Impact of recent global slump on Indian capital market

PROJECT REPORT SUBMITTED IN THE PARTIAL FULFILMENT FOR

THE MASTERS OF BUSINESS ADMINISTRATION
Submitted to:
MS. SUKHBIR KAUR

Submitted by:VANDANA
1174501

Malout institute of management and technology

{affiliated to PTU Jalandhar}

INDEX
SERIAL
NO.

PARTICULARS

PAGE NO.

Acknowladgement

Review of literature
Objectives

4-7
8

1.1

Chapter -1
Capital market

9
10-13

1.2

Recession

14-18

Chapter - 2

19

2.1

Impact of an American Recession on India

20

2.2

Indian industries to do well during recession

Chapter - 3

21-24
25

3.1

Research methodology

26-27

3.2
3.3

Data analysis and interptation

Investors behavior analysis

28-51
52-61

4.1
4.2
4.3
4.4

Chapter - 4
limitation
Suggestions
Conclusion
refrences

62
63
64
65
66

ACKNOWLEGEMENT
This humble endeavor bears the imprint of many persons who were in one way or
the other helpful in the completion of my summer training. I would like to take this
opportunity to present my vote of thanks to my guide Ms. Sukhbir Kaur who
acted as lighting pillars to enlighten my way through out this project. This project
would not have been possible without the kind assistance and guidance of many
people who indeed were helpful, cooperative and kind during the entire course of
our project.

The acknowledgment would not be complete without expressing my indebtedness

to Mr. Sandeep kumar who guided me in this project and was the constant source
of reference for me and showed full interest at each and every step of our project.

Vandana

REVIEW OF LITERATURE

A study by prof. Dipika on Global Recession and Impact on Various

Sectors of Indian Economy reached on the following conclusion
the global financial crisis made a hit in the Indian economy. After severe uncertainties in various
sectors such as IT industry in India, Financial market in India, Non availability of global funds
and impact in the export business have given broader outlook to the impact of the global
financial crisis, starting from US and how it had en route to India. All the fields were discussed
with several insights on how the various industries have been affected by this economic
downturn, some had opportunities to grow and some were flattened, since the Indian economy is
one of the emerging economies in the world, which recorded to be the least affected by this
economic crunch. Even government faced a wide range a problems during this credit crunch. The
Indian Government and The Reserve Bank of India, worked collaboratively with consultation
and coordination, after initiating and implementing various processes, rules and acts, kept this
huge economic problem under control. Thus the global economic crisis is inevitable till the
economy of the developed, developing countries become stable and self sustainable. The effects
of the economic downturn are a test to check the financial stabilities in market and regulations
across the global economy.
Vijay Kibe Do a study on India braved the recession better than many other
countries
It may be true with rest of the world but India had some higher immunity to resist the global
meltdown which started in USA in 2007. This financial crisis impacted various economies across
the world; including USA, UK, Japan, China, France and India. During this turmoil the countries
had varying impacts; countries like China and India had a lesser share of the worldwide despair.
There are many reasons which it has led the world to believe that India survived the global
problem.
Financial policies implemented in India after liberalization in 1991 played an important role in
this perspective. In India we have strictly regulated market by active participation of financial
regulators like Reserve Bank of India, Securities and Exchange Board of India, Ministry of
Finance, Ministry of Corporate Affairs. These regulators ensure that although Indian Markets
have exposure to foreign players but at the same time have lesser vulnerability to global risks.
Participatory Notes (P Notes) is one of the measures taken by Government of India (GOI) to
control the Foreign Institutional Investment (FII). During recession stock markets gets
plummeted if foreign players pull out their investments, P Notes is the key to check that. There
are many such policies which had enabled GOI to run Indian Market as a tight ship. Some of the
major Indian Banks were nationalized in 1969; it facilitated GOI in forcing certain policies like
high Cash to Reserve Ratio (CRR), stringent credit policy and regulation of lending rate. This
control over banks has proven to be a boon to India as recession started in U.S. due to the burst
of Sub Prime Bubble; during this phase, to increase their profits, financial institutions started
4

lending to the borrowers having lesser credibility at higher rates. In India above policies
prevented Indian Banks from falling into this pitfall.
Apart from these, as compared to countries like USA and UK, people in India are traditionally
less spend thrifty. In India people use their savings in accumulating wealth and making
provisions for rainy day. As per the study published in Global Journal of Finance and
Management, it has been found that Indians have higher risk aversion as compared to their
European and American counterparts. Above study reflects the behavior of Indians in stock
market, that they are less prone to speculative and risky investments. In India people also tend to
put their savings in form of gold which further reduces the risk of losing investment. Gold is
considered to be the best investment during recession times. US economy is having high level of
consumerism which led to the avalanche effect of meltdown. India is still far behind USA in this
aspect. Indian economy is still focusing more on its local markets, which makes it lesser
susceptible to the risk posed by global markets.
India is one of the largest economies in Purchasing Power Parity Terms. It has made India a
preferred location for Foreign Direct Investment (FDI). Large amount of FDIs make the
economy of India robust and hence more resistant to the global fluctuations. Indian markets are
still untapped at large and hence provide a much greater opportunity. Bigger local markets of
India insulate her from global turmoil up to an extent. In India we still dont have full Capital
Account Convertibility (CAC). CAC is a nations feature to conduct various local financial
transactions at market driven exchange rate. It has again protected India from various market
forces and hence made India immune towards the global turmoil. Indian has broad government
policies targeting the long term growth by facilitating growth in sectors like energy,
infrastructure and manufacturing.
Another aspect of why India survived recession is the poverty prevailing in India. As per the
World Bank Report, 80% of Indians population survives on less than 2$ a day. These people
mostly earn their livelihood on daily wages. They are least impacted by any crises, as poor
people will eat pulses and chapatti but if finds pulses are expensive he will switch to other
cheaper alternatives like potato or sometime will have chapatti with just salt. In this way a large
portion of Indian Population is completely immune to any financial turmoil.
India has not only shown greater resistance during financial crises but it was one of the countries
showing the fastest recovery too. This financial crisis displayed the robustness of Indian
economy. It has also helped in further fine tuning our economic policies and changing the vision
of various corporate.

THE IMPACT OF GLOBAL ECONOMIC and FINANCIAL CRISIS (2007-09) IN

INDIA: ANALYSIS AFTER FIVE YEARS by Adri Mitra brief the impact as
'THE IMPACT OF GLOBAL ECONOMIC & FINANCIAL CRISIS (2007-09) IN INDIA;
ANALYSIS AFTER FIVE YEARS'
The economic & financial crisis during 2007-09, damaged the economy of U.S.A, maximum
Europe countries and countries related with those due to globalizational effect.
5

The Indian economy too has felt the impact of that crisis though not to the same extent. Still,
the impact was and is multifold and alive. After Five years of crisis, those effects are being
discussed bellow:
1. Investment: The tumbling economy in the U.S is going to dampen the investment flow. It is
expected that the capital inflows into the country will dry up. Investments in mega projects,
which are under implementation and in the pipeline, are bound to buy more time before
injecting funds into infrastructure and other ventures. The buoyancy in the economy is absent
in all the sectors. Investment in tourism, hospitality and health-care has slowed down. Fresh
investment flows into India is in doubt
2. Real Estate: One of the casualties of the crisis is the real estate. The crisis will hit the Indian
real estate sector hard. The realty sector is witnessing a sudden slump in demand because of the
global economic slowdown. The recession has forced the real estate players to curtail their
expansion plans. Many on-going real estate projects are suffering due to lack of capital, both
from buyers and bankers. Some real traders have already defaulted on delivery dates and
commitments. The steel producers have decided to resort to production cuts following a decline
in demand for the commodity.
3. Exchange Rate: Exchange rate volatility in India has increased in the year 2008-09 compared
to previous years. Massive selling by Foreign Institutional Investors and conversion of their
holdings from rupees to dollars for repatriation has resulted in the rupee depreciating sharply
against the dollar. Between January 1, 2007 and October 16, 2008, the Reserve Bank of India
(RBI) reference rate for the rupee fell by nearly 25 per cent, from INR 39.20 per dollar to INR
48.86. This depreciation may be good for Indias exports that are adversely affected by the
slowdown in global markets but it is not so good for those who have accumulated foreign
exchange payment commitments.
4. Foreign Exchange Outflow: After the macro-economic reforms in 1991, the Indian economy
has been increasingly integrated with the global economy. The financial institutions in India are
exposed
to
the
world
financial
market.
Foreign institutional investment (FII) is largely open to Indias equity, debt markets and
market for mutual funds. The most immediate effect of the crisis has been an outflow of foreign
institutional investment from the equity market. There is a serious concern about the likely
impact on the economy because of the heavy foreign exchange outflows in the wake of
sustained selling by Foreign Institutional Investors in the stock markets and withdrawal of
funds by others. The crisis resulted in net outflow of $ 10.1billion from the equity and debt
markets in India till the month of October 2008.
5. Stock Market: The financial turmoil affected the stock markets even in India. The
combination of a rapid sell off by financial institutions and the prospect of economic slowdown
have pulled down the stocks and commodities market. Foreign institutional investors pulled out
close to $ 11 billion from India, dragging the capital market down with it. Stock prices have
fallen by 60 per cent. Indias stock market index (i.e SENSEX) touched above 21,000 mark
in the month of with Foreign Institutional Investment flows into the market. This also has an
effect on the Primary Market. In 2007-08, the net Foreign Institutional Investment inflows into
India amounted to $20.3 billion. As compared to this, they pulled out $11.1 billion during the
6

first nine-and-a-half months of the calendar year 2008, of which $8.3 billion occurred over the
first six-and-a-half months of the financial year 2008-09
6. Exports: The crisis will sharply contract the demand for exports adversely affecting the
countrys growth prospects. It will have an impact on merchandise exports and service
exports. The decline in export growth may sharply affect some segments of the Indian
Economy that are export oriented. The slowdown in the world economy has affected the
garment industry. which in turn has affected the apparel industry here in India. The U.S
accounts for 55 per cent of all global apparel imports. The global recession will undermine
other major export sectors of the Indian economy like sea foods, gems and jewelery.
January,2008 and has plunged below 10,000 during October 2008.The movement of SENSEX
shows a positive and significant relation.
7. Banks: The ongoing crisis will have an adverse impact on some of the Indian banks. Some of
the Indian banks have invested in derivatives which might have exposure to investment bankers
in U.S.A. However, Indian banks in general, have very little exposure to the asset markets of
the developed world. Effectively speaking, the Indian banks and financial institutions have not
experienced the kind of losses and write-downs that banks and financial institutions in the
Western world have faced. Indian banks have very few branches abroad. Our Indian banks are
slightly better protected from the financial meltdown, largely because of the greater role of the
nationalized banks even today and other controls on domestic finance. Strict regulation and
conservative policies adopted by the Reserve Bank of India have ensured that banks in India
are relatively insulated from the travails of their western counterparts.
8. BPO & KPO / Information Technology: With the global financial system getting trapped in
the quicksand, there is uncertainty across the Indian Software and out sourcing related service
industries. The U.S. banks have huge running relations with Indian Software Companies. A
rough estimate suggests that at least a minimum of 30,000 Indian jobs could be impacted
immediately in the wake of happenings in the U.S. financial system.
Approximately, 61 per cent of the Indian IT Sector revenues are from various small-mediumlarge scale commercial firms, financial corporations and banks. The top five Indian players
account for 46 per cent of the IT industry revenues.
9. Increase in Unemployment: One danger is of a dip in the employment market. The global
financial crisis could increase unemployment. Layoffs and wage cuts are certain to take place
in many companies where young employees are working in Business Process Outsourcing and
Information Technology sectors. With job losses, the gap between the rich and the poor will be
widened. It is estimated that there would be downsizing in many other fields as companies cut
costs. The International Labor Organization predicted that millions of jobs will be lost by the
end of 2009 due to the crisis - mostly in construction, real estate, financial services, and the
auto sector. The Global Wage Report 2008-09 of International Labour Organization warns
that tensions are likely to intensify over the issue of wages. There would also be a significant
drop in new hiring. All these will change the complexion of the job market and related fields of
education.

OBJECTIVES

To study about the impact of global recession on INDIA.

To study about the index fluctuations during recession.
To know about the investors behavior during recession.

CHAPTER -1

1.1} CAPITAL MARKET

A capital market is a market for securities (debt or equity), where business enterprises
(companies) and governments can raise long-term funds. It is defined as a market in which
money is provided for periods longer than a year, as the raising of short-term funds takes place
on other markets (e.g., the money market). The capital market includes the stock market (equity
securities) and the bond market (debt). Money markets and capital markets are parts of financial
markets. Financial regulators, such as the UK's Financial Services Authority (FSA) or the U.S.
Securities and Exchange Commission (SEC), oversee the capital markets in their designated
jurisdictions to ensure that investors are protected against fraud, among other duties.

STOCK MARKET

BOND MARKET

(EQUITY
SECURITIES)

(DEBT)

CAPITAL
MARKET

STOCK MARKET OR EQUITY SECURITIES:A stock market or equity market is a public

market (a loose network of economic transactions, not a physical facility or discrete entity) for
the trading of company stock and derivatives at an agreed price; these are securities listed on a
stock exchange as well as those only traded privately.

TYPES OF CAPITAL MARKET

DEBT OR BOND MARKET: The bond market (also known as the debt, credit, or fixed
income market) is a financial market where participants buy and sell debt securities, usually in
the form of bonds.
The Capital market consists of number of individuals and institutions (including the
government) that canalize the supply and demand for longterm capital and claims on capital. The
stock exchange, commercial banks, co-operative banks, saving banks, development banks,
10

insurance companies, investment trust or companies, etc., are important constituents of the
capital markets.
The capital market, like the money market, has three important Components, namely the
suppliers of loanable funds, the borrowers and the Intermediaries who deal with the leaders on
the one hand and the Borrowers on the other.

TYPES OF CAPITAL
MARKET

PRIMARY
MARKET

SECONDARY
MARKET

PRIMARY MARKET: The primary market is that part of the capital markets that deals
with the issuance of new securities. Companies, governments or public sector institutions can
obtain funding through the sale of a new stock or bond issue. This is typically done through a
syndicate of securities dealers. The process of selling new issues to investors is
called underwriting. In the case of a new stock issue, this sale is an initial public offering (IPO).
Dealers earn a commission that is built into the price of the security offering, though it can be
found in the prospectus. Primary markets create long term instruments through which corporate
entities borrow from capital market.

11

FEATURES OF PRIMARY MARKET:

This is the market for new long term equity capital. The primary market is the market where
the securities are sold for the first time. Therefore it is also called the new issue market
(NIM).
In a primary issue, the securities are issued by the company directly to investors.
The company receives the money and issues new security certificates to the investors.
Primary issues are used by companies for the purpose of setting up new business or for
expanding or modernizing the existing business.
The primary market performs the crucial function of facilitating capital formation in the
economy.
The new issue market does not include certain other sources of new long term external
finance, such as loans from financial institutions. Borrowers in the new issue market may be
raising capital for converting private capital into public capital; this is known as "going
public."
The financial assets sold can only be redeemed by the original holder.

METHODS OF ISSUING SECURITIES IN THE PRIMARY MARKET :

Public issuance, including initial public offering;

Rights issue (for existing companies);
Preferential issue.

SECONDARY MARKET: The secondary market, also called aftermarket, is the financial
market in which previously issued financial instruments such as stock, bonds, options,
and futures are bought and sold. Another frequent usage of "secondary market" is to refer to
loans which are sold by a mortgage bank to investors such as Fannie Mae and Freddie Mac.

The term "secondary market" is also used to refer to the market for any used goods or
assets, or an alternative use for an existing product or asset where the customer base is
the second market (for example, corn has been traditionally used primarily for food
production and feedstock, but a "second" or "third" market has developed for use in
ethanol production).

With primary issuances of securities or financial instruments, or the primary market,

investors
purchase
these
securities
directly
from issuers such
as corporations issuing shares in an IPO or private placement, or directly from the federal

12

government in the case of treasuries. After the initial issuance, investors can purchase
from other investors in the secondary market.

The secondary market for a variety of assets can vary from loans to stocks, from
fragmented to centralized, and from illiquid to very liquid. The major stock exchanges
are the most visible example of liquid secondary markets - in this case, for stocks of
publicly traded companies. Exchanges such as the New York Stock
Exchange, Nasdaq and the American Stock Exchange provide a centralized, liquid
secondary market for the investors who own stocks that trade on those exchanges. Most
bonds and structured products trade over the counter, or by phoning the bond desk of
ones broker-dealer. Loans sometimes trade online using a Loan Exchange.

FUNCTION
In
the secondary
market,
securities
are
sold
by and
transferred
from
one investor or speculator to another. It is therefore important that the secondary market be
highly liquid (originally, the only way to create this liquidity was for investors and speculators to
meet at a fixed place regularly; this is how stock exchanges originated. As a general rule, the
greater the number of investors that participate in a given marketplace, and the greater the
centralization of that marketplace, the more liquid the market.

Fundamentally, secondary markets mesh the investor's preference for liquidity (i.e., the
investor's desire not to tie up his or her money for a long period of time, in case the
investor needs it to deal with unforeseen circumstances) with the capital user's preference
to be able to use the capital for an extended period of time.

Accurate share price allocates scarce capital more efficiently when new projects are
financed through a new primary market offering, but accuracy may also matter in the
secondary market because: 1) price accuracy can reduce the agency costs of management,
and make hostile takeover a less risky proposition and thus move capital into the hands of
better managers, and 2) accurate share price aids the efficient allocation of debt finance
whether debt offerings or institutional borrowing.

13

1.2} RECESSION
Recession is a business cycle contraction, a general slowdown in economic
activity. Macroeconomic indicators such as GDP, employment, investment spending,capacity
utilization, household income, business profits, and inflation fall, while bankruptcies and
the unemployment rate rise.
Recessions generally occur when there is a widespread drop in spending (an adverse demand
shock). This may be triggered by various events, such as a financial crisis, an external trade
shock, an adverse supply shock or the bursting of an economic bubble. Governments usually
respond to recessions by adopting expansionary macroeconomic policies, such as increasing
money supply, increasing government spending and decreasing taxation. A recession has many
attributes that can occur simultaneously and includes declines in component measures of
economic activity (GDP) such as consumption, investment, government spending, and net export
activity. These summary measures reflect underlying drivers such as employment levels and
skills, household savings rates, corporate investment decisions, interest rates, demographics, and
government policies.
A Recession is a contraction phase of the business cycle.
Recession is the economy shrinking for consecutive quarters (=6 months) with a decrease in the
GDP (=Gross Domestic Product).
GDP = Value of all the reported goods and services produced by the people operating in the
country.

National Bureau of Economic Research (NBER) is the official agency in charge of declaring
that the economy is in a state of recession.
They define recession as :
significant decline in economic activity lasting more than a few months, which is normally
visible in real GDP, real income, employment, industrial production, and wholesale-retail
sales.

14

 An economy typically expands for 6-10 years and tends to go into a recession for about
six months to 2 years.
A recession normally takes place when consumers loose confidence in the growth of the
economy and spend less.
This leads to a decreased demand for goods and services, which in turn leads to a
decrease in production, lay-offs and a sharp rise in unemployment.
Investors spend less as they fear stocks values will fall and thus stock markets fall on
negative sentiment.

Causes of Recessions:

Currency crises

Energy crisis

Under-consumption

Overproduction

Financial crisis

15

Currency crises:
A Currency crisis, which is also called a balance-of-payments crisis, occurs when the
value of a currency changes quickly, undermining its ability to serve as a medium of
exchange or a store of value. It is a type of financial crisis and is often associated with a real
economic crisis. During recession value of money decrease

Energy crisis:
An Energy crisis is any great bottleneck (or price rise) in the supply of energy resources to
an economy. It usually refers to the shortage of oil and additionally to electricity or other
natural resources. An energy crisis may be referred to as an oil crisis, petroleum crisis,
energy shortage, or electricity crisis. During recession there was rapid increase in the
Prices of fuels.

16

Under-consumption:
In Under-consumption , recessions and stagnation arise due to inadequate consumer
demand relative to the amount produced.
In recession there was a less consumption
of good

Overproduction:
In economics, Overproduction refers to excess of supply over demand of products being offered
to the market. This leads to lower prices and / or unsold goods.

17

Financial crisis:
The term Financial crisis is applied broadly to a variety of situations in which some financial
institutions or assets suddenly lose a large part of their value During recession there was sudden
decrease in sensex

18

CHAPTER - 2

19

2.1} Impact of an American Recession on India

Indian companies have major outsourcing deals from the US. India's exports to the US
have also grown substantially over the years. The India economy is likely to lose between
1 to 2 percentage points in GDP growth in the next fiscal year. Indian companies with big
tickets deals in the US would see their profit margins shrinking.
The worries for exporters will grow as rupee strengthens further against the dollar. But
experts note that the long-term prospects for India are stable. A weak dollar could bring
more foreign money to Indian markets. Oil may get cheaper brining down inflation. A
recession could bring down oil prices to $70.
The whole of Asia would be hit by a recession as it depends on the US economy. Even
though domestic demand and diversification of trade in the Asian region will partly
counter any drop in the US demand, one simply can't escape a downturn in the world's
largest economy. The US economy accounts for 30 per cent of the world's GDP.
Says Sudip Bandyopadhyay, director and CEO, Reliance Money: "In the globalised
world, complete decoupling is impossible. But India may remain relatively less affected
by adverse global events." In fact, many small and medium companies have already
started developing trade ties with China and European countries to ward off big losses.
Manish Sonthalia, head, equity, Motilal Oswal Securities, says if the US economy
contracts much more than anticipated, the whole world's GDP growth-which is estimated
at 3.7 per cent by the IMF-will contract, and India would be no exception. The only silver
lining is that the recession will happen slowly, probably in six months or so. As of now,
IT and IT-enabled services, textiles, jewellery, handicrafts and leather segments will
suffer losses because of their trade link. Certain sections of commodities could face sharp
impact due to the volatile nature of these sectors. C.J. George, managing director, Geojit
Financial Services, says profits of lots of re-export firms may be affected. Countries like
China import commodities from India do some value-addition and then export them to
the US.
The IT sector will be the worst hit as 75 per cent of its revenues come from the US. Low
demand for services may force most Indian Fortune 500 companies to slash their IT
budgets. Zinnov Consulting, a research and offshore advisory, says that besides
companies from ITeS and BPO, automotive components will be affected.
During a full recession, US companies in health care, financial services and all
consumers demand driven firms are likely to cut down on their spending. Among other
sectors, manufacturing and financial institutions are moderately vulnerable. If the service

20

sector takes a serious hit, India may have to revise its GDP to about 8 to 8.5 per cent or
even less.
Lokendra Tomar, senior vice-president, Integreon, a BPO firm, says the US recession is
likely to have a dual impact on the outsourcing industry. Appreciating rupee along with
poor performance of US companies (law firms, investment banks and media houses) will
affect the bottom line of the outsourcing industry. Small BPOs, which are operating at a
net margin of 7-8 per cent, will find it difficult to survive.
According to Dharmakirti Joshi, director and principal economist of CRISIL, along and
severe recession will seriously affect the portfolio and fixed investment flows. Corporates
will also suffer from volatility in foreign exchange rates. The export sector will have to
devise new strategies to enhance productivity.

2.2} Indian industries to do well during recession

In the current global economic slowdown, every sector of business is being affected and is
witnessing a hard time. But IKON Marketing Consultants reports that in India there are few
sectors which will grow in this adverse situation.
AS EVERY business sector is affected by present global crisis and everybody is talking of slow
down in business, still in India there are few sectors which will grow in this adverse situation.
Lets have a look.

1. Food
No one can survive without basic food material like milk, vegetables and drinking water. Food
processing companies will not be affected much and rather will earn profits by increasing the
prices. These are the basic needs which we as a common man can not produce by our self.
According to Ministry of Food Processing Industry (MFPI), the food processing industry in India
was seeing growth even as the world was facing economic recession. According to the minister,
the industry is presently growing at 14 per cent against six to seven per cent growth in 2003
04.The Indian food market is estimated at over US$ 182 billion and accounts for about two thirds
of the total Indian retail market. Further, the retail food sector in India is likely to grow from
around US$ 70 billion in 2008 to US$ 150 billion by 2025.
21

2. Railway
As the aviation sector has been affect much badly and resulting in sharp rise in the air ticket rates
the frequent travelers will prefer railways to cut the cost of traveling and this will result in
increased traffic in railways and long queues at railway booking counters. The freight traffic of
Indian Railways has continued to grow in the last few months, albeit at slow pace, indicating
only marginal impact of the global recession on the Indian economy.
The railways registered 13.87 per cent growth in revenue to Rs 57,863.90 crore in the first nine
months ended December 31, 2008. While total earnings from freight increased by 14.53 per cent
at Rs 39,085.22 crore during the period, passenger revenue earnings were up 11.81 per cent at Rs
16,242.44 crore. The railways have enhanced freight revenue by increasing its axle loading,
improving customer services and adopting an innovative pricing strategy.

3. PSU Banks
As seen in the private sector much of the job cuts due to global slowdown, its the public sector
undertaking (PSU) banks which gained much confidence due to job safety and security. More
and more people are likely to turn towards government institutions, particularly banks in the
quest for safety and security.
A report "Opportunities in Indian Banking Sector", by market research company, RNCOS,
forecasts that the Indian banking sector will grow at a healthy compound annual growth rate
(CAGR) of around 23.3 per cent till 2011.

4. Education
As education is considered as the basic necessity and in India it is seen as a long term investment
by parents and with respect to the demand still there is a huge supply gap. The craze to study in
foreign university among the Indian youth still alive which will prompt foreign education
institute to target India provided vast young population willing to join. We will see more and
more foreign educational institutions coming up in India in recent coming years.
Huge government as well as private investment is likely to flow into the Indian educational
system. D E Shaw, a US$ 36 billion, global private equity firm is planning to invest around US$
200 million in the Indian education sector.

22

5. Telecom
People will not stop to communicate with each other due to global crises rather it has been seen
that it will increase much particularly with mobile communication. With cheap cell phones
available in the Indian market and cheaper call rates, the sector has become the necessity and
primary need of everyday life.
Telecom sector, according to industry estimates, year 2008 started with a subscriber base of 228
million and will likely to end with a subscriber base of 332 million a full century. The telecom
industry expects to add at least another 90 million subscribers in 2009 despite of recession. The
Indian telecommunications industry is one of the fastest growing in the world and India is
projected to become the second largest telecom market globally by 2010.

6. IT
Recent news shown that Indian IT sector will grow 30 to 40 per cent next year. And on the other
side to survive in current slowdown, industries have to decrease the cost and for that they will
resort to customised IT solutions which will further boost up the software solution demand.
India is fast becoming a hot destination for outsourced e-publishing work. As per a
Confederation of Indian Industry (CII) report, the industry is growing at an annual rate of 35 per
cent and Indias outsourcing opportunities in the value-added and core services such as copy
editing, project management, indexing, media services and content deployment will help make
the publishing BPO industry worth US$ 1.46 billion by 2010.

7. Health care
India in case of health care facilities still lakes the adequate supply. In health care sector also
there is huge gap between demand and supply at all the levels of society. Still there are so many
urban areas were you could hardly find any multi specialty hospital. And in case of metros the
market sentiments itself created a need of psychological consultation.
Healthcare, which is a US$ 35 billion industry in India, is expected to reach over US$ 75 billion
by 2012 and US$ 150 billion by 2017. The healthcare industry is interestingly poised as it strives
to emerge as a global hub due to the distinct advantages it enjoys in clinical excellence and low
costs.

23

8. Luxury products
The high and affluent class of society will not be affected much by this global crises even if their
worth is reduced significantly. They will not change their lifestyle and will not stop spending on
luxurious goods. So luxurious product market will not be affected and in fact to maintain the
lifestyle those affluent will spend more for it. Luxury car makers are pouring in to woo the
nouveau riche (Audi, BMW are the most recent entrants).

9. M&A & Marketing Consultants

As in the current business slow down survival will be the main focus, the marketing and
management consultants will be called for to reduce the costs and to show the ways to survive
and stay in market. Others may join hands to fight with this situation together will call for the
Marketing & M&A consultants. In a booming market there are growth strategies and M&A
opportunities to advise on. When businesses are cutting back, consultancies will be right there to
help clients decide where to wield the axe.
According to Ministry of Commerce and Industrys estimation, the current size of consulting
industry in India is about Rs 10000 crores including exports and is expected to grow further at a
CAGR of aproximately 25 per cent in next few years.

10. Media and Entertainment

In current bad times, where people are losing jobs and getting enough time to watch TV, they
will seek entertainment at home and hence advertising revenues will increase for the commercial
channels. Also businesses like production of religious texts and religious materials, religious
channels will do well. The TRP of religious channels will increase compare to the other
entertaining/commercial channels.

According to a report published by the Federation of Indian Chambers of Commerce and

Industry (FICCI), the Indian M&E industry is expected to grow at a compound annual growth
rate (CAGR) of 18 per cent to reach US$ 23.81 billion by 2012. According to the PWC report,
the television industry was worth US$ 5. 48 billion in 2007, recording a growth of 18 per cent
over 2006. It is further likely to grow by 22 per cent over the next five years and be worth US$
12. 34 billion by 2012.

24

CHAPTER - 3

25

3.1} RESEARCH METHODOLOGY

Research is a procedure of logical and systematic application of the fundamentals of science to

the general and overall questions of a study and scientific technique by which provide precise
tools, specific procedures and technical, rather than philosophical means for getting and ordering
the data prior to their logical analysis and manipulations.
Different type of research design is available depending upon the nature of research project,
availability of able manpower and circumstances.
The study about The impact of recent global slump n Indian capital market is exploratory as well
as descriptive in nature .Discussion with experts, internet surfing, and journals were studied to
explore more about the concerned objective and better understanding of the problem. After that
questionnaire was prepared to meet the desired objective

Sources of Data:
The source of data includes primary and secondary data sources.
Primary Sources
Primary data is data collected specially for the purpose for which study is being conducted i.e.
the problem under study..
Secondary Sources
The secondary data is data, which is collected and compiled for the different purpose, which are
used in research for this study. The secondary data include material collected from:
-

Newspaper

Magazine.

Internet.

26

Data Collection Instruments

The various methods of data gathering involves the use of appropriate recording forms. These
are called tools or instruments of data collection. Data was collected through structured
questionnaire administered by sitting with guide and discussing problems
Sampling Technique
The small representative selected out of large population is selected at random is called sample.
Well-selected sample may reflect fairly, accurately the characteristic of population. The chief
aim of sampling is to make an inference about unknown parameters from a measurable sample
statistics. Sampling technique used was judgement and Snowball sampling was used for the
purpose of data collection as reference was taken form sample to reach other sample.
Sample Size : Sample size refers to the number of items to be selected from the universe to
constitute a sample. Due to constraints of cost and time, the sample size selected for the research
is 50. From malout,abohar and bathinda
Sampling Unit : The sampling unit was the person who was investing in stock market .

27

3.2} DATA ANALYSIS AND INTERPATION

Stock market and recession
Some recessions have been anticipated by stock market declines. In Stocks for the Long Run,
Siegel mentions that since 1948, ten recessions were preceded by a stock market decline, by a
lead time of 0 to 13 months (average 5.7 months), while ten stock market declines of greater than
10% in the DJIA were not followed by a recession.
The real-estate market also usually weakens before a recession. However real-estate declines can
last much longer than recessions.
Since the business cycle is very hard to predict, Siegel argues that it is not possible to take
advantage of economic cycles for timing investments. Even the National Bureau of Economic
Research (NBER) takes a few months to determine if a peak or trough has occurred in the US.
During an economic decline, high yield stocks such as fast moving consumer goods,
pharmaceuticals, and tobacco tend to hold up better. However when the economy starts to
recover and the bottom of the market has passed (sometimes identified on charts as a MACD),
growth stocks tend to recover faster. There is significant disagreement about how health care and
utilities tend to recover. Diversifying one's portfolio into international stocks may provide some
safety; however, economies that are closely correlated with that of the U.S. may also be affected
by a recession in the U.S.
There is a view termed the halfway rule according to which investors start discounting an
economic recovery about halfway through a recession. In the 16 U.S. recessions since 1919, the
average length has been 13 months, although the recent recessions have been shorter. Thus if the
2008 recession followed the average, the downturn in the stock market would have bottomed
around November 2008.
Impact of global recession on Indian stock market can be seen in following data. Which include
indices of India; sensex and nifty also some of the blue chip companies.

28

Indices :SENSEX
Period : Jan 07 to Jan 11
Month

Open

High

Low

Close

Trade(cr.

Jan 07 13,827.77

14,325.92

13,303.22

14,090.92

29.86

Feb 07 14,124.36

14,723.88

12,800.91

12,938.09

32.56

Mar 07 13,013.74

13,386.95

12,316.10

13,072.10

37.52

Apr 07 12,811.93

14,383.72

12,425.52

13,872.37

35.26

May07 13,987.77

14,576.37

13,554.34

14,544.46

31.03

Jun 07 14,610.28

14,683.36

13,946.99

14,650.51

29.02

Jul 07 14,685.16

15,868.85

14,638.88

15,550.99

39.11

Aug 07 15,344.02

15,542.40

13,779.88

15,318.60

35.24

Sep 07 15,401.99

17,361.47

15,323.05

17,291.10

38.97

Oct 07 17,356.99

20,238.16

17,144.58

19,837.99

64.13

Nov 07 20,130.23

20,204.21

18,182.83

19,363.19

35.79

Dec 07 19,547.09

20,498.11

18,886.40

20,286.99

25.27

Jan 08 20,325.27

21,206.77

15,332.42

17,648.71

46.60

Feb 08 17,820.67

18,895.34

16,457.74

17,578.72

32.59

Mar 08 17,227.56

17,227.56

14,677.24

15,644.44

44.60

Apr 08 15,771.72

17,480.74

15,297.96

17,287.31

39.77

May08 17,560.15

17,735.70

16,196.02

16,415.57

38.44

Jun 08 16,591.46

16,632.72

13,405.54

13,461.60

48.91

Jul 08 13,480.02

15,130.09

12,514.02

14,355.75

67.04

Aug 08 14,064.26

15,579.78

14,002.43

14,564.53

47.26

Sep 08 14,412.99

15,107.01

12,153.55

12,860.43

62.95

Oct 08 13,006.72

13,203.86

7,697.39

9,788.06

88.28

Nov 08 10,209.37

10,945.41

8,316.39

9,092.72

83.71

Dec 08 9,162.94

10,188.54

8,467.43

9,647.31

116.62
29

Jan 09 9,720.55

10,469.72

8,631.60

9,424.24

111.01

Feb 09 9,363.58

9,724.87

8,619.22

8,891.61

66.69

Mar 09 8,762.88

10,127.09

8,047.17

9,708.50

86.75

Apr 09 9,745.77

11,492.10

9,546.29

11,403.25

86.01

May09 11,635.24

14,930.54

11,621.30

14,625.25

105.10

Jun 09 14,746.51

15,600.30

14,016.95

14,493.84

86.36

Jul 09 14,506.43

15,732.81

13,219.99

15,670.31

80.10

Aug 09 15,694.78

16,002.46

14,684.45

15,666.64

59.87

Sep 09 15,691.27

17,142.52

15,356.72

17,126.84

55.03

Oct 09 17,186.20

17,493.17

15,805.20

15,896.28

57.01

Nov 09 15,838.63

17,290.48

15,330.56

16,926.22

47.80

Dec 09 16,947.46

17,530.94

16,577.78

17,464.81

40.03

Jan 10 17,473.45

17,790.33

15,982.08

16,357.96

39.15

Feb 10 16,339.32

16,669.25

15,651.99

16,429.55

35.39

Mar 10 16,438.45

17,793.01

16,438.45

17,527.77

36.86

Apr 10 17,555.04

18,047.86

17,276.80

17,558.71

25.99

May10 17,536.86

17,536.86

15,960.15

16,944.63

39.88

Jun 10 16,942.82

17,919.62

16,318.39

17,700.90

50.02

Jul 10 17,679.34

18,237.56

17,395.58

17,868.29

33.06

Aug 10 17,911.31

18,475.27

17,819.99

17,971.12

31.10

Sep 10 18,027.12

20,267.98

18,027.12

20,069.12

33.49

Oct 10 20,094.10

20,854.55

19,768.96

20,032.34

28.91

Nov 10 20,272.49

21,108.64

18,954.82

19,521.25

28.96

Dec 10 19,529.99

20,552.03

19,074.57

20,509.09

29.21

Jan 11 20,621.61

20,664.80

18,038.48

18,327.76

31.27

Feb 11 18,425.18

18,690.97

17,295.62

17,823.40

43.42

Mar 11 17,982.28

19,575.16

17,792.17

19,445.22

37.51

30

In year 2007 Sensex index of BSE determined by the performance of 30 companies was on
increasing trend and from 13827 it reached at 20498. As recession phase started it goes on
decresing trend and reached at89162 in the end of 2008 and after this phase it started recovery
and reached at 20552 at the and of 2010. So this data shows that the global recession puts an
impact on Indian market and it suffers a lot
NIFTY 2007-2011

Prices
Date

Open

High

Low

Close

Avg Vol

Adj Close*

Dec, 2011

4,936.85

5,062.60

4,544.20

4,624.30

4,624.30

Nov, 2011

5,257.95

5,289.35

4,706.45

4,832.05

4,832.05

Oct, 2011

4,849.50

5,360.70

4,751.30

5,326.60

5,326.60

Sep, 2011

5,040.00

5,153.25

4,835.40

4,943.25

4,943.25

Aug, 2011

5,516.80

5,516.80

4,747.80

5,001.00

5,001.00

Jul, 2011

5,627.20

5,728.95

5,482.00

5,482.00

5,482.00

Jun, 2011

5,592.00

5,647.40

5,257.90

5,647.40

5,647.40

May, 2011

5,701.30

5,701.30

5,348.95

5,560.15

5,560.15

Apr, 2011

5,826.05

5,911.50

5,729.10

5,749.50

5,749.50

Mar, 2011

5,522.30

5,833.75

5,364.75

5,833.75

5,833.75

Feb, 2011

5,417.20

5,546.45

5,225.80

5,333.25

5,333.25

Jan, 2011

6,157.60

6,157.60

5,505.90

5,505.90

5,505.90

Dec, 2010

5,960.90

6,134.50

5,766.50

6,134.50

6,134.50

Nov, 2010

6,117.55

6,312.45

5,751.95

5,862.70

5,862.70

Oct, 2010

6,143.40

6,233.90

5,982.10

6,017.70

6,017.70

Sep, 2010

5,471.85

6,035.65

5,471.85

6,029.95

6,029.95

Aug, 2010

5,431.65

5,543.50

5,402.40

5,402.40

5,402.40

Jul, 2010

5,251.40

5,449.10

5,235.90

5,367.60

5,367.60

Jun, 2010

4,970.20

5,353.30

4,970.20

5,312.50

5,312.50

May, 2010

5,222.75

5,222.75

4,806.75

5,086.30

5,086.30

Apr, 2010

5,290.50

5,374.65

5,203.65

5,278.00

5,278.00
31

Mar, 2010

5,017.00

5,302.85

5,017.00

5,249.10

5,249.10

Feb, 2010

4,899.70

4,931.85

4,718.65

4,922.30

4,922.30

Jan, 2010

5,232.20

5,281.80

4,853.10

4,882.05

4,882.05

Dec, 2009

5,122.00

5,201.05

4,952.60

5,201.05

5,201.05

Nov, 2009

4,563.90

5,108.15

4,563.90

5,032.70

5,032.70

Oct, 2009

5,083.40

5,142.15

4,711.70

4,711.70

4,711.70

Sep, 2009

4,625.35

5,083.95

4,593.55

5,083.95

5,083.95

Aug, 2009

4,711.40

4,732.35

4,387.90

4,662.10

4,662.10

Jul, 2009

4,340.90

4,636.45

3,974.05

4,636.45

4,636.45

Jun, 2009

4,529.90

4,655.25

4,235.25

4,291.10

4,291.10

May, 2009

3,654.00

4,448.95

3,554.60

4,448.95

4,448.95

Apr, 2009

3,060.35

3,484.15

3,060.35

3,473.95

3,473.95

Mar, 2009

2,674.60

3,108.65

2,573.15

3,020.95

3,020.95

Feb, 2009

2,766.65

2,948.35

2,733.90

2,763.65

2,763.65

Jan, 2009

3,033.45

3,121.45

2,678.55

2,874.80

2,874.80

Dec, 2008

2,682.90

3,077.50

2,656.45

2,959.15

2,959.15

Nov, 2008

3,043.85

3,148.25

2,553.15

2,755.10

2,755.10

Oct, 2008

3,950.75

3,950.75

2,524.20

2,885.60

2,885.60

Sep, 2008

4,348.65

4,504.00

3,850.05

3,921.20

3,921.20

Aug, 2008

4,413.55

4,620.40

4,214.00

4,360.00

4,360.00

Jul, 2008

3,896.75

4,476.80

3,816.70

4,332.95

4,332.95

Jun, 2008

4,739.60

4,739.60

4,040.55

4,040.55

4,040.55

May, 2008

5,228.20

5,228.20

4,835.30

4,870.10

4,870.10

Apr, 2008

4,739.55

5,195.50

4,647.00

5,165.90

5,165.90

Mar, 2008

4,953.00

4,953.00

4,503.10

4,734.50

4,734.50

Feb, 2008

5,317.25

5,483.90

4,838.25

5,223.50

5,223.50

Jan, 2008

6,144.35

6,287.85

4,899.30

5,137.45

5,137.45

Dec, 2007

5,865.00

6,159.30

5,742.30

6,138.60

6,138.60

Nov, 2007

5,866.45

5,937.90

5,519.35

5,762.75

5,762.75

Oct, 2007

5,068.95

5,905.90

5,068.95

5,900.65

5,900.65
32

Sep, 2007

4,474.75

5,021.35

4,474.75

5,021.35

5,021.35

Aug, 2007

4,464.00

4,464.00

4,464.00

4,464.00

4,464.00

Nifty is the index of NSE and reflects the performance of 50 listed companies same as sensex it
also shows a down phase in recession period. At the end of 2007 it was on 6159 whereas at the
end of 2008 it moves to 2682 and later on start recovering and reached to 6134 at the end of 2010

Blue chip companies

Performance of some of the blue chip companies{major players} of India during recession and
their recovery can be seen from there share prices from 2007-2011 given below. Companies are:

NTPC
ONGC
IOC
SBI
RELIANCE
ICICI
BHARTI AIRTEL

NTPC

Prices
Date

Open

High

Low

Close

Avg Vol

Adj Close*

2 Jan, 2012

160.85

178.90

155.05

172.20

2,930,000

171.69
33

1 Dec, 2011

165.80

177.45

154.10

160.85

2,364,900

157.10

1 Nov, 2011

179.05

181.65

152.05

162.35

2,323,200

158.57

3 Oct, 2011

165.50

183.40

161.85

179.25

2,799,500

175.08

08-Sep-2011

0.80 Dividend

2 Sep, 2011

174.80

174.80

160.00

167.65

2,697,900

163.75

1 Aug, 2011

177.20

181.90

162.55

169.55

2,454,500

164.81

1 Jul, 2011

187.00

192.45

175.50

176.10

2,741,900

171.18

1 Jun, 2011

169.55

188.60

169.55

186.90

2,311,500

181.68

2 May, 2011

181.55

183.35

165.15

168.25

3,901,300

163.55

1 Apr, 2011

193.00

193.10

181.30

182.30

1,416,200

177.21

1 Mar, 2011

172.05

195.00

170.70

193.10

1,816,500

187.71

04-Feb-2011

3.00 Dividend

1 Feb, 2011

189.25

190.75

168.30

169.85

2,071,000

165.10

3 Jan, 2011

201.40

203.20

185.00

189.05

2,194,500

180.74

1 Dec, 2010

184.00

203.80

182.00

200.65

2,422,400

191.83

1 Nov, 2010

198.10

198.10

175.35

184.00

3,029,300

175.92

1 Oct, 2010

217.85

222.30

192.30

195.30

3,853,100

186.72

08-Sep-2010

0.80 Dividend

1 Sep, 2010

196.10

221.20

190.10

216.95

3,916,800

207.42

2 Aug, 2010

200.00

201.00

192.20

195.95

1,394,300

186.59

1 Jul, 2010

199.00

206.00

197.30

198.75

1,696,100

189.26

1 Jun, 2010

203.00

204.90

194.10

199.60

1,880,500

190.07

3 May, 2010

206.40

208.45

190.10

202.30

2,883,200

192.64

1 Apr, 2010

207.25

212.55

202.90

207.55

2,266,300

197.64

18-Mar-2010

3.00 Dividend

1 Mar, 2010

203.00

208.35

198.05

207.25

3,311,100

197.35

1 Feb, 2010

217.00

227.45

197.00

203.05

3,398,600

190.51

1 Jan, 2010

236.55

238.90

222.30

227.45

2,777,500

213.40

1 Dec, 2009

211.00

241.35

205.25

236.55

4,016,000

221.94

2 Nov, 2009

211.50

220.10

201.70

210.00

2,843,700

197.03
34

1 Oct, 2009

213.50

222.00

205.10

211.50

3,296,700

198.44

03-Sep-2009

0.80 Dividend

1 Sep, 2009

212.50

215.30

203.25

214.20

3,208,900

200.97

3 Aug, 2009

215.10

220.45

201.05

212.05

3,542,100

198.18

1 Jul, 2009

198.70

225.00

188.50

216.50

5,566,400

202.34

1 Jun, 2009

218.80

233.00

182.00

194.95

11,182,600

182.20

1 May, 2009

190.05

225.00

185.65

215.25

7,656,100

201.18

1 Apr, 2009

180.50

205.80

176.05

190.05

5,822,500

177.62

2 Mar, 2009

182.00

186.90

167.25

179.95

5,594,400

168.18

2 Feb, 2009

188.50

189.50

171.10

185.90

4,926,600

173.74

29-Jan-2009

2.80 Dividend

1 Jan, 2009

180.60

193.10

165.25

189.75

6,055,400

177.34

1 Dec, 2008

158.00

192.00

151.20

180.95

6,288,500

166.64

3 Nov, 2008

145.00

166.40

130.40

158.00

8,173,900

145.51

1 Oct, 2008

173.00

183.90

113.00

141.70

7,832,200

130.50

1 Sep, 2008

173.95

192.00

159.00

172.40

6,619,200

158.77

28-Aug-2008

0.80 Dividend

1 Aug, 2008

172.10

189.75

166.35

174.70

5,434,200

160.89

1 Jul, 2008

152.10

196.90

150.00

170.10

7,575,100

155.92

2 Jun, 2008

172.35

173.55

148.00

152.50

6,396,700

139.79

1 May, 2008

196.90

202.90

168.10

171.60

8,046,400

157.29

1 Apr, 2008

199.00

202.90

182.00

196.90

6,467,300

180.49

3 Mar, 2008

199.60

206.10

161.30

195.55

7,469,200

179.25

04-Feb-2008

2.70 Dividend

1 Feb, 2008

199.00

227.40

182.10

200.80

8,893,600

184.06

1 Jan, 2008

253.00

290.75

166.05

196.90

16,430,600

178.11

3 Dec, 2007

238.00

253.85

225.00

251.50

6,997,700

227.50

1 Nov, 2007

242.95

283.30

219.55

237.65

11,688,800

214.97

1 Oct, 2007

195.25

243.00

192.15

239.05

12,234,700

216.24

3 Sep, 2007

174.00

200.00

172.50

194.55

8,296,600

175.98
35

31 Aug, 2007

167.90

174.90

165.70

173.00

9,283,600

156.49

Date

Open

High

Low

Close

Avg Vol

Adj Close*

1 Dec, 2011

273.15

277.80

244.75

256.60

2,061,100

242.60

1 Nov, 2011

275.55

288.05

241.75

266.75

2,749,700

252.20

3 Oct, 2011

263.00

294.80

259.75

277.65

2,958,600

262.50

2 Sep, 2011

272.00

280.55

253.25

266.10

6,119,800

251.58

18-Aug-2011

0.75 Dividend

1 Aug, 2011

271.15

290.15

260.00

263.70

4,218,900

249.31

1 Jul, 2011

290.90

290.90

268.40

269.25

3,469,600

253.87

1 Jun, 2011

283.00

297.50

248.05

274.25

4,705,800

258.59

2 May, 2011

309.00

315.80

261.40

281.05

5,691,200

265.00

1 Apr, 2011

292.50

325.65

278.55

307.80

3,542,800

290.22

1 Mar, 2011

273.00

294.20

262.00

291.30

3,350,800

274.66

08-Feb-2011

2: 1 Stock Split

1 Feb, 2011

297.75

308.29

260.10

270.35

5,073,500

254.91

3 Jan, 2011

326.00

326.00

275.67

294.45

5,204,200

138.82

ONGC

Prices

36

1 Dec, 2010

312.50

340.96

311.62

322.05

4,011,200

151.83

1 Nov, 2010

331.00

349.00

298.00

311.33

3,077,100

146.77

1 Oct, 2010

351.59

361.10

322.50

326.01

3,949,500

153.70

09-Sep-2010

15.00 Dividend

1 Sep, 2010

337.40

368.15

330.00

351.02

4,845,900

165.49

2 Aug, 2010

310.00

339.98

302.00

334.40

3,806,500

150.67

1 Jul, 2010

330.20

336.73

305.00

310.17

4,286,800

139.76

1 Jun, 2010

292.50

332.85

285.00

330.20

6,526,200

148.78

3 May, 2010

262.50

294.41

253.00

291.92

5,955,300

131.53

1 Apr, 2010

275.25

277.50

249.00

263.70

3,389,300

118.82

2 Mar, 2010

280.02

284.65

261.29

274.67

3,868,800

123.76

1 Feb, 2010

299.50

299.50

266.25

279.40

2,074,500

125.89

1 Jan, 2010

295.50

311.69

294.00

299.50

1,942,400

134.95

22-Dec-2009

18.00 Dividend

1 Dec, 2009

301.00

304.25

288.19

295.50

2,483,500

133.14

2 Nov, 2009

283.49

302.95

276.30

299.50

3,894,400

126.69

1 Oct, 2009

293.86

319.41

281.58

283.49

3,943,600

119.91

11-Sep-2009

14.00 Dividend

1 Sep, 2009

293.89

303.56

233.56

291.76

5,672,000

123.41

3 Aug, 2009

291.25

307.50

277.02

297.25

5,982,800

119.74

1 Jul, 2009

266.30

294.42

240.75

292.50

9,611,200

117.82

1 Jun, 2009

292.77

305.00

241.00

266.31

8,869,000

107.27

1 May, 2009

217.00

305.00

200.59

295.74

11,491,100

119.13

1 Apr, 2009

195.00

230.62

187.80

217.00

6,669,300

87.41

2 Mar, 2009

166.01

210.85

159.38

194.55

8,170,900

78.37

2 Feb, 2009

162.57

184.65

157.50

172.50

6,398,300

69.49

1 Jan, 2009

166.75

199.35

146.95

164.00

7,178,100

66.06

23-Dec-2008

18.00 Dividend

1 Dec, 2008

181.21

185.43

156.76

167.00

9,436,500

67.27

3 Nov, 2008

175.00

202.50

153.07

171.76

10,694,500

62.18
37

1 Oct, 2008

266.10

266.10

134.54

171.00

11,660,200

61.91

1 Sep, 2008

254.75

282.42

230.50

258.70

8,062,100

93.65

1 Aug, 2008

245.05

285.00

238.45

255.94

10,244,600

92.65

1 Jul, 2008

207.49

272.00

194.68

248.00

9,968,700

89.78

2 Jun, 2008

217.50

243.73

198.75

201.00

11,083,500

72.77

2 May, 2008

261.00

263.62

210.05

215.40

9,826,900

77.98

1 Apr, 2008

250.00

268.25

241.75

257.83

5,468,300

93.34

3 Mar, 2008

256.10

276.70

230.39

246.50

7,628,800

89.24

1 Feb, 2008

248.76

280.35

226.25

253.00

4,872,300

91.59

1 Jan, 2008

310.00

339.00

207.50

254.50

8,190,600

92.13

3 Dec, 2007

290.00

318.40

285.25

309.50

6,745,200

112.05

1 Nov, 2007

317.23

346.26

278.27

292.06

6,702,200

105.73

1 Oct, 2007

240.50

317.02

230.02

312.50

8,673,400

113.13

3 Sep, 2007

215.00

246.00

205.55

242.75

4,721,600

87.88

31 Aug, 2007

211.25

216.49

208.64

215.00

6,956,200

77.83

38

IOC

Prices
Date

Open

High

Low

Close

Avg Vol

Adj Close*

1 Dec, 2011

263.00

278.00

248.50

253.75

434,600

248.55

1 Nov, 2011

291.90

308.00

254.70

261.95

617,400

256.58

3 Oct, 2011

313.00

323.80

286.95

291.00

595,300

285.04

15-Sep-2011

9.50 Dividend

2 Sep, 2011

307.85

326.95

305.15

311.45

430,300

305.07

1 Aug, 2011

316.55

344.85

302.90

306.90

629,600

291.69

1 Jul, 2011

338.05

344.00

313.55

315.05

435,700

299.44

1 Jun, 2011

326.50

358.00

312.50

336.85

664,200

320.16

2 May, 2011

341.35

359.70

297.50

328.30

799,600

312.03

1 Apr, 2011

330.00

344.00

320.60

339.85

385,200

323.01

1 Mar, 2011

301.00

342.00

295.00

332.85

654,300

316.36

1 Feb, 2011

336.00

337.50

290.10

298.95

679,100

284.14

3 Jan, 2011

344.00

355.45

301.25

336.95

997,800

320.25

1 Dec, 2010

349.00

407.20

335.15

342.40

1,118,900

325.43

1 Nov, 2010

420.00

427.90

326.50

346.65

799,100

329.47

1 Oct, 2010

419.90

435.00

399.15

418.05

982,300

397.33

1 Sep, 2010

414.50

456.90

409.05

416.80

1,520,400

396.15

2 Aug, 2010

362.30

416.70

356.05

411.15

1,304,200

390.78

1 Jul, 2010

403.00

409.00

352.30

362.00

1,659,400

344.06

1 Jun, 2010

354.80

417.50

317.70

403.10

3,099,400

383.13
39

3 May, 2010

294.00

354.90

289.80

353.15

1,079,600

335.65

1 Apr, 2010

309.95

309.95

273.05

294.75

561,800

280.14

1 Mar, 2010

316.00

321.70

291.20

295.75

559,300

281.09

1 Feb, 2010

316.30

334.45

301.55

317.40

692,700

301.67

1 Jan, 2010

306.90

334.45

306.55

316.30

382,300

300.63

1 Dec, 2009

291.90

332.85

289.20

306.90

787,800

291.69

2 Nov, 2009

309.50

317.90

285.20

289.50

817,100

275.15

29-Oct-2009

2: 1 Stock Split

1 Oct, 2009

340.17

281.15

309.50

853,200

294.16

02-Sep-2009

7.50 Dividend

1 Sep, 2009

291.95

347.90

291.00

340.10

1,397,500

161.62

3 Aug, 2009

275.55

297.50

265.50

290.95

1,123,800

134.75

1 Jul, 2009

267.50

293.33

253.10

273.60

989,500

126.71

1 Jun, 2009

308.00

316.50

262.05

265.05

1,437,800

122.75

1 May, 2009

220.00

331.00

200.00

301.92

1,633,600

139.83

1 Apr, 2009

199.48

227.50

194.10

220.00

402,500

101.89

2 Mar, 2009

215.55

225.35

189.02

193.05

766,300

89.41

2 Feb, 2009

224.00

233.45

210.02

217.62

513,100

100.79

1 Jan, 2009

202.80

226.90

177.00

223.00

768,900

103.28

1 Dec, 2008

207.62

215.00

185.50

213.50

931,800

98.88

3 Nov, 2008

171.00

209.00

165.75

208.00

386,900

96.33

1 Oct, 2008

204.00

230.00

150.00

168.00

698,600

77.81

1 Sep, 2008

199.93

227.48

179.00

204.00

892,100

94.48

1 Aug, 2008

207.50

229.00

195.00

201.50

530,000

93.32

1 Jul, 2008

165.00

210.00

150.00

202.00

573,400

93.55

2 Jun, 2008

215.00

225.90

164.50

165.50

1,077,700

76.65

2 May, 2008

235.00

244.88

196.98

215.00

1,229,700

99.57

1 Apr, 2008

228.50

247.00

215.45

229.90

823,200

106.47

3 Mar, 2008

270.55

283.70

201.60

223.55

967,100

103.53

1 Feb, 2008

242.23

290.50

226.10

278.98

1,449,900

129.20

343.00

40

1 Jan, 2008

400.00

401.95

174.50

237.50

2,022,000

109.99

3 Dec, 2007

270.00

405.00

250.05

396.50

2,966,100

183.63

1 Nov, 2007

240.00

332.00

227.75

270.25

1,696,100

125.16

1 Oct, 2007

225.75

256.35

205.07

240.00

879,100

111.15

3 Sep, 2007

195.00

242.40

192.68

235.50

751,800

109.07

31 Aug, 2007

194.95

195.40

192.55

194.50

411,600

90.08

Date

Open

High

Low

Close

Avg Vol

Adj Close*

1 Dec, 2011

1,816.00

1,959.85

1,571.10

1,619.05

3,159,200

1,590.06

1 Nov, 2011

1,892.50

2,017.50

1,627.25

1,762.45

3,985,400

1,730.90

3 Oct, 2011

1,882.15

1,989.00

1,710.00

1,906.30

3,376,600

1,872.17

2 Sep, 2011

1,991.00

2,047.95

1,808.50

1,911.05

3,155,100

1,876.84

1 Aug, 2011

2,365.10

2,383.00

1,866.60

1,973.00

2,281,600

1,937.68

1 Jul, 2011

2,418.50

2,529.70

2,334.70

2,344.80

1,394,800

2,302.82

1 Jun, 2011

2,308.80

2,433.00

2,120.05

2,404.65

1,926,300

2,361.60

20-May-2011

30.00 Dividend

2 May, 2011

2,810.00

2,819.00

2,165.00

2,297.95

2,825,500

2,256.81

1 Apr, 2011

2,765.30

2,960.05

2,705.10

2,804.60

1,651,900

2,718.81

1 Mar, 2011

2,657.00

2,888.50

2,520.45

2,765.30

1,923,600

2,680.71

1 Feb, 2011

2,652.60

2,814.75

2,476.30

2,630.45

2,613,300

2,549.99

3 Jan, 2011

2,832.70

2,852.00

2,463.10

2,642.40

3,028,900

2,561.57

1 Dec, 2010

2,999.00

3,173.60

2,655.50

2,811.90

2,661,200

2,725.88

SBI

Prices

41

1 Nov, 2010

3,195.00

3,515.00

2,775.00

2,992.20

2,847,700

2,900.67

1 Oct, 2010

3,239.40

3,324.85

3,076.00

3,150.60

1,202,200

3,054.22

1 Sep, 2010

2,775.00

3,274.70

2,737.25

3,240.45

1,988,600

3,141.33

2 Aug, 2010

2,519.95

2,884.80

2,512.00

2,766.40

1,793,500

2,681.78

1 Jul, 2010

2,291.10

2,522.00

2,253.55

2,502.90

1,424,900

2,426.34

09-Jun-2010

20.00 Dividend

1 Jun, 2010

2,251.10

2,630.10

2,202.10

2,302.00

1,411,600

2,231.58

3 May, 2010

2,290.00

2,349.00

2,138.00

2,268.80

1,844,700

2,180.14

1 Apr, 2010

2,080.00

2,318.90

2,012.00

2,300.70

1,826,300

2,210.79

2 Mar, 2010

1,990.55

2,121.95

1,974.20

2,078.20

1,460,600

1,996.99

05-Feb-2010

10.00 Dividend

1 Feb, 2010

2,173.00

2,173.00

1,863.10

1,974.30

1,547,100

1,897.15

1 Jan, 2010

2,270.05

2,315.00

2,136.80

2,173.00

894,300

2,078.47

1 Dec, 2009

2,246.00

2,375.00

2,125.25

2,270.05

1,820,300

2,171.30

2 Nov, 2009

2,181.20

2,384.50

2,057.40

2,235.10

2,518,600

2,137.87

1 Oct, 2009

2,191.55

2,499.00

2,047.00

2,181.20

2,906,200

2,086.31

1 Sep, 2009

1,761.00

2,219.00

1,715.00

2,212.00

1,972,400

2,115.78

3 Aug, 2009

1,820.00

1,888.00

1,671.35

1,745.95

1,450,600

1,670.00

1 Jul, 2009

1,731.00

1,839.90

1,510.60

1,819.00

2,412,800

1,739.87

10-Jun-2009

29.00 Dividend

1 Jun, 2009

2,039.70

2,039.70

1,598.95

1,748.05

2,520,900

1,672.01

1 May, 2009

1,291.15

1,892.15

1,219.45

1,870.00

3,184,800

1,757.76

1 Apr, 2009

1,076.15

1,355.00

1,023.30

1,291.15

3,054,600

1,213.65

2 Mar, 2009

1,014.70

1,134.00

891.50

1,055.00

4,012,900

991.68

2 Feb, 2009

1,139.00

1,205.95

996.15

1,022.90

2,415,900

961.50

1 Jan, 2009

1,329.00

1,388.70

1,031.10

1,148.00

2,761,500

1,079.09

1 Dec, 2008

1,090.00

1,324.00

995.55

1,290.00

3,736,300

1,212.57

3 Nov, 2008

1,164.00

1,380.00

1,021.25

1,085.05

3,945,600

1,019.92

1 Oct, 2008

1,484.80

1,589.80

985.00

1,114.00

3,445,500

1,047.14

1 Sep, 2008

1,390.00

1,620.00

1,352.00

1,472.00

2,430,400

1,383.65
42

1 Aug, 2008

1,391.80

1,639.00

1,300.55

1,404.55

2,019,500

1,320.25

1 Jul, 2008

1,115.00

1,574.00

965.65

1,406.00

1,676,900

1,321.61

2 Jun, 2008

1,427.00

1,498.00

1,101.00

1,107.00

1,082,200

1,040.56

29-May-2008

21.50 Dividend

2 May, 2008

1,799.95

1,840.00

1,435.35

1,445.00

1,015,400

1,358.27

1 Apr, 2008

1,605.00

1,821.00

1,561.35

1,781.00

924,700

1,650.58

3 Mar, 2008

2,001.00

2,052.40

1,581.00

1,608.00

1,358,900

1,490.24

1 Feb, 2008

2,244.70

2,339.70

1,945.00

2,088.80

963,200

1,935.84

1 Jan, 2008

2,380.00

2,574.00

1,830.00

2,165.00

1,110,600

2,006.45

3 Dec, 2007

2,330.00

2,476.00

2,227.00

2,365.00

763,800

2,191.81

1 Nov, 2007

2,167.00

2,450.00

2,000.00

2,305.00

1,622,800

2,136.20

1 Oct, 2007

1,952.00

2,175.00

1,600.00

2,081.00

1,953,100

1,928.61

3 Sep, 2007

1,619.00

1,961.95

1,580.00

1,957.05

1,478,300

1,813.73

31 Aug, 2007

1,570.00

1,618.00

1,570.00

1,596.00

3,310,200

1,479.12

43

Reliance

Prices
Date

Open

High

Low

Close

Avg Vol

Adj Close*

1 Dec, 2011

799.00

844.60

689.00

692.95

4,695,100

684.61

1 Nov, 2011

870.50

905.00

751.00

778.25

4,225,800

768.88

3 Oct, 2011

791.20

904.00

761.75

877.55

4,041,200

866.99

2 Sep, 2011

796.70

859.00

747.55

808.35

6,347,800

798.62

1 Aug, 2011

838.00

838.90

712.00

785.10

4,587,700

775.65

1 Jul, 2011

907.00

907.00

823.15

827.95

4,256,500

817.99

1 Jun, 2011

952.00

967.00

828.10

898.50

4,098,800

887.69

05-May-2011

8.00 Dividend

2 May, 2011

983.90

986.80

898.35

951.85

3,411,600

940.39

1 Apr, 2011

1,049.05

1,065.90

970.00

983.75

3,228,700

963.71

1 Mar, 2011

973.70

1,055.00

964.00

1,049.10

4,604,800

1,027.72

1 Feb, 2011

925.10

1,009.40

885.10

964.25

6,423,100

944.60

3 Jan, 2011

1,065.00

1,091.40

902.00

919.30

5,145,800

900.57

1 Dec, 2010

985.00

1,075.00

978.75

1,058.70

3,816,000

1,037.13

1 Nov, 2010

1,121.00

1,124.90

958.30

985.60

5,012,400

965.52

1 Oct, 2010

992.00

1,110.00

990.00

1,096.25

5,556,500

1,073.91

1 Sep, 2010

925.05

1,048.50

921.00

987.25

5,302,300

967.13

2 Aug, 2010

1,016.00

1,031.00

915.00

919.20

5,330,000

900.47

1 Jul, 2010

1,084.00

1,094.45

1,007.25

1,009.65

3,739,600

989.08

1 Jun, 2010

1,043.30

1,093.95

995.10

1,089.85

4,489,800

1,067.64
44

10-May-2010

7.00 Dividend

3 May, 2010

1,026.00

1,093.40

976.00

1,045.60

5,357,500

1,024.30

1 Apr, 2010

1,078.00

1,149.70

1,012.00

1,033.60

4,081,200

1,005.68

1 Mar, 2010

979.30

1,111.00

979.30

1,074.25

4,385,500

1,045.23

1 Feb, 2010

1,085.90

1,085.90

959.15

978.95

3,323,900

952.50

1 Jan, 2010

1,093.35

1,149.90

1,021.85

1,085.90

5,120,100

1,056.56

1 Dec, 2009

1,075.00

1,120.00

990.00

1,093.35

3,552,600

1,063.81

26-Nov-2009

2: 1 Stock Split

2 Nov, 2009

963.50

901.12

1,058.00

7,016,600

1,029.42

16-Oct-2009

13.00 Dividend

1 Oct, 2009

1,099.95

1,141.65

961.00

963.50

6,688,600

468.74

1 Sep, 2009

1,012.40

1,119.95

961.65

1,099.50

7,845,700

528.49

3 Aug, 2009

984.45

1,062.50

962.50

999.35

5,678,200

480.35

1 Jul, 2009

1,014.95

1,091.50

858.55

987.00

8,811,100

474.42

1 Jun, 2009

1,165.00

1,189.50

950.00

1,014.50

9,103,300

487.63

1 May, 2009

905.10

1,267.50

905.10

1,129.00

9,169,200

542.67

1 Apr, 2009

761.50

920.00

748.67

905.10

8,124,500

435.05

2 Mar, 2009

614.35

791.70

557.65

761.05

10,722,800

365.81

2 Feb, 2009

645.00

707.05

600.67

627.75

8,684,300

301.74

1 Jan, 2009

620.00

695.00

532.50

664.90

11,479,600

319.59

1 Dec, 2008

562.65

703.50

512.50

616.28

13,147,000

296.22

3 Nov, 2008

719.50

752.60

516.05

567.50

15,258,900

272.78

1 Oct, 2008

980.00

981.50

465.00

682.50

12,973,000

328.05

1 Sep, 2008

1,060.00

1,125.00

882.50

972.55

9,435,700

467.47

1 Aug, 2008

1,085.03

1,188.00

1,026.40

1,062.65

4,490,100

510.78

1 Jul, 2008

1,055.00

1,169.22

960.00

1,107.00

7,846,300

532.10

2 Jun, 2008

1,214.00

1,222.00

978.12

1,041.50

10,086,200

500.61

1 May, 2008

1,304.00

1,513.00

1,195.12

1,200.55

4,891,300

577.06

1 Apr, 2008

1,149.50

1,359.00

1,121.75

1,304.00

5,645,100

626.79

3 Mar, 2008

1,199.90

1,214.20

1,060.00

1,126.35

6,431,300

541.40

1,112.95

45

1 Feb, 2008

1,245.00

1,321.00

1,117.50

1,216.90

5,532,200

584.92

1 Jan, 2008

1,445.00

1,649.00

1,060.00

1,247.50

9,155,900

599.63

3 Dec, 2007

1,444.10

1,494.00

1,325.78

1,443.75

5,326,300

693.96

1 Nov, 2007

1,410.00

1,464.00

1,288.50

1,423.00

7,248,900

683.99

1 Oct, 2007

1,155.00

1,494.50

1,098.85

1,392.50

10,733,100

669.33

3 Sep, 2007

980.45

1,213.00

960.62

1,148.50

5,518,500

552.04

31 Aug, 2007

950.00

985.00

949.42

979.00

14,524,400

470.57

Date

Open

High

Low

Close

Avg Vol

Adj Close*

1 Dec, 2011

754.00

792.00

641.00

684.65

5,844,400

670.83

1 Nov, 2011

917.95

923.50

704.90

712.45

8,275,000

698.07

3 Oct, 2011

860.00

953.65

761.40

931.15

4,454,300

912.35

2 Sep, 2011

891.50

928.00

833.00

875.40

3,907,600

857.73

1 Aug, 2011

1,052.80

1,059.70

813.90

874.00

4,438,600

856.35

1 Jul, 2011

1,111.35

1,111.80

1,003.60

1,036.75

2,969,900

1,015.82

02-Jun-2011

14.00 Dividend

1 Jun, 2011

1,083.80

1,099.50

1,003.40

1,094.65

3,216,100

1,072.55

2 May, 2011

1,113.80

1,118.30

1,003.00

1,086.10

3,392,800

1,050.44

1 Apr, 2011

1,114.80

1,139.00

1,072.00

1,114.45

3,770,700

1,077.86

1 Mar, 2011

983.90

1,128.00

978.30

1,116.20

3,886,700

1,079.55

1 Feb, 2011

1,019.10

1,073.00

939.80

970.85

4,665,200

938.97

ICICI

Prices

46

3 Jan, 2011

1,154.00

1,158.40

991.55

1,021.60

4,923,600

988.05

1 Dec, 2010

1,150.00

1,202.00

1,041.10

1,145.10

3,607,700

1,107.50

1 Nov, 2010

1,186.25

1,279.00

1,091.25

1,142.10

4,362,700

1,104.60

1 Oct, 2010

1,117.05

1,177.00

1,074.00

1,163.00

4,057,100

1,124.81

1 Sep, 2010

980.35

1,148.00

980.35

1,112.95

3,526,200

1,076.41

2 Aug, 2010

912.00

1,024.00

911.00

977.70

4,166,700

945.60

1 Jul, 2010

854.45

932.00

833.20

904.90

2,979,700

875.19

10-Jun-2010

12.00 Dividend

1 Jun, 2010

851.65

910.00

712.00

861.70

4,024,600

833.41

3 May, 2010

946.10

957.95

802.35

868.30

4,685,600

827.57

1 Apr, 2010

957.00

1,009.70

902.55

951.95

4,376,100

907.29

2 Mar, 2010

885.10

970.80

856.00

952.50

4,321,600

907.82

1 Feb, 2010

865.00

887.00

786.00

872.15

3,342,000

831.24

1 Jan, 2010

880.00

907.35

821.65

865.00

2,124,700

824.42

1 Dec, 2009

876.00

917.45

800.50

880.00

4,217,500

838.72

2 Nov, 2009

793.00

932.00

774.05

863.05

5,191,100

822.56

1 Oct, 2009

818.00

969.80

756.65

793.00

6,047,900

755.80

1 Sep, 2009

752.20

927.60

723.00

904.95

5,202,600

862.50

3 Aug, 2009

763.95

803.90

690.20

751.60

5,514,700

716.34

1 Jul, 2009

720.00

807.70

606.15

759.95

9,623,600

724.30

11-Jun-2009

11.00 Dividend

1 Jun, 2009

758.70

779.60

675.05

725.60

9,339,900

691.56

1 May, 2009

481.00

800.00

481.00

736.00

13,963,400

691.14

1 Apr, 2009

349.70

484.50

323.65

481.00

15,316,300

451.68

2 Mar, 2009

324.70

387.80

252.30

333.80

25,181,700

313.46

2 Feb, 2009

402.55

442.00

311.05

333.00

10,606,000

312.70

1 Jan, 2009

450.00

538.60

331.55

415.25

9,483,200

389.94

1 Dec, 2008

358.00

481.50

308.25

447.60

10,229,400

420.32

3 Nov, 2008

415.00

492.10

306.10

354.00

13,050,300

332.43

1 Oct, 2008

526.10

564.90

283.10

399.50

16,329,500

375.15
47

1 Sep, 2008

657.00

750.00

460.05

540.00

13,331,900

507.09

1 Aug, 2008

615.00

789.00

610.00

670.65

7,750,600

629.78

1 Jul, 2008

630.00

764.90

514.00

633.00

8,069,600

594.42

2 Jun, 2008

830.00

835.00

611.35

635.00

4,666,500

596.30

2 May, 2008

948.70

971.00

778.20

786.55

4,744,700

738.61

1 Apr, 2008

793.90

960.00

726.55

881.00

4,567,700

827.31

3 Mar, 2008

1,060.00

1,060.00

720.05

769.00

6,496,500

722.13

1 Feb, 2008

1,157.00

1,244.90

999.00

1,077.65

3,019,500

1,011.97

1 Jan, 2008

1,240.00

1,455.50

1,001.65

1,147.00

5,153,000

1,077.09

3 Dec, 2007

1,180.00

1,326.60

1,130.25

1,235.00

2,531,100

1,159.73

1 Nov, 2007

1,270.00

1,349.00

1,080.00

1,175.00

2,829,100

1,103.39

1 Oct, 2007

1,068.00

1,293.95

975.00

1,265.00

4,039,500

1,187.90

3 Sep, 2007

890.10

1,069.90

882.00

1,060.20

3,100,100

995.58

31 Aug, 2007

873.05

894.60

869.00

885.00

4,735,800

831.06

48

Bharti airtel

Prices
Date

Open

High

Low

Close

Avg Vol

Adj Close*

1 Dec, 2011

392.90

397.80

319.25

343.50

6,089,100

342.18

1 Nov, 2011

386.80

412.00

354.80

386.10

10,138,400

384.62

3 Oct, 2011

373.10

409.30

343.55

391.80

4,400,000

390.30

2 Sep, 2011

416.00

418.95

360.65

378.00

4,295,000

376.55

17-Aug-2011

1.00 Dividend

1 Aug, 2011

447.85

447.85

377.20

403.60

6,605,800

402.05

1 Jul, 2011

394.90

439.25

378.25

437.25

5,300,000

434.47

1 Jun, 2011

375.25

404.95

367.65

394.90

4,893,300

392.39

2 May, 2011

379.00

384.95

345.70

374.15

3,469,900

371.77

1 Apr, 2011

354.60

428.40

345.70

380.05

4,184,100

377.64

1 Mar, 2011

331.10

364.95

308.95

357.40

3,978,000

355.13

1 Feb, 2011

325.00

344.25

304.45

331.30

5,256,500

329.20

3 Jan, 2011

360.90

365.00

311.00

319.00

3,340,600

316.97

1 Dec, 2010

357.50

360.00

322.00

358.80

3,729,700

356.52

1 Nov, 2010

329.00

362.90

303.40

360.15

7,326,800

357.86

1 Oct, 2010

370.10

370.10

318.00

325.65

4,961,900

323.58

1 Sep, 2010

329.00

376.95

328.80

366.30

5,635,200

363.97

18-Aug-2010

1.00 Dividend

2 Aug, 2010

308.00

335.75

308.00

327.35

5,109,100

325.27

1 Jul, 2010

263.00

324.40

261.10

306.80

8,508,100

303.89
49

1 Jun, 2010

263.10

292.00

254.35

262.80

6,705,200

260.30

3 May, 2010

298.00

299.90

252.00

262.90

7,435,900

260.40

1 Apr, 2010

312.60

343.70

292.00

298.55

5,655,200

295.72

1 Mar, 2010

279.40

321.00

279.40

312.55

5,093,400

309.58

1 Feb, 2010

319.50

319.50

269.35

279.35

7,674,300

276.70

1 Jan, 2010

330.90

335.15

315.25

319.50

2,298,500

316.47

1 Dec, 2009

304.90

348.80

300.00

330.90

7,288,300

327.76

2 Nov, 2009

292.50

325.60

274.00

299.95

10,661,200

297.10

1 Oct, 2009

426.00

459.00

290.10

292.50

22,568,100

289.72

1 Sep, 2009

418.65

485.00

399.05

418.00

6,824,800

414.03

3 Aug, 2009

418.00

439.25

365.05

424.45

6,480,700

420.42

24-Jul-2009

2.00 Dividend

24-Jul-2009

2: 1 Stock Split

1 Jul, 2009

401.58

436.20

368.38

411.00

6,581,200

407.10

1 Jun, 2009

435.00

435.00

375.50

403.50

8,021,700

198.85

1 May, 2009

377.00

518.00

369.27

411.90

13,930,600

202.99

1 Apr, 2009

313.20

380.85

297.00

377.00

7,685,300

185.79

2 Mar, 2009

316.35

318.75

270.55

311.00

10,766,300

153.27

2 Feb, 2009

314.85

339.50

303.52

317.58

5,681,900

156.51

1 Jan, 2009

357.50

362.50

276.67

316.05

8,938,600

155.75

1 Dec, 2008

338.85

379.00

311.00

356.67

6,946,500

175.78

3 Nov, 2008

345.00

374.00

288.25

335.00

9,615,300

165.09

1 Oct, 2008

409.50

409.50

241.50

333.40

11,116,600

164.31

1 Sep, 2008

418.50

424.35

325.50

392.50

9,918,500

193.43

1 Aug, 2008

394.95

443.45

385.30

419.55

7,886,900

206.76

1 Jul, 2008

369.92

430.98

336.27

397.48

10,137,000

195.88

2 Jun, 2008

440.00

443.75

358.00

360.00

7,875,100

177.41

1 May, 2008

447.85

489.90

399.00

439.50

7,781,900

216.59

1 Apr, 2008

415.00

475.00

389.15

447.85

6,073,100

220.71

3 Mar, 2008

404.88

423.50

353.10

408.60

6,156,300

201.36
50

1 Feb, 2008

431.00

473.25

403.12

415.50

4,857,600

204.77

1 Jan, 2008

500.00

505.45

350.50

432.62

8,194,100

213.20

3 Dec, 2007

470.50

534.85

447.02

495.00

6,554,800

243.94

1 Nov, 2007

507.50

537.00

413.50

473.05

8,626,900

233.13

1 Oct, 2007

467.55

592.10

454.25

506.50

8,555,800

249.61

3 Sep, 2007

439.80

492.50

403.50

469.98

2,077,000

231.61

31 Aug, 2007

439.88

443.98

435.08

440.00

3,731,000

216.84

51

3.3} Investors behavior analysis

1)

Your occupation?
Business
Service man
Professional
Student

occupation
bussiness

service man

10%

professional

students

20%

30%

40%

INTERPATION
Selected sample include al type of investors like 20% business man,40% job
holders,30% professional and 10% students.

52

2) Are you a regular investor of stock market?

Yes
No

Reguler investor
yes

no

36%

64%

INTERPATION
Out of total respondants 64% are the rebuler investors whereas 36% are the non reguler investors of stock
market.

53

3) How long you had started doing investment?

Years
1 - 3
3 - 5
5 - 7
7 - 10

Years
1 -- 3

18%

3 -- 5

5 -- 7

7 -- 10

22%

18%

42%

INTERPATION
Most of the respondants are experience as 22% of investors investing in market from last 7-10 year and
42% are investing from 5-7 years
54

4)How much you invest in market in a year?

Less
than
10000
10,000-20,000
20,000-30,000
30,000-40,000
40,000-50,000
Above 50,000

Rupees
0 -- 10000

10001 - 20000

20001 - 30000

30001 - 40000

40001 - 50000

50001-------

6%

24%

14%

24%

18%
14%

INTERPATION
Respondants include large investors as 24% invest Rs. 50000,18% invest Rs. 40000-50000,14% invest
30000-40000 , 24% invest 20000-30000 monthly in market
55

5)Are you aware about global recession?

Yes
No

Aware
Yes

No

6%

94%

INTERPATION
Most of the investors are aware aout global recession as analysis shows 94% of respondants are aware.

56

6) What was your reaction after getting information?

Sell shares
Buy share
Wait

first reaction
Buy shares

Sell shares

wait

22%
46%

32%

INTERPATION
Major decesion taken after getting information about recession was buying and selling of shares where
some of the investor decide to wait.

57

7)Have you made any investment during recession?

Yes
No

Response
Yes

No

20%

80%

INTERPATION
80% of investors made investment in recession period

58

8)How much you had invested in that time?

Less
than
10000
10,000-20,000
20,000-30,000
30,000-40,000
40,000-50,000
Above 50,000

investment
0 -- 10000

10001 - 20000

20001 - 30000

10%

30001 - 40000

40001 - 50000

50001-------

17%

12%
9%
33%
19%

INTERPATION
In recession many investors reduce the money they invest in market.as there are 10% investors who invest
above 50000 where before recession 24% of respondants are in this category.here major investors move
to the investment of rs. 10000-20000.before recession only 14% of respondants was there.

59

9)What was the returns doing that time?

Worst
Bad
Normal
Good
Excellent

Returns
worst

bad

normal

good

excellent

0% 2%
8%
40%

50%

INTERPATION
Investors who invest in market with proper knowladge get normal as well as good returns but some who
invest without study get bad as well as worst returns.

60

10)How was your investment behavior during 2007-2011?

Increasing
Decreasing
Stable

trend
increasing

20%

decreasing

stable

30%

50%

INTERPATION

Most commom behavior of investment was decresing in the period of

2007-2011.

61

CHAPTER - 4

62

LIMITATIONS OF THE STUDY

No study is complete in itself, however, good it may and every study has some
limitations:
Time is the main constraint of my study.
Availability of information was not sufficient because of unwillingness
among investors to provide information
Sample size is not enough to have a clear opinion

63

SUGGESTIONS

Always prefer to go for long term investments.

Never proceed without proper knowledge or consultation.
Analise the information available before reaction
Its a game to wait, watch and react.

64

FINDINGS AND CONCLUSION

Financial crisis impacted various economies across the world; including

USA, UK, Japan, China, France and India. During this turmoil the countries
had varying impacts; countries like China and India had a lesser share of the
worldwide despair. There are many reasons which it has led the world to
believe that India survived the global.
In the current global economic slowdown, every sector of business is being
affected and is witnessing a hard time.

Capital market also face a hard time and reached to its lowest but still it
recovers from that and grow fast.

Investors of market also bear some loses and reduce their investment. Some
of the investors left the market.

65

REFRENCES

www.bseindia.com/indices/IndexArchiveData.aspx
www.ukdissertations.com Dissertations Business
http://www.slideshare.net/rssa21/recession-in-india-2008
http://www.ftkmc.com/equities.html
times of India

66

Questionnaire
Name .
Address..

Mob.

1. Your occupation?
Business
Service man
Professional
Student

2. Are you a regular investor of stock market?

Yes
No

3. When you invest for first time?

2005-06
2006-07
2007-08
2008-09
2009-10
67

4. How much you invest in market in a year?

Less than
10000
10,000-20,000
20,000-30,000
30,000-40,000
40,000-50,000
Above 50,000

5. Are you aware about global recession?

Yes
No

6. What was your reaction after getting information?

Sell shares
Buy share
Wait

7. Have you made any investment during recession?

Yes
No
68

{if yes move to question no.-8}

8. If No, why?

9. How much you had invested in that time?

Less than
10000
10,000-20,000
20,000-30,000
30,000-40,000
40,000-50,000
Above 50,000

10. What was the returns doing that time?

Worst
Bad
Normal
Good
Excellent

11. How was your investment behavior during 2007-2011?

69

Increasing
Decreasing
Stable

70