INTRODUCTION
INTRODUCTION
Every modern economy is based on a sound financial system .A financial system is a set
of institutional arrangements through which financial surpluses are mobilized from the units
generating surplus income and transferring them to the others in need of them. The activities
include production, distribution, exchange and holding of financial assets/instruments of
different kinds by financial institutions, banks and other intermediaries of the market. The
financial markets have two major components; they are money market and capital market
A derivative is a financial instrument whose value depends on other, more basic, underlying
variables. The valuable underlying could be prices of traded securities and stocks, prices of gold
or copper. Derivatives have increasingly important field of finance, options and futures are
traded actively on many exchanges, Forward contacts, Swap and different types of options are
regularly traded outside exchanges by financial institutions, Banks and their corporate clients in
what are termed as over the counter markets. In other words, there no single market place
organized exchanges
A derivative security is a security whose value depends on the value of together more basic
underlying variable. These are also known as contingent claims. Derivatives securities have been
very successful in innovation in capital markets.
The emergence of the market for derivative products most notably forwards, futures and options
can be traced back to the willingness of risk adverse economic agents to guard themselves
against uncertainties arising out of fluctuations in asset prices. By their very nature, financial
markets are market by a very high degree of volatility. Though the use of derivative products, it
2
is possible to partially or fully transfer price risks by locking in asset prices. As instrument of
risk management these generally dont influence the fluctuations in the underlying asset prices.
However, by locking-in asset prices, derivative products minimize the impact of fluctuations in
asset prices on the profitability and cash-flow situation of risk-averse investor.
Derivatives are risk management instruments which derives their value from an underlying asset.
Underlying asset can be Bullion, Index, Share, Currency, Bonds, Interest, etc.
Stock exchanges
Stock Exchange-traded derivatives are divided into those traded on a futures exchange such as
(options and futures) and securities exchanges like warrants, structured products.
Review Of Literature
The emergence of the market for derivative products, most notably forwards, futures and options,
can be traced back to the willingness of risk-averse economic agents to guard themselves against
uncertainties arising out of fluctuations in asset prices. By their very nature, the financial markets
are marked by a very high degree of volatility. Through of derivatives of products, it is possible
to partially or fully transfer price risks by locking in asset prices. As instruments of risk
management, these generally do not influence the fluctuations underlying prices. However, by
locking in asset prices, derivatives products minimize the impact of fluctuations in asset prices
on the profitability and cash flow situation of riskaverse investors.
The futures trading system of NSE, called NEAT-Futures trading system, provides a fully
automated screen-based trading for Nifty futures and stock futures on a nationwide basis as well
as an online monitoringa&surveillance mechanism. It supports an order driven market and
provides complete transparency of trading operations. It is similar to that of trading of equities in
the cash market segment.
To study the performance of future trading since February 2014 to April 2014 of
BHEL,ITC,ONGC,REL Capital, TATA Steel
To compare the prices of BHEL, ITC, ONGC, REL Capital, TATA Steel from February to
April.
To understand the concept of the Financial Derivatives and derivative trading such as
Futures
The study is based on only in Indian Context of the Derivatives Markets. The study is not based
on the International perspective of the Derivatives Markets.
Collected all the datas by questioning directly to the customers or to the employee of the
As the time was limited, study was confined to conceptual understanding of Derivatives
market in India. During this limited period of study, the study may not be a detailed, Full
fledged and utilitarian one in all aspects
Sources of data
The data is collected from secondary data
Secondary data
The secondary data are the data, which the investigator borrows from other who have
collected it for various other purposes. Therefore it may not entirely be reliable. It is less
expensive and involves less expensive and involves less time and labor than the collection of
primary data.
CHAPTER II
REVIEW OF LITERATURE
REVIEW OF LITERATURE
7
Derivatives
The emergence of the market for derivative products, most notably forwards, futures and options,
can be traced back to the willingness of risk-averse economic agents to guard themselves against
uncertainties arising out of fluctuations in asset prices. By their very nature, the financial markets
are marked by a very high degree of volatility. Through of derivatives of products, it is possible
to partially or fully transfer price risks by locking in asset prices. As instruments of risk
management, these generally do not influence the fluctuations underlying prices. However, by
locking in asset prices, derivatives products minimize the impact of fluctuations in asset prices
on the profitability and cash flow situation of riskaverse investors.
Definition
The term Derivative has been defined in Securities Contracts (Regulation) Act 1956, as
A security derived from a debt instrument, share, loan whether secure or unsecured, risk
instrument or contract for differences or any other form of security.
A contract, which derives its value from the prices, or index of prices, of underlying
securities.
History of Derivatives
8
Derivative trading began in 1865 when the Chicago board of trade (CBOT) listed the first
exchange traded derivatives contract in the USA. These contracts were called future
contract.
In 1919 the Chicago Butter and Egg board a spin-off of CBOT was recognized to allow
future trading. Its name was changed to Chicago mercantile exchange (CME).
The first stock index futures contract was traded at Kansas city board of trade.
Chronology of instruments
1991
Speculator use derivatives to increase risk exposure in the anticipation of making profit.
Derivative market facilitates the shifting of risk from those who bear it at a high cost, to
those who bear it at a low cost.
Speculators perform a valuable service by absorbing risk from hedgers.in return they
receive a risk premium.
Date of introduction
Underlying IND
INDEX FUTURES
June 2000
STOCK FUTURES
December 2001
10
Participants
The following three broad categories of participants in the derivatives market.
Hedgers
Hedgers face risk associated with the price of an asset. They use futures or options markets to
reduce or eliminate this risk.
Speculators
Speculators wish to bet on future movements in the price of an asset. Futures and options
contracts can give them an extra leverage; that is, they can increase both the potential gains and
potential losses in a speculative venture.
11
Arbitrageurs
Arbitrageurs are in business to take advantage of a discrepancy between prices in two different
markets. If, for example, they see the futures price of an asset getting out of line with the cash
price, they will take offsetting positions in the two markets to lock in a profit.
Prices in an organized derivatives market reflect the perception of market participants about
the future and lead the prices of underlying to the perceived future level.
Derivatives market helps to transfer risks from those who have them but may not like them to
those who have an appetite for them.
Derivatives markets help increase savings and investment in the long run.
Forward:
settlement takes place on a specific date in the future at todays pre-agreed price.
Futures: A futures contract is an agreement between two parties to buy or sell an asset at a
certain time in the future at a certain price.
12
Options: Options are of two types - calls and puts. Calls give the buyer the right but not
the obligation to buy a given quantity of the underlying asset, at a given price on or before a
given future date. Puts give the buyer the right, but not the obligation to sell a given quantity
of the underlying asset at a given price on or before a given date.
Warrants: Options generally have lives of up to one year; the majority of options traded
on options exchanges having a maximum maturity of nine months. Longer-dated options are
called warrants and are generally traded over-the-counter.
Leaps: The acronym LEAPS means Long-Term Equity Anticipation Securities. These are
options having a maturity of up to three years.
Baskets:
asset is usually a moving average of a basket of assets. Equity index options are a form of
basket options.
Swaps: Swaps are private agreements between two parties to exchange cash flows in the
future according to a prearranged formula. They can be regarded as portfolios of forward
contracts.
13
Futures
A Futures contract is an agreement between two parties to buy or sell an asset at a certain time in
the future at a certain price. The standardized items on a futures contract are
Locations of settlement
Lot size: Lot size means that we cannot buy single share as in equity market we can
only buy bundle of shares of a particular script.
Margin: when anyone executes future trades, then initial margin has to be paid which
is may be 10% of the value of the contract, it is fixed by the exchange. while future
contract are settled on market to market on periodic basis.
Physical delivery: the amount specified of the underlying asset of the contract is
delivered by the seller of the contract to the exchange, and by the exchange to the buyer
of the contract.
Cash settlement: A cash payment is made based on the underlying reference rate
Expiry: expiry is the time when the final prices of the future are determined
14
Types of futures
On the basis of the underlying asset they derive, the futures are divided into two methods
Stock futures: The stock futures are the futures that have the underlying asset as the
individual securities. The settlement of the stock futures is of cash settlement and the
settlement price of the future is the closing price of the underlying security.
Contracts
Year
Number of contracts
2004-2005
2005-2006
1957856
2006-2007
10676843
2007-2008
32368842
2008-2009
47043066
2009-2010
80905493
2010-2011
104955401
2011-2012
203587952
2012-2013
221577980
2013-2014
19386820
15
Index futures: Index futures are the futures, which have the underlying asset as an Index.
The Index futures are also cash settled.
Contracts
Year
Number of contracts
2004-2005
2365
2005-2006
21483
2006-2007
43952
2007-2008
554446
2008-2009
772147
2009-2010
1513755
2010-2011
2539574
2011-2012
3020667.27
2012-2013
3570111.40
2013-2014
619179.23
16
17
The pay off for the buyer and the seller of the futures contract are as
follows
Payoff for a buyer of future
LOSS
PROFIT
Case 2: The buyer gets loss when the future price goes less than (F), if the futures price goes to
E2 then the buyer gets the loss of (FL)
18
P
PROFIT
E
E
LOSS
L
F Future Price
E1, E2 Settlement Price
Case 1: The Seller sold the future contract at (f); if the futures price goes to E1 then the Seller
gets the profit of (FP).
Case 2: The Seller gets loss when the future price goes greater than (F), if the futures price
goes to E2 then the Seller gets the loss of (FL).
19
Margins
Margins are the deposits, which reduce counter party risk, arise in a futures contract. These
margins are collected in order to eliminate the counter party risk. There are three types of
margins
Initial Margin: Whenever a futures contract is signed, both buyer and seller are required to
post initial margin. Both buyer and seller are required to make security deposits that are
intended to guarantee that they will infact be able to fulfill their obligation. These deposits
are Initial margins and they are often referred as performance margins. The amount of
margin is roughly 5% to 15% of total purchase price of futures contract.
Marking to market margin: The process of adjusting the equity in an investors account in
order to reflect the change in the settlement price of futures contract is known as MTM
Margin.
Maintenance margin: The investor must keep the futures account equity equal to or greater
than certain percentage of the amount deposited as Initial Margin. If the equity goes less
than that percentage of Initial margin, then the investor receives a call for an additional
deposit of cash known as Maintenance Margin to bring the equity up to the Initial margin.
F=S (1+r-q) t
20
Trading introduction
The futures trading system of NSE, called NEAT-Futures trading system, provides a fully
automated screen-based trading for Nifty futures and stock futures on a nationwide basis as well
as an online monitoringa&surveillance mechanism. It supports an order driven market and
provides complete transparency of trading operations. It is similar to that of trading of equities in
the cash market segment.
On starting NEAT (National Exchange for Automatic Trading) Application, the log on (Pass
Word) Screen Appears with the Following Details.
User ID
Trading Member ID
21
Trading system
Nationwide-online-fully Automated Screen Based Trading System (SBTS)
Price priority
Time Priority
Note: 1) NEAT system provides open electronic consolidated limit orders book (OECLOB)
2) Limit order means: Stated Quantity and stated price
and
3) Exit
Order Placing
Temporary sign off - market up date (temporary sign off, after 5 minutes Automatically
Activate)
Local Database is used for all inquiries made by the user for Own
Order/Trades Information. It is used for corporate manger/ Branch Manager Makes inquiries for
orders/ trades of any branch manager /dealer of the trading firm, and then the inquiry is Serviced
By the host. The local database also includes message of security information.
Ticker Window:
The ticker window displays information of All Trades in the system. The
user has the option of Selecting the Security, which should be appearing in
Market watch Window: Title Bar: Title Bar Shows: NEAT, Date & Time.
Market watch window felicitate to set only 500 Scrips, But the User set up a Maximum of 30
Securities in one Page.
particular security, in the Market, Aggregate at each price in order of Best 5 prices.
Reports are
Internet Broking
2nd step-Approved by the SEBI(SEBI Approved only for SEBI registered Members)
NSE Provide for each member a separate directory (File) to know their trading DATA, clear
DATA, bill trade Report.
NSE Provide in Addition a Common directory also, to know circulars, NCFM & Bhava
Copy information.
FTP is connected to each member through VSAT, leased line and internet.
Snap shot data base provides Snap shot of the limit order book at
Index Data Base: Index Data Base provides information about stock market indexes.
24
Trade Data Base: Trade Data Base provides a data base of every single traded order,
take place in exchange.
Basket trading system: Taking advantage for easy arbitration between future market
and & cash market difference, NSE introduce basket trading system by off setting positions
through off line-order-entry facility. Orders are created for a selected portfolio to the ratio of
their market Capitalization from 1 lake to
order file in as specified format outside the system & up load the order file in to the system
by invoking this facility in Basket trading system
25
Trading network
HUB ANTENNA
SATELLITE
26
Fill the client Registration Application form (for all details of clients).
PAN, Pass Port, Driving License or voter Identity card (SEBI Registration Number in case
of FIIs) - Pan Cards is must to future and option trading.
Take copy of instruction in writing before placing order, cancellation & modification.
If order values exceed 1 lakh maintain the client record for 7 years.
Sub broker
Purchase note and sales note issued by the sub broker with 24 hours.
Freely transferability
28
CHAPTER-III
COMPANY PROFILE
29
COMPANY PROFILE
Background:
Karvy Consultants Limited was started in the year 1981, with the vision and enterprise of a small
group of practicing Chartered Accountants. Initially it was started with consulting and financial
accounting automation, and carved inroads into the field of registry and share accounting by
1985. Since then, it has utilized its experience and superlative expertise to go from strength to
strengthto better its services, to provide new ones, to innovate, diversify and in the process,
evolved
as
one
of
Indias
premier
integrated
financial
service
enterprise.
Today, Karvy has access to millions of Indian shareholders, besides companies, banks,
financial institutions and regulatory agencies. Over the past one and half decades, Karvy has
evolved as a veritable link between industry, finance and people. In January 1998, Karvy became
the first Depository Participant in Andhra Pradesh. An ISO 9002 company, Karvy's commitment
to quality and retail reach has made it an integrated financial services company.
An Overview:
KARVY, is a premier integrated financial services provider, and ranked among the top five in the
country in all its business segments, services over 16 million individual investors invarious
capacities, and provides investor services to over 300 corporates, comprising the who is who of
Corporate India. KARVY covers the entire spectrum of financial services such as Stock broking,
Depository Participants, Distribution of financial products - mutual funds, bonds, fixed deposit,
equities, Insurance Broking, Commodities Broking, Personal Finance Advisory Services,
30
Merchant Banking & Corporate Finance, placement of equity, IPOs, among others. Karvy has a
professional management team and ranks among the best in technology, operations and research
of various industrial segments.
Karvy milestones:
Today, Karvy service over 6 lakhs customer accounts spread across over 250 cities/towns in
India and serves more than 75 million shareholders across 7000 corporate clients and makes its
31
presence felt in over 12 countries across 5 continents. All of Karvy services are also backed by
strong quality aspects, which have helped Karvy to be certified as an ISO 9002 company by
DNV.
ACHIEVEMENTS:
Among the top 5 stock brokers in India (4% of NSE volumes)
India's No. 1 Registrar & Securities Transfer Agents
Among the top 3 Depository Participants
Largest Network of Branches & Business Associates
ISO 9001:2000 certified operations by DNV
Among top 10 Investment bankers
Largest Distributor of Financial Products
Adjudged as one of the top 50 IT uses in India by MIS Asia
Full Fledged IT driven operations
First ISO-9002 Certified Registrars in India
32
IT enabled services
Besides these, they also offer special portfolio analysis packages that provide daily technical
advice on scrips for successful portfolio management and provide customized advisory services
to help customers make the right financial moves that are specifically suited to their portfolio.
33
They are continually engaged in designing the right investment portfolio for each customer
according to individual needs and budget considerations.
Karvy Consultants limited deals in Registrar and Investment Services. Karvy is one of the early
entrants registered as Depository Participant with NSDL (National Securities Depository
Limited), the first Depository in the country and then with CDSL (Central Depository Services
Limited).
Karvy stock broking is a member of National Stock Exchange (NSE), The Bombay Stock
Exchange (BSE), and The Hyderabad Stock Exchange (HSE). The services provided are multi
dimensional and multi-focused in their scope: to analyze the latest stock market trends and to
take a close looks at the various investment options and products available in the market. Besides
this, they also offer special portfolio analysis packages.
The paradigm shift from pure selling to knowledge based selling drives the business
today. The monthly magazine, Finapolis, provides up-dated market information on market trends,
investment options, opinions etc. Thus empowering the investor to base every financial move on
rational thought and prudent analysis and embark on the path to wealth creation.
34
Karvy is recognized as a leading merchant banker in the country, Karvy is registered with SEBI
as a Category I merchant banker. This reputation was built by capitalizing on opportunities in
corporate consolidations, mergers and acquisitions and corporate restructuring.
Karvy has a tie up with the worlds largest transfer agent, the leading Australian company,
Computer share Limited. It has attained a position of immense strength as a provider of acrossthe-board transfer agency services to AMCs, Distributors and Investors. Besides providing the
entire back office processing, it also provides the link between various Mutual Funds and the
investor.
Karvy global services limited covers Banking, Financial and Insurance Services (BFIS),
Retail and Merchandising, Leisure and Entertainment, Energy and Utility and Healthcare sectors.
Karvy comtrade limited trades in all goods and products of agricultural and mineral origin that
include lucrative commodities like gold and silver and popular items like oil, pulses and cotton
through a well-systematized trading platform.
35
Karvy Insurance Broking Pvt. Ltd. provides both life and non-life insurance products to retail
individuals, high net-worth clients and corporates. With Indian markets seeing a sea change, both
in terms of investment pattern and attitude of investors, insurance is no more seen as only a tax
saving product but also as an investment product.
Karvy Inc. is located in New York to provide various financial products and information on
Indian equities to potential foreign institutional investors (FIIs) in the region. This entity would
extensively facilitate various businesses of Karvy viz., stock broking (Indian equities), research
and investment by QIBs in Indian markets for both secondary and primary offerings.
.Quality
Policy:
To achieve and retain leadership, Karvy shall aim for complete customer satisfaction, by
combining its human and technological resources, to provide superior quality financial services.
In
the
process,
Karvy
will
strive
Quality Objectives
As per the Quality Policy, Karvy will:
36
to
exceed
Customer's
expectations.
Build in-house processes that will ensure transparent and harmonious relationships with
its clients and investors to provide high quality of services.
Establish a partner relationship with its investor service agents and vendors that will help
in keeping up its commitments to the customers.
Provide high quality of work life for all its employees and equip them with adequate
knowledge & skills so as to respond to customer's needs.
Continue to uphold the values of honesty & integrity and strive to establish unparalleled
standards in business ethics.
Use state-of-the art information technology in developing new and innovative financial
products and services to meet the changing needs of investors and clients.
Strive to be a reliable source of value-added financial products and services and
constantly guide the individuals and institutions in making a judicious choice of same.
Strive to keep all stake-holders (shareholders, clients, investors, employees, suppliers and
regulatory authorities) proud and satisfied.
37
CHAPTER IV
DATA ANALYSIS AND INTERPRETATION
38
COMPANY NAME
BHEL
ITC
ITC Ltd
ONGC
REL Capital
TATA Steel
The following tables explain about the trades that took place in futures between February 2014 to
April 2014. The table has various columns, which explain various factors involved in Derivations
trading.
Closing Price The price of the Futures at the end of the trading day.
40
Futures of BHEL
On February 2014
Date
Open
High
Low
dd\mm\yy
Rs.
Rs.
Rs.
2-2-2014
2387.5
2425
2378
2386
3-2-2014
2394.7
2403
2352
2365
2378.85
4-2-2014
2385
2400.8
2864
2384.85
2370.21
5-2-2014
2385
2388
2352.5
2360.1
2344.28
6-2-2014
2299
2350
2277.55
2287.9
2324.61
9-2-2014
2288
2337
2258
2325.85
2317.13
10-2-2014
2320.85
2355
2311.35
2337.65
2321.45
11-2-2014
2352
2357
2290
2300.25
2321.16
12-2-2014
2308
2344.95
2308
2325
2325.2
16-2-2014
2340
2368.5
2334
2349.75
2353.9
17-2-2014
2359.7
2397.2
2352.25
2386.95
1951.51
18-2-2014
2417.5
2378.1
2388.95
1117.85
1959.88
19-2-2014
2385
2387
2365.3
2374.85
1946.58
23-2-2014
2389
2393.4
2311.35
2347.05
2367.16
24-2-2014
2345.05
2388.7
2343.65
2379.6
2361.38
25-2-2014
2370
2383.4
2346
2357.5
2371.7
26-2-2014
2359
2386.2
2330
2378
41
Close
Rs.
Moving
averages
Interpretation
Open value of BHEL explains that the market, the players showed a bearish attitude for
the next day where the price fell to 2387.5 and immediately rise to 2394.7. Later being
the last trading day of the month again the players became bears as to keep a negative for
the next month which surge the price to 2359 for the last day of the trading month
Closing values explains that in the trading week most of the players closed up their
contracts to make profit. As the price was low, the open interest was low and the no. of
contracts traded declined to 2386 to 2378
There always exists an impact of price movements on open value. Moving averages price
rise from 2378.85 on first day to
2nd
Futures of BHEL
42
On March 2014
Date
Open
High
Low
dd\mm\yy
Rs.
Rs.
Rs.
3-3-2014
2897.5
2467.5
2397.5
2433.5
4-3-2014
2390.35
2475
2349.7
2462.75
2449.96
5-3-2014
2432
2460
2430
2453.65
2451.01
6-3-2014
2461.2
2477.95
2427
2436.65
2441.71
9-3-2014
2452.55
2461.5
2427
2434.85
2432.76
10-3-2014
2428
2453.8
2421
2426.8
2432.36
11-3-2014
2430
2463
2415
2435.45
2431.53
12-3-2014
2434
2442.9
2416
2432.35
2451.95
13-3-2014
2435
2443
2377.25
2388.05
2463.58
16-3-2014
2386.95
2395
2360.1
2389.85
2482.75
17-3-2014
2387.8
2395
2360.1
2389.85
2415.91
18-3-2014
2399
2412.5
2383.45
2387.55
2388.66
19-3-2014
2388.45
2395.8
2381
2388.6
2387
20-3-2014
2385.2
2406
2375
2384.85
2372.18
23-3-2014
2375
2380
2335
2343.1
2364.9
24-3-2014
2355.05
2372
2350.05
2366.75
2342.8
26-2-2014
2315.35
2402
2325.1
2318.55
2362.31
30-3-2014
2375
2411
2370
2401.65
2377.06
31-3-2014
2402
2419
2383
2411
43
Close
Rs.
Moving
averages
Interpretation
From the data of open values above there is low business growth in the futures of BHEL
on March. On 3rd the price was 2897.5 and it is high open value
From the data of close values there is high turnover in the values. On the first day the
value is 2433.5 where as a huge increase of 2462.75 in the second day are observed
From the data and bar diagram of moving averages explains that on 3 rd march the value is
2449.96.Next day the value predominantly increased to 2451 and it is the high value.
44
Futures of BHEL
On April 2014
Date
Open
High
Low
dd\mm\yy
Rs.
Rs.
Rs.
1-4-2014
2418.8
24329.8
2375.1
2394.1
2-4-2014
2399.7
2434.7
2386
2426.5
2427.78
6-4-2014
2415
2469
2414
2462.75
2302.36
7-4-2014
2100
2112
2011.25
2017.85
2339.39
8-4-2014
2526.3
2566.55
2522.3
2537.45
2351.4
9-4-2014
2529
2534.95
2492
2498.9
2533.68
10-4-2014
2502.6
2576
2501.35
2564.7
2532.28
13-4-2014
2570
2575.7
2521.1
2533.25
2554.5
14-4-2014
2529.9
2574
2529.9
2565.55
2543.85
16-4-2014
2581
2585.95
2521.3
2532.75
2533.35
17-4-2014
2532.95
2533.8
2497.05
2501.75
2504.26
20-4-2014
2479
2495.4
2443.6
2478.3
2492.1
21-4-2014
2499
2518.85
2480.15
2496.25
2479.63
22-4-2014
2501
2522.95
2457.15
2496.25
2476.4
23-4-2014
2455.2
2483
2425.6
2468.6
2470.63
24-4-2014
2462
2496.9
2446
2478.95
2485.26
27-4-2014
2494.3
2518
2482.05
2508.25
2487.63
28-4-2014
2511.55
2527
2469
2475.7
2494.68
30-4-2014
2499
2578
2460.95
2500.1
45
Close
Rs.
Moving
averages
Interpretation
The market showed a positive upward movement opens values segment and cash market
during the first day of the week. High open value is 2581
The future of BHEL had shown a high growth way on close values till 30 th day of the
month whose impact shown on the close values. Starting close value is 2394.1 where it
ends at 2500.1 and 2565.55 is the high value
The moving averages of BHEL on the day of the trading month showed an increase in the
price when compare with the staring day of the month. The value closed at 2494.68 with
highest 2533.35 is the high value.
46
Percentages
February
36309.06
30%
March
41048.43
34%
April
42009.2
35%
Interpretation
To compare with February and March Month in April Month values of Moving Averages are
very high. April is the profitable Month of BHEL to compare with February and March.
47
Open
High
Low
dd\mm\yy
Rs.
Rs.
Rs.
2-2-2014
250.5
251.7
246.7
247.4
3-2-2014
247.8
248.5
243.5
244.7
248.06
4-2-2014
245.5
253.65
244
252.1
249.71
5-2-2014
251.3
254.05
249.05
252.35
250.83
6-2-2014
248.5
253.9
246.8
248.05
248.8
9-2-2014
248
248
240.5
246
246.15
10-2-2014
246
247.35
243.6
244.4
244.66
11-2-2014
245.5
245.9
242.1
243.6
244.96
12-2-2014
245.15
248.25
244.9
246.9
246.38
16-2-2014
247.3
249.7
244.8
248.65
248.7
17-2-2014
250.7
251.9
248.4
250.55
250.11
18-2-2014
252
252.5
249.5
251.25
249.43
19-2-2014
251.9
252.5
246.75
248.55
249.45
23-2-2014
247.15
250.45
246.25
248.55
248.71
24-2-2014
247.7
249.6
246.15
249.05
248.61
25-2-2014
248.1
250.3
247.8
248.25
248.3
26-2-2014
248.3
249.3
245.5
247.6
48
Close
Rs.
Moving
averages
Interpretation
From the data above open values are fluctuating. On 2 February open value of ITC Ltd is
250.5 and at the end of the month it is decreased to 248.3.And 252 is the high value.
Close value of ITC Ltd explains that, close value started at 247.4 later it predominantly
increased to 252.1.on the last day 26th Feb. 2014 with a considerable decline of 247.6
From the data and bar diagram there was huge decrease in the value of moving averages.
On 3rd the value is 248.06. It slowly started increasing for the next days in the
month.250.83 is the high value and 244.66 is the low value.
49
Open
High
Low
dd\mm\yy
Rs.
Rs.
Rs.
3-3-2014
235.5
243.65
235.1
241.75
4-3-2014
242
245.9
238.5
243.95
243.81
5-3-2014
246.1
246.65
242.8
245.75
244.68
6-3-2014
246.2
246.2
243.5
244.35
246.95
9-3-2014
245.95
251.4
245.45
250.75
248.56
10-3-2014
251.45
253.5
249.6
250.6
251.91
11-3-2014
251.6
255
251.6
254.4
253.78
12-3-2014
254.1
257.25
251.5
256.35
256.25
13-3-2014
256.55
259.7
255.45
258
257.9
16-3-2014
259
260
258.2
259.35
259.1
17-3-2014
259.85
261.9
254.8
260.2
260.98
18-3-2014
260.15
264.7
259.15
263.4
261.7
19-3-2014
261.4
264.75
259.3
261.5
262.05
20-3-2014
260.4
263.5
259.5
261.25
261.53
23-3-2014
259.35
262.35
258.1
261.25
261.66
24-3-2014
261.25
262.25
258.85
261.9
262.85
26-2-2014
260.4
265.4
260.35
264.8
265.76
30-3-2014
265.05
272.4
263.55
270.6
268.3
31-3-2014
270.45
273
268.5
269.6
50
Close
Rs.
Moving
averages
Interpretation
Open value of ITC Ltd on March starts at 235.5 and consistent increased to 246.2 in 6 th
March was observed. After that the value slowly decreasing.242 is the low value and at
the end of the month it is reached to 270.45 and it is the high value for that month
Close value of ITC Ltd explains that value started at 241.75.Later there was a huge
increase in the value. The value increased to 263.4 on 18 th march.270.6 is the high value
and 241.75 is the low value.
Moving averages of ITC Ltd started at 243.81 and after the first day there is continues
growth in the value.268.3 is the high value and 243.81 is the low value
On April 2014
Date
Open
High
Low
dd\mm\yy
Rs.
Rs.
Rs.
Close
Rs.
Moving
averages
1-4-2014
269
269.45
263.2
264.8
2-4-2014
266
268.2
263.95
265.5
265.16
6-4-2014
265.4
268.9
264.5
265.2
265.73
7-4-2014
264.5
267.4
263.25
266.5
267.01
8-4-2014
267
269.9
264.1
269.35
267.75
9-4-2014
269.4
269.4
266.15
267.4
268.63
10-4-2014
267
270.9
266.1
269.15
269.43
13-4-2014
269.8
272.6
267.25
271.75
261.81
14-4-2014
271.15
271.7
268.15
268.55
268.03
16-4-2014
270.5
270.5
262.4
263.8
267.01
17-4-2014
263
269.85
262.1
268.7
265.78
20-4-2014
268.25
268.5
262.7
264.85
265.46
21-4-2014
264.9
266.5
260.7
262.85
263.41
22-4-2014
263.7
264.2
261.8
262.55
263.16
23-4-2014
262.4
267.8
260.15
264.1
264.4
24-4-2014
264.5
267.5
261.95
266.55
265.86
27-4-2014
268.4
270.95
265
266.95
267.53
28-4-2014
266
270.3
266
269.1
267.7
30-4-2014
269.6
269.6
265.75
267.05
52
Interpretation
From the above data shows pictorial view of open values of ITC Ltd for the month of
April. From the above data we can say that 269 is the starting value 262.4 is the low
value and 271.15 is the high value
The future of ITC Ltd had shown a high growth way on close values till 13 th day of the
month whose impact shown on the close values. Starting close value is 264.8 where it
ends at 267.05 and 271.75 is the high value
The moving averages of ITC Ltd on the day of the trading month showed fluctuations in
the price when compare with the staring day of the month. The value closed at 267.7 with
highest 267.53 is the high value.
53
Monthd
Percentages
February
3722.86
29%
March
4367.77
34%
April
4523.86
35%
Interpretation
From the pie chart we can see the consistent increase in the Moving averages of ITC Ltd. To
compare with February and March, in the Month of April Moving averages are high. Values are
continuously increasing
54
Futures of ONGC
On February 2014
Date
Open
High
Low
dd\mm\yy
Rs.
Rs.
Rs.
Close
Rs.
Moving
averages
2-2-2014
1094
1109
1093
1105.15
3-2-2014
1110
1111.8
1092.9
1104.85
1115.11
4-2-2014
1109.6
1143.9
1105
1135.35
1468.35
5-2-2014
2206
2287
2136
2164.85
1462.21
6-2-2014
1110.3
1129
1081.1
1086.45
1455.98
9-2-2014
1086
1120.8
1071.35
1116.65
1103.68
10-2-2014
1112.55
1128
1103.8
1107.95
1104.3
11-2-2014
1116
1116
1085
1088.3
1099.06
12-2-2014
1091.1
1111.95
1091.1
1100.95
1093.21
16-2-2014
1098
1104.85
1080
1090.4
1099.08
17-2-2014
1093
1112.05
1083.15
1105.9
1098.36
18-2-2014
1117.85
1119.3
1094
1098.8
1102.38
19-2-2014
1094
1108.55
1091
1102.45
1103.53
23-2-2014
1116
1122.55
1104.3
1109.35
1105.28
24-2-2014
1103.65
1108.5
1094
1104.05
1105
25-2-2014
1098
1105
1088.65
1101.6
1104.98
26-2-2014
1107
1111.9
1090.25
1109.3
55
Interpretation
The trading month showed a high and low strike prices or exercising prices for the
ONGC futures Open value. The open interests shown bears market because of the huge
correction done by the FII (Foreign Institutional investors) in flows. The number of
contracts traded high at 2206 and low at 1086
Closing values explains that prices of ONGC on February fluctuating up and down. value
starts from 1105.15 and 2164.85 is the high value and 1109.3 is the last day value.
moving averages of ONGC on march is explains that 1115.11 is the starting moving
average and 1468.35 is the high value and 1104.98 is the last day moving average
56
Futures of ONGC
On March 2014
Date
Open
High
Low
dd\mm\yy
Rs.
Rs.
Rs.
Close
Rs.
Moving
averages
3-3-2014
1125
1136.4
1107.9
1111.1
4-3-2014
1110
1110.25
1092
1102.4
1104.1
5-3-2014
1104
1107.45
1033.05
1098.8
1098.5
6-3-2014
1114.8
1109.95
1091.35
1094.5
1098.1
9-3-2014
1103
1106.8
1098.35
1101.25
1098.05
10-3-2014
1100
1104.85
1094
1098.4
1097.21
11-3-2014
1096
1100.55
1086.5
1092
1093.18
12-3-2014
1090.2
1092.7
1080.5
1088.7
1089.95
13-3-2014
1087
1093.9
1085.1
1089.15
1083.81
16-3-2014
1082.7
1088.95
1069.2
1073.6
1079.26
17-3-2014
1076
1088.6
1071
1075.5
1075.88
18-3-2014
1077.8
1088.35
1075.1
1078.55
1071
19-3-2014
1075.7
1078.85
1054.2
1058.95
1066.13
20-3-2014
1060
1064.8
1050.1
1060.9
1060.56
23-3-2014
1052.8
1072
1050.35
1061.85
1064.3
24-3-2014
1070
1075.35
1058.75
1070.85
1062.85
26-2-2014
1068
1071
1053
1056.55
1075.01
30-3-2014
1083.85
1103.95
1078.45
1098.35
1085.51
31-3-2014
1100.95
1115.5
1095.43
1101.65
57
Interpretation
The open price gradually rises from 1125 on 3rd march, where it stood at 1125 as high. As
the players in the market with an intention to short or correct the market, the players
showed a bearish attitude for the next day the price decrease to 1110
Closing values explains that the market was recovered faster from the bear market to bear
market for the next day in the month of March. The total price is decrease from 1111.1 to
1102.1
The moving averages interest of the ONGC was stood decline where the total month of
interest is ups and down where from 1104.1 to 1085.1
58
Futures of ONGC
On April 2014
Date
Open
High
Low
dd\mm\yy
Rs.
Rs.
Rs.
Close
Rs.
Moving
averages
1-4-2014
2301
2307
2286.55
2399.5
2-4-2014
1100.9
1109.4
1085.55
1090.75
1475..71
6-4-2014
1092.35
1099.1
1086.4
1096.45
1090.95
7-4-2014
1099
1099
1081.25
1085.65
1089.78
8-4-2014
1088
1091.8
1082.65
1087.75
1079.55
9-4-2014
1086.8
1089.45
1062.5
1065.75
1073.83
10-4-2014
1067
1076.3
1065.25
1068.5
1063.91
13-4-2014
1073.5
1073.5
1052.5
1057.5
1056.9
14-4-2014
1060
1062.35
1042
1044.7
1047.85
16-4-2014
1048
1059.9
1040
1041.32
1039.6
17-4-2014
1041.85
1041.85
1030.75
1032.75
1026.65
20-4-2014
1025.9
1028.35
1001.1
1005.85
1013.93
21-4-2014
1009
1021.5
1000.05
1003.2
1006.25
22-4-2014
1006.6
1014.4
1001.8
1009.7
1008.68
23-4-2014
1006.55
1029.7
998.3
1013.15
1013.83
24-4-2014
1015.6
1024.5
1008.15
1018.65
1016.55
27-4-2014
1024
1029.6
1015.1
1017.85
1027.1
28-4-2014
1011.05
1049
1010.6
1044.8
1036.33
30-4-2014
1038.2
1048.3
1033.35
1046.35
59
Interpretation
The trading month of open values showed a high and low strike prices or exercising
prices for the ONGC April futures.2301 is the April 1st value and high value and 1006.6 is
the low value in the month of April
The close interests shown bears market because of the huge correction done by the FII
(Foreign Institutional investors) in flows.2399.5 is the high value and 1003.2 is the low
value in the month of April
Moving averages of ONGC in the month of April explains that the number of contracts
traded high at 1475 and low at 1008.68.
60
Months
Percentages
February
17620.51
32%
March
18403.4
33%
April
18167.4
33%
Interpretation
The pie chart of ONGC for 3 months explains that the values of Moving averages for 3 months
are fluctuating. To compare with February and April Moving averages, March Moving averages
are high.
On February 2014
Date
Open
High
Low
dd\mm\yy
Rs.
Rs.
Rs.
2-2-2014
786.6
799.5
780.2
790.05
3-2-2014
798.4
803
762.15
765.15
779.03
4-2-2014
775.15
790
768.7
781.1
772.31
5-2-2014
780
793.8
766.45
769.9
769.16
6-2-2014
737.2
769.85
737.2
756.5
760.16
9-2-2014
768
779.45
740
754.1
835.71
10-2-2014
966.15
1001.9
985.3
996.55
833.61
11-2-2014
768.2
772.5
746.85
750.2
838.51
12-2-2014
755.5
774.55
755.5
768.8
756.56
16-2-2014
768.85
771.3
748
750.7
761.05
17-2-2014
755.5
767
748.9
763.65
758.65
18-2-2014
770.3
776.5
753.15
761.6
759.86
19-2-2014
763
768.4
752.15
754.35
750.31
23-2-2014
756
758.45
732
735
742.18
24-2-2014
728.15
764
726.2
737.2
736.5
25-2-2014
731.5
743.8
731.5
737.4
734
26-2-2014
738.65
740.9
725.15
727.4
62
Close
Rs.
Moving
averages
Interpretation
From the data and Bar diagram above open values are fluctuating. On 2 February open
value of Rel capital is 786.6 and at the end of the month it is decreased to 738.65.And
966.15 is the high value.
Close value of Rel Capital explains that, close value started at 790.05 later it
predominantly increased to 966.55.on the last day 26 th Feb. 2014 with a considerable
decline of 727.4
From the data and bar diagram there was huge decrease in the value of moving averages.
On 3rd the value is very high. It slowly started decreasing for the next days in the
month.779.03 are the starting value.838.51 is the high value and 734 is the low value.
63
Open
High
Low
dd\mm\yy
Rs.
Rs.
Rs.
Close
Rs.
Moving
averages
3-3-2014
798
804.1
778.8
787.55
4-3-2014
792
809.5
787.55
796.55
784.98
5-3-2014
794
804.6
791.25
797.85
800.61
6-3-2014
801.1
804.7
797.15
807.45
803.13
9-3-2014
817
817
800.2
804.1
805.2
10-3-2014
802.1
813.45
795.25
804.05
805.68
11-3-2014
804.5
818
801.25
808.9
803.2
12-3-2014
810.1
814.7
797.5
803.7
803.08
13-3-2014
805.5
809.9
792.05
796.65
794.18
16-3-2014
790.15
794
780.3
782.2
795.48
17-3-2014
784.8
702.9
781.4
800.55
792.65
18-3-2014
805.65
810.85
793.6
795.2
799.15
19-3-2014
795.15
804.8
791.4
801.7
798.11
20-3-2014
803.13
806.8
790.2
797.45
793.3
23-3-2014
783.9
793.8
778
780.75
786.35
24-3-2014
787.8
787.8
775.6
780.85
778.21
26-2-2014
777.9
783.55
772
773.05
775.91
30-3-2014
770
783
770
773.85
770.26
31-3-2014
799
799
762.6
763.9
64
Interpretation
Open value of Rel Capital on March starts at 798 and consistent increased to 810.1 in 12 th
March was observed. After that the value slowly decreasing.770 is the low value and at
the end of the month it is reached to 799
Close value of Rel Capital explains that value started at 787.55.Later there was a huge
increase in the value.808.9 is the high value and 763.9 is the low value.
Moving averages of Rel Capital started at 784.98 and after the first day there was growth
in the value.805.68 is the high value and 770.26 is the low value
65
Open
High
Low
dd\mm\yy
Rs.
Rs.
Rs.
1-4-2014
767.8
768.7
755.5
758.15
2-4-2014
761.9
772.55
760.2
765.8
769.56
6-4-2014
771
786.65
768.45
784.75
780.91
7-4-2014
786.4
797.85
780.15
792.2
790.26
8-4-2014
795.9
806
787.5
793.85
790.3
9-4-2014
789
807.2
783.85
784.85
790.78
10-4-2014
789
799.95
788.5
793.05
784.68
13-4-2014
796
796
772.6
775.55
782.31
14-4-2014
775.05
784.2
773
777.75
773.53
16-4-2014
782.75
790.65
765.5
767.3
765.61
17-4-2014
766
766.95
749.95
751.8
749.91
20-4-2014
742
742
727.14
730.65
739.91
21-4-2014
735.2
746.8
733
737.3
735.5
22-4-2014
741.25
746.7
734.4
738.55
738.68
23-4-2014
736.65
758.25
733.7
743.2
746.71
24-4-2014
744.8
748.8
734
758.4
746.43
27-4-2014
742.7
744.85
735.05
737.7
744.8
28-4-2014
738
746.6
735.5
738.3
735.11
30-4-2014
736
38.35
726.9
729.35
66
Close
Rs.
Moving
averages
Interpretation
From the above data shows pictorial view of open values of Rel capital for the month of
April. From the above data we can say that 767 is the starting value 736 is the low value
and 795.9 is the high value
The future of Rel Capital had shown a high growth way on close values till 13th day of the
month whose impact shown on the close values. Starting close value is 758.15 where it
ends at 729.35 and 793.85 is the high value
The moving averages of Rel Capital on the day of the trading month showed fluctuations
in the price when compare with the staring day of the month. The value closed at 735.11
with highest 790.26 is the high value.
67
Monthd
Percentages
February
11587.6
30%
March
13489.48
35%
April
12964.99
34%
Interpretation
From the above data and chart shows, to compare with February in the Month of March Moving
averages are high and after that in the month of April values are decreased. So March month is
the profitable month to the investor.
On February 2014
Date
Open
High
Low
dd\mm\yy
Rs.
Rs.
Rs.
2-2-2014
562.5
581.7
556
575.3
3-2-2014
581.1
589.7
564.05
667.15
612.23
4-2-2014
573.8
598
573.8
594.25
611.2
5-2-2014
592.65
592.65
570
572.25
569.96
6-2-2014
556
558
537.6
543.4
549.73
9-2-2014
552
561
525.25
533.55
536.7
10-2-2014
524.9
541
524.9
533.15
528.9
11-2-2014
537.2
542.95
517
520
528.65
12-2-2014
525
537.8
524
532.8
529.9
16-2-2014
536.45
541.7
528.4
536.9
539.51
17-2-2014
539.9
550.4
537.05
548.85
556.2
18-2-2014
561
584.55
552
582.85
570.06
19-2-2014
582
582
568.7
578.5
576.98
23-2-2014
566.8
579
564.2
569.6
573.73
24-2-2014
566.5
578.5
563.5
573.1
570.01
25-2-2014
565.65
573.8
563.3
567.35
569.91
26-2-2014
569
572
559.8
569.3
69
Close
Rs.
Moving
averages
Interpretation
The market showed a positive upward movement opens values segment and cash market
during the first day of the month. High open value is 592.65.low open value is 525
The future of TATA Steel had shown a high growth way on close values till 5 th February
of the month whose impact shown on the close values. Starting close value is 575.3
where it ends at 569.3 and 667.15 is the high value
The moving averages of TATA Steel on the day of the trading month showed a increase in
the price when compare with the staring day of the month. The value closed at 569.91
with highest 612.23 is the high value.
70
Open
High
Low
dd\mm\yy
Rs.
Rs.
Rs.
Close
Rs.
Moving
averages
3-3-2014
578
610.4
578
618.55
4-3-2014
610
615
601.65
606.4
613.9
5-3-2014
604
619.7
601.5
616.75
612.8
6-3-2014
619.3
625.4
613
615.25
616.85
9-3-2014
622.5
626
612.9
618.55
614.73
10-3-2014
618
620
608.1
610.4
613.01
11-3-2014
611.8
617.45
600.1
610.1
619.16
12-3-2014
606.6
611.9
603.1
607
608.43
13-3-2014
607.25
610.5
600.65
608.2
608.31
16-3-2014
604.5
615.9
607
609.75
615.01
17-3-2014
611
629.45
608
627.1
623.01
18-3-2014
633.7
642.7
629.45
632.2
632.65
19-3-2014
635
640.4
629.1
638.65
638.2
20-3-2014
639.9
645
636.2
643.75
637.05
23-3-2014
634.8
642.95
626.1
628.75
636.7
24-3-2014
631.15
639.7
629.3
637.6
634.81
26-2-2014
632.4
639.4
626.9
638.1
638.96
30-3-2014
644
648.3
638.85
641.2
637.61
31-3-2014
642.3
648.7
631
633.55
71
Interpretation
From the data of open values above there is high business growth in the futures of TATA
Steel on March. On 19th the price was 638.65 and it is high open value
From the data of close values there is high turnover in the values. On the first day the
value is 618.55 where as a huge increase of 643.75 on the 20th day is observed
From the data and bar diagram of moving averages explains that on 4 th march the value is
613.9.Next day the value predominantly decreased to 612.8.And 638.96 is the high value.
72
Open
High
Low
dd\mm\yy
Rs.
Rs.
Rs.
Close
Rs.
Moving
averages
1-4-2014
633
636.9
624.35
631.85
2-4-2014
638.35
654.8
635.15
652.6
653.33
6-4-2014
625
677.2
655
675.55
670.35
7-4-2014
679.7
690.4
669.2
682.9
679.68
8-4-2014
685
688.1
672.6
680.6
676.36
9-4-2014
680.95
632.8
663.3
665.6
673.7
10-4-2014
666.85
683.25
666.85
674.9
673.2
13-4-2014
677.9
684.4
666.65
679.1
679.95
14-4-2014
677
687.3
671.25
685.85
681.71
16-4-2014
689
695.35
678.65
680.2
685.26
17-4-2014
677
692.8
671.7
689.75
679.83
20-4-2014
681
681
661
669.55
676.55
21-4-2014
673.4
675.35
664
670.35
668.85
22-4-2014
673.4
678
663.5
666.65
667.71
23-4-2014
664
673.85
650.85
666.15
660.91
24-4-2014
656.7
662
644
649.95
657.95
27-4-2014
652.6
665.1
652.4
657.75
651.71
28-4-2014
654.51
658.2
646.1
647.45
645.96
30-4-2014
628.2
641.1
627
632.7
73
Interpretation
Open value of TATA Steel explains that the market, the players showed a bearish attitude
for the next day where the price rice to 633 to 638.35 and immediately fell to 625. Later
being the last trading day of the month again the players became bears as to keep a
negative for the next month which surge the price to 628.2 for the last day of the trading
month
Closing values explains that in the trading month most of the players closed up their
contracts to make profit. As the price was low, the close interest was low and the no. of
contracts traded declined to 631.85 to 632.7
Moving averages price rise from 653.33 on 1 st April, where it stood at 685.26 as high. As
the players in the market with an intention to short or correct
74
Months
Percentages
February
8423.67
27%
March
10601.19
34%
April
11383.01
37%
Interpretation
TATA Steel Moving averages are continuously increasing from February to April. To compare
with February and March in the month of April values of Moving averages are very high
75
CHAPTER V
FINDINGS, SUGGESTIONS AND
CONCLUSION
76
FINDINGS
Futures of B.H.E.L, for 3 months had shown Fluctuations in the values. On February it is
36309.06 and March it is 41048.43 and April it is 42009.2.The futures market of BHEL
is also influenced by cash market, NIFTY index future, FIIS involvement, national and
international affairs etc
ITC Ltd had shown consistent increase in the values. From February to April values are
continuously increasing. February to April values is increased to 3722.86-4523.86.
As the players in the market with an intention to short or correct the market, the players
showed a bearish attitude for the ONGC. The ONGC was stood decline in the value from
February to April. Where the February month to April month values is ups and down
from 17620.51 to 18403.4 to 18167.4.
The values of Rel Capital on the trading months showed fluctuations in the price when
compare with the February to the April month.
Futures of TATA Steel for 3 months had shown a positive upward movement since
February to April. Values are continuously increasing from February to April.
To compare with all the five companies BHEL Price values are very high and ITC Ltd
and TATA Steel, Rel Capital, ONGC price values are maintaining low price.
77
SUGGESTIONS
A future of BHEL explains that to compare all 3 months, in April values are very high. So
in bearish market it is suggested to invest in options in order to maximize profit.
It is suggested to the investor that in cash market the profit/loss is limited but where in
FUTURE an investor can enjoy unlimited profits/loss. So investor can invest in ITC Ltd
to maintain the profitable situation.
It is suggested to an investor that future values of TATA Steel are continuously increasing
from February to April. So investors can invest in TATA Steel.
78
CONCLUSION
This report shows that derivatives markets are large and growing rapidly, and that they are
playing an increasingly important role in the economies of India. At present scenario the
Derivatives market is increased to a great position. Its daily turnover teaches to the equal stage of
cash market. The derivatives are mainly used for hedging purpose. In derivative segment the
profit/loss of the option holder/option writer is purely depended on the fluctuations of the
underlying asset. Derivatives allow firms and individuals to hedge risk and take risk efficiently.
For the economy as a whole, a collapse of a large derivatives user or dealer may create
systematic risk. On balance, derivatives help make the economy more efficient. The report
focuses futures.
79
BIBLOGRAPHY
www.Karvy.com
www.nsdl.com
www.cdsl.com
www.moneycontrol.com
www.nseindia.com
www.bseindia.com
www.google.com
www.sebi.com
www.moneycontrol.com
www.economictimes.com
BOOKS
Investment management by v.k.bhalla
Security Analysis And Portfolio Management -V.A.Avadhani
Marketing of Financial Services -V.A.Avadhani
Indian Financial System -M.Y.Kh
80