VOLUME NO. 4 (2013), ISSUE N O.

09 (S EPTEMBER)

ISSN 0976-2183

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VOLUME NO. 4 (2013), ISSUE N O. 09 (S EPTEMBER)

ISSN 0976-2183

CONTENTS
Sr. No.

TITLE & NAME OF THE AUTHOR (S)

DR. T. LATA SUJATA, B. KRISHNA REDDY & DR. C.JAYALAKSHMI A STUDY OF CORPORATE BOND MARKET IN INDIA AND ITS LIQUIDITY HEMA GWALANI & DR. D. B. BHARATI FRUIT AND VEGETABLE MARKETING FOR SMALL SCALE GROWERS IN INDIA DR. M S SUBHAS & HALASWAMY D. NAIK PERFORMANCE OF PROFITABILITY MANAGEMENT IN LANCO INDUSTRIES LIMITED: AN EVALUATION N. K. PRADEEP KUMAR & P. MOHAN REDDY KEY CHALLENGES FOR INDIAN MANAGERS: IMPACT OF FDI ENTRY IN RETAIL MARKET CHELLAM SHENBAGAM IMPACT OF FOREIGN INSTITUTIONAL INVESTMENT ON STOCK INDICES IN INDIA DR. S. NIRMALA & ARUNA.G TREND AND PROSPECT OF PRIVATE EQUITY FUND IN ASIA$PACIFIC COUNTRIES: A LESSON FROM INDIA DR. MANAS CHAKRABARTI CORPORATE ENVIRONMENTAL REPORTING IN THE CONTE&T OF RECENT CHANGES IN REGULATORY FRAMEWORK WITH SPECIAL REFERENCE TO INDIA DR. BHASKAR JYOTI BORA & TILAK CH DAS BRAND CHOICE DECISION OF INDIAN URBAN FAMILY SRI. JAYA PRAKASH RATH, SRI. RAJESH KUMAR SAIN & SRI. ANJAN KUMAR MOHANTY FOREIGN DIRECT INVESTMENT IN INDIAN MULTI BRAND RETAIL TRADE: STAKEHOLDER PERSPECTIVE PRATIK MAVANI & DR. AMIT R. PANDYA EFFICIENT MARKET HYPOTHESIS IN CHINA STOCK MARKETS SHIKHA MAHAJAN & MANISHA LUTHRA PORTFOLIO PERFORMANCE EVALUATION OF SELECTED SECTORS INDE& OF BSE KARAN SAGAR & ALPESH GAJERA A STUDY OF SERVICE QUALITY PERSPECTIVES AND CUSTOMER SATISFACTION RAVINARAYANA K.S. A STUDY ON COST EFFECTIVE METHOD OF RECRUITMENT AT KGISL PARVATA RAJ PRABHU STRUCTURED EMOTIONAL CAREER COUNSELLING AND CAREER DEVELOPMENT DR. SEHBA HUSAIN CUSTOMER PERCEPTION OF SERVICE QUALITY DIMENSIONS IN INDIAN BANKING INDUSTRY AISHWARYA GOYAL A COMPARATIVE STUDY OF ORGANI(ED AND UN$ORGANI(ED FOOD RETAILING IN AHMEDABAD CITY OF GUJARAT SANJIV KUMAR MERGERS AND ACQUISITIONS A PREREQUISITE GROWTH STRATEGY FOR INDIAN HEALTHCARE INDUSTRY: A CRITICAL ANALYSIS OF RANBA&Y$DAIICHI ALLIANCE PREETI SINGH IFRS: NEED OF PRESENT SCENARIO NEERU RANI THE ROLE OF LEADERSHIP IN THE GROWTH OF YOUTH OWNED ENTREPRISES IN KENYA: A CASE OF NYERI COUNTY SAMWEL MACHARIA CHEGE & CATHERINE KAIMENYI INFLUENCE OF UNIVERSITY INCENTIVES FOR CAREER DEVELOPMENT ON LECTURERS) PERFORMANCE IN PUBLIC UNIVERSITIES IN KENYA DR. JANET N.MANYASI ENTREPRENEURIAL BEHAVIOUR AND BUSINESS SUCCESS OF SMALL SCALE ORGANIC VEGETABLE FARMERS M.G.P.P. MAHINDARATHNE DOES ENTREPRENEURSHIP PROGRAMS INFLUENCE BUSINESS PERFORMANCE* AN EMPIRICAL INVESTIGATION OF THE NIGERIA SME+ DR. AKANDE O.O VOLATILITY OF INDIAN STOCK MARKET WITH REFERENCE TO CHANGE IN FII POLICY 2''1 AMEE I. DAVE & PRIYA D. PARIKH INFLUENCE OF EMPOWERMENT ON EMPLOYEE PERFORMANCE: A CASE OF PRIMARY SCHOOL TEACHERS) IN KAKAMEGA CENTRAL DISTRICT, KENYA ROBERT K.W. EGESSA & SHITSESWA E. AYUB THE IMPACT OF HRM PRACTICES IN INDIAN SUGAR INDUSTRY DR. S. SURESH & K. V. MURALIDHARA RAO RADIO LISTENERS AND ADVERTISEMENTS: AN E&PLORATORY APPROACH IRFAN MUMTAZ K.S. THE IMPACT OF TOTAL QUALITY MANAGEMENT ON BANKS AND WORKERS PERFORMANCE: A CASE STUDY RAKESH, C & SHABARISHA, N E&AMINING THE RELATION OF WORK ETHICS TO JOB SATISFACTION AND WORK STRESS IN EMPLOYEES OF PAYAME NOOR UNIVERSITY CENTRAL ORGANI(ATION BAHAREH SHAHRIARI FDI AND MULTI BRAND TRADE IN INDIA ASHISH KUMAR

Page No.

1( HOSPITALS OUTSOURCING COMPLETE DEPARTMENTS: A STUDY 2( 3( !( 5( "( #( %( ( 1'( 11( 12( 13( 1!( 15( 1"( 1#( 1%( 1 ( 2'( 21( 22( 23( 2!( 25( 2"( 2#( 2%( 2 ( 3'(

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REQUEST FOR FEEDBACK

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EDITOR
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PROF- ANIL K- SAINI

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DR- SAMBHAVNA
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Ce invite unpublished novel% ori&in!l% e3piric!l !nd hi&h Du!lity rese!rch worB pert!inin& to recent develop3ents A pr!ctices in the !re!s of ,o3puter "cience A Applic!tionsE ,o33erceE BusinessE $in!nceE M!rBetin&E .u3!n Resource M!n!&e3entE #ener!l M!n!&e3entE B!nBin&E ?cono3icsE 6ouris3 Ad3inistr!tion A M!n!&e3entE ?duc!tionE 9!wE 9ibr!ry A nfor3!tion "cienceE Defence A "tr!te&ic "tudiesE ?lectronic "cienceE ,orpor!te #overn!nceE ndustri!l Rel!tionsE !nd e3er&in& p!r!di&3s in !llied sub5ects liBe Accountin&E Accountin& nfor3!tion "yste3sE Accountin& 6heory A Pr!cticeE Auditin&E Beh!vior!l Accountin&E Beh!vior!l ?cono3icsE ,orpor!te $in!nceE ,ost Accountin&E ?cono3etricsE ?cono3ic Develop3entE ?cono3ic .istoryE $in!nci!l nstitutions A M!rBetsE $in!nci!l "ervicesE $isc!l PolicyE #overn3ent A 'on Profit Accountin&E ndustri!l Or&!ni-!tionE ntern!tion!l ?cono3ics A 6r!deE ntern!tion!l $in!nceE M!cro ?cono3icsE Micro ?cono3icsE Rur!l ?cono3icsE ,o-oper!tionE De3o&r!phy4 Develop3ent Pl!nnin&E Develop3ent "tudiesE Applied ?cono3icsE Develop3ent ?cono3icsE Business ?cono3icsE Monet!ry PolicyE Public Policy ?cono3icsE Re!l ?st!teE Re&ion!l ?cono3icsE Politic!l "cienceE ,ontinuin& ?duc!tionE 9!bour Celf!reE PhilosophyE Psycholo&yE "ociolo&yE 6!@ Accountin&E Advertisin& A Pro3otion M!n!&e3entE M!n!&e3ent nfor3!tion "yste3s (M ")E Business 9!wE Public Responsibility A ?thicsE ,o33unic!tionE Direct M!rBetin&E ?-,o33erceE #lob!l BusinessE .e!lth ,!re Ad3inistr!tionE 9!bour Rel!tions A .u3!n Resource M!n!&e3entE M!rBetin& Rese!rchE M!rBetin& 6heory A Applic!tionsE 'on-Profit Or&!ni-!tionsE Office Ad3inistr!tion/M!n!&e3entE Oper!tions Rese!rch/"t!tisticsE Or&!ni-!tion!l Beh!vior A 6heoryE Or&!ni-!tion!l Develop3entE Production/Oper!tionsE ntern!tion!l Rel!tionsE .u3!n Ri&hts A DutiesE Public Ad3inistr!tionE Popul!tion "tudiesE Purch!sin&/M!teri!ls M!n!&e3entE Ret!ilin&E "!les/"ellin&E "ervicesE "3!ll Business ?ntrepreneurshipE "tr!te&ic M!n!&e3ent PolicyE 6echnolo&y/ nnov!tionE 6ouris3 A .ospit!lityE 6r!nsport!tion DistributionE Al&orith3sE Artifici!l ntelli&enceE ,o3pilers A 6r!nsl!tionE ,o3puter Aided Desi&n (,AD)E ,o3puter Aided M!nuf!cturin&E ,o3puter #r!phicsE ,o3puter Or&!ni-!tion A ArchitectureE D!t!b!se "tructures A "yste3sE Discrete "tructuresE nternetE M!n!&e3ent nfor3!tion "yste3sE Modelin& A "i3ul!tionE 'eur!l "yste3s/'eur!l 'etworBsE 'u3eric!l An!lysis/"cientific ,o3putin&E Ob5ect Oriented Pro&r!33in&E Oper!tin& "yste3sE Pro&r!33in& 9!n&u!&esE RoboticsE "y3bolic A $or3!l 9o&icE Ceb Desi&n !nd e3er&in& p!r!di&3s in !llied sub5ects( Anybody c!n sub3it the +./0 1.23 of unpublished novelE ori&in!lE e3piric!l !nd hi&h Du!lity 45+56417 8.49/:6;<+14=20 anytime in M.S. Word format !fter prep!rin& the s!3e !s per our GUIDELINES FOR SUBMISSIONE !t our e3!il !ddress i(e( infoi5rc3F&3!il(co3 or online by clicBin& the linB .;>=;5 +<?:=++=.; !s &iven on our website (FOR ONLINE SUBMISSION, CLICK HERE)(

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KEYWORDS: Abstr!ct 3ust be followed by ! list of Beywords% sub5ect to the 3!@i3u3 of five( 6hese should be !rr!n&ed in !lph!betic order sep!r!ted by co33!s !nd full stops !t the end( MANUSCRIPT: M!nuscript 3ust be in BRITISH EN LISH prep!red on ! st!nd!rd A+ si-e !ORTR"IT SETTIN !"!ER( t 3ust be prep!red on ! sin&le sp!ce !nd sin&le colu3n with )J 3!r&in set for top% botto3% left !nd ri&ht( t should be typed in = point ,!libri $ont with p!&e nu3bers !t the botto3 !nd centre of every p!&e( t should be free fro3 &r!33!tic!l% spellin& !nd punctu!tion errors !nd 3ust be thorou&hly edited( HEADINGS: All the he!din&s should be in ! )* point ,!libri $ont( 6hese 3ust be bold-f!ced% !li&ned left !nd fully c!pit!lised( 9e!ve ! bl!nB line before e!ch he!din&( SUB$HEADINGS: All the sub-he!din&s should be in ! = point ,!libri $ont( 6hese 3ust be bold-f!ced% !li&ned left !nd fully c!pit!lised( MAIN TE&T: 6he 3!in te@t should follow the followin& seDuence4 INTRODUCTION REVIEW OF LITERATURE NEEDCIMPORTANCE OF THE STUDY STATEMENT OF THE PROBLEM OBJECTIVES HYPOTHESES RESEARCH METHODOLOGY RESULTS & DISCUSSION FINDINGS RECOMMENDATIONSCSUGGESTIONS CONCLUSIONS SCOPE FOR FURTHER RESEARCH ACKNOWLEDGMENTS REFERENCES APPENDI&CANNE&URE t should be in ! = point ,!libri $ont% sin&le sp!ced !nd 5ustified( 6he 3!nuscript should prefer!bly not e@ceed #$$$ WORDS(

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VOLUME NO. 4 (2013), ISSUE N O. 09 (S EPTEMBER)

ISSN 0976-2183

PORTFOLIO PERFORMANCE EVALUATION OF SELECTED SECTORS INDE& OF BSE

K"R"N S" "R "SST. !ROFESSOR DE!"RTMENT OF M.B.". SHRI SUNSHINE ROU! OF INSTITUTIONS R"%KOT "L!ESH "%ER" "SST. !ROFESSOR DE!"RTMENT OF M.B.". SHRI SUNSHINE ROU! OF INSTITUTIONS R"%KOT
ABSTRACT
T1# ($-#' $% #/&'"&!in2 )$*!%$'i$3 )#*%$*(&n+# &*# .& #- $n !4$ %&+!$* /i5., R#!"*n &n- Ri 6, 41i+1 &*# "i!&.'# %$* 1$*! !#*( &n- & (&7$* 1$*!+$(in2 i !1&! !1# # ($-#' #/&'"&!# -i%%#*#n! !,)# $% in/# !(#n! +$()&ni# ., !1# # &(# %&+!$* . T1i !"-, "22# ! & ($-#' %$* #/&'"&!i$n $% '$n28!#*( )$*!%$'i$3 )#*%$*(&n+# ., &++$"n!in2 +$n!in2#n+, ("'!i +*i!#*i& %$* #&+1 %i#'- $% in/# !(#n! +$()&n, +'& i%i+&!i$n. In !1i *# #&*+1 )&)#* 4# &*# 2$in2 !$ #/&'"&!# !1# )#*%$*(&n+# $% -i%%#*#n! BSE #+!$* in-#9 "+1 & BSE BANKE:, BSE CG, BSE FMCG, #!+ 4i!1 %i/# -i%%#*#n! )$*!%$'i$ #/&'"&!i$n (#& "*# . i.#. S1&*)# (#& "*#, T*#,n$* (#& "*#, J#n #n (#& "*#, F&(& (#& "*# &n- M; (#& "*#.

KEYWORDS
Portfolio Perfor3!nce ?v!lu!tion% "h!rpe% 6reynor% Jensen% $!3!% M "Du!re

INTRODUCTION

S
)( >(

tudies on portfolio perfor3!nce ev!lu!tion be&!n in the )<I*:s !lon& with the develop3ent of 3odern !sset pricin& theory( After the selection of ! portfolio% its perfor3!nce is ev!lu!ted( Portfolio ev!lu!tion h!s been concerned with 3odels% which indic!te the type of co3ponents of the 3!n!&e3ent process% which contributed to the results( M!ny 3e!sures h!ve been used to ev!lu!te invest3ent perfor3!nce( 6hey include4 nde@ of return per unit of tot!l risB ("h!rpe 3e!sure) nde@ of return per unit of syste3!tic risB% (6reynor 3e!sure) nde@ of e@cess return rel!tive to ! bench3!rB% !d5usted for syste3!tic risB (Jensen 3e!sure)( nde@ which co3p!res the perfor3!nce% 3e!sured in ter3s of returns% of ! portfolio with the reDuired return co33ensur!te with the tot!l risB !ssoci!ted with it( 6he difference between these two is t!Ben !s ! 3e!sure of the perfor3!nce of the fund( ($!3! net selectivity) nde@ which !d5ust the portfolio return where vol!tility 3!tches the vol!tility of 3!rBet inde@( (M> Me!sure)

LITERATURE REVIEWS
R67F64=A2'' D, in his rese!rch p!per titled M?v!lu!tion of lon& ter3 portfolio: perfor3!nceJ published in Bi(&<"# ! 8 V$'. I: I "# I, J&n"&*, ;==> used three portfolio perfor3!nce 3e!sures( i( e( "h!rpe% 6reynor A Jenson to 3e!sure the perfor3!nce of portfolio( R6+7:= S76;964 6;F P64.:6 S6;36> A2''#D, in their p!per titled M 3p!ct of ownership% co3petition !nd productivity on profit!bility !nd spre!ds in ndi!:s co33erci!l b!nB sector followin& the )<<) refor3sJ 6his p!per e@!3ines the perfor3!nce of different b!nBin& sector inde@ by usin& different portfolio perfor3!nce 3e!sures( I;F=6; J.<4;6> ./ F=;6;15A2''#D, titled MPerfor3!nce ?v!lu!tion !nd $uture Prospects of Mutu!l $und ndustry in ndi!J used different 3e!sure of portfolio perfor3!nce ev!lu!tion for ev!lu!tin& the perfor3!nce of different 3utu!l fund sche3e(

3-

OBJECTIVES
6o Du!ntify the perfor3!nce of selected sector nde@ of B"? in for3 of return (N) !nd RisB ("t!nd!rd Devi!tion A Bet!)( 6o ev!lu!te the perfor3!nce of selected sector nde@ of B"? with the help of v!rious Portfolio perfor3!nce ev!lu!tion 3e!sures( ,o3p!re the perfor3!nce of selected "ector nde@ of B"? !nd r!nB the3 with the help of e!ch perfor3!nce 3e!sure(

HYPOTHESIS OF STUDY
.* O 6here is no si&nific!nce difference in the perfor3!nce of selected sectors nde@ of B"? for ! selected ti3e period usin& "h!rpe/6reynor/Jensen/$!3!/M> Me!sures( (P) O P> O QQ O P)0)

RESEARCH DESIGN
SAMPLING $or 3e!surin& the fin!nci!l perfor3!nce of ndi!n "tocB M!rBet thirteen different B"? ndices h!s been selected for 3e!surin& perfor3!nce( 6hese indices !re B"? Re!lty% B"? B!nBe@% B"? ,#% B"? ,D% B"? Auto% B"? Oil A #!s% B"? P"8% B"? Met!l% B"? 6% B"? Power% B"? $M,#% B"? .,% B"? 6ecB( 6he perfor3!nce of these indices will be 3e!sure by t!Bin& B"? "?'"?R 0* !s 3!rBet inde@( THE DATA COLLECTION AND PERIOD OF THE STUDY Su!rterly closin& Price 3ove3ent of s!3ple B"? sector nde@ d!t! h!s been collected for ! period of two ye!r( (*)/*)/>*)) to 0)/)>/>*)>)( $or M!rBet risB A return !s well !s vol!tility B"? "?'"?R will be used( TOOLS & TECHNIQUES )( $or !n!ly-in& the Du!rterly closin& price of selected indices tools liBe 3e!n% st!nd!rd devi!tion !nd bet! h!ve been used for findin& risB !nd return( >( $or 3e!surin& the perfor3!nce of selected indices theories !nd for3ul!s of "h!rpe% 6reynor% Jensen% $!3! !nd M> 3e!sures h!ve been !pplied on risB !nd return of selected indices( 0( $or co3p!rin& the nde@ perfor3!nce of different B"? ndices% One C!y A'O;A test h!s been !pplied(

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DATA ANALYSIS & INTEPRETATION

TABLE G 1 QUARTERLY RETURN OF SELECTED INDE& BSE BSE BSE BSE BSE CD A<0. O&G PSU M506> ))-M!r I() +(=I )*(>+ ->()I +(*K +(+1 = >(<) *(>= ))-Jun -0(*= -)0(I -0(I 1(*= I(I+ -1(0 -)*(*= -+(II -I(= ))-"ep -)>(I< -)>(K -)1(0K ->>(K+ -+(0< -0(+) -K(K1 -)0(00 ->K ))-Dec -I(*K -)0 -)1(I+ ->+(< -)I(< -+()K -))(0I -)+(*0 -)1(+= )>-M!r )>(I) ><()K >=(0= >+(0 >)()I >+(+1 K(+) )+(=K >>(*< )>-Jun *()1 -I()+ )(0+ -*(*0 -0(*> -I(I= -*()1 -*(K0 -+(<+ )>-"ep K(I1 )*(K+ )*(00 <(0 ))(KK )*() K(>I >()K ->(0= )>-Dec 0(1+ )+(>= <()= -*(=> ))(>0 <(K0 -)(I1 -)(*< 1()1 HR=+9 /455 4605 ./ 450<4; =; D512'12 =+ %-5I 2-6- AT$?=>> R605, RBID D605 S5;+5J R56>03 B6;95J BSE CG BSE IT >(K= -I(=+ -)0(10 <(*+ 1(K+ -1(>) >(K0 -+(*0 BSE P.854 -)()K -0(I< -)=(I0 -)1(1 )I(+0 -+(<1 0(*= ->(=0 BSE FMCG I(=0 )>(+< -0(0+ 0()< ))(0+ ))() )*(0> K(+> BSE HC -0(+> I(>) -=(>< *(*1 )>(=I 0(< <(0I =(*> BSE T519 0(>= -+()< ))(<< 0(<I 1(0< -I()> >()K *(0>

TABLE G 2 QUARTERLY INDE& PERFORMANCE EVALUATION TABLE AS PER SHARPE MEASURE D605 S5;+5J R56>03 B6;95J BSE CG BSE CD *(>== *(I1 -*(<) ->(I= >(I<K -*(K) )(0K+ )(><K BSE A<0. *(0)I -*(<10 -*(K*K -*(=*I >(<)K -)()0> )(*1> )(**> BSE O&G )(*>< ->(*= -)(I= ->(0 *(<>= -*(0K *(< -*(I0 BSE PSU *()+= -)()> ->(1K ->(I= >()+K -*(+I *(*>+ -*(1> BSE M506> -*(>*+ -)(*0I -0(+*+ ->(*1+ >(01+ -*(=)K -*(1)K *(0IK BSE IT *()>) -)(+0 ->(1) )()0 *(1<= -)()K *()) -*(<= BSE P.854 -*(++ -*(K= ->(=0 ->(+ )(<= -*(<I *()1 -*(IK BSE FMCG )(>= >(= -)(+0 *(0) >(+< >(+0 >(>> )(++ BSE HC -)(+ )(*= ->(K -*(I >(= *(+= )(=< )(11 BSE T519 *(>0 -)()I ->(I) *(0I *(I0 -)(1> *(*0 -*(0>

))-M!r *(K1I *(>+ *(<K -*(+I0 ))-Jun -*(<+< -)(0+ -*(II+ *(00K ))-"ep ->(K0+ -)(>K ->(*10 ->(K0= ))-Dec -)(1*+ ->(*K ->(*=1 ->(<KK )>-M!r )(<IK >(0+ 0()) >(+I> )>-Jun -*(0+< -*(K -*(*=) -*(>>K )>-"ep )(*++ *(K1 *(<= *(=*+ )>-Dec *(>=) )(*I *(=+1 *(0)+ ANOVA: S=;B>5 F610.4 .o O 6here is no si&nific!nce difference in the 3e!n "h!rpe portfolio 3e!sure in between different inde@( .! O 6here is si&nific!nce difference in the 3e!n "h!rpe portfolio 3e!sure in between different inde@( I;054245060=.;: 6here is no enou&h evidence to re5ect null hypothesis which indic!tes th!t there is no si&nific!nce difference in the 3e!n "h!rpe portfolio 3e!sure in between different inde@% which shows th!t !ll inde@ perfor3 in the s!3e 3!nner( S.<415 ./ V64=60=.; B50855; G4.<2+ W=07=; G4.<2+ T.06> SS 0I(0I0I1 >0*(*)I+ >II(0=*) F/ )0 <= ))) MS >(K<K>*+ >(0+K)*I F )()<)KIK F 14=0 )(=>)0>K

D605

S5;+5J

R56>03

))-M!r +(*K )(1) ))-Jun -1()) -=(0) ))-"ep -)+(K> -K(=I ))-Dec -=(*< -)>(= )>-M!r )*(1< )+(1 )>-Jun -)(== -+(01 )>-"ep 1(I> +(I+ )>-Dec )(1) I(10 ANOVA: S=;B>5 F610.4 .o O 6here is no si&nific!nce difference in the 3e!n 6reynor portfolio 3e!sure in between different inde@( .! O 6here is si&nific!nce difference in the 3e!n 6reynor portfolio 3e!sure in between different inde@(

TABLE G 3 QUARTERLY INDE& PERFORMANCE EVALUATION TABLE AS PER TREYNOR MEASURE B6;95J BSE CG BSE BSE BSE BSE BSE BSE BSE BSE CD A<0. O&G PSU M506> IT P.854 FMCG 1(+<) ->(<I )(<= )(<= I(1> *(=K -)(>+ )(*= ->(1+ )>()= -0(K1= >()I +(+K -1(<K -)0(> I(11 -I(0 -)>(K -+(1+ >I(10 -))(I> -)K(1+ -I(>0 -+(+0 -)*IK -)1() ->*(K ->>(+ -)I(+ -)0(1< -))(= -)<(*K -)=(+ -1(*I -)+(I -)1K0 -)>(+< )*(*= -)0(< >(<I )K(I) )1(K= )=(1K )=(>< 1(== )>(1< )+(0) 1(00 ))(+1 >0(I> -*(+I -)(+1 -+(< -K() >(0K ->(K -+(<K -)*(+ -1(1+ >0(*) 1(11 1()1 <(+I I(1< 1(K) *()+ -0()1 )(*> *(=+ >)(*0 +(K= ->()> =(<0 I(>= -+(*) -0(*I >(>0 -=(K -0(=I )0(I=

BSE HC -)> <()= ->0 -+(0 >0(K +() )I() )0()

BSE T519 )(K -=(+ -)<() >(I +(1 -))() *(> ->(0

S.<415 ./ V64=60=.; SS F/ MS F F 14=0 B50855; G4.<2+ >+0K(*>K )0 )=K(+I0I )(K)I+>< )(=>)0>K W=07=; G4.<2+ )*K*0(>< <= )*<(>)K> T.06> )0)+*(0) ))) I;054245060=.;4 6here is no enou&h evidence to re5ect null hypothesis which indic!tes th!t there is no si&nific!nce difference in the 3e!n 6reynor portfolio 3e!sure in between different inde@% which shows th!t !ll inde@ perfor3s in the s!3e 3!nner( TABLE G ! QUARTERLY INDE& PERFORMANCE EVALUATION TABLE AS PER JENSEN MEASURE R56>03 B6;95J BSE BSE BSE BSE BSE BSE BSE BSE CG CD A<0. O&G PSU M506> IT P.854 -+(=) >()> -<(<0 ->()1 ->(1I >(>1 -0(>K -K(+1 ->(*= -=(0> -I(*) >(*> )*(>I <(=K -)(*I -K(>0 -)(+K -)(I= -1(0) *(K) )>(< +(I+ -0(<< =(K1 )>(I) 0(K) -*(0+ -=(0< -1(0) ->()+ -=(= -1(11 -)1(1 -)*(I 0(K0 -1(<K -K(= -I()I )>(I1 -K(0+ K(>= )*(1) K(00 =(>> <(++ -+(0) >(*+ 1(>> -0(II )(*= -+(I+ >()0 *(I -0()> -I(+ -*(+1 -*(=+ -+(0+ -1(<0 -+(I< -)(=+ -*()) -*(II 0(<I )()= *(*= -1(1< -)>(>< -0(>) -I(*) <(+> +(=< -+(<= K(I+ 1(=1 -1(*I -+(II ) -K()) -I(KI

D605 ))-M!r ))-Jun ))-"ep ))-Dec )>-M!r )>-Jun )>-"ep )>-Dec

S5;+5J * * * * * * * *

BSE FMCG 0(> )>(+< *(+1 +(0I 1()+ <(=> I(*= +(=

BSE HC -K(0 I(1> -0(I )(K> I(*) >(K0 +(KK 1(0)

BSE T519 -)(K0 ->(+K -0(>> K(=K -+(+ -I(KK -0(<K ->(=>

ANOVA: S=;B>5 F610.4 .o O 6here is no si&nific!nce difference in the 3e!n Jensen portfolio 3e!sure in between different inde@( .! O 6here is si&nific!nce difference in the 3e!n Jensen portfolio 3e!sure in between different inde@(

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S.<415 ./ V64=60=.; SS F/ MS F F 14=0 B50855; G4.<2+ <=)(0)0= )> =)(KKI)1 >(1*<1I= )(=I*)>+ W=07=; G4.<2+ ><I1(0*0 <) 0>(1=1K+ T.06> 0<+I(I)I )*0 I;054245060=.;: 6here is enou&h evidence to re5ect null hypothesis which indic!tes th!t there is si&nific!nce difference in the 3e!n Jensen portfolio 3e!sure in between different inde@% which shows th!t so3e inde@ perfor3s well co3p!red to others( TABLE G 5 QUARTERLY INDE& PERFORMANCE EVALUATION TABLE AS PER FAMA MEASURE R56>03 B6;95J BSE BSE BSE BSE BSE BSE BSE IT BSE CG CD A<0. O&G PSU M506> P.854 -1(<1 )(=) -))(*0 -0(0> -0(0< )(1= -0(I+ -=()< -0(<+ -=(K) -+(1= >(+) ))(I0 ))(0+ -*(*0 -I(1< -)(*) -*(K+ ->(<= )(> )K 1(KK -*(*+ )>(<= )1(1= I()) ) -1(K> )(+) -*(K> -I(10 -+(<0 -)0(00 -=(>< 1(0I -+(I1 -K(*I -+(I< )I(0+ -I(1I +(0) <(I< +(+= 1()= K(0) -I(*+ )(*= 0(0 -=(+< *(*I -+()> >(>K )() ->(1= -I(*> -*()1 -*(IK -0(<< -1(*K -+(+0 -0(+) -*(1+ ->()K >(0+ *(*1 -*(=+ -I() -)0(0) -1(KK -I(1I =(<< +(KK -1(0< K(>) 1(1+ -1(0) -+(= *(K0 -K(= -I(<

D605

S5;+5J

))-M!r * ))-Jun * ))-"ep * ))-Dec * )>-M!r * )>-Jun * )>-"ep * )>-Dec * ANOVA: S=;B>5 F610.4 .o O 6here is no si&nific!nce difference in the 3e!n f!3! portfolio 3e!sure in between different inde@( .! O 6here is si&nific!nce difference in the 3e!n f!3! portfolio 3e!sure in between different inde@(

BSE FMCG )(<= )+(*> +(=I I(K< )(<I )*(0= +(0< +(01

BSE HC -=(+ K(=K *(>< 0(=1 0(>) 0(>> 0(>< +(<)

BSE T519 ->(=) -)()> *(I= )*(*> -K(>) -I(>K -1(+I -0(>>

S.<415 ./ V64=60=.; SS F/ MS F F 14=0 B50855; G4.<2+ <<+()>1I )> =>(=+0= >(0*)>II )(=I*)>+ W=07=; G4.<2+ 0>K1(<0 <) 01(<<<>0 T.06> +>K*(*1I )*0 I;054245060=.;: 6here is enou&h evidence to re5ect null hypothesis which indic!tes th!t there is si&nific!nce difference in the 3e!n $!3! portfolio 3e!sure in between different inde@% which shows th!t so3e inde@ perfor3s well co3p!red to others( TABLE G " QUARTERLY INDE& PERFORMANCE EVALUATION TABLE AS PER M2 MEASURE R56>03 B6;95J BSE BSE BSE BSE BSE BSE BSE IT BSE CG CD A<0. O&G PSU M506> P.854 ->(KI )()1 -I(1I ->(1> ->(0K )(+K -0(>= -1()K -0(+> -I(+0 ->()> )(10 I(<> =(I) -*(*> -I()) -*(<) -*(+K ->(1= *(=< K(== 0(IK -*(*> <(=1 )*(<) 1(II *(< -0(I) )(>0 -*(10 -0(*0 -0()0 -K(<0 -I(>< 0(K1 -+(0) -I(01 ->(<I )+()= -+(=+ )(<< I()I >(IK 0(<0 1()> -1(1< *(<K >(*I -K(0K *(*+ -)(<) )(++ *(II -)(<1 -+(>> -*()I -*(I ->(1> -+(+ -0(>K -)(1= -*(01 -)(>< )(KI *(*0 -*(K= -1(+< -=(+) -1(*) -+(=+ +()K 0(*0 -0(>) 1(+K 0(== -+(<> -+(0> *(+I -I(KK -1()

D605 ))-M!r ))-Jun ))-"ep ))-Dec )>-M!r )>-Jun )>-"ep )>-Dec

S5;+5J * * * * * * * *

BSE FMCG >(=+ >*()= I(<< <(K= >(=0 )+(<1 I(0> I(>I

BSE HC -)> )*(< *(+ 1(01 +(+I +(+= +(1K I(=)

BSE T519 ->(=) -)()> *(I= )*(*0 -K(>> -I(>= -1(+K -0(>0

ANOVA: S=;B>5 F610.4 .o O 6here is no si&nific!nce difference in the 3e!n M sDu!re (M>) portfolio 3e!sure in between different inde@( .! O 6here is si&nific!nce difference in the 3e!n M sDu!re (M>) portfolio 3e!sure in between different inde@( S.<415 ./ V64=60=.; SS F/ MS F F 14=0 B50855; G4.<2+ )*10(>=0 )> =K(KK01I 0(K0++I< )(=I*)>+ W=07=; G4.<2+ >)0=(=0 <) >0(1*0I0 T.06> 0)<>())0 )*0 I;054245060=.;: 6here is enou&h evidence to re5ect null hypothesis which indic!tes th!t there is si&nific!nce difference in the 3e!n M "Du!re (M>) portfolio 3e!sure in between different inde@% which shows th!t so3e inde@ perfor3s well co3p!red to others(

FINDINGS
6he findin&s of the study !re e@pressed in the followin& t!ble4 TABLE$#: COMBINED RANKING OF SELECTED SECTOR INDE& BY USING ALL PORTFOLIO PERFORMANCE MEASURE I;F5J S76425 T453;.4 J5;+5; FAMA MM AE546B5 R6;9=;B R56>03 I I I I I I I B6;95J 1 1 + + 1 +(I 1 BSE CG = = K K K K(+ K BSE CD 0 0 0 > 0 >(= > BSE A<0. + + > 0 + 0(+ + BSE O=>& G6+ )* < = < < < = BSE PSU )> )* )) )) )) )) )) BSE M506> )0 )> )0 )> )> )>(+ )> BSE IT < )+ )* )* = )*(> )* BSE P.854 )+ )0 )> )0 )0 )0 )0 BSE FMCG ) ) ) ) ) ) ) BSE HC > > 1 1 > 0(> 0 BSE T519 )) )) < = )* <(= < )( 6he best perfor3in& nde@ out of the )0 selected sector inde@ is B"? $M,# in !ll the different portfolio perfor3!nce 3e!sures(

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>(

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6he top three perfor3in& inde@ !lon& with B"? $M,# is B"? ,D A B"? .,% while botto3 three perfor3in& inde@ !re B"? P"8% B"? Met!l A B"? Power considerin& !ll five portfolio perfor3!nce 3e!sures(

CONCLUSION
Before the evolution of portfolio perfor3!nce 3e!sure% invest3ent h!s been done on the b!sis of historic!l return !nd risB of !ny p!rticul!r security !nd it h!s been !lso ev!lu!ted on the b!sis of !ctu!l return !nd risB th!t this p!rticul!r security or portfolio h!s &ener!ted( 'ow ! d!y five different 3e!sure h!s been there for ev!lu!tin& portfolio perfor3!nce( n this study perfor3!nce of different B"? inde@ h!s been ev!lu!ted by usin& the different portfolio perfor3!nce 3e!sures( $ro3 th!t ev!lu!tion we co3e to Bnow th!t for ! selected ti3e period B"? $M,# is the best perfor3in& nde@ while B"? power is the worst perfor3in& inde@ which c!n be revel fro3 r!nBin& &iven in 6!ble no( K(

REFERENCES
I;F=6; J.<4;6> ./ F=;6;15 A2''#D, titled MPerfor3!nce ?v!lu!tion !nd $uture Prospects of Mutu!l $und ndustry in ndi!J published in ndi!n Journ!l of $in!nce4 ;olu3e ) T 'u3ber > TJune-July >**K( >( R67F64=A2'' D, in his rese!rch p!per titled M?v!lu!tion of lon& ter3 portfolio: perfor3!nceJ published in Bi(&<"# ! 8 V$'. I: I "# I, J&n"&*, ;==>. 0( R6+7:= S76;964 6;F P64.:6 S6;36> A2''#D, in their p!per titled M 3p!ct of ownership% co3petition !nd productivity on profit!bility !nd spre!ds in ndi!:s co33erci!l b!nB sector followin& the )<<) refor3sJ( WEBSITES +( www(bseindi!(co3 1( www(3oneycontrol(co3 I( www(nseindi!(co3 K( www(rbi(or&(in )(

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