely used UK stock market
indicator. Other related indices are the FTSE 250 Index (which lists the next largest
250 companies after the FTSE 100), the FTSE 350 Index (which is the aggregation of
the FTSE 100 and 250), FTSE SmallCap Index and FTSE Fledgling Index. The FTSE
All-Share aggregates the FTSE 100, FTSE 250 and FTSE Small-Cap.
The constituents of the index are determined quarterly; the largest companies in the
FTSE 250 Index are promoted if their market capitalization would place them in the
top ninety firms of the FTSE 100 Index.
Component companies must meet a number of requirements set out by the FTSE
Group, including having a full listing on the London Stock Exchange with a Sterling
or Euro denominated price on the Stock Exchange Electronic Trading Service, and
meeting certain tests on nationality, free float, and liquidity.
33

DAX
The DAX (German stock index) is a blue chip stock market index consisting of the
30 major German companies trading on the Frankfurt Stock Exchange. Prices are
taken from the electronic Xetra trading system. According to Deutsche Brse, the
operator of Xetra, DAX measures the performance of the Prime Standards 30 largest
German companies in terms of order book volume and market capitalization.
The L-DAX Index is an indicator of the German benchmark DAX index's
performance after the Xetra electronic-trading system closes based on the floor
trading at the Frankfurt Stock Exchange. The L-DAX Index basis is the "floor" trade
(Parketthandel) at the Frankfurt stock exchange; it is computed daily between 09:00
and 17:30 Hours CET. The L-DAX index (Late DAX) is calculated from 17:30 to
20:00 CET. The Eurex, a European electronic futures and options exchange based
in Zurich, Switzerland with a subsidiary in Frankfurt, Germany, offers options
(ODAX) and Futures (FDAX) on the DAX from 08:00 to 22:00 CET.
The Base date for the DAX is 30 December 1987 and it was started from a base value
of 1,000. The Xetra system calculates the index after every 1 second since January 1,
2006.
A list of the current DAX companies, as of the quarterly review effective on 21 June
2010
where Salzgitter was
replaced
by Heidelberg
Cement. The
index
was
subsequently left unchanged at the six quarterly reviews between September 2010 and
December 2011.
34

History:
German Stock Index DAX 30 was formerly known as Deutscher Aktien Index 30. It
consists of the 30 major German companies trading on the Frankfurt Stock Exchange.
DAX 30 was launched on 30 December, 1987 & was started with a base value of
1000. The electronic Xetra trading system provides the prices. It calculates the index
after every one minute. The L-DAX (Late DAX 30) Index is an indicator of the
German benchmark DAX 30 Index's performance after the Xetra electronic-trading
system closes based on the floor trading at the Frankfurt Stock Exchange. The L-DAX
Index basis is the "floor" trade (Parketthandel) at the Frankfurt stock exchange; it is
computed
daily
between
09:00
and
17:30
Hours
CET.
The L-DAX is calculated from 17:30 to 20:00 CET. The Eurex, a European
Electronic Futures and Options Exchange based in Zurich, Switzerland with a
subsidiary in Frankfurt, Germany, offers options (ODAX) and Futures (FDAX) on the
DAX from 08:00 to 22:00 CET.
HANG SENG
The Hang Seng Index is a free float-adjusted market capitalization-weighted stock
market index in Hong Kong. It is used to record and monitor daily changes of the
largest companies of the Hong Kong stock market and is the main indicator of the
overall market performance in Hong Kong. The Hang Seng Composite Index Series
was launched on October 3, 2001, targeting on providing a broad standard of the
performance of the Hong Kong stock market. It was last revamped on March 8, 2010,
and comprises 307 constituents (will become 306 from August 9, 2010). The market
35

capitalization of these companies accounts for about 95% of the total capitalization of
the stocks in Hong Kong.
To ensure the impartiality of its operation, Hang Seng Indices Company Limited
established an Independent Advisory Committee to give advice on issues pertaining to
the indices, including constituent changes and the development of new indices
HSI was started on November 24, 1969, and is currently compiled and maintained by
Hang Seng Indices Company Limited, which is a wholly owned subsidiary of Hang
Seng Bank, one of the largest banks registered and listed in Hong Kong in terms of
market capitalization. It is responsible for compiling, publishing and managing the
Hang Seng Index and a range of other stock indices, such as Hang Seng China
Enterprises Index, Hang Seng China AH Index Series, Hang Seng China H-Financials
Index, Hang Seng Composite Index Series, Hang Seng China A Industry Top Index,
Hang Seng Corporate Sustainability Index Series and Hang Seng Total Return Index
Series. Hang Seng in turn, despite being a public company, is held in majority by
British financial firm HSBC.
HSI constituent stocks are selected with the use of extensive analysis, together with
external consultation. To be qualified for selection, a company:
Must be among those that comprise top 90% of the total market value of all
ordinary shares;
Must be among those that comprise top 90% of the total turnover on the Stock
Exchange of Hong Kong Limited.
Should have a listing history of 24 months or meet the requirements of the

following.
36

History:
The Hang Seng Index (abbreviated: HSI, traditional Chinese:) is a free float-adjusted
market capitalization-weighted stock market index in Hong Kong. It is used to record
and monitor daily changes of the largest companies of the Hong Kong stock market
and is the main indicator of the overall market performance in Hong Kong. These 45
companies represent about 67% of capitalization of the Hong Kong Stock Exchange.
The Hang Seng Index a free float-adjusted market capitalization-weighted stock

market index in Hong Kong. It is used to record and monitor daily changes of the
largest companies of the Hong Kong stock market and is the main indicator of the
overall market performance in Hong Kong. These 48 companies represent about 60%
of capitalization of the Hong Kong Stock Exchange. Since 7 March 2011, the HKEX
extended their trading hours. In the first stage, (opening value will be at 09:20) 09.3012.00 and 13.30-16.00. In the second stage, from 5 March 2012, the afternoon trade
will change to 13.00-16.00, that's mark with the mainland trading hours.
When the Hang Seng Index was first published, its base of 100 points was set
equivalent to the stocks' total value as of the market close on July 31, 1964. Its alltime low is 58.61 points, reached retroactively on August 31, 1967, after the base
value was established but before the publication of the index. The Hang Seng passed
the 10,000 point milestone for the first time in its history on December 10, 1993 and,
13 years later, passed the 20,000 point milestone on December 28, 2006. In less than
10 months, it passed the 30,000 point milestone on October 18, 2007. Its all-time
high, set on October 30, 2007, was 31,958.41 points during trading and 31,638.22
points at closing.
37

From October 30, 2007 through March 9, 2008, the index lost 9,426 points or
approximately 30%. On September 5, it fell past the 20,000 mark the first time in
almost a year to a low of 19,708.39, later closing at 19,933.28. On October 8, 2008,
the index closed at 15,431.73, over 50% less than the all-time high and the lowest
closing value in over two years. On October 27, 2008, the index further fell to
10,676.29 points, having fallen nearly two-thirds from its all-time peak, but passed the
20,000 point milestone again to 20,063.93 on 24 July 2009. As of the 4th of October,
2011, the index is hovering around 16,000 to 17,000 points.
KOSPI
The Korea Composite Stock Price Index or KOSPI is the index of all common
stocks traded on the Stock Market Division previously, Korea Stock Exchange of the
Korea Exchange. It's the representative stock market index of South Korea, like the
Dow Jones Industrial Average or S&P 500 in the U.S.
KOSPI was introduced in 1983 with the base value of 100 as of January 4, 1980. It's
calculated based on market capitalization. As of 2007, KOSPI's daily volume is
hundreds of millions of shares or (trillions of won).
KOSPI was introduced in 1983, replacing Dow-style KCSPI (Korea Composite Stock
Price Index). For years, KOSPI moved below 1,000, peaking above 1,000 in April
1989, November 1994, and January 2000. On June 17, 1998, KOSPI recorded its
largest one-day percentage gain of 8.50% (23.81 points), recovering from the bottom
of the Asian financial crisis.
38

On September 12, 2001, KOSPI had its largest one-day percentage drop of 12.02%
(64.97 points) just after 9/11. On February 28, 2005, KOSPI closed at 1,011.36. It
then plunged to 902.88 until April. But unlike previous bull traps, it kept moving
upward breaking the long-standing 1,000 point resistance level. In November 2005,
the index's Korean name was officially changed to Koseupi jisu. On July 24, 2007,
KOSPI broke 2,000 level for the first time. On July 25 it closed at 2,004.22. On
August 20, 2007, the index recovered 93.20 (5.69%), its largest one-day point gain,
after the U.S. Federal Reserve lowered the discount rate. Then on October 16, 2008,
the index dropped 126.50 (9.44%), after Dow Jones index dropped 7.87%.
KOSPI 200
The KOSPI 200 index consists of 200 big companies of the Stock Market Division.
The base value of 100 was set on January 3, 1990. It has over 70% market value of
the KOSPI, and so moves along the KOSPI index. KOSPI 200 is important because
it's listed on futures and option markets and is actively tradedone of the most
actively traded index in the world. Its all-time low is 31.96, reached on June 16, 1998
during the financial crisis. It closed above 200 for the first time on April 24, 2007.
History:
The Korea Composite Stock Price Index or KOSPI was launched in 1983 with the
base value of 100 as of January 4, 1980. KOSPI is the major stock market index of
South Korea. The index represents all common stocks traded on the Korea Exchange.
The index calculation is based on market capitalization method. KOSPI replaced
Dow-style KCSPI (Korea Composite Stock Price Index) in 1983. KOSPI moved
below 1,000 mark for several years. The index breached 1,000 for the first time in
April 1989.
39

As of October 2007, KOSPI has over 700 components. Top 10 stocks by market
capitalization are:
Samsung Electronics (005930)
POSCO (005490)
Hyundai Heavy Industries (009540)
Kookmin Bank (060000)
Korea Electric Power (015760)
Shinhan Financial Group (055550)
SK Telecom (017670)
Woori Finance Holdings (053000)
LG.Philips LCD (034220)
Hyundai Motor (005380)
40

RESULT, ANALYSIS & DISCUSSION
4.1 Calculation of Correlation of
Nifty index with NASDAQ Composite Index
Trade
Nifty(X)
X2
Nasdaq(Y)
Y2
X*Y
Date
4/1/2009
3211.05
10310842.10
1621.87
2630462.30
5207905.66
4/6/2009
3342.05
11169298.20
1652.54
2730888.45
5522871.31
4/13/2009
3384.40
11454163.36
1673.07
2799163.22
5662338.11
4/20/2009
3480.75
12115620.56
1694.29
2870618.60
5897399.92
4/27/2009
3473.95
12068328.60
1719.20
2955648.64
5972414.84
5/4/2009
3620.70
13109468.49
1739.00
3024121.00
6296397.30
5/11/2009
3671.65
13481013.72
1680.14
2822870.42
6168886.03
5/18/2009
4238.50
17964882.25
1692.01
2862897.84
7171584.39
5/25/2009
4448.95
19793156.10
1774.33
3148246.95
7893905.45
6/1/2009
4586.90
21039651.61
1849.42
3420354.34
8483104.60
6/8/2009
4583.40
21007555.56
1858.80
3455137.44
8519623.92
6/15/2009
4313.60
18607144.96
1827.47
3339646.60
7882974.59
6/22/2009
4375.50
19145000.25
1838.22
3379052.77
8043131.61
6/29/2009
4424.25
19573988.06
1796.52
3227484.11
7948253.61
7/6/2009
4003.90
16031215.21
1756.03
3083641.36
7030968.52
7/13/2009
4374.95
19140187.50
1886.61
3559297.29
8253824.42
7/20/2009
4568.55
20871649.10
1965.96
3864998.72
8981586.56
7/27/2009
4636.45
21496668.60
1978.50
3914462.25
9173216.33
41

8/3/2009
4481.40
20082945.96
2000.25
4001000.06
8963920.35
8/10/2009
4580.05
20976858.00
1985.52
3942289.67
9093780.88
8/17/2009
4732.35
22395136.52
2020.90
4084036.81
9563606.12
8/24/2009
4642.80
21555591.84
2028.77
4115907.71
9419173.36
8/31/2009
4680.40
21906144.16
2018.78
4075472.69
9448697.91
9/7/2009
4829.55
23324553.20
2080.90
4330144.81
10049810.60
9/14/2009
4976.05
24761073.60
2132.86
4549091.78
10613218.00
9/22/2009
4958.95
24591185.10
2090.92
4371946.45
10368767.73
9/29/2009
5083.40
25840955.56
2048.11
4194754.57
10411362.37
10/5/2009
4945.20
24455003.04
2139.28
4576518.92
10579167.46
10/12/2009
5142.15
26441706.62
2156.80
4651786.24
11090589.12
10/20/2009
4997.05
24970508.70
2154.47
4641740.98
10765994.31
10/26/2009
4711.70
22200116.89
2045.11
4182474.91
9635944.79
11/3/2009
4796.15
23003054.82
2112.44
4462402.75
10131579.11
11/9/2009
4998.95
24989501.10
2167.88
4699703.69
10837123.73
11/16/2009
5052.45
25527251.00
2146.04
4605487.68
10842759.80
11/23/2009
4941.75
24420893.06
2138.44
4572925.63
10567635.87
11/30/2009
5108.90
26100859.21
2194.35
4815171.92
11210714.72
12/7/2009
5117.30
26186759.29
2190.31
4797457.90
11208473.36
12/14/2009
4987.70
24877151.29
2211.69
4891572.66
11031246.21
12/21/2009
5178.40
26815826.56
2285.69
5224378.78
11836217.10
12/29/2009
5201.05
27050921.10
2269.15
5149041.72
11801962.61
1/4/2010
5244.75
27507402.56
2317.17
5369276.81
12152977.36
1/11/2010
5252.20
27585604.84
2287.99
5234898.24
12016981.08
1/18/2010
4826.85
23298480.92
2205.29
4863303.98
10644604.04
1/25/2010
5007.90
25079062.41
2147.35
4611112.02
10753714.07
42

2/1/2010
4899.70
24007060.09
2141.12
4584394.85
10490845.66
2/8/2010
4760.40
22661408.16
2183.53
4767803.26
10394476.21
2/15/2010
4844.90
23473056.01
2243.87
5034952.58
10871325.76
2/22/2010
4922.30
24229037.29
2238.26
5009807.83
11017387.20
3/2/2010
5088.70
25894867.69
2326.35
5411904.32
11838097.25
3/8/2010
5137.00
26388769.00
2367.66
5605813.88
12162669.42
3/15/2010
5262.80
27697063.84
2374.41
5637822.85
12496044.95
3/22/2010
5282.00
27899524.00
2395.13
5736647.72
12651076.66
3/29/2010
5290.50
27989390.25
2402.58
5772390.66
12710849.49
4/5/2010
5361.75
28748363.06
2454.05
6022361.40
13158002.59
4/12/2010
5262.60
27694958.76
2481.26
6156651.19
13057878.88
4/19/2010
5304.10
28133476.81
2530.15
6401659.02
13420168.62
4/26/2010
5278.00
27857284.00
2461.19
6057456.22
12990160.82
5/3/2010
5018.05
25180825.80
2265.64
5133124.61
11369094.80
5/10/2010
5093.50
25943742.25
2346.85
5507704.92
11953680.48
5/17/2010
4931.15
24316240.32
2229.04
4968619.32
10991730.60
5/24/2010
5066.55
25669928.90
2257.04
5094229.56
11435406.01
5/31/2010
5135.50
26373360.25
2219.17
4924715.49
11396547.54
6/7/2010
5119.35
26207744.42
2243.60
5033740.96
11485773.66
6/14/2010
5262.60
27694958.76
2309.80
5335176.04
12155553.48
6/21/2010
5269.05
27762887.90
2223.48
4943863.31
11715627.29
6/28/2010
5237.10
27427216.41
2091.79
4375585.40
10954913.41
7/5/2010
5352.45
28648721.00
2196.45
4824392.60
11756388.80
7/12/2010
5393.90
29094157.21
2179.05
4748258.90
11753577.80
7/19/2010
5449.10
29692690.81
2269.47
5150494.08
12366568.98
7/26/2010
5367.60
28811129.76
2254.70
5083672.09
12102327.72
43

8/2/2010
5439.25
29585440.56
2288.47
5237094.94
12447560.45
8/9/2010
5452.10
29725394.41
2173.48
4724015.31
11850030.31
8/16/2010
5530.65
30588089.42
2179.76
4751353.66
12055489.64
8/23/2010
5408.70
29254035.69
2153.63
4638122.18
11648338.58
8/30/2010
5479.40
30023824.36
2233.75
4989639.06
12239609.75
9/6/2010
5640.05
31810164.00
2242.48
5028716.55
12647699.32
9/13/2010
5884.95
34632636.50
2315.61
5362049.67
13627249.07
9/20/2010
6018.30
36219934.89
2381.22
5670208.69
14330896.33
9/27/2010
6143.40
37741363.56
2370.75
5620455.56
14564465.55
10/4/2010
6103.45
37252101.90
2401.91
5769171.65
14659937.59
10/11/2010
6062.65
36755725.02
2468.77
6094825.31
14967288.44
10/18/2010
6066.05
36796962.60
2479.39
6147374.77
15040103.71
10/25/2010
6017.70
36212713.29
2507.41
6287104.91
15088841.16
11/1/2010
6312.45
39847025.00
2578.98
6651137.84
16279682.30
11/8/2010
6071.65
36864933.72
2518.21
6341381.60
15289689.75
11/15/2010
5890.30
34695634.09
2518.12
6340928.33
14832482.24
11/22/2010
5751.95
33084928.80
2534.56
6423994.39
14578662.39
11/29/2010
5992.80
35913651.84
2591.46
6715664.93
15530101.49
12/6/2010
5857.35
34308549.02
2637.54
6956617.25
15448994.92
12/13/2010
5948.75
35387626.56
2642.97
6985290.42
15722367.79
12/20/2010
6011.60
36139334.56
2665.60
7105423.36
16024520.96
12/27/2010
6134.50
37632090.25
2652.87
7037719.24
16274031.02
1/3/2011
5904.60
34864301.16
2703.17
7307128.05
15961137.58
1/10/2011
5654.55
31973935.70
2755.30
7591678.09
15579981.62
1/17/2011
5696.50
32450112.25
2689.54
7233625.41
15320964.61
1/24/2011
5512.15
30383797.62
2686.89
7219377.87
14810540.71
44

1/31/2011
5395.75
29114118.06
2769.30
7669022.49
14942450.48
2/7/2011
5310.00
28196100.00
2809.44
7892953.11
14918126.40
2/14/2011
5458.95
29800135.10
2833.95
8031272.60
15470391.35
2/21/2011
5303.55
28127642.60
2781.05
7734239.10
14749437.73
2/28/2011
5538.75
30677751.56
2784.67
7754387.01
15423590.96
3/7/2011
5445.45
29652925.70
2715.61
7374537.67
14787718.47
3/14/2011
5373.70
28876651.69
2643.67
6988991.07
14206289.48
3/21/2011
5654.25
31970543.06
2743.06
7524378.16
15509947.01
3/28/2011
5826.05
33942858.60
2789.60
7781868.16
16252349.08
4/4/2011
5842.00
34128964.00
2780.42
7730735.38
16243213.64
4/11/2011
5824.55
33925382.70
2764.65
7643289.62
16102842.16
4/18/2011
5884.70
34629694.09
2820.16
7953302.43
16595795.55
4/25/2011
5749.50
33056750.25
2873.54
8257232.13
16521418.23
5/2/2011
5551.45
30818597.10
2827.56
7995095.55
15697057.96
5/9/2011
5544.75
30744252.56
2828.47
8000242.54
15683159.03
5/16/2011
5486.35
30100036.32
2803.32
7858603.02
15379994.68
5/23/2011
5476.10
29987671.21
2796.86
7822425.86
15315885.05
5/30/2011
5516.75
30434530.56
2732.78
7468086.53
15076064.07
6/6/2011
5485.80
30094001.64
2643.73
6989308.31
14502974.03
6/13/2011
5366.40
28798248.96
2616.48
6845967.59
14041078.27
6/20/2011
5471.25
29934576.56
2652.89
7037825.35
14514624.41
6/27/2011
5627.20
31665379.84
2816.03
7930024.96
15846364.02
7/4/2011
5660.65
32042958.42
2859.81
8178513.24
16188383.48
7/11/2011
5581.10
31148677.21
2789.80
7782984.04
15570152.78
7/18/2011
5633.95
31741392.60
2858.83
8172908.97
16106505.28
7/25/2011
5482.00
30052324.00
2756.38
7597630.70
15110475.16
45

8/1/2011
5211.25
27157126.56
2532.41
6413100.41
13197021.61
8/8/2011
5072.95
25734821.70
2507.98
6289963.68
12722857.14
8/16/2011
4845.65
23480323.92
2341.84
5484214.59
11347737.00
8/22/2011
4747.80
22541604.84
2479.85
6149656.02
11773831.83
8/29/2011
5040.00
25401600.00
2480.33
6152036.91
12500863.20
9/5/2011
5059.45
25598034.30
2467.99
6090974.64
12486672.01
9/12/2011
5084.25
25849598.06
2622.31
6876509.74
13332479.62
9/19/2011
4867.75
23694990.06
2483.23
6166431.23
12087742.83
9/26/2011
4943.25
24435720.56
2415.40
5834157.16
11939926.05
10/3/2011
4888.05
23893032.80
2479.35
6147176.42
12119186.77
10/10/2011
5132.30
26340503.29
2667.85
7117423.62
13692206.56
10/17/2011
5049.95
25501995.00
2637.46
6956195.25
13319041.13
10/24/2011
5360.70
28737104.49
2737.15
7491990.12
14673040.01
10/31/2011
5284.20
27922769.64
2686.15
7215401.82
14194153.83
11/8/2011
5168.85
26717010.32
2678.75
7175701.56
13846056.94
11/14/2011
4905.80
24066873.64
2572.50
6617756.25
12620170.50
11/21/2011
4710.05
22184571.00
2441.51
5960971.08
11499634.18
11/28/2011
5050.15
25504015.02
2626.93
6900761.22
13266390.54
12/5/2011
4866.70
23684768.89
2646.85
7005814.92
12881424.90
12/12/2011
4651.60
21637382.56
2555.33
6529711.41
11886373.03
12/19/2011
4714.00
22221796.00
2618.64
6857275.45
12344268.96
12/26/2011
4624.30
21384150.49
2605.15
6786806.52
12046995.15
1/2/2012
4754.10
22601466.81
2674.22
7151452.61
12713509.30
1/10/2012
4866.00
23677956.00
2710.67
7347731.85
13190120.22
1/16/2012
5048.60
25488361.96
2786.70
7765696.89
14068933.62
1/23/2012
5204.70
27088902.09
2816.55
7932953.90
14659297.79
46

1/30/2012
5325.85
28364678.22
2905.66
8442860.04
15475109.31
2/6/2012
5381.60
28961618.56
2903.88
8432519.05
15627520.61
2/13/2012
5564.30
30961434.49
2951.78
8713005.17
16424589.45
2/21/2012
5429.30
29477298.49
2963.75
8783814.06
16091087.88
2/27/2012
5359.35
28722632.42
2976.19
8857706.92
15950443.88
3/5/2012
5333.55
28446755.60
2988.34
8930175.96
15938460.81
3/12/2012
5317.90
28280060.41
3055.26
9334613.67
16247567.15
3/19/2012
5278.20
27859395.24
3067.92
9412133.13
16193095.34
3/26/2012
5295.55
28042849.80
3091.57
9557805.06
16371563.51
157.00
809520.30
4225291918.91
377907.43
928554557.77
1970152911.87
EX
EX2
EY
EY2
EXY
Correlation
0.6936
4.1 Relationship between Nifty index with

Nasdaq Composite Stock Index
7000.00
6000.00
5000.00
4000.00
3000.00
Nifty
2000.00
Nasdaq
20
0.00
20
1000.00
47

Interpretation:
From the above table it clear that NASDAQ Composite Index is positively correlated
with Nifty index, which means if there is an increase in NASDAQ Composite Index
then it can be seen that even Nifty index will increase.
The above graph shows the index movement of Nifty and NASDAQ. From the above
we can interpret that when there is a fall in NSE index; fall in NASDAQ can be seen.
The graph shows the movement of index from 1 Apr 2009 to 31 Mar 2012.
Inference:
As per the above the relationship between Nifty and NASDAQ is positive, So it is
possible to forecast the movement of both indices and that leads to invest or divest
money at right time.
48

Nifty index with NYSE Composite Index
Trade
Nifty(X)
X2
NYSE(Y)
Y2
X*Y
Date
4/1/2009
3211.05
10310842.10
5318.75
28289101.56
17078772.19
4/6/2009
3342.05
11169298.20
5376.44
28906107.07
17968331.3
4/13/2009
3384.40
11454163.36
5480.6
30036976.36
18548542.64
4/20/2009
3480.75
12115620.56
5468.41
29903507.93
19034168.11
4/27/2009
3473.95
12068328.60
5568.76
31011087.94
19345593.8
5/4/2009
3620.70
13109468.49
6000.39
36004680.15
21725612.07
5/11/2009
3671.65
13481013.72
5662.89
32068323.15
20792150.07
5/18/2009
4238.50
17964882.25
5789.62
33519699.74
24539304.37
5/25/2009
4448.95
19793156.10
6004.07
36048856.56
26711807.23
6/1/2009
4586.90
21039651.61
6082.64
36998509.37
27900461.42
6/8/2009
4583.40
21007555.56
6148.61
37805404.93
28181539.07
6/15/2009
4313.60
18607144.96
5934.24
35215204.38
25597937.66
6/22/2009
4375.50
19145000.25
5906.96
34892176.44
25845903.48
6/29/2009
4424.25
19573988.06
5775.24
33353397.06
25551105.57
7/6/2009
4003.90
16031215.21
5627.52
31668981.35
22532027.33
7/13/2009
4374.95
19140187.50
6038.11
36458772.37
26416429.34
7/20/2009
4568.55
20871649.10
6337.46
40163399.25
28953002.88
7/27/2009
4636.45
21496668.60
6424.28
41271373.52
29785853.01
8/3/2009
4481.40
20082945.96
6586.71
43384748.62
29517682.19
8/10/2009
4580.05
20976858.00
6537.82
42743090.35
29943542.49
49

8/17/2009
4732.35
22395136.52
6676.26
44572447.59
31594399.01
8/24/2009
4642.80
21555591.84
6709.04
45011217.72
31148730.91
8/31/2009
4680.40
21906144.16
6637.13
44051494.64
31064423.25
9/7/2009
4829.55
23324553.20
6843.82
46837872.19
33052570.88
9/14/2009
4976.05
24761073.60
7016.92
49237166.29
34916544.77
9/22/2009
4958.95
24591185.10
6823.51
46560288.72
33837444.91
9/29/2009
5083.40
25840955.56
6674.57
44549884.68
33929509.14
10/5/2009
4945.20
24455003.04
7015.54
49217801.49
34693248.41
10/12/2009
5142.15
26441706.62
7133.96
50893385.28
36683892.41
10/20/2009
4997.05
24970508.70
7066.8
49939662.24
35313152.94
10/26/2009
4711.70
22200116.89
6739.45
45420186.3
31754266.57
11/3/2009
4796.15
23003054.82
6958.29
48417799.72
33373002.58
11/9/2009
4998.95
24989501.10
7119.89
50692833.61
35591974.12
11/16/2009
5052.45
25527251.00
7084.47
50189715.18
35793930.45
11/23/2009
4941.75
24420893.06
7070.09
49986172.61
34938617.26
11/30/2009
5108.90
26100859.21
7182.71
51591322.94
36695747.12
12/7/2009
5117.30
26186759.29
7125.12
50767335.01
36461376.58
12/14/2009
4987.70
24877151.29
7086.19
50214088.72
35343789.86
12/21/2009
5178.40
26815826.56
7255
52635025
37569292
12/29/2009
5201.05
27050921.10
7184.96
51623650.2
37369336.21
1/4/2010
5244.75
27507402.56
7425.35
55135822.62
38944104.41
1/11/2010
5252.20
27585604.84
7356.79
54122359.1
38639332.44
1/18/2010
4826.85
23298480.92
7030.61
49429476.97
33935699.88
1/25/2010
5007.90
25079062.41
6883.78
47386427.09
34473281.86
2/1/2010
4899.70
24007060.09
6782.75
46005697.56
33233440.18
2/8/2010
4760.40
22661408.16
6874.56
47259575.19
32725655.42
50

2/15/2010
4844.90
23473056.01
7083.25
50172430.56
34317637.93
2/22/2010
4922.30
24229037.29
7035.04
49491787.8
34628577.39
3/2/2010
5088.70
25894867.69
7291.31
53163201.52
37103289.2
3/8/2010
5137.00
26388769.00
7362.85
54211560.12
37822960.45
3/15/2010
5262.80
27697063.84
7386.85
54565552.92
38875514.18
3/22/2010
5282.00
27899524.00
7403.58
54812996.82
39105709.56
3/29/2010
5290.50
27989390.25
7539.02
56836822.56
39885185.31
4/5/2010
5361.75
28748363.06
7629.05
58202403.9
40905058.84
4/12/2010
5262.60
27694958.76
7584.62
57526460.54
39914821.21
4/19/2010
5304.10
28133476.81
7701.61
59314796.59
40850109.6
4/26/2010
5278.00
27857284.00
7474.4
55866655.36
39449883.2
5/3/2010
5018.05
25180825.80
6916.18
47833545.79
34705737.05
5/10/2010
5093.50
25943742.25
7077.64
50092987.97
36049959.34
5/17/2010
4931.15
24316240.32
6775.45
45906722.7
33410760.27
5/24/2010
5066.55
25669928.90
6791.57
46125423.06
34409828.98
5/31/2010
5135.50
26373360.25
6600.27
43563564.07
33895686.59
6/7/2010
5119.35
26207744.42
6814.76
46440953.86
34887141.61
6/14/2010
5262.60
27694958.76
6988.25
48835638.06
36776364.45
6/21/2010
5269.05
27762887.90
6763.93
45750749.04
35639485.37
6/28/2010
5237.10
27427216.41
6434.81
41406779.74
33699743.45
7/5/2010
5352.45
28648721.00
6808.71
46358531.86
36443279.84
7/12/2010
5393.90
29094157.21
6709.51
45017524.44
36190425.99
7/19/2010
5449.10
29692690.81
6965.11
48512757.31
37953580.9
7/26/2010
5367.60
28811129.76
6998.99
48985861.02
37567778.72
8/2/2010
5439.25
29585440.56
7153.72
51175709.84
38910871.51
8/9/2010
5452.10
29725394.41
6861.04
47073869.88
37407076.18
51

8/16/2010
5530.65
30588089.42
6813.15
46419012.92
37681148.05
8/23/2010
5408.70
29254035.69
6794.91
46170801.91
36751629.72
8/30/2010
5479.40
30023824.36
7055.03
49773448.3
38657331.38
9/6/2010
5640.05
31810164.00
7067.51
49949697.6
39861109.78
9/13/2010
5884.95
34632636.50
7154.65
51189016.62
42104757.52
9/20/2010
6018.30
36219934.89
7301.04
53305185.08
43939849.03
9/27/2010
6143.40
37741363.56
7335.91
53815575.53
45067429.49
10/4/2010
6103.45
37252101.90
7478.42
55926765.7
45644162.55
10/11/2010
6062.65
36755725.02
7520.6
56559424.36
45594765.59
10/18/2010
6066.05
36796962.60
7522.91
56594174.87
45634348.21
10/25/2010
6017.70
36212713.29
7513.35
56450428.22
45213086.3
11/1/2010
6312.45
39847025.00
7800.66
60850296.44
49241276.22
11/8/2010
6071.65
36864933.72
7623.24
58113788.1
46285645.15
11/15/2010
5890.30
34695634.09
7641.08
58386103.57
45008253.52
11/22/2010
5751.95
33084928.80
7500.54
56258100.29
43142731.05
11/29/2010
5992.80
35913651.84
7751.58
60086992.5
46453668.62
12/6/2010
5857.35
34308549.02
7823.3
61204022.89
45823806.26
12/13/2010
5948.75
35387626.56
7835.31
61392082.8
46610300.36
12/20/2010
6011.60
36139334.56
7925.36
62811331.13
47644094.18
12/27/2010
6134.50
37632090.25
7964.02
63425614.56
48855280.69
1/3/2011
5904.60
34864301.16
7980.32
63685507.3
47120597.47
1/10/2011
5654.55
31973935.70
8174.12
66816237.77
46220970.25
1/17/2011
5696.50
32450112.25
8105.75
65703183.06
46174404.88
1/24/2011
5512.15
30383797.62
8062.64
65006163.77
44442481.08
1/31/2011
5395.75
29114118.06
8288.5
68699232.25
44722673.88
2/7/2011
5310.00
28196100.00
8374.89
70138782.51
44470665.9
52

2/14/2011
5458.95
29800135.10
8507.9
72384362.41
46444200.71
2/21/2011
5303.55
28127642.60
8378.04
70191554.24
44433354.04
2/28/2011
5538.75
30677751.56
8413.05
70779410.3
46597780.69
3/7/2011
5445.45
29652925.70
8248.53
68038247.16
44916957.69
3/14/2011
5373.70
28876651.69
8116.4
65875948.96
43615098.68
3/21/2011
5654.25
31970543.06
8321.78
69252022.37
47053424.57
3/28/2011
5826.05
33942858.60
8469.34
71729720.04
49342798.31
4/4/2011
5842.00
34128964.00
8483.94
71977237.92
49563177.48
4/11/2011
5824.55
33925382.70
8400.31
70565208.1
48928025.61
4/18/2011
5884.70
34629694.09
8504.36
72324139.01
50045607.29
4/25/2011
5749.50
33056750.25
8671.41
75193351.39
49856271.8
5/2/2011
5551.45
30818597.10
8425.9
70995790.81
46775962.56
5/9/2011
5544.75
30744252.56
8371.67
70084858.59
46418817.23
5/16/2011
5486.35
30100036.32
8357.53
69848307.7
45852334.72
5/23/2011
5476.10
29987671.21
8386.34
70330698.6
45924436.47
5/30/2011
5516.75
30434530.56
8222.15
67603750.62
45359546.01
6/6/2011
5485.80
30094001.64
8016.39
64262508.63
43976312.26
6/13/2011
5366.40
28798248.96
8000.11
64001760.01
42931790.3
6/20/2011
5471.25
29934576.56
7974.72
63596159.08
43631686.8
6/27/2011
5627.20
31665379.84
8425.48
70988713.23
47411861.06
7/4/2011
5660.65
32042958.42
8410.19
70731295.84
47607142.02
7/11/2011
5581.10
31148677.21
8227.04
67684187.16
45915932.94
7/18/2011
5633.95
31741392.60
8408.2
70697827.24
47371378.39
7/25/2011
5482.00
30052324.00
8079.44
65277350.71
44291490.08
8/1/2011
5211.25
27157126.56
7419.07
55042599.66
38662628.54
8/8/2011
5072.95
25734821.70
7303.88
53346663.05
37052218.05
53

8/16/2011
4845.65
23480323.92
6970.1
48582294.01
33774665.07
8/22/2011
4747.80
22541604.84
7245.82
52501907.47
34401704.2
8/29/2011
5040.00
25401600.00
7250.73
52573085.53
36543679.2
9/5/2011
5059.45
25598034.30
7045.01
49632165.9
35643875.84
9/12/2011
5084.25
25849598.06
7348.18
53995749.31
37359984.17
9/19/2011
4867.75
23694990.06
6770.73
45842784.73
32958220.96
9/26/2011
4943.25
24435720.56
6791.65
46126509.72
33572823.86
10/3/2011
4888.05
23893032.80
6925.8
47966705.64
33853656.69
10/10/2011
5132.30
26340503.29
7350.46
54029262.21
37724765.86
10/17/2011
5049.95
25501995.00
7431.1
55221247.21
37526683.45
10/24/2011
5360.70
28737104.49
7803.94
60901479.52
41834581.16
10/31/2011
5284.20
27922769.64
7552.23
57036177.97
39907493.77
11/8/2011
5168.85
26717010.32
7576.18
57398503.39
39160137.99
11/14/2011
4905.80
24066873.64
7282.47
53034369.3
35726341.33
11/21/2011
4710.05
22184571.00
6898.18
47584887.31
32490772.71
11/28/2011
5050.15
25504015.02
7453.55
55555407.6
37641545.53
12/5/2011
4866.70
23684768.89
7502.88
56293208.29
36514266.1
12/12/2011
4651.60
21637382.56
7237.66
52383722.28
33666699.26
12/19/2011
4714.00
22221796.00
7518.66
56530248.2
35442963.24
12/26/2011
4624.30
21384150.49
7477.03
55905977.62
34576029.83
1/2/2012
4754.10
22601466.81
7557.68
57118526.98
35929966.49
1/10/2012
4866.00
23677956.00
7632.03
58247881.92
37137457.98
1/16/2012
5048.60
25488361.96
7829.34
61298564.84
39527205.92
1/23/2012
5204.70
27088902.09
7876.61
62040985.09
40995392.07
1/30/2012
5325.85
28364678.22
8060.43
64970531.78
42928641.12
2/6/2012
5381.60
28961618.56
7992.05
63872863.2
43010016.28
54

2/13/2012
5564.30
30961434.49
8114.51
65845272.54
45151567.99
2/21/2012
5429.30
29477298.49
8151.97
66454614.88
44259490.72
2/27/2012
5359.35
28722632.42
8125.17
66018387.53
43545629.84
3/5/2012
5333.55
28446755.60
8102.1
65644024.41
43212955.46
3/12/2012
5317.90
28280060.41
8270.4
68399516.16
43981160.16
3/19/2012
5278.20
27859395.24
8180.05
66913218
43175939.91
3/26/2012
5295.55
28042849.80
8206.93
67353700.02
43460208.16
157.00
809520.30
4225291918.91
1146462.19
8463545818
5964836220.57
EX
EX2
EY
EY2
EXY
Correlation
0.7798

NYSE Composite Stock Index
16000.00
14000.00
12000.00
10000.00
8000.00
NYSE
6000.00
Nifty
4000.00
201
0.00
200
2000.00
55

Interpretation:
From the above table it clear that NYSE Composite Index is positively correlated
with Nifty index, which means if there is an increase in NYSE Composite Index then
it can be seen that even Nifty index will increase.
The above graph shows the index movement of Nifty and NYSE. From the above we
can interpret that when there is a fall in Nifty index; fall in NYSE can be seen. The
graph shows the movement of index from 1 Apr 2009 to 31 Mar 2012.
Inference:
As per the above the relationship between Nifty and NYSE is positive, So it is
56

Nifty index with DowJones Composite Index
Trade
Dow
Nifty(X)
X2
Date
Y2
X*Y
Jones(Y)
4/1/2009
3211.05
10310842.10
8017.59
64281749.41
25744882.37
4/6/2009
3342.05
11169298.20
8083.38
65341032.22
27015060.13
4/13/2009
3384.40
11454163.36
8131.33
66118527.57
27519673.25
4/20/2009
3480.75
12115620.56
8076.29
65226460.16
28111546.42
4/27/2009
3473.95
12068328.60
8212.41
67443678.01
28529501.72
5/4/2009
3620.70
13109468.49
8574.65
73524622.62
31046235.26
5/11/2009
3671.65
13481013.72
8268.64
68370407.45
30359552.06
5/18/2009
4238.50
17964882.25
8277.32
68514026.38
35083420.82
5/25/2009
4448.95
19793156.10
8500.33
72255610.11
37817543.15
6/1/2009
4586.90
21039651.61
8763.13
76792447.40
40195601.00
6/8/2009
4583.40
21007555.56
8799.26
77426976.55
40330528.28
6/15/2009
4313.60
18607144.96
8539.73
72926988.47
36836979.33
6/22/2009
4375.50
19145000.25
8438.39
71206425.79
36922175.45
6/29/2009
4424.25
19573988.06
8280.74
68570654.95
36636063.95
7/6/2009
4003.90
16031215.21
8146.52
66365788.11
32617851.43
7/13/2009
4374.95
19140187.50
8743.94
76456486.72
38254300.30
7/20/2009
4568.55
20871649.10
9093.24
82687013.70
41542921.60
7/27/2009
4636.45
21496668.60
9171.61
84118429.99
42523711.18
8/3/2009
4481.40
20082945.96
9370.07
87798211.80
41991031.70
8/10/2009
4580.05
20976858.00
9321.40
86888497.96
42692478.07
8/17/2009
4732.35
22395136.52
9505.96
90363275.52
44985529.81
57

8/24/2009
4642.80
21555591.84
9544.20
91091753.64
44311811.76
8/31/2009
4680.40
21906144.16
9441.27
89137579.21
44188920.11
9/7/2009
4829.55
23324553.20
9605.41
92263901.27
46389807.87
9/14/2009
4976.05
24761073.60
9820.20
96436328.04
48865806.21
9/22/2009
4958.95
24591185.10
9820.20
96436328.04
48697880.79
9/29/2009
5083.40
25840955.56
9665.19
93415897.74
49132026.85
10/5/2009
4945.20
24455003.04
9487.67
90015882.03
46918425.68
10/12/2009
5142.15
26441706.62
9864.94
97317041.20
50727001.22
10/20/2009
4997.05
24970508.70
9995.91
99918216.73
49950062.07
10/26/2009
4711.70
22200116.89
9972.18
99444373.95
46985920.51
11/3/2009
4796.15
23003054.82
9712.73
94337124.05
46583709.99
11/9/2009
4998.95
24989501.10
10023.42
100468948.50
50106575.41
11/16/2009
5052.45
25527251.00
10270.47
105482554.02
51891036.15
11/23/2009
4941.75
24420893.06
10318.16
106464425.79
50989767.18
11/30/2009
5108.90
26100859.21
10309.92
106294450.41
52672350.29
12/7/2009
5117.30
26186759.29
10388.90
107929243.21
53163117.97
12/14/2009
4987.70
24877151.29
10471.50
109652312.25
52228700.55
12/21/2009
5178.40
26815826.56
10328.89
106685968.63
53487123.98
12/29/2009
5201.05
27050921.10
10520.10
110672504.01
54715566.11
1/4/2010
5244.75
27507402.56
10428.05
108744226.80
54692515.24
1/11/2010
5252.20
27585604.84
10618.19
112745958.88
55768857.52
1/18/2010
4826.85
23298480.92
10609.65
112564673.12
51211189.10
1/25/2010
5007.90
25079062.41
10172.98
103489522.08
50945266.54
2/1/2010
4899.70
24007060.09
10067.33
101351133.33
49326896.80
2/8/2010
4760.40
22661408.16
10012.23
100244749.57
47662219.69
2/15/2010
4844.90
23473056.01
10099.14
101992628.74
48929323.39
58

2/22/2010
4922.30
24229037.29
10402.35
108208885.52
51203487.41
2/26/2010
4922.30
24229037.29
10325.26
106610994.07
50824027.30
3/2/2010
5088.70
25894867.69
10566.20
111644582.44
53768221.94
3/8/2010
5137.00
26388769.00
10624.69
112884037.60
54579032.53
3/15/2010
5262.80
27697063.84
10741.98
115390134.32
56532892.34
3/22/2010
5282.00
27899524.00
10850.36
117730312.13
57311601.52
3/29/2010
5290.50
27989390.25
10927.07
119400858.78
57809663.84
4/5/2010
5361.75
28748363.06
10997.35
120941707.02
58965041.36
4/12/2010
5262.60
27694958.76
11018.66
121410868.20
57986800.12
4/19/2010
5304.10
28133476.81
11204.28
125535890.32
59428621.55
4/26/2010
5278.00
27857284.00
11008.61
121189494.13
58103443.58
5/3/2010
5018.05
25180825.80
10380.43
107753326.98
52089516.76
5/10/2010
5093.50
25943742.25
10620.16
112787798.43
54093784.96
5/17/2010
4931.15
24316240.32
10193.39
103905199.69
50265135.10
5/24/2010
5066.55
25669928.90
10136.63
102751267.76
51357742.73
5/31/2010
5135.50
26373360.25
9931.97
98644028.08
51005631.94
6/7/2010
5119.35
26207744.42
10211.07
104265950.54
52274041.20
6/14/2010
5262.60
27694958.76
10450.64
109215876.41
54997538.06
6/21/2010
5269.05
27762887.90
10143.81
102896881.32
53448242.08
6/28/2010
5237.10
27427216.41
9686.48
93827894.79
50729064.41
7/5/2010
5352.45
28648721.00
10198.03
103999815.88
54584445.67
7/12/2010
5393.90
29094157.21
10097.90
101967584.41
54467062.81
7/19/2010
5449.10
29692690.81
10424.62
108672702.14
56804796.84
7/26/2010
5367.60
28811129.76
10465.94
109535900.08
56176979.54
8/2/2010
5439.25
29585440.56
10653.56
113498340.67
57947376.23
8/9/2010
5452.10
29725394.41
10303.15
106154899.92
56173804.12
59

8/16/2010
5530.65
30588089.42
10213.62
104318033.50
56487957.45
8/23/2010
5408.70
29254035.69
10150.65
103035695.42
54901820.66
8/30/2010
5479.40
30023824.36
10447.93
109159241.28
57248387.64
9/6/2010
5640.05
31810164.00
10462.77
109469556.07
59010545.94
9/13/2010
5884.95
34632636.50
10607.85
112526481.62
62426666.86
9/20/2010
6018.30
36219934.89
10860.26
117945247.27
65360302.76
9/27/2010
6143.40
37741363.56
10829.68
117281968.90
66531056.11
10/4/2010
6103.45
37252101.90
11006.48
121142601.99
67177500.36
10/11/2010
6062.65
36755725.02
11062.78
122385101.33
67069763.17
10/18/2010
6066.05
36796962.60
11132.56
123933892.15
67530665.59
10/25/2010
6017.70
36212713.29
11118.40
123618818.56
66907195.68
10/29/2010
6017.70
36212713.29
11444.08
130966967.05
68867040.22
11/1/2010
6312.45
39847025.00
11192.58
125273847.06
70652601.62
11/8/2010
6071.65
36864933.72
11203.55
125519532.60
68024034.36
11/15/2010
5890.30
34695634.09
11092.00
123032464.00
65335207.60
11/22/2010
5751.95
33084928.80
11382.09
129551972.77
65469212.58
11/29/2010
5992.80
35913651.84
11410.32
130195402.50
68379765.70
12/6/2010
5857.35
34308549.02
11491.91
132063995.45
67312139.04
12/13/2010
5948.75
35387626.56
11573.49
133945670.78
68847798.64
12/20/2010
6011.60
36139334.56
11573.49
133945670.78
69575192.48
12/27/2010
6134.50
37632090.25
11577.51
134038737.80
71022235.10
1/3/2011
5904.60
34864301.16
11674.76
136300021.06
68934787.90
1/10/2011
5654.55
31973935.70
11787.38
138942327.26
66652329.58
1/17/2011
5696.50
32450112.25
11871.84
140940584.99
67627936.56
1/24/2011
5512.15
30383797.62
11823.70
139799881.69
65174007.96
1/31/2011
5395.75
29114118.06
12092.15
146220091.62
65246218.36
60

2/7/2011
5310.00
28196100.00
12273.26
150632911.03
65171010.60
2/14/2011
5458.95
29800135.10
12391.25
153543076.56
67643214.19
2/21/2011
5303.55
28127642.60
12130.45
147147817.20
64334448.10
2/28/2011
5538.75
30677751.56
12169.88
148105979.21
67405922.85
3/7/2011
5445.45
29652925.70
12044.40
145067571.36
65587177.98
3/14/2011
5373.70
28876651.69
11858.52
140624496.59
63724128.92
3/21/2011
5654.25
31970543.06
12220.59
149342819.95
69098271.01
3/28/2011
5826.05
33942858.60
12376.72
153183197.96
72107389.56
4/4/2011
5842.00
34128964.00
12380.05
153265638.00
72324252.10
4/11/2011
5824.55
33925382.70
12341.83
152320767.75
71885605.93
4/18/2011
5884.70
34629694.09
12505.99
156399785.88
73593999.35
4/25/2011
5749.50
33056750.25
12810.54
164109935.09
73654199.73
5/2/2011
5551.45
30818597.10
12638.74
159737748.79
70163333.17
5/9/2011
5544.75
30744252.56
12595.75
158652918.06
69840284.81
5/16/2011
5486.35
30100036.32
12512.04
156551144.96
68645430.65
5/23/2011
5476.10
29987671.21
12441.58
154792912.90
68131336.24
5/30/2011
5516.75
30434530.56
12151.26
147653119.59
67035463.61
6/6/2011
5485.80
30094001.64
11951.91
142848152.65
65565787.88
6/13/2011
5366.40
28798248.96
12004.36
144104659.01
64420197.50
6/20/2011
5471.25
29934576.56
11934.58
142434199.78
65297070.83
6/27/2011
5627.20
31665379.84
12582.77
158326100.87
70805763.34
7/4/2011
5660.65
32042958.42
12657.20
160204711.84
71647979.18
7/11/2011
5581.10
31148677.21
12479.73
155743660.87
69650621.10
7/18/2011
5633.95
31741392.60
12681.16
160811818.95
71445021.38
7/25/2011
5482.00
30052324.00
12143.24
147458277.70
66569241.68
8/1/2011
5211.25
27157126.56
11444.61
130979098.05
59640723.86
61

8/8/2011
5072.95
25734821.70
11269.02
126990811.76
57167175.01
8/16/2011
4845.65
23480323.92
10817.65
117021551.52
52418545.72
8/22/2011
4747.80
22541604.84
11284.54
127340843.01
53576739.01
8/29/2011
5040.00
25401600.00
11240.26
126343444.87
56650910.40
9/5/2011
5059.45
25598034.30
10992.13
120826921.94
55614132.13
9/12/2011
5084.25
25849598.06
11509.09
132459152.63
58515090.83
9/19/2011
4867.75
23694990.06
10771.48
116024781.39
52432871.77
9/26/2011
4943.25
24435720.56
10913.38
119101863.02
53947565.69
10/3/2011
4888.05
23893032.80
11103.12
123279273.73
54272605.72
10/10/2011
5132.30
26340503.29
11644.49
135594147.36
59763016.03
10/17/2011
5049.95
25501995.00
11808.79
139447521.26
59633799.06
10/24/2011
5360.70
28737104.49
12231.11
149600051.83
65567311.38
10/31/2011
5284.20
27922769.64
11983.24
143598040.90
63321836.81
11/8/2011
5168.85
26717010.32
12153.68
147711937.54
62820548.87
11/14/2011
4905.80
24066873.64
11796.16
139149390.75
57869601.73
11/21/2011
4710.05
22184571.00
11231.78
126152881.97
52902245.39
11/28/2011
5050.15
25504015.02
12019.42
144466457.14
60699873.91
12/5/2011
4866.70
23684768.89
12184.26
148456191.75
59297138.14
12/12/2011
4651.60
21637382.56
11866.39
140811211.63
55197699.72
12/19/2011
4714.00
22221796.00
12294.00
151142436.00
57953916.00
12/26/2011
4624.30
21384150.49
12217.56
149268772.35
56497662.71
1/2/2012
4754.10
22601466.81
12359.92
152767622.41
58760295.67
1/10/2012
4866.00
23677956.00
12422.06
154307574.64
60445743.96
1/16/2012
5048.60
25488361.96
12720.48
161810611.43
64220615.33
1/23/2012
5204.70
27088902.09
12660.46
160287247.41
65893896.16
1/30/2012
5325.85
28364678.22
12862.23
165436960.57
68502307.65
62

2/6/2012
5381.60
28961618.56
12801.23
163871489.51
68891099.37
2/13/2012
5564.30
30961434.49
12949.87
167699133.02
72056961.64
2/21/2012
5429.30
29477298.49
12982.95
168556990.70
70488330.44
2/27/2012
5359.35
28722632.42
12977.57
168417323.10
69551339.78
3/5/2012
5333.55
28446755.60
12922.02
166978600.88
68920239.77
3/12/2012
5317.90
28280060.41
13232.62
175102232.06
70369749.90
3/19/2012
5278.20
27859395.24
13080.73
171105497.33
69042709.09
3/26/2012
5295.55
28042849.80
13212.04
174558000.96
69965018.42
159.00
820460.30
4285733669.49
1735771.32
19223383562.30
9036615300.77
EX
EX2
EY
EY2
EXY
Correlation
0.6679
63

DowJones Composite Stock Index
14000.00
12000.00
10000.00
8000.00
6000.00
Nifty
4000.00
Dow Jones
2000.00
0.00
Interpretation:
From the above table it clear that Dow Jones Composite Index is positively correlated
with Nifty index, which means if there is an increase in Dow Jones Composite Index
The above graph shows the index movement of Nifty and Dow Jones. From the above
we can interpret that when there is a fall in Nifty index; fall in NYSE can be seen. The
Inference:
As per the above the relationship between Nifty and Dow Jones is positive, So it is
64

Nifty index with FTSE 100 Composite Index
Trade
FTSE
Nifty(X)
X2
Date
Y2
X*Y
100(Y)
4/1/2009
3211.05
10310842.10
4029.7
16238482.09
12939568.19
4/6/2009
3342.05
11169298.20
3983.7
15869865.69
13313724.59
4/13/2009
3384.40
11454163.36
4092.8
16751011.84
13851672.32
4/20/2009
3480.75
12115620.56
4156
17272336
14465997
4/27/2009
3473.95
12068328.60
4243.2
18004746.24
14740664.64
5/4/2009
3620.70
13109468.49
4462.1
19910336.41
16155925.47
5/11/2009
3671.65
13481013.72
4348.1
18905973.61
15964701.37
5/18/2009
4238.50
17964882.25
4365.3
19055844.09
18502324.05
5/25/2009
4448.95
19793156.10
4417.9
19517840.41
19655016.21
6/1/2009
4586.90
21039651.61
4438.6
19701169.96
20359414.34
6/8/2009
4583.40
21007555.56
4442
19731364
20359462.8
6/15/2009
4313.60
18607144.96
4345.9
18886846.81
18746474.24
6/22/2009
4375.50
19145000.25
4241
17986081
18556495.5
6/29/2009
4424.25
19573988.06
4236.3
17946237.69
18742450.28
7/6/2009
4003.90
16031215.21
4127.2
17033779.84
16524896.08
7/13/2009
4374.95
19140187.50
4388.8
19261565.44
19200780.56
7/20/2009
4568.55
20871649.10
4576.6
20945267.56
20908425.93
7/27/2009
4636.45
21496668.60
4608.4
21237350.56
21366616.18
8/3/2009
4481.40
20082945.96
4731.6
22388038.56
21204192.24
8/10/2009
4580.05
20976858.00
4714
22221796
21590355.7
8/17/2009
4732.35
22395136.52
4850.9
23531230.81
22956156.62
65

8/24/2009
4642.80
21555591.84
4908.9
24097299.21
22791040.92
8/31/2009
4680.40
21906144.16
4851.7
23538992.89
22707896.68
9/7/2009
4829.55
23324553.20
5011.5
25115132.25
24203289.83
9/14/2009
4976.05
24761073.60
5172.9
26758894.41
25740609.05
9/22/2009
4958.95
24591185.10
5082.2
25828756.84
25202375.69
9/29/2009
5083.40
25840955.56
4988.7
24887127.69
25359557.58
10/5/2009
4945.20
24455003.04
5161.9
26645211.61
25526627.88
10/12/2009
5142.15
26441706.62
5190.2
26938176.04
26688786.93
10/20/2009
4997.05
24970508.70
5242.6
27484854.76
26197534.33
10/26/2009
4711.70
22200116.89
5044.5
25446980.25
23768170.65
11/3/2009
4796.15
23003054.82
5142.7
26447363.29
24665160.61
11/9/2009
4998.95
24989501.10
5296.4
28051852.96
26476438.78
11/16/2009
5052.45
25527251.00
5251.4
27577201.96
26532435.93
11/23/2009
4941.75
24420893.06
5245.7
27517368.49
25922937.98
11/30/2009
5108.90
26100859.21
5322.4
28327941.76
27191609.36
12/7/2009
5117.30
26186759.29
5261.6
27684434.56
26925185.68
12/14/2009
4987.70
24877151.29
5196.8
27006730.24
25920079.36
12/21/2009
5178.40
26815826.56
5402.4
29185925.76
27975788.16
12/29/2009
5201.05
27050921.10
5412.9
29299486.41
28152763.55
1/4/2010
5244.75
27507402.56
5534.2
30627369.64
29025495.45
1/11/2010
5252.20
27585604.84
5455.4
29761389.16
28652851.88
1/18/2010
4826.85
23298480.92
5303
28121809
25596785.55
1/25/2010
5007.90
25079062.41
5188.5
26920532.25
25983489.15
2/1/2010
4899.70
24007060.09
5060.9
25612708.81
24796891.73
2/8/2010
4760.40
22661408.16
5142.5
26445306.25
24480357
2/15/2010
4844.90
23473056.01
5358.2
28710307.24
25959943.18
66

2/22/2010
4922.30
24229037.29
5354.5
28670670.25
26356455.35
3/2/2010
5088.70
25894867.69
5599.8
31357760.04
28495702.26
3/8/2010
5137.00
26388769.00
5625.6
31647375.36
28898707.2
3/15/2010
5262.80
27697063.84
5650.1
31923630.01
29735346.28
3/22/2010
5282.00
27899524.00
5703
32524209
30123246
3/29/2010
5290.50
27989390.25
5744.9
33003876.01
30393393.45
4/5/2010
5361.75
28748363.06
5771
33304441
30942659.25
4/12/2010
5262.60
27694958.76
5744
32993536
30228374.4
4/19/2010
5304.10
28133476.81
5723.6
32759596.96
30358546.76
4/26/2010
5278.00
27857284.00
5553.3
30839140.89
29310317.4
5/3/2010
5018.05
25180825.80
5123
26245129
25707470.15
5/10/2010
5093.50
25943742.25
5262.9
27698116.41
26806581.15
5/17/2010
4931.15
24316240.32
5062.9
25632956.41
24965919.34
5/24/2010
5066.55
25669928.90
5188.4
26919494.56
26287288.02
5/31/2010
5135.50
26373360.25
5126
26275876
26324573
6/7/2010
5119.35
26207744.42
5163.7
26663797.69
26434787.6
6/14/2010
5262.60
27694958.76
5250.8
27570900.64
27632860.08
6/21/2010
5269.05
27762887.90
5046.5
25467162.25
26590260.83
6/28/2010
5237.10
27427216.41
4838.1
23407211.61
25337613.51
7/5/2010
5352.45
28648721.00
5132.9
26346662.41
27473590.61
7/12/2010
5393.90
29094157.21
5158.9
26614249.21
27826590.71
7/19/2010
5449.10
29692690.81
5312.6
28223718.76
28948888.66
7/26/2010
5367.60
28811129.76
5258
27646564
28222840.8
8/2/2010
5439.25
29585440.56
5332.4
28434489.76
29004256.7
8/9/2010
5452.10
29725394.41
5275.4
27829845.16
28762008.34
8/16/2010
5530.65
30588089.42
5195.3
26991142.09
28733385.95
67

8/23/2010
5408.70
29254035.69
5201.6
27056642.56
28133893.92
8/30/2010
5479.40
30023824.36
5428.1
29464269.61
29742731.14
9/6/2010
5640.05
31810164.00
5501.6
30267602.56
31029299.08
9/13/2010
5884.95
34632636.50
5508.5
30343572.25
32417247.08
9/20/2010
6018.30
36219934.89
5598.5
31343202.25
33693452.55
9/27/2010
6143.40
37741363.56
5592.9
31280530.41
34359421.86
10/4/2010
6103.45
37252101.90
5657.6
32008437.76
34530878.72
10/11/2010
6062.65
36755725.02
5703.4
32528771.56
34577718.01
10/18/2010
6066.05
36796962.60
5741.4
32963673.96
34827619.47
10/25/2010
6017.70
36212713.29
5675.2
32207895.04
34151651.04
11/1/2010
6312.45
39847025.00
5875.4
34520325.16
37088168.73
11/8/2010
6071.65
36864933.72
5796.9
33604049.61
35196747.89
11/15/2010
5890.30
34695634.09
5732.8
32864995.84
33767911.84
11/22/2010
5751.95
33084928.80
5668.7
32134159.69
32606078.97
11/29/2010
5992.80
35913651.84
5745.3
33008472.09
34430433.84
12/6/2010
5857.35
34308549.02
5813
33790969
34048775.55
12/13/2010
5948.75
35387626.56
5871.8
34478035.24
34929870.25
12/20/2010
6011.60
36139334.56
6008.9
36106879.21
36123103.24
12/27/2010
6134.50
37632090.25
5899.9
34808820.01
36192936.55
1/3/2011
5904.60
34864301.16
5984.3
35811846.49
35334897.78
1/10/2011
5654.55
31973935.70
6002.1
36025204.41
33939174.56
1/17/2011
5696.50
32450112.25
5896.3
34766353.69
33588272.95
1/24/2011
5512.15
30383797.62
5881.4
34590865.96
32419159.01
1/31/2011
5395.75
29114118.06
5997.4
35968806.76
32360471.05
2/7/2011
5310.00
28196100.00
6062.9
36758756.41
32193999
2/14/2011
5458.95
29800135.10
6083
37002889
33206792.85
68

2/21/2011
5303.55
28127642.60
6001.2
36014401.44
31827664.26
2/28/2011
5538.75
30677751.56
5990.4
35884892.16
33179328
3/7/2011
5445.45
29652925.70
5828.7
33973743.69
31739894.42
3/14/2011
5373.70
28876651.69
5718.1
32696667.61
30727353.97
3/21/2011
5654.25
31970543.06
5900.8
34819440.64
33364598.4
3/28/2011
5826.05
33942858.60
6009.9
36118898.01
35013977.9
4/4/2011
5842.00
34128964.00
6055.8
36672713.64
35377983.6
4/11/2011
5824.55
33925382.70
5996
35952016
34924001.8
4/18/2011
5884.70
34629694.09
6018.3
36219934.89
35415890.01
4/25/2011
5749.50
33056750.25
6069.9
36843686.01
34898890.05
5/2/2011
5551.45
30818597.10
5976.8
35722138.24
33179906.36
5/9/2011
5544.75
30744252.56
5925.9
35116290.81
32857634.03
5/16/2011
5486.35
30100036.32
5948.5
35384652.25
32635552.98
5/23/2011
5476.10
29987671.21
5938.9
35270533.21
32522010.29
5/30/2011
5516.75
30434530.56
5855
34281025
32300571.25
6/6/2011
5485.80
30094001.64
5765.8
33244449.64
31630025.64
6/13/2011
5366.40
28798248.96
5714.9
32660082.01
30668439.36
6/20/2011
5471.25
29934576.56
5697.7
32463785.29
31173541.13
6/27/2011
5627.20
31665379.84
5989.8
35877704.04
33705802.56
7/4/2011
5660.65
32042958.42
5990.6
35887288.36
33910689.89
7/11/2011
5581.10
31148677.21
5843.7
34148829.69
32614274.07
7/18/2011
5633.95
31741392.60
5935
35224225
33437493.25
7/25/2011
5482.00
30052324.00
5815.2
33816551.04
31878926.4
8/1/2011
5211.25
27157126.56
5247
27531009
27343428.75
8/8/2011
5072.95
25734821.70
5320
28302400
26988094
8/16/2011
4845.65
23480323.92
5040.8
25409664.64
24425952.52
69

8/22/2011
4747.80
22541604.84
5129.9
26315874.01
24355739.22
8/29/2011
5040.00
25401600.00
5292
28005264
26671680
9/5/2011
5059.45
25598034.30
5214.6
27192053.16
26383007.97
9/12/2011
5084.25
25849598.06
5368.4
28819718.56
27294287.7
9/19/2011
4867.75
23694990.06
5066.8
25672462.24
24663915.7
9/26/2011
4943.25
24435720.56
5128.5
26301512.25
25351457.63
10/3/2011
4888.05
23893032.80
5303.4
28126051.56
25923284.37
10/10/2011
5132.30
26340503.29
5466.4
29881528.96
28055204.72
10/17/2011
5049.95
25501995.00
5488.6
30124729.96
27717155.57
10/24/2011
5360.70
28737104.49
5702.2
32515084.84
30567783.54
10/31/2011
5284.20
27922769.64
5527.2
30549939.84
29206830.24
11/8/2011
5168.85
26717010.32
5545.4
30751461.16
28663340.79
11/14/2011
4905.80
24066873.64
5362.9
28760696.41
26309314.82
11/21/2011
4710.05
22184571.00
5164.6
26673093.16
24325524.23
11/28/2011
5050.15
25504015.02
5552.3
30828035.29
28039947.85
12/5/2011
4866.70
23684768.89
5529.2
30572052.64
26908957.64
12/12/2011
4651.60
21637382.56
5387.3
29023001.29
25059564.68
12/19/2011
4714.00
22221796.00
5512.7
30389861.29
25986867.8
12/26/2011
4624.30
21384150.49
5572.3
31050527.29
25767986.89
1/2/2012
4754.10
22601466.81
5649.7
31919110.09
26859238.77
1/10/2012
4866.00
23677956.00
5636.6
31771259.56
27427695.6
1/16/2012
5048.60
25488361.96
5728.5
32815712.25
28920905.1
1/23/2012
5204.70
27088902.09
5733.5
32873022.25
29841147.45
1/30/2012
5325.85
28364678.22
5901.1
34822981.21
31428373.44
2/6/2012
5381.60
28961618.56
5852.4
34250585.76
31495275.84
2/13/2012
5564.30
30961434.49
5905.1
34870206.01
32857747.93
70

2/21/2012
5429.30
29477298.49
5935.1
35225412.01
32223438.43
2/27/2012
5359.35
28722632.42
5911.1
34941103.21
31679653.79
3/5/2012
5333.55
28446755.60
5887.5
34662656.25
31401275.63
3/12/2012
5317.90
28280060.41
5965.6
35588383.36
31724464.24
3/19/2012
5278.20
27859395.24
5854.9
34279854.01
30903333.18
3/26/2012
5295.55
28042849.80
5768.5
33275592.25
30547380.18
809520.30 4225291918.91
845795.70
157.00
N
EX
EX2
Correlation
4597519744.79 4399645493.61
EY
EY2
EXY
0.8411
71

FTSE 100 Composite Stock Index
7000
6000
5000
4000
3000
FTSE 100
2000
Nifty
201
200
1000
Interpretation:
From the above table it clear that FTSE 100 Composite Index is positively correlated
with Nifty index, which means if there is an increase in FTSE 100 Composite Index
The above graph shows the index movement of Nifty and FTSE 100. From the above
we can interpret that when there is a fall in Nifty index; fall in FTSE 100 can be seen.
Inference:
As per the above the relationship between Nifty and FTSE 100 is positive, So it is
72

Nifty index with Dax Composite Index
Trade Date
Nifty(X)
X2
Dax(Y)
Y2
X*Y
4/1/2009
3211.05
10310842.10
4384.99
19228137.30
14080422.14
4/6/2009
3342.05
11169298.20
4491.12
20170158.85
15009547.60
4/13/2009
3384.40
11454163.36
4676.84
21872832.39
15828297.30
4/20/2009
3480.75
12115620.56
4674.32
21849267.46
16270139.34
4/27/2009
3473.95
12068328.60
4769.45
22747653.30
16568830.83
5/4/2009
3620.70
13109468.49
4913.90
24146413.21
17791757.73
5/11/2009
3671.65
13481013.72
4737.50
22443906.25
17394441.88
5/18/2009
4238.50
17964882.25
4918.75
24194101.56
20848121.88
5/25/2009
4448.95
19793156.10
4940.82
24411702.27
21981461.14
6/1/2009
4586.90
21039651.61
5077.03
25776233.62
23287828.91
6/8/2009
4583.40
21007555.56
5069.24
25697194.18
23234354.62
6/15/2009
4313.60
18607144.96
4839.46
23420373.09
20875494.66
6/22/2009
4375.50
19145000.25
4776.47
22814665.66
20899444.49
6/29/2009
4424.25
19573988.06
4708.21
22167241.40
20830298.09
7/6/2009
4003.90
16031215.21
4576.31
20942613.22
18323087.61
7/13/2009
4374.95
19140187.50
4978.40
24784466.56
21780251.08
7/20/2009
4568.55
20871649.10
5229.36
27346206.01
23890592.63
7/27/2009
4636.45
21496668.60
5332.14
28431716.98
24722200.50
8/3/2009
4481.40
20082945.96
5458.96
29800244.28
24463783.34
8/10/2009
4580.05
20976858.00
5309.11
28186648.99
24315989.26
8/17/2009
4732.35
22395136.52
5462.74
29841528.31
25851597.64
8/24/2009
4642.80
21555591.84
5517.35
30441151.02
25615952.58
73

8/31/2009
4680.40
21906144.16
5384.43
28992086.42
25201286.17
9/7/2009
4829.55
23324553.20
5624.02
31629600.96
27161485.79
9/14/2009
4976.05
24761073.60
5703.83
32533676.67
28382543.27
9/22/2009
4958.95
24591185.10
5581.41
31152137.59
27677933.12
9/29/2009
5083.40
25840955.56
5467.90
29897930.41
27795522.86
10/5/2009
4945.20
24455003.04
5711.88
32625573.13
28246388.98
10/12/2009
5142.15
26441706.62
5743.39
32986528.69
29533372.89
10/20/2009
4997.05
24970508.70
5740.25
32950470.06
28684316.26
10/26/2009
4711.70
22200116.89
5414.96
29321791.80
25513667.03
11/3/2009
4796.15
23003054.82
5488.25
30120888.06
26322470.24
11/9/2009
4998.95
24989501.10
5686.83
32340035.45
28428178.83
11/16/2009
5052.45
25527251.00
5663.15
32071267.92
28612782.22
11/23/2009
4941.75
24420893.06
5685.61
32326161.07
28096863.22
11/30/2009
5108.90
26100859.21
5817.65
33845051.52
29721792.09
12/7/2009
5117.30
26186759.29
5756.29
33134874.56
29456662.82
12/14/2009
4987.70
24877151.29
5831.21
34003010.06
29084326.12
12/21/2009
5178.40
26815826.56
5957.44
35491091.35
30850007.30
12/29/2009
5201.05
27050921.10
5957.43
35490972.20
30984891.30
1/4/2010
5244.75
27507402.56
6037.61
36452734.51
31665755.05
1/11/2010
5252.20
27585604.84
5875.97
34527023.44
30861769.63
1/18/2010
4826.85
23298480.92
5695.32
32436669.90
27490455.34
1/25/2010
5007.90
25079062.41
5608.79
31458525.26
28088259.44
2/1/2010
4899.70
24007060.09
5434.34
29532051.24
26626635.70
2/8/2010
4760.40
22661408.16
5500.39
30254290.15
26184056.56
2/15/2010
4844.90
23473056.01
5722.05
32741856.20
27722760.05
2/22/2010
4922.30
24229037.29
5598.46
31342754.37
27557299.66
74

3/2/2010
5088.70
25894867.69
5877.36
34543360.57
29908121.83
3/8/2010
5137.00
26388769.00
5945.11
35344332.91
30540030.07
3/15/2010
5262.80
27697063.84
5982.43
35789468.70
31484332.60
3/22/2010
5282.00
27899524.00
6120.05
37455012.00
32326104.10
3/29/2010
5290.50
27989390.25
6235.56
38882208.51
32989230.18
4/5/2010
5361.75
28748363.06
6249.70
39058750.09
33509328.98
4/12/2010
5262.60
27694958.76
6180.90
38203524.81
32527604.34
4/19/2010
5304.10
28133476.81
6259.53
39181715.82
33201173.07
4/26/2010
5278.00
27857284.00
6135.70
37646814.49
32384224.60
5/3/2010
5018.05
25180825.80
5715.09
32662253.71
28678607.37
5/10/2010
5093.50
25943742.25
6056.71
36683736.02
30849852.39
5/17/2010
4931.15
24316240.32
5829.25
33980155.56
28744906.14
5/24/2010
5066.55
25669928.90
5946.18
35357056.59
30126618.28
5/31/2010
5135.50
26373360.25
5938.88
35270295.65
30499118.24
6/7/2010
5119.35
26207744.42
6047.83
36576247.71
30960958.51
6/14/2010
5262.60
27694958.76
6216.98
38650840.32
32717478.95
6/21/2010
5269.05
27762887.90
6070.60
36852184.36
31986294.93
6/28/2010
5237.10
27427216.41
5834.15
34037306.22
30554026.97
7/5/2010
5352.45
28648721.00
6065.24
36787136.26
32463893.84
7/12/2010
5393.90
29094157.21
6040.27
36484861.67
32580612.35
7/19/2010
5449.10
29692690.81
6166.34
38023749.00
33601003.29
7/26/2010
5367.60
28811129.76
6147.97
37797535.12
32999843.77
8/2/2010
5439.25
29585440.56
6259.63
39182967.74
34047692.48
8/9/2010
5452.10
29725394.41
6110.41
37337110.37
33314566.36
8/16/2010
5530.65
30588089.42
6005.16
36061946.63
33212438.15
8/23/2010
5408.70
29254035.69
5951.17
35416424.37
32188093.18
75

8/30/2010
5479.40
30023824.36
6134.62
37633562.54
33614036.83
9/6/2010
5640.05
31810164.00
6214.77
38623366.15
35051613.54
9/13/2010
5884.95
34632636.50
6209.76
38561119.26
36544127.11
9/20/2010
6018.30
36219934.89
6298.30
39668582.89
37905058.89
9/27/2010
6143.40
37741363.56
6211.34
38580744.60
38158746.16
10/4/2010
6103.45
37252101.90
6291.67
39585111.39
38400893.26
10/11/2010
6062.65
36755725.02
6492.30
42149959.29
39360542.60
10/18/2010
6066.05
36796962.60
6605.84
43637122.11
40071355.73
10/25/2010
6017.70
36212713.29
6601.37
43578085.88
39725064.25
11/1/2010
6312.45
39847025.00
6754.20
45619217.64
42635549.79
11/8/2010
6071.65
36864933.72
6734.61
45354971.85
40890194.81
11/15/2010
5890.30
34695634.09
6843.55
46834176.60
40310562.57
11/22/2010
5751.95
33084928.80
6848.98
46908527.04
39394990.51
11/29/2010
5992.80
35913651.84
6947.72
48270813.20
41636296.42
12/6/2010
5857.35
34308549.02
7006.17
49086418.07
41037589.85
12/13/2010
5948.75
35387626.56
6982.45
48754608.00
41536849.44
12/20/2010
6011.60
36139334.56
7057.69
49810988.14
42428009.20
12/27/2010
6134.50
37632090.25
6914.19
47806023.36
42415098.56
1/3/2011
5904.60
34864301.16
6947.84
48272480.67
41024216.06
1/10/2011
5654.55
31973935.70
7075.70
50065530.49
40009899.44
1/17/2011
5696.50
32450112.25
7062.42
49877776.26
40231075.53
1/24/2011
5512.15
30383797.62
7102.80
50449767.84
39151699.02
1/31/2011
5395.75
29114118.06
7216.21
52073686.76
38936865.11
2/7/2011
5310.00
28196100.00
7371.20
54334589.44
39141072.00
2/14/2011
5458.95
29800135.10
7426.81
55157506.78
40542584.45
2/21/2011
5303.55
28127642.60
7185.17
51626667.93
38106908.35
76

2/28/2011
5538.75
30677751.56
7178.90
51536605.21
39762132.38
3/7/2011
5445.45
29652925.70
6981.49
48741202.62
38017354.72
3/14/2011
5373.70
28876651.69
6664.40
44414227.36
35812486.28
3/21/2011
5654.25
31970543.06
6946.36
48251917.25
39276456.03
3/28/2011
5826.05
33942858.60
7179.81
51549671.64
41829932.05
4/4/2011
5842.00
34128964.00
7217.02
52085377.68
42161830.84
4/11/2011
5824.55
33925382.70
7178.29
51527847.32
41810309.02
4/18/2011
5884.70
34629694.09
7295.49
53224174.34
42931770.00
4/25/2011
5749.50
33056750.25
7514.46
56467109.09
43204387.77
5/2/2011
5551.45
30818597.10
7492.25
56133810.06
41592851.26
5/9/2011
5544.75
30744252.56
7403.31
54808998.96
41049503.12
5/16/2011
5486.35
30100036.32
7266.82
52806672.91
39868317.91
5/23/2011
5476.10
29987671.21
7163.47
51315302.44
39227878.07
5/30/2011
5516.75
30434530.56
7109.03
50538307.54
39218741.25
6/6/2011
5485.80
30094001.64
7069.90
49983486.01
38784057.42
6/13/2011
5366.40
28798248.96
7164.05
51323612.40
38445157.92
6/20/2011
5471.25
29934576.56
7121.38
50714053.10
38962850.33
6/27/2011
5627.20
31665379.84
7419.44
55048089.91
41750672.77
7/4/2011
5660.65
32042958.42
7402.73
54800411.45
41904263.57
7/11/2011
5581.10
31148677.21
7220.12
52130132.81
40296211.73
7/18/2011
5633.95
31741392.60
7326.39
53675990.43
41276514.94
7/25/2011
5482.00
30052324.00
7158.77
51247987.91
39244377.14
8/1/2011
5211.25
27157126.56
6236.16
38889691.55
32498188.80
8/8/2011
5072.95
25734821.70
5997.74
35972885.11
30426235.13
8/16/2011
4845.65
23480323.92
5480.00
30030400.00
26554162.00
8/22/2011
4747.80
22541604.84
5537.48
30663684.75
26290847.54
77

8/29/2011
5040.00
25401600.00
5538.33
30673099.19
27913183.20
9/5/2011
5059.45
25598034.30
5189.93
26935373.40
26258191.34
9/12/2011
5084.25
25849598.06
5573.51
31064013.72
28337118.22
9/19/2011
4867.75
23694990.06
5196.56
27004235.83
25295554.94
9/26/2011
4943.25
24435720.56
5502.02
30272224.08
27197860.37
10/3/2011
4888.05
23893032.80
5675.70
32213570.49
27743105.39
10/10/2011
5132.30
26340503.29
5967.20
35607475.84
30625460.56
10/17/2011
5049.95
25501995.00
5970.96
35652363.32
30153049.45
10/24/2011
5360.70
28737104.49
6346.19
40274127.52
34020020.73
10/31/2011
5284.20
27922769.64
5966.16
35595065.15
31526382.67
11/8/2011
5168.85
26717010.32
6057.03
36687612.42
31307879.52
11/14/2011
4905.80
24066873.64
5800.24
33642784.06
28454817.39
11/21/2011
4710.05
22184571.00
5492.87
30171620.84
25871692.34
11/28/2011
5050.15
25504015.02
6080.68
36974669.26
30708346.10
12/5/2011
4866.70
23684768.89
5986.71
35840696.62
29135521.56
12/12/2011
4651.60
21637382.56
5701.78
32510295.17
26522399.85
12/19/2011
4714.00
22221796.00
5878.93
34561817.94
27713276.02
12/26/2011
4624.30
21384150.49
5898.35
34790532.72
27275739.91
1/2/2012
4754.10
22601466.81
6057.92
36698394.73
28799957.47
1/10/2012
4866.00
23677956.00
6143.08
37737431.89
29892227.28
1/16/2012
5048.60
25488361.96
6404.39
41016211.27
32333203.35
1/23/2012
5204.70
27088902.09
6511.98
42405883.52
33892902.31
1/30/2012
5325.85
28364678.22
6766.67
45787822.89
36038269.42
2/6/2012
5381.60
28961618.56
6692.96
44795713.56
36018833.54
2/13/2012
5564.30
30961434.49
6848.03
46895514.88
38104493.33
2/21/2012
5429.30
29477298.49
6864.43
47120399.22
37269049.80
78

2/27/2012
5359.35
28722632.42
6921.37
47905362.68
37094044.31
3/5/2012
5333.55
28446755.60
6880.21
47337289.64
36695944.05
3/12/2012
5317.90
28280060.41
7157.82
51234387.15
38064570.98
3/19/2012
5278.20
27859395.24
6995.62
48938699.18
36924281.48
3/26/2012
5295.55
28042849.80
6946.83
48258447.05
36787285.61
157.00
809520.30
4225291918.91
963196.93
6000446693.46
5022644584.02
EX
EX2
EY
EY2
EXY
Correlation
0.8223

Dax Composite Stock Index
8000.00
7000.00
6000.00
5000.00
4000.00
3000.00
2000.00
Nifty
Dax
1000.00
0.00
79

Interpretation:
From the above table it clear that Dax Composite Index is positively correlated with
Nifty index, which means if there is an increase in Dax Composite Index then it can
be seen that even Nifty index will increase.
The above graph shows the index movement of Nifty and Dax. From the above we
can interpret that when there is a fall in Nifty index; fall in Dax can be seen. The
Inference:
As per the above the relationship between Nifty and Dax is positive. So it is possible
to forecast the movement of both indices and that leads to invest or divest money at
right time.
80

Nifty index with Nikkei Composite Index
Trade Date
Nifty(X)
X2
Nikkei(Y)
Y2
X*Y
4/1/2009
3211.05
10310842.10
8749.84
76559700.03
28096173.73
4/6/2009
3342.05
11169298.20
8964.11
80355268.09
29958503.83
4/13/2009
3384.40
11454163.36
8907.58
79344981.46
30146813.75
4/20/2009
3480.75
12115620.56
8707.99
75829089.84
30310336.19
4/27/2009
3473.95
12068328.60
8977.37
80593172.12
31186934.51
5/4/2009
3620.70
13109468.49
9432.83
88978281.81
34153447.58
5/11/2009
3671.65
13481013.72
9265.02
85840595.60
34017910.68
5/18/2009
4238.50
17964882.25
9225.81
85115570.16
39103595.69
5/25/2009
4448.95
19793156.10
9522.50
90678006.25
42365126.38
6/1/2009
4586.90
21039651.61
9768.01
95414019.36
44804885.07
6/8/2009
4583.40
21007555.56
10135.82
102734847.07
46456517.39
6/15/2009
4313.60
18607144.96
9786.26
95770884.79
42214011.14
6/22/2009
4375.50
19145000.25
9877.39
97562833.21
43218519.95
6/29/2009
4424.25
19573988.06
9816.07
96355230.24
43428747.70
7/6/2009
4003.90
16031215.21
9287.28
86253569.80
37185340.39
7/13/2009
4374.95
19140187.50
9395.32
88272037.90
41104055.23
7/20/2009
4568.55
20871649.10
9944.55
98894074.70
45432173.90
7/27/2009
4636.45
21496668.60
10356.83
107263927.65
48018924.45
8/3/2009
4481.40
20082945.96
10412.09
108411618.17
46660740.13
8/10/2009
4580.05
20976858.00
10597.33
112303403.13
48536301.27
8/17/2009
4732.35
22395136.52
10238.20
104820739.24
48450745.77
8/24/2009
4642.80
21555591.84
10534.14
110968105.54
48907905.19
81

8/31/2009
4680.40
21906144.16
10187.11
103777210.15
47679749.64
9/7/2009
4829.55
23324553.20
10444.33
109084029.15
50441413.95
9/14/2009
4976.05
24761073.60
10370.54
107548099.89
51604325.57
9/22/2009
4958.95
24591185.10
10265.98
105390345.36
50908481.52
9/29/2009
5083.40
25840955.56
9731.87
94709293.70
49470987.96
10/5/2009
4945.20
24455003.04
10016.39
100328068.63
49533051.83
10/12/2009
5142.15
26441706.62
10257.56
105217537.15
52745912.15
10/20/2009
4997.05
24970508.70
10282.99
105739883.34
51384615.18
10/26/2009
4711.70
22200116.89
10034.74
100696006.87
47280684.46
11/3/2009
4796.15
23003054.82
9789.35
95831373.42
46951191.00
11/9/2009
4998.95
24989501.10
9770.31
95458957.50
48841291.17
11/16/2009
5052.45
25527251.00
9497.68
90205925.38
47986553.32
11/23/2009
4941.75
24420893.06
9081.52
82474005.51
44878601.46
11/30/2009
5108.90
26100859.21
10022.59
100452310.31
51204410.05
12/7/2009
5117.30
26186759.29
10107.87
102169035.94
51725003.15
12/14/2009
4987.70
24877151.29
10142.05
102861178.20
50585502.79
12/21/2009
5178.40
26815826.56
10494.71
110138937.98
54345806.26
12/29/2009
5201.05
27050921.10
10546.44
111227396.67
54852561.76
1/4/2010
5244.75
27507402.56
10798.32
116603714.82
56634488.82
1/11/2010
5252.20
27585604.84
10982.10
120606520.41
57680185.62
1/18/2010
4826.85
23298480.92
10590.55
112159749.30
51118996.27
1/25/2010
5007.90
25079062.41
10198.04
104000019.84
51070764.52
2/1/2010
4899.70
24007060.09
10057.09
101145059.27
49276723.87
2/8/2010
4760.40
22661408.16
10092.19
101852299.00
48042861.28
2/15/2010
4844.90
23473056.01
10123.58
102486872.02
49047732.74
2/22/2010
4922.30
24229037.29
10126.03
102536483.56
49843357.47
82

3/2/2010
5088.70
25894867.69
10368.96
107515331.48
52764526.75
3/8/2010
5137.00
26388769.00
10751.26
115589591.59
55229222.62
3/15/2010
5262.80
27697063.84
10824.72
117174563.08
56968336.42
3/22/2010
5282.00
27899524.00
10996.37
120920153.18
58082826.34
3/29/2010
5290.50
27989390.25
11286.09
127375827.49
59709059.15
4/5/2010
5361.75
28748363.06
11204.34
125537234.84
60074870.00
4/12/2010
5262.60
27694958.76
11102.18
123258400.75
58426332.47
4/19/2010
5304.10
28133476.81
10914.46
119125437.09
57891387.29
4/26/2010
5278.00
27857284.00
11057.40
122266094.76
58360957.20
5/3/2010
5018.05
25180825.80
10364.59
107424725.87
52010030.85
5/10/2010
5093.50
25943742.25
10462.51
109464115.50
53290794.69
5/17/2010
4931.15
24316240.32
9784.54
95737223.01
48249034.42
5/24/2010
5066.55
25669928.90
9762.98
95315778.48
49464626.32
5/31/2010
5135.50
26373360.25
9901.19
98033563.42
50847561.25
6/7/2010
5119.35
26207744.42
9705.25
94191877.56
49684571.59
6/14/2010
5262.60
27694958.76
9995.02
99900424.80
52599792.25
6/21/2010
5269.05
27762887.90
9737.48
94818516.75
51307268.99
6/28/2010
5237.10
27427216.41
9203.71
84708277.76
48200749.64
7/5/2010
5352.45
28648721.00
9585.32
91878359.50
51304946.03
7/12/2010
5393.90
29094157.21
9408.36
88517237.89
50747753.00
7/19/2010
5449.10
29692690.81
9430.96
88943006.52
51390244.14
7/26/2010
5367.60
28811129.76
9537.30
90960091.29
51192411.48
8/2/2010
5439.25
29585440.56
9642.12
92970478.09
52445901.21
8/9/2010
5452.10
29725394.41
9253.46
85626521.97
50450789.27
8/16/2010
5530.65
30588089.42
9179.38
84261017.18
50767938.00
8/23/2010
5408.70
29254035.69
8991.06
80839159.92
48629946.22
83

8/30/2010
5479.40
30023824.36
9114.13
83067365.66
49939963.92
9/6/2010
5640.05
31810164.00
9239.17
85362262.29
52109380.76
9/13/2010
5884.95
34632636.50
9626.09
92661608.69
56649058.35
9/20/2010
6018.30
36219934.89
9471.67
89712532.59
57003351.56
9/27/2010
6143.40
37741363.56
9404.23
88439541.89
57773946.58
10/4/2010
6103.45
37252101.90
9588.88
91946619.65
58525249.64
10/11/2010
6062.65
36755725.02
9500.25
90254750.06
57596690.66
10/18/2010
6066.05
36796962.60
9426.71
88862861.42
57182894.20
10/25/2010
6017.70
36212713.29
9202.45
84685086.00
55377583.37
11/1/2010
6312.45
39847025.00
9625.99
92659683.48
60763580.58
11/8/2010
6071.65
36864933.72
9724.81
94571929.54
59045642.64
11/15/2010
5890.30
34695634.09
10022.39
100448301.31
59034883.82
11/22/2010
5751.95
33084928.80
10039.56
100792764.99
57747047.14
11/29/2010
5992.80
35913651.84
10178.32
103598198.02
60996636.10
12/6/2010
5857.35
34308549.02
10211.95
104283922.80
59814965.33
12/13/2010
5948.75
35387626.56
10303.83
106168912.67
61294908.71
12/20/2010
6011.60
36139334.56
10279.19
105661747.06
61794378.60
12/27/2010
6134.50
37632090.25
10228.92
104630804.37
62749309.74
1/3/2011
5904.60
34864301.16
10541.04
111113524.28
62240624.78
1/10/2011
5654.55
31973935.70
10499.04
110229840.92
59367346.63
1/17/2011
5696.50
32450112.25
10274.52
105565761.23
58528803.18
1/24/2011
5512.15
30383797.62
10360.34
107336644.92
57107748.13
1/31/2011
5395.75
29114118.06
10543.52
111165813.99
56890198.04
2/7/2011
5310.00
28196100.00
10605.65
112479811.92
56316001.50
2/14/2011
5458.95
29800135.10
10842.80
117566311.84
59190303.06
2/21/2011
5303.55
28127642.60
10526.76
110812676.10
55829198.00
84

2/28/2011
5538.75
30677751.56
10693.66
114354364.20
59229509.33
3/7/2011
5445.45
29652925.70
10254.43
105153334.62
55839985.84
3/14/2011
5373.70
28876651.69
9206.75
84764245.56
49474312.48
3/21/2011
5654.25
31970543.06
9536.13
90937775.38
53919663.05
3/28/2011
5826.05
33942858.60
9708.39
94252836.39
56561565.56
4/4/2011
5842.00
34128964.00
9768.08
95415386.89
57065123.36
4/11/2011
5824.55
33925382.70
9591.52
91997255.91
55866287.82
4/18/2011
5884.70
34629694.09
9682.21
93745190.48
56976901.19
4/25/2011
5749.50
33056750.25
9849.74
97017378.07
56631080.13
5/2/2011
5551.45
30818597.10
9859.20
97203824.64
54732855.84
5/9/2011
5544.75
30744252.56
9648.77
93098762.51
53500017.46
5/16/2011
5486.35
30100036.32
9607.08
92295986.13
52707803.36
5/23/2011
5476.10
29987671.21
9521.94
90667341.36
52143095.63
5/30/2011
5516.75
30434530.56
9492.21
90102050.68
52366149.52
6/6/2011
5485.80
30094001.64
9514.44
90524568.51
52194314.95
6/13/2011
5366.40
28798248.96
9351.40
87448681.96
50183352.96
6/20/2011
5471.25
29934576.56
9678.71
93677427.26
52954642.09
6/27/2011
5627.20
31665379.84
9868.07
97378805.52
55529603.50
7/4/2011
5660.65
32042958.42
10137.73
102773569.55
57386141.32
7/11/2011
5581.10
31148677.21
9974.47
99490051.78
55668514.52
7/18/2011
5633.95
31741392.60
10132.11
102659653.05
57083801.13
7/25/2011
5482.00
30052324.00
9833.03
96688478.98
53904670.46
8/1/2011
5211.25
27157126.56
9299.88
86487768.01
48463999.65
8/8/2011
5072.95
25734821.70
8963.72
80348276.24
45472503.37
8/16/2011
4845.65
23480323.92
8719.24
76025146.18
42250385.31
8/22/2011
4747.80
22541604.84
8797.78
77400932.93
41770099.88
85

8/29/2011
5040.00
25401600.00
8950.74
80115746.55
45111729.60
9/5/2011
5059.45
25598034.30
8737.66
76346702.28
44207753.89
9/12/2011
5084.25
25849598.06
8864.16
78573332.51
45067605.48
9/19/2011
4867.75
23694990.06
8560.26
73278051.27
41669205.62
9/26/2011
4943.25
24435720.56
8700.29
75695046.08
43007708.54
10/3/2011
4888.05
23893032.80
8605.62
74056695.58
42064700.84
10/10/2011
5132.30
26340503.29
8747.96
76526804.16
44897155.11
10/17/2011
5049.95
25501995.00
8678.89
75323131.63
43827960.56
10/24/2011
5360.70
28737104.49
9050.47
81911007.22
48516854.53
10/31/2011
5284.20
27922769.64
8801.40
77464641.96
46508357.88
11/8/2011
5168.85
26717010.32
8514.47
72496199.38
44010018.26
11/14/2011
4905.80
24066873.64
8374.91
70139117.51
41085633.48
11/21/2011
4710.05
22184571.00
8160.01
66585763.20
38434055.10
11/28/2011
5050.15
25504015.02
8643.75
74714414.06
43652234.06
12/5/2011
4866.70
23684768.89
8536.46
72871149.33
41544389.88
12/12/2011
4651.60
21637382.56
8401.72
70588898.96
39081440.75
12/19/2011
4714.00
22221796.00
8395.16
70478711.43
39574784.24
12/26/2011
4624.30
21384150.49
8455.35
71492943.62
39100075.01
1/2/2012
4754.10
22601466.81
8390.35
70397973.12
39888562.94
1/10/2012
4866.00
23677956.00
8500.02
72250340.00
41361097.32
1/16/2012
5048.60
25488361.96
8766.36
76849067.65
44257845.10
1/23/2012
5204.70
27088902.09
8841.22
78167171.09
46015897.73
1/30/2012
5325.85
28364678.22
8831.93
78002987.52
47037534.39
2/6/2012
5381.60
28961618.56
8947.17
80051851.01
48150090.07
2/13/2012
5564.30
30961434.49
9384.17
88062646.59
52216337.13
2/21/2012
5429.30
29477298.49
9647.38
93071940.86
52378520.23
86

2/27/2012
5359.35
28722632.42
9777.03
95590315.62
52398525.73
3/5/2012
5333.55
28446755.60
9929.74
98599736.47
52960764.78
3/12/2012
5317.90
28280060.41
10129.83
102613455.83
53869422.96
3/19/2012
5278.20
27859395.24
10011.47
100229531.56
52842540.95
3/26/2012
5295.55
28042849.80
10083.56
101678182.27
53397996.16
157.00
809520.30
4225291918.91
1524857.69
14885585206.16
7877867714.31
EX
EX2
EY
EY2
EXY
Correlation
0.2481
87

Nikkei Composite Stock Index
12000.00
10000.00
8000.00
6000.00
Nifty
4000.00
Nikkei
201
0.00
200
2000.00
Interpretation:
From the above table it clear that Nikkei Composite Index is positively correlated
with Nifty index, which means if there is an increase in Nikkei Composite Index then
it can be seen that even Nifty index will increase.
The above graph shows the index movement of Nifty and Nikkei. From the above we
can interpret that when there is a fall in Nifty index; fall in Nikkei can be seen. The
Inference:
As per the above the relationship between Nifty and Nikkei is positive, So it is
88

Nifty index with Hang Seng Composite Index
Trade
Nifty(X)
X2
Hang Seng(Y)
Y2
X*Y
Date
4/1/2009
3211.05
10310842.10
14545.69
211577097.58
46706937.87
4/6/2009
3342.05
11169298.20
14901.41
222052019.99
49801257.29
4/13/2009
3384.40
11454163.36
15601.27
243399625.61
52800938.19
4/20/2009
3480.75
12115620.56
15258.85
232832503.32
53112242.14
4/27/2009
3473.95
12068328.60
15520.99
240901130.58
53919143.21
5/4/2009
3620.70
13109468.49
17389.87
302407578.62
62963502.31
5/11/2009
3671.65
13481013.72
16790.70
281927606.49
61649573.66
5/18/2009
4238.50
17964882.25
17062.52
291129588.75
72319491.02
5/25/2009
4448.95
19793156.10
18171.00
330185241.00
80841870.45
6/1/2009
4586.90
21039651.61
18679.53
348924841.02
85681136.16
6/8/2009
4583.40
21007555.56
18889.68
356820010.50
86578959.31
6/15/2009
4313.60
18607144.96
17920.93
321159732.06
77303723.65
6/22/2009
4375.50
19145000.25
18600.26
345969672.07
81385437.63
6/29/2009
4424.25
19573988.06
18203.40
331363771.56
80536392.45
7/6/2009
4003.90
16031215.21
17708.42
313588138.90
70902742.84
7/13/2009
4374.95
19140187.50
18805.66
353652848.04
82273822.22
7/20/2009
4568.55
20871649.10
19982.79
399311896.18
91292375.25
7/27/2009
4636.45
21496668.60
20573.33
423261907.29
95387215.88
8/3/2009
4481.40
20082945.96
20375.37
415155702.64
91310183.12
8/10/2009
4580.05
20976858.00
20893.33
436531238.49
95692496.07
8/17/2009
4732.35
22395136.52
20199.02
408000408.96
95588832.30
89

8/24/2009
4642.80
21555591.84
20098.62
403954525.90
93313872.94
8/31/2009
4680.40
21906144.16
20318.62
412846318.70
95099269.05
9/7/2009
4829.55
23324553.20
21161.42
447805696.42
102200135.96
9/14/2009
4976.05
24761073.60
21623.45
467573589.90
107599368.37
9/22/2009
4958.95
24591185.10
21024.40
442025395.36
104258948.38
9/29/2009
5083.40
25840955.56
20375.49
415160592.74
103576765.87
10/5/2009
4945.20
24455003.04
21499.44
462225920.31
106319030.69
10/12/2009
5142.15
26441706.62
21929.90
480920514.01
112766835.29
10/20/2009
4997.05
24970508.70
22589.73
510295901.47
112882010.30
10/26/2009
4711.70
22200116.89
21752.87
473187353.24
102492997.58
11/3/2009
4796.15
23003054.82
21829.72
476536675.28
104698611.58
11/9/2009
4998.95
24989501.10
22553.63
508666226.18
112744468.69
11/16/2009
5052.45
25527251.00
22455.84
504264750.11
113457008.81
11/23/2009
4941.75
24420893.06
21134.50
446667090.25
104441415.38
11/30/2009
5108.90
26100859.21
22498.15
506166753.42
114940798.54
12/7/2009
5117.30
26186759.29
21902.11
479702422.45
112079667.50
12/14/2009
4987.70
24877151.29
21175.88
448417893.77
105618936.68
12/21/2009
5178.40
26815826.56
21517.00
462981289.00
111423632.80
12/29/2009
5201.05
27050921.10
21872.50
478406256.25
113759966.13
1/4/2010
5244.75
27507402.56
22296.75
497145060.56
116940879.56
1/11/2010
5252.20
27585604.84
21654.16
468902645.31
113731979.15
1/18/2010
4826.85
23298480.92
20726.18
429574537.39
100042161.93
1/25/2010
5007.90
25079062.41
20121.99
404894481.56
100768913.72
2/1/2010
4899.70
24007060.09
19665.08
386715371.41
96352992.48
2/8/2010
4760.40
22661408.16
20268.69
410819794.32
96487071.88
2/15/2010
4844.90
23473056.01
19894.02
395772031.76
96384537.50
90

2/22/2010
4922.30
24229037.29
20608.70
424718515.69
101442204.01
3/2/2010
5088.70
25894867.69
20787.97
432139696.72
105783742.94
3/8/2010
5137.00
26388769.00
21209.74
449853070.87
108954434.38
3/15/2010
5262.80
27697063.84
21370.82
456711947.47
112470351.50
3/22/2010
5282.00
27899524.00
21053.11
443233440.67
111202527.02
3/29/2010
5290.50
27989390.25
21537.00
463842369.00
113941498.50
4/5/2010
5361.75
28748363.06
22208.50
493217472.25
119076424.88
4/12/2010
5262.60
27694958.76
21865.26
478089594.87
115068117.28
4/19/2010
5304.10
28133476.81
21244.49
451328355.36
112682899.41
4/26/2010
5278.00
27857284.00
21108.59
445572571.79
111411138.02
5/3/2010
5018.05
25180825.80
19920.29
396817953.68
99961011.23
5/10/2010
5093.50
25943742.25
20145.43
405838349.88
102610747.71
5/17/2010
4931.15
24316240.32
19545.83
382039470.39
96383419.60
5/24/2010
5066.55
25669928.90
19766.71
390722824.22
100149024.55
5/31/2010
5135.50
26373360.25
19780.07
391251169.20
101580549.49
6/7/2010
5119.35
26207744.42
19872.38
394911486.86
101733668.55
6/14/2010
5262.60
27694958.76
20286.71
411550602.62
106760840.05
6/21/2010
5269.05
27762887.90
20690.79
428108790.82
109020807.05
6/28/2010
5237.10
27427216.41
19905.32
396221764.30
104246151.37
7/5/2010
5352.45
28648721.00
20378.66
415289783.40
109075758.72
7/12/2010
5393.90
29094157.21
20250.16
410068980.03
109227338.02
7/19/2010
5449.10
29692690.81
20815.33
433277963.01
113424814.70
7/26/2010
5367.60
28811129.76
21029.81
442252908.64
112879608.16
8/2/2010
5439.25
29585440.56
21678.80
469970369.44
117916412.90
8/9/2010
5452.10
29725394.41
21071.57
444011062.26
114884306.80
8/16/2010
5530.65
30588089.42
20981.82
440236770.51
116043102.78
91

8/23/2010
5408.70
29254035.69
20597.35
424250827.02
111404886.95
8/30/2010
5479.40
30023824.36
20971.50
439803812.25
114911237.10
9/6/2010
5640.05
31810164.00
21257.39
451876629.61
119892742.47
9/13/2010
5884.95
34632636.50
21970.86
482718689.14
129297412.56
9/20/2010
6018.30
36219934.89
22119.43
489269183.52
133121365.57
9/27/2010
6143.40
37741363.56
22358.17
499887765.75
137355181.58
10/4/2010
6103.45
37252101.90
22944.18
526435395.87
140038655.42
10/11/2010
6062.65
36755725.02
23757.63
564424983.22
144034195.52
10/18/2010
6066.05
36796962.60
23517.54
553074687.65
142658573.52
10/25/2010
6017.70
36212713.29
23096.32
533439997.54
138986724.86
11/1/2010
6312.45
39847025.00
24876.82
618856173.31
157033682.41
11/8/2010
6071.65
36864933.72
24222.58
586733381.86
147071027.86
11/15/2010
5890.30
34695634.09
23605.71
557229544.60
139044713.61
11/22/2010
5751.95
33084928.80
22877.25
523368567.56
131588798.14
11/29/2010
5992.80
35913651.84
23320.52
543846653.07
139755212.26
12/6/2010
5857.35
34308549.02
23162.91
536520399.67
135673270.89
12/13/2010
5948.75
35387626.56
22714.85
515964410.52
135124963.94
12/20/2010
6011.60
36139334.56
22833.80
521382422.44
137267672.08
12/27/2010
6134.50
37632090.25
23035.45
530631956.70
141310968.03
1/3/2011
5904.60
34864301.16
23686.63
561056440.76
139860075.50
1/10/2011
5654.55
31973935.70
24283.23
589675259.23
137310738.20
1/17/2011
5696.50
32450112.25
23876.86
570104443.46
136014532.99
1/24/2011
5512.15
30383797.62
23617.02
557763633.68
130180556.79
1/31/2011
5395.75
29114118.06
23908.96
571638368.28
129006770.92
2/7/2011
5310.00
28196100.00
22828.92
521159588.37
121221565.20
2/14/2011
5458.95
29800135.10
23595.24
556735350.66
128805235.40
92

2/21/2011
5303.55
28127642.60
23012.37
529569173.02
122047254.91
2/28/2011
5538.75
30677751.56
23408.86
547974726.50
129655823.33
3/7/2011
5445.45
29652925.70
23249.78
540552270.05
126605514.50
3/14/2011
5373.70
28876651.69
22300.23
497300258.05
119834745.95
3/21/2011
5654.25
31970543.06
23158.67
536323996.17
130944909.85
3/28/2011
5826.05
33942858.60
23801.90
566530443.61
138671059.50
4/4/2011
5842.00
34128964.00
24396.07
595168231.44
142521840.94
4/11/2011
5824.55
33925382.70
24008.07
576387425.12
139836204.12
4/18/2011
5884.70
34629694.09
24138.31
582658009.66
142046712.86
4/25/2011
5749.50
33056750.25
23720.81
562676827.06
136382797.10
5/2/2011
5551.45
30818597.10
23159.14
536345765.54
128566807.75
5/9/2011
5544.75
30744252.56
23276.27
541784745.11
129061098.08
5/16/2011
5486.35
30100036.32
23199.39
538211696.37
127279973.33
5/23/2011
5476.10
29987671.21
23118.07
534445160.52
126596863.13
5/30/2011
5516.75
30434530.56
22949.56
526682304.19
126606985.13
6/6/2011
5485.80
30094001.64
22420.37
502672990.94
122993665.75
6/13/2011
5366.40
28798248.96
21695.26
470684306.47
116425443.26
6/20/2011
5471.25
29934576.56
22171.95
491595366.80
121308281.44
6/27/2011
5627.20
31665379.84
22398.10
501674883.61
126038588.32
7/4/2011
5660.65
32042958.42
22726.43
516490620.54
128646365.98
7/11/2011
5581.10
31148677.21
21875.38
478532250.14
122088683.32
7/18/2011
5633.95
31741392.60
22444.80
503769047.04
126452880.96
7/25/2011
5482.00
30052324.00
22440.25
503564820.06
123017450.50
8/1/2011
5211.25
27157126.56
20946.14
438740780.90
109155572.08
8/8/2011
5072.95
25734821.70
19620.01
384944792.40
99531329.73
8/16/2011
4845.65
23480323.92
19399.92
376356896.01
94005222.35
93

8/22/2011
4747.80
22541604.84
19582.88
383489189.09
92975597.66
8/29/2011
5040.00
25401600.00
20212.91
408561730.67
101873066.40
9/5/2011
5059.45
25598034.30
19866.63
394682987.56
100514221.15
9/12/2011
5084.25
25849598.06
19455.31
378509087.20
98915659.87
9/19/2011
4867.75
23694990.06
17668.83
312187553.57
86007447.23
9/26/2011
4943.25
24435720.56
17592.41
309492889.61
86963680.73
10/3/2011
4888.05
23893032.80
17707.01
313538203.14
86552750.23
10/10/2011
5132.30
26340503.29
18501.79
342316233.20
94956736.82
10/17/2011
5049.95
25501995.00
18025.72
324926581.52
91028984.71
10/24/2011
5360.70
28737104.49
20019.24
400769970.18
107317139.87
10/31/2011
5284.20
27922769.64
19842.79
393736314.98
104853270.92
11/8/2011
5168.85
26717010.32
19137.17
366231275.61
98917161.15
11/14/2011
4905.80
24066873.64
18491.23
341925586.91
90714276.13
11/21/2011
4710.05
22184571.00
17689.48
312917702.67
83318335.27
11/28/2011
5050.15
25504015.02
19040.39
362536451.35
96156825.56
12/5/2011
4866.70
23684768.89
18586.23
345447945.61
90453605.54
12/12/2011
4651.60
21637382.56
18285.39
334355487.45
85056320.12
12/19/2011
4714.00
22221796.00
18629.17
347045974.89
87817907.38
12/26/2011
4624.30
21384150.49
18434.39
339826734.67
85246149.68
1/2/2012
4754.10
22601466.81
18593.06
345701880.16
88393266.55
1/10/2012
4866.00
23677956.00
19204.42
368809747.54
93448707.72
1/16/2012
5048.60
25488361.96
20110.37
404426981.54
101529213.98
1/23/2012
5204.70
27088902.09
20501.67
420318472.79
106705041.85
1/30/2012
5325.85
28364678.22
20756.98
430852218.72
110548561.93
2/6/2012
5381.60
28961618.56
20783.86
431968836.50
111850420.98
2/13/2012
5564.30
30961434.49
21491.62
461889730.22
119585821.17
94

2/21/2012
5429.30
29477298.49
21406.86
458253655.06
116224265.00
2/27/2012
5359.35
28722632.42
21562.26
464931056.31
115559698.13
3/5/2012
5333.55
28446755.60
21086.00
444619396.00
112463235.30
3/12/2012
5317.90
28280060.41
21317.85
454450728.62
113366194.52
3/19/2012
5278.20
27859395.24
20668.80
427199293.44
109094060.16
3/26/2012
5295.55
28042849.80
20555.58
422531869.14
108853101.67
157.00
809520.30
4225291918.91
3282009.55
EX
EX2
EY
Correlation
69280997049.71 17081915008.59
EY2
EXY
0.8581
95

Hang Seng Composite Stock Index
35000.00
30000.00
25000.00
20000.00
15000.00
HangSeng
10000.00
Nifty
20
0.00
20
5000.00
Interpretation:
From the above table it clear that Hang Seng Composite Index is positively correlated
with Nifty index, which means if there is an increase in Hang Seng Composite Index
The above graph shows the index movement of Nifty and Hang Seng. From the above
we can interpret that when there is a fall in Nifty index; fall in Hang Seng can be seen.
Inference:
As per the above the relationship between Nifty and Hang Seng is positive, So it is
96

Nifty index with Kospi Composite Index
Trade
Nifty(X)
X2
Kospi(Y)
Y2
EXY
Date
4/1/2009
3211.05
10310842.10
1283.75
1648014.06
4122185.44
4/6/2009
3342.05
11169298.20
1336.04
1785002.88
4465112.48
4/13/2009
3384.40
11454163.36
1329.00
1766241.00
4497867.60
4/20/2009
3480.75
12115620.56
1354.10
1833586.81
4713283.58
4/27/2009
3473.95
12068328.60
1369.36
1875146.81
4757088.17
5/4/2009
3620.70
13109468.49
1412.13
1994111.14
5112899.09
5/11/2009
3671.65
13481013.72
1391.73
1936912.39
5109945.45
5/18/2009
4238.50
17964882.25
1403.75
1970514.06
5949794.38
5/25/2009
4448.95
19793156.10
1395.89
1948508.89
6210244.82
6/1/2009
4586.90
21039651.61
1394.71
1945215.98
6397395.30
6/8/2009
4583.40
21007555.56
1428.59
2040869.39
6547799.41
6/15/2009
4313.60
18607144.96
1383.34
1913629.56
5967175.42
6/22/2009
4375.50
19145000.25
1394.53
1944713.92
6101766.02
6/29/2009
4424.25
19573988.06
1420.04
2016513.60
6282611.97
7/6/2009
4003.90
16031215.21
1428.62
2040955.10
5720051.62
7/13/2009
4374.95
19140187.50
1440.10
2073888.01
6300365.50
7/20/2009
4568.55
20871649.10
1502.59
2257776.71
6864657.54
7/27/2009
4636.45
21496668.60
1557.29
2425152.14
7220297.22
8/3/2009
4481.40
20082945.96
1576.00
2483776.00
7062686.40
8/10/2009
4580.05
20976858.00
1591.41
2532585.79
7288737.37
8/17/2009
4732.35
22395136.52
1580.98
2499497.76
7481750.70
97

8/24/2009
4642.80
21555591.84
1607.94
2585471.04
7465343.83
8/31/2009
4680.40
21906144.16
1608.90
2588559.21
7530295.56
9/7/2009
4829.55
23324553.20
1651.70
2728112.89
7976967.74
9/14/2009
4976.05
24761073.60
1699.71
2889014.08
8457841.95
9/22/2009
4958.95
24591185.10
1691.48
2861104.59
8387964.75
9/29/2009
5083.40
25840955.56
1644.63
2704807.84
8360312.14
10/5/2009
4945.20
24455003.04
1646.79
2711917.30
8143705.91
10/12/2009
5142.15
26441706.62
1640.36
2690780.93
8434977.17
10/20/2009
4997.05
24970508.70
1640.17
2690157.63
8196011.50
10/26/2009
4711.70
22200116.89
1580.69
2498580.88
7447737.07
11/3/2009
4796.15
23003054.82
1572.46
2472630.45
7541754.03
11/9/2009
4998.95
24989501.10
1571.99
2471152.56
7858299.41
11/16/2009
5052.45
25527251.00
1620.60
2626344.36
8188000.47
11/23/2009
4941.75
24420893.06
1524.50
2324100.25
7533697.88
11/30/2009
5108.90
26100859.21
1624.76
2639845.06
8300736.36
12/7/2009
5117.30
26186759.29
1656.90
2745317.61
8478854.37
12/14/2009
4987.70
24877151.29
1647.04
2712740.76
8214941.41
12/21/2009
5178.40
26815826.56
1682.34
2830267.88
8711829.46
12/29/2009
5201.05
27050921.10
1682.77
2831714.87
8752170.91
1/4/2010
5244.75
27507402.56
1695.26
2873906.47
8891214.89
1/11/2010
5252.20
27585604.84
1701.80
2896123.24
8938193.96
1/18/2010
4826.85
23298480.92
1684.35
2837034.92
8130104.80
1/25/2010
5007.90
25079062.41
1602.43
2567781.90
8024809.20
2/1/2010
4899.70
24007060.09
1567.12
2455865.09
7678417.86
2/8/2010
4760.40
22661408.16
1593.66
2539752.20
7586459.06
2/15/2010
4844.90
23473056.01
1593.90
2540517.21
7722286.11
98

2/22/2010
4922.30
24229037.29
1594.58
2542685.38
7849001.13
3/2/2010
5088.70
25894867.69
1634.57
2671819.08
8317836.36
3/8/2010
5137.00
26388769.00
1662.74
2764704.31
8541495.38
3/15/2010
5262.80
27697063.84
1686.11
2842966.93
8873659.71
3/22/2010
5282.00
27899524.00
1697.72
2882253.20
8967357.04
3/29/2010
5290.50
27989390.25
1723.49
2970417.78
9118123.85
4/5/2010
5361.75
28748363.06
1724.47
2973796.78
9246177.02
4/12/2010
5262.60
27694958.76
1734.49
3008455.56
9127927.07
4/19/2010
5304.10
28133476.81
1737.03
3017273.22
9213380.82
4/26/2010
5278.00
27857284.00
1741.56
3033031.23
9191953.68
5/3/2010
5018.05
25180825.80
1647.50
2714256.25
8267237.38
5/10/2010
5093.50
25943742.25
1695.63
2875161.10
8636691.41
5/17/2010
4931.15
24316240.32
1600.18
2560576.03
7890727.61
5/24/2010
5066.55
25669928.90
1622.78
2633414.93
8221896.01
5/31/2010
5135.50
26373360.25
1664.13
2769328.66
8546139.62
6/7/2010
5119.35
26207744.42
1675.34
2806764.12
8576651.83
6/14/2010
5262.60
27694958.76
1711.95
2930772.80
9009308.07
6/21/2010
5269.05
27762887.90
1729.84
2992346.43
9114613.45
6/28/2010
5237.10
27427216.41
1671.82
2794982.11
8755488.52
7/5/2010
5352.45
28648721.00
1723.01
2968763.46
9222324.87
7/12/2010
5393.90
29094157.21
1738.45
3022208.40
9377025.46
7/19/2010
5449.10
29692690.81
1758.06
3090774.96
9579844.75
7/26/2010
5367.60
28811129.76
1759.33
3095242.05
9443379.71
8/2/2010
5439.25
29585440.56
1783.83
3182049.47
9702697.33
8/9/2010
5452.10
29725394.41
1746.24
3049354.14
9520675.10
8/16/2010
5530.65
30588089.42
1775.54
3152542.29
9819890.30
99

8/23/2010
5408.70
29254035.69
1729.56
2991377.79
9354671.17
8/30/2010
5479.40
30023824.36
1780.02
3168471.20
9753441.59
9/6/2010
5640.05
31810164.00
1802.58
3249294.66
10166641.33
9/13/2010
5884.95
34632636.50
1827.35
3339208.02
10753863.38
9/20/2010
6018.30
36219934.89
1846.60
3409931.56
11113392.78
9/27/2010
6143.40
37741363.56
1876.73
3522115.49
11529503.08
10/4/2010
6103.45
37252101.90
1897.07
3598874.58
11578671.89
10/11/2010
6062.65
36755725.02
1902.29
3618707.24
11532918.47
10/18/2010
6066.05
36796962.60
1897.31
3599785.24
11509177.33
10/25/2010
6017.70
36212713.29
1882.95
3545500.70
11331028.22
11/1/2010
6312.45
39847025.00
1938.96
3759565.88
12239588.05
11/8/2010
6071.65
36864933.72
1913.12
3660028.13
11615795.05
11/15/2010
5890.30
34695634.09
1940.96
3767325.72
11432836.69
11/22/2010
5751.95
33084928.80
1901.80
3616843.24
10939058.51
11/29/2010
5992.80
35913651.84
1957.26
3830866.71
11729467.73
12/6/2010
5857.35
34308549.02
1986.14
3944752.10
11633517.13
12/13/2010
5948.75
35387626.56
2026.30
4105891.69
12053952.13
12/20/2010
6011.60
36139334.56
2029.60
4119276.16
12201143.36
12/27/2010
6134.50
37632090.25
2051.00
4206601.00
12581859.50
1/3/2011
5904.60
34864301.16
2086.20
4352230.44
12318176.52
1/10/2011
5654.55
31973935.70
2108.17
4444380.75
11920752.67
1/17/2011
5696.50
32450112.25
2069.92
4284568.81
11791299.28
1/24/2011
5512.15
30383797.62
2107.87
4443115.94
11618895.62
1/31/2011
5395.75
29114118.06
2072.03
4293308.32
11180155.87
2/7/2011
5310.00
28196100.00
1977.19
3909280.30
10498878.90
2/14/2011
5458.95
29800135.10
2013.14
4052732.66
10989630.60
100

2/21/2011
5303.55
28127642.60
1963.43
3855057.36
10413149.18
2/28/2011
5538.75
30677751.56
2004.68
4018741.90
11103421.35
3/7/2011
5445.45
29652925.70
1955.54
3824136.69
10648795.29
3/14/2011
5373.70
28876651.69
1981.13
3924876.08
10645998.28
3/21/2011
5654.25
31970543.06
2054.04
4219080.32
11614055.67
3/28/2011
5826.05
33942858.60
2121.01
4498683.42
12357110.31
4/4/2011
5842.00
34128964.00
2127.97
4528256.32
12431600.74
4/11/2011
5824.55
33925382.70
2140.50
4581740.25
12467449.28
4/18/2011
5884.70
34629694.09
2197.82
4830412.75
12933511.35
4/25/2011
5749.50
33056750.25
2192.36
4806442.37
12604973.82
5/2/2011
5551.45
30818597.10
2147.45
4611541.50
11921461.30
5/9/2011
5544.75
30744252.56
2120.08
4494739.21
11755313.58
5/16/2011
5486.35
30100036.32
2111.50
4458432.25
11584428.03
5/23/2011
5476.10
29987671.21
2100.24
4411008.06
11501124.26
5/30/2011
5516.75
30434530.56
2113.47
4466755.44
11659485.62
6/6/2011
5485.80
30094001.64
2046.67
4188858.09
11227622.29
6/13/2011
5366.40
28798248.96
2031.93
4128739.52
10904149.15
6/20/2011
5471.25
29934576.56
2090.81
4371486.46
11439344.21
6/27/2011
5627.20
31665379.84
2125.74
4518770.55
11961964.13
7/4/2011
5660.65
32042958.42
2180.35
4753926.12
12342198.23
7/11/2011
5581.10
31148677.21
2145.20
4601883.04
11972575.72
7/18/2011
5633.95
31741392.60
2171.23
4714239.71
12232601.26
7/25/2011
5482.00
30052324.00
2133.21
4550584.90
11694257.22
8/1/2011
5211.25
27157126.56
1943.75
3778164.06
10129367.19
8/8/2011
5072.95
25734821.70
1793.31
3215960.76
9097371.96
8/16/2011
4845.65
23480323.92
1744.88
3044606.21
8455077.77
101

8/22/2011
4747.80
22541604.84
1778.95
3164663.10
8446098.81
8/29/2011
5040.00
25401600.00
1867.75
3488490.06
9413460.00
9/5/2011
5059.45
25598034.30
1812.93
3286715.18
9172428.69
9/12/2011
5084.25
25849598.06
1840.10
3385968.01
9355528.43
9/19/2011
4867.75
23694990.06
1697.44
2881302.55
8262713.56
9/26/2011
4943.25
24435720.56
1769.65
3131661.12
8747822.36
10/3/2011
4888.05
23893032.80
1759.77
3096790.45
8601843.75
10/10/2011
5132.30
26340503.29
1835.40
3368693.16
9419823.42
10/17/2011
5049.95
25501995.00
1838.38
3379641.02
9283727.08
10/24/2011
5360.70
28737104.49
1929.48
3722893.07
10343363.44
10/31/2011
5284.20
27922769.64
1928.41
3718765.13
10190104.12
11/8/2011
5168.85
26717010.32
1863.45
3472445.90
9631893.53
11/14/2011
4905.80
24066873.64
1839.17
3382546.29
9022600.19
11/21/2011
4710.05
22184571.00
1776.40
3155596.96
8366932.82
11/28/2011
5050.15
25504015.02
1916.04
3671209.28
9676289.41
12/5/2011
4866.70
23684768.89
1874.75
3514687.56
9123845.83
12/12/2011
4651.60
21637382.56
1839.96
3385452.80
8558757.94
12/19/2011
4714.00
22221796.00
1867.22
3486510.53
8802075.08
12/26/2011
4624.30
21384150.49
1825.74
3333326.55
8442769.48
1/2/2012
4754.10
22601466.81
1843.14
3397165.06
8762471.87
1/10/2012
4866.00
23677956.00
1875.68
3518175.46
9127058.88
1/16/2012
5048.60
25488361.96
1949.89
3802071.01
9844214.65
1/23/2012
5204.70
27088902.09
1964.83
3860556.93
10226350.70
1/30/2012
5325.85
28364678.22
1972.34
3890125.08
10504386.99
2/6/2012
5381.60
28961618.56
1993.71
3974879.56
10729349.74
2/13/2012
5564.30
30961434.49
2023.47
4094430.84
11259194.12
102

2/21/2012
5429.30
29477298.49
2019.89
4079955.61
10966588.78
2/27/2012
5359.35
28722632.42
2034.63
4139719.24
10904294.29
3/5/2012
5333.55
28446755.60
2018.30
4073534.89
10764703.97
3/12/2012
5317.90
28280060.41
2034.44
4138946.11
10818948.48
3/19/2012
5278.20
27859395.24
2026.83
4108039.85
10698014.11
3/26/2012
5295.55
28042849.80
2014.04
4056357.12
10665449.52
157.00
809520.30
4225291918.91
281641.19
512984627.12
1467857974.76
EX
EX2
EY
EY2
EXY
Correlation
0.7859
103

Kospi Composite Stock Index
7000.00
6000.00
5000.00
4000.00
3000.00
Nifty
2000.00
Kospi
1000.00
0.00
Interpretation:
From the above table it clear that Kospi Composite Index is positively correlated with
Nifty index, which means if there is an increase in Kospi Composite Index then it can
be seen that even Nifty index will increase.
The above graph shows the index movement of Nifty and Kospi. From the above we
can interpret that when there is a fall in Nifty index; fall in Kospi can be seen. The
Inference:
As per the above the relationship between Nifty and Kospi is positive, So it is possible
to forecast the movement of both indices and that leads to invest or divest money at
right time.
104

SUMMARY OF FINDINGS, CONCLUSIONS & SUGGETIONS
5.1 SUMMARY OF FINDINGS:
Nearly all the stock markets have the interdependence on each other with the
growth of electronic communication and computerization of the stock
exchanges. The best example for this is when there was recession in US in
2008, the stock exchange was bearish. This had direct impact on the Indian
stock market, that is, even Nifty had a bearish trend.
From the above we can also conclude that the Nifty behaves more closely to
the Asian markets as compared to other world markets.
The statistical tool Correlation was used to find out the relationship between
the stock markets.
The volatility between Nifty index and other world index over the period of
three year is not much. It mainly means even though the index is bearish, this
condition is only for a short period and again the exchanges become bullish. It
can be said that only small corrections can be seen in the stock exchanges.
Most of the indices are positively correlated with Nifty index, which means
when there is an increase in any of the world index it will lead to an increase
in Nifty index. If the index is observed properly, we can conclude that when
there is a decline in NASDAQ composite index, its found that even the Nifty
has a decline.
105
4.9 Table showing the comparison of

NSE index with world indices
Index
Correlation
NASDAQ
0.6936
NYSE
0.7798
Dow Jones
0.6679
FTSE
0.8411
DAX
0.8223
NIKKEI
0.2481
HANGSENG
0.8581
KOSPI
0.7859
4.9 Correlation of world index with Nifty

index
1
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
Correlation
NASDA
Q
NYSE
DowJon
es
FTSE
DAX
NIKKEI
HANGSE
NG
KOSPI
0.6936
0.7798
0.6679
0.8411
0.8223
0.2481
0.8581
0.7859
106

Interpretation:
The above table gives a comparison of all the indices with the Nifty index, it shows
the variance, standard deviation and correlation.
From the above graph it clear that most of the indices are positively correlated to
Nifty index. It means if there is any increase in index that will directly affect the index
in India. Example: if NASDAQ composite index increase then Nifty index will also
increase and if NASDAQ composite index decrease then we can find a fall in Nifty
index as well. Negative correlation tells that if Nifty index increase then there will be
a decrease in the other exchange.
107

5.2 CONCLUSIONS:
It cannot be unambiguously concluded that a perfect total integration exists among the
world markets. However, it can be unambiguously asserted that over time, with the
opening up of economies and integration and strengthening of domestic financial
markets, the benefits from asset diversification are getting exhausted. In the short run
an investor might make some windfall profits due to lag in the transmission of shock
from one market to the other but in the long run such opportunities are getting eroded.
It has been asserted that links between the global stock markets has increased with the
improved electronic communication and abolition of exchange control over the prices.
The spread of information just takes seconds, so the effect of the news can be seen on
all the markets at the same time. It can be seen that the help of correlation which is
getting stronger and stronger in most of the cases on year on year basis among the
Nifty and other global markets like KOSPI, Nikkei, Dax, NASDAQ, NYSE etc.
108

5.3 SUGGESTIONS:
The investors have recommended that before investing in stock exchange
they should properly analyse the movement of stock exchange index.
Investors should analyse the world wide stock indices; this is mainly
because most of the indices are interdependent.
The NSE Nifty index is very much related to that of some of the world
indices, so the investor should behave in the manner in which the world
indices moves, for example if there is a bullish trend in NASDAQ
composite index the investor can predict the same in Nifty.
The historical performance of the index should be considered before
investment in stock exchange.
Long term investors in Indian stock market with calculative mind will
think of investing into higher returns all together. A rapid growth can be
registered in a very short period which excites investors to invest more and
more into the stock market but it requires a deep knowledge of the market
or it will result in huge losses.
Patience, strategy, knowledge about the market, investing policies,
portfolio management, Ratings of the companies, government policies, etc.
are some of the major factors to boom the return despite of fluctuations in
the indices.
109

5.4 POLICY IMPLICATIONS & SCOPE FOR FURTHER STUDY:
Policy Implications:
The investor should keep on updating themselves about market and top
performing indices by reading newspapers, magazines like- Dalal street, ET
news etc, It may give information about new IPO, mergers and acquisition
deals which will help them to fetch good return by investing at the right time.
SEBI should formulate policies and regulation which enables and excites
investors to invest in a stock, They should also create awareness among the
investors about the new rules, regulations and policies being laid down by
them.
Scope for Further study:
This study is limited to the exchange rate fluctuations impact on the stock market,
however there are many other factors like interest rates, inflation etc which also have
major impact on World Stock Markets Indices with effect in Indian Stock Market.
The study of combination impact of the inflation, interest rates and exchange rates
gives the major results. The study of combination of these factors gives wider scope
of understanding the Stock Market.
More advanced statistical tests can be applied to study impact of Nifty of World Stock
market Indices in depth. Also how world market indices impact on Indian Stock
market can be studied.
110

REFERENCES
Books:
M Y KHAN (2010), Indian Financial System, 6th Edition, New
Delhi:McGraw Hill Publishing company limited.
Punithavathy Pandian (2011), Security Analysis And Portfolio

Management, New Delhi, Vikas Publishing House pvt ltd.
Journals:
Dr. John Mylonakis & Anastasia Vardavaki (1993) " Do the International
Stock Indices reflect all available market information? A weak form
efficiency analysis ".
Carolyn Sprague (2008), "Stock Indexes", EBSCO Publishing Inc.
Noel Amenc, Felix Goltz and Veronique Le Sourd (2009), "The

Performance
of
Characteristics-based
Indices",
European
Financial
Management, Vol. 15, No. 2, 2009, 241278.

Jon E. Eggins and Robert J. Hill (2010) "Momentum and Contrarian StockMarket Indices", Journal of Applied Finance.
Richard Fu & Marco Pagani(2010), "On the co-integration of international

stock indices",
Som Sankar Sen (2011), "Relationship Between Sensex and Some Selected
Stock Price Indices of the Asia-Pacific Region", The IUP Journal of Applied
Finance, Vol. 17, No. 1, 2011.
111
Websites:
Nifty index Viewed on 14/05/2012:http://www.nseindia.com/content/equities/niftysparks.htm
http://www.moneycontrol.com/nifty/nse/nifty-live
http://en.wikipedia.org/wiki/Nifty_Fifty
http://in.finance.yahoo.com/q?s=^NSEI
HangSeng index Viewed on 15/05/2012:http://en.wikipedia.org/wiki/Hang_Seng_Index
http://in.finance.yahoo.com/q?s=^HSI
http://www.moneycontrol.com/live-market/hangseng
Nasdaq index Viewed on 18/05/2012:http://www.nasdaq.com
http://en.wikipedia.org/wiki/NASDAQ
NYSE index Viewed on 18/05/2012:http://en.wikipedia.org/wiki/New_York_Stock_Exchange
http://in.finance.yahoo.com/q/hp?s=^NYA
http://www.nyse.com/
FTSE index Viewed on 18/05/2012:http://in.finance.yahoo.com/q?s=^FTSE
http://en.wikipedia.org/wiki/FTSE_100_Index
Dax index Viewed on 19/05/2012:http://www.moneycontrol.com/live-market/dax
http://en.wikipedia.org/wiki/DAX
http://finance.yahoo.com/q?s=^GDAXI
112

Nikkei index Viewed on 19/05/2012:http://en.wikipedia.org/wiki/Nikkei_225
http://in.finance.yahoo.com/q?s=^N225
http://e.nikkei.com/e/fr/freetop.aspx
Dow jones index Viewed on 19/05/2012:http://in.finance.yahoo.com/q?s=^DJI
http://www.moneycontrol.com/live-index/dowjones
http://en.wikipedia.org/wiki/Dow_Jones_Industrial_Average
Kospi index Viewed on 20/05/2012:http://en.wikipedia.org/wiki/KOSPI
http://in.finance.yahoo.com/q?s=^KS11
Stock index Viewed on 23/05/2012:"http://www.businessdictionary.com/definition/stock-index.html"
Composite index Viewed on 23/05/2012:"http://www.investopedia.com/terms/c/composite.asp#axzz1wuPvuX6B"
Capitalization Viewed on 23/05/2012:"http://www.investopedia.com/terms/c/capitalization.asp#axzz1wuPvuX6B"
Weighted Viewed on 23/05/2012:"www.investopedia.com/terms/w/weighted.asp#axzz1wuPvuX6B"
Debt market Viewed on 23/05/2012:"http://www.investorglossary.com/debt-market.htm"
113

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A Study on Relationship Between Nifty with World Stock Indices

average that determine if an index is broad-based or narrow-based, but rather the

A stock index is a compilation of stocks constructed in such a manor to track a

THE OXFORF COLLEGE OF BUSINESS MANAGEMENT

A Study on Relationship Between Nifty with World Stock Indices

THE OXFORF COLLEGE OF BUSINESS MANAGEMENT

A Study on Relationship Between Nifty with World Stock Indices

Adjustments & Accuracy

to the issuance of new stock by a component security. Such

A Study on Relationship Between Nifty with World Stock Indices

However, an adjustment panel has authority to make adjustments if the publisher of

Finally, an equity index will be accurate only to the extent that:

component securities in the index are being traded.

prices of these securities are being promptly reported.

Stock market indices may be classified in many ways.

A Study on Relationship Between Nifty with World Stock Indices

Determinants of a Stock Index:

A Study on Relationship Between Nifty with World Stock Indices

THE OXFORF COLLEGE OF BUSINESS MANAGEMENT

A Study on Relationship Between Nifty with World Stock Indices

THE OXFORF COLLEGE OF BUSINESS MANAGEMENT

A Study on Relationship Between Nifty with World Stock Indices

Increase liquidity and constitutes a mechanism for diversification of risk (risk

Improve the flow of information about activities of companies, which results

THE OXFORF COLLEGE OF BUSINESS MANAGEMENT

A Study on Relationship Between Nifty with World Stock Indices

Market Taken under consideration

THE OXFORF COLLEGE OF BUSINESS MANAGEMENT

A Study on Relationship Between Nifty with World Stock Indices

2.1 INTRODUCTION TO THE STUDY:

2.2 LITERATURE REVIEW:

THE OXFORF COLLEGE OF BUSINESS MANAGEMENT

A Study on Relationship Between Nifty with World Stock Indices

Carolyn Sprague(2008), "Stock Indexes"

THE OXFORF COLLEGE OF BUSINESS MANAGEMENT

A Study on Relationship Between Nifty with World Stock Indices

This paper analyses a set of characteristics-based indices that, it

Jon E. Eggins and Robert J. Hill(2010), "Momentum and Contrarian Stock

A contrarian investment strategy can earn risk-adjusted excess

A Study on Relationship Between Nifty with World Stock Indices

Richard Fu & Marco Pagani(2010), "On the co-integration of international

THE OXFORF COLLEGE OF BUSINESS MANAGEMENT

A Study on Relationship Between Nifty with World Stock Indices

2.3 STATEMENT OF THE PROBLEM:

THE OXFORF COLLEGE OF BUSINESS MANAGEMENT

A Study on Relationship Between Nifty with World Stock Indices

2.5 OBJECTIVES OF THE STUDY:

2.6 OPERATIONAL DEFINETIONS OF CONCEPS:

THE OXFORF COLLEGE OF BUSINESS MANAGEMENT

A Study on Relationship Between Nifty with World Stock Indices

Data gathering procedure and instrumentation

THE OXFORF COLLEGE OF BUSINESS MANAGEMENT

A Study on Relationship Between Nifty with World Stock Indices

THE OXFORF COLLEGE OF BUSINESS MANAGEMENT

A Study on Relationship Between Nifty with World Stock Indices

2.9 CHAPTER SCHEME:

CHAPTER 2- Research Design

CHAPTER 3- Profile of the Company:

THE OXFORF COLLEGE OF BUSINESS MANAGEMENT

A Study on Relationship Between Nifty with World Stock Indices

THE OXFORF COLLEGE OF BUSINESS MANAGEMENT

A Study on Relationship Between Nifty with World Stock Indices

A Study on Relationship Between Nifty with World Stock Indices

THE OXFORF COLLEGE OF BUSINESS MANAGEMENT