A

MAJOR RESEARCH PROJECT

REPORT
ON
“Impact of Economic Variables on the
Stock Market Volatility”

{Submitted towards the partial fulfillment of the requirements of

the two year full time MBA Programme}

SUBMITTED TO:

FACULTY OF MANAGEMENT STUDIES

(Mohanlal Sukhadia University, Udaipur, Rajasthan)

Supervised By: - Submitted by:-

Dr.Hanuman Parsad Ujjwal Goyal

Asst. Professor MBA (2008-2010)

 DECLARATION

Hereby declare that the project report entitled “Impact of Economic

Variables on the Stock Market Volatility” submitted for the degree of Master
of Business Administration, is my original work and the project report has
not formed the basis for the award of any diploma, degree, associate ship,
fellowship or similar other titles. It has not been submitted to any other
university or institution for the award of any degree or diploma.

Place. Ujjwal Goyal

Date MBA (2008-2010)
 CERTIFICATE

This is to certify that Mr. Ujjwal Goyal of MBA fourth semester of FMS,
Udaipur has completed her project report on the topic of “Impact of

Economic Variables on the Stock Market Volatility” under the supervision of

Dr. Hanuman Parsad faculty member of FMS- Udaipur.

To best of my knowledge the report is original and has not been copied or
submitted anywhere else. It is an independent work done by him

Dr. Hanuman Parsad

Asst. Professor,
Faculty of Management Studies
Udaipur
 ACKNOWLEDGEMENT

Practical study is an excellent tool for learning and exploration. No classroom

routine can substitute which is possible while working in real situations.
Application of theoretical knowledge to practical situations is the bonanzas of
this study.

Without a proper combination of inspection and perspiration, it’s not easy to

achieve anything. There is always a sense of gratitude, which we express to
others for the help and the needy services they render during the different
phases of our lives. I too would like to do it as I really wish to express my
gratitude toward all those who have been helpful to me directly or indirectly
during the development of this project.

First of all I wish to express my profound gratitude and sincere thanks to my

esteemed learned Director Prof. Karunesh Saxena, Director FMS,
Udaipur.

I would like to thank Dr. Hanuman Parsad who was always there to help
and guide me when I needed help. Working under him was an extremely
knowledgeable and enriching experience for me. I am very thankful to him
for all the value addition and enhancement done to me.

No words can adequately express my overriding debt of gratitude to my

parents whose support helps me in all the way. Above all I shall thank my
friends who constantly encouraged and blessed me so as to enable me to do
this work successfully.
Ujjwal Goyal
MBA (2008-2010)
 EXECUTIVE SUMMARY

Stock market plays an important role in the economic development

of a country. A number of studies have been investigated on the
causal relationship between economic variables and stock exchange
prices. It has examined the causal relationship between economic
variables and stock market prices in Pakistan. The data from
JAN2007 to DEC2009 have been used to analyze the causal
relationship between various economic variables and stock
exchange prices. The set of economic variables includes; inflation,
interest rate, balances of trade and index of industrial production
,foreign institutional investor, mutual funds whereas the stock
exchange prices have been represented by the general price index of
the Bombay Stock Exchange(SENSEX), which is the market
representative stock exchange in India. The statistical techniques
used include correlation, T-test, F-test. The study found nearly zero
correlation between economic indicators and stock exchange prices.
And no causal relationship was found between economic variables
and stock exchange prices in India. Which means performance of
economic variables cannot be used to predict stock prices.
 TABLE OF CONTENTS

DECLARATION II
CERTIFICATE III
ACKNOWLEDGEMENT IV
EXECUTIVE SUMMARY V

1. INTRODUCTION TO THE STUDY

2. REVIEW OF LITERATURE
3. OBJECTIVE AND RESEARCH METHODOLOGY

4. ANALYSES & INTERPRETATION OF DATA

5. CONCLUSION
TABLES
BIBLIOGRAPHY
 INTRODUCTION

The movement of stock indices is highly sensitive to the changes in

fundamentals of the economy and to the changes in expectations about
future prospects. Expectations are influenced by the micro and macro
fundamentals which may be formed either rationally or adaptively on
economic fundamentals, as well as by many subjective factors which are
unpredictable and also non quantifiable. It is assumed that domestic
economic fundamentals play determining role in the performance of stock
market. However, in the globally integrated economy, domestic economic
variables are also subject to change due to the policies adopted and
expected to be adopted by other countries or some global events. The
common external factors influencing the stock return would be stock prices
in global economy, the interest rate and the exchange rate. For instance,
capital inflows and outflows are not determined by domestic interest rate
only but also by changes in the interest rate by major economies in the
world. Recently, it is observed that contagion from the US subprime crisis
has played significant movement in the capital markets across the world as
foreign hedge funds unwind their positions in various markets. Other burning
example in India is the appreciation of currency due to higher inflow of
foreign exchange. Rupee appreciation has declined stock prices of major
export oriented companies. Information technology and textile sector are the
example of falling stock prices due to rupee appreciation.

The modern financial theory focuses upon that securities market must have
a significant relationship with real and financial sectors of the economy. This
relationship generally viewed in two ways. The first relationship views the
stock market as the leading indicator of the economic activity in the country,
whereas the second focuses on the possible impact the stock market may
have on aggregate demand, particularly through aggregate consumption and
investment. The former case implies that stock market leads economic
activity, whereas the latter suggests that it lags economic activity.
Knowledge of the sensitivity of stock market to macroeconomic behavior of
key variables and vice-versa is important in many areas of investments and
finance. This research may be useful to understand this relationship.

From the beginning of the 1990s in India, a number of measures have been
taken for economic liberalization. At the same time, large number of steps
has been taken to strengthen the stock market such as opening of the stock
markets to international investors, regulatory power of SEBI, trading in
derivatives, etc. These measures have resulted in significant improvements
in the size and depth of stock markets in India and they are beginning to
play their due role. Presently, the movement in stock market in India is
viewed and analyzed carefully by large number of global players.
Understanding macro dynamics of Indian stock market may be useful for
policy makers, traders and investors. Results may reveal whether the
movement of stock prices is the outcome of something else or it is one of
the causes of movement in other macro dimension in the economy. The
study also expects to explore whether the movement of stock market are
associated with economy. In this context, the objective of this paper is to
explore such causal relations for India.

The paper is organized in the following sections. Section II provides review

of selected literature on the causal relationship between stock prices and
macro variables. Section III discusses the research methodology. Section IV
analyze and interpretate data. Finally, Section V provides concluding
remarks.
 REVIEW OF LITERATURE

There is lot work has been done so far in this regard. I have overview some
of economist works and some text books in this section of the paper as
review literature. The hypothesis the change in economics variable has got
strong impact on stock prices as subject extensive research.

Shahid Ahmed (2003) has worked on SENSEX index price effects by real
and financial sector performance in economy. This study investigates the
nature of the causal relationships between stock prices and the key macro
economic variables representing real and financial sector of the Indian
economy for the period March, 1995 to March, 2007 using quarterly data.
These variables are the index of industrial production, exports, foreign direct
investment, money supply, exchange rate, interest rate, NSE Nifty and BSE
Sensex in India. Johansen`s approach of co-integration and Toda and
Yamamoto Granger causality test have been applied to explore the long-run
relationships while BVAR modeling for variance decomposition and impulse
response functions has been applied to examine short run relationships. The
results of the study reveal differential causal links between aggregate macro
economic variables and stock indices in the long run. However, the revealed
causal pattern is similar in both markets in the short run. The study indicates
that stock prices in India lead economic activity except movement in interest
rate. Interest rate seems to lead the stock prices. The study indicates that
Indian stock market seems to be driven not only by actual performance but
also by expected potential performances. The study reveals that the
movement of stock prices is not only the outcome of behavior of key macro
economic variables but it is also one of the causes of movement in other
macro dimension in the economy.
Suliaman D. Mohammad, Adnan Hussain and Adnan Ali (2009) have
worked in the context of Pakistan. Their paper was to find the relationship
between macroeconomic variables and prices of shares in Karachi stock
exchange in Pakistan context. They considers the quarterly data of several
economic variables such as foreign exchange rate, foreign exchange reserve,
industrial production index, whole sale price index, gross fixed capital
formation, and broad money M2 , these variables are obtain from 1986 to
2008 period . They try to make link these macroeconomics variables to stock
prices. Compared to earlier work we have used multiple regression analysis
and compare the results. The results shows that after the reforms in 1991
the influence of foreign exchange rate and reserve effects significantly to
stock market whiles other variables like IIP and GFCF are not effects
significantly to stock prices. So their result shows that internal factors of
firms like increase production and capital formation not effects significantly
while external factors like exchange rate and reserve are effects significantly
the stock prices. So the after post reforms period is positively effects stock
prices.

Imran Ali, Kashif Ur Rehman, Ayse Kucuk Yilmaz, Muhammad Aslam

Khan and Hasan Afzal (2009) have also worked on the similar subject for
the Pakistan. This study has examined the causal relationship between
macro-economic indicators and stock market prices in Pakistan. The data
from June 1990 to December 2008 have been used to analyze the causal
relationship between various macro-economic variables and stock exchange
prices. The set of macro-economic indicators includes; inflation, exchange
rate, balances of trade and index of industrial production, whereas the stock
exchange prices have been represented by the general price index of the
Karachi Stock Exchange, which is the largest stock exchange in Pakistan.
The statistical techniques used include unit root Augmented Dickey Fuller
test, Johansen’s co-integration and Granger’s causality test. The study found
co-integration between industrial production index and stock exchange
prices. However, no causal relationship was found between macro-economic
indicators and stock exchange prices in Pakistan. Which means performance
of macro-economic indicators cannot be used to predict stock prices;
moreover stock prices in Pakistan do not reflect the macro-economic
condition of the country.

Theophano Patra and Sunil Poshakwale (2006) this research examines

the short run dynamic adjustments and the long run equilibrium
relationships between selected macroeconomic variables, trading volume
and stock returns in the emerging Greek stock market during the period
1990 to 1999. Empirical results show that short run and long run equilibrium
relationship exists between inflation, money supply and trading volume and
the stock prices in the Athens stock exchange. No short run or long run
equilibrium relationship is found between the exchange rates and stock
prices. The results of this research are consistent with the theoretical
arguments and practical developments that occurred in the Greek stock
markets during the sample period. The results also imply that the ASE is
informationally inefficient because publicly available information on
macroeconomic variables and trading volumes can be potentially used in
predicting stock prices.

1. Ahmed (2008), Aggregate Economic Variables and Stock Markets in India,

International Research Journal of Finance and Economics.
2. Mohammad ect. all (2009), Impact of Macroeconomics Variables on Stock Prices:
Empirical Evidence in Case of KSE (Karachi Stock Exchange), European Journal of
Scientific Research.
3. Ali ect. all (2009),Causal relationship between macro-economic indicators and stock
exchange prices in Pakistan, African Journal of Business Management.
4. Patra and Poshakwale (2010), Economic variables and stock market returns:
evidence from the Athens stock exchange, Applied Financial Economics.
Other than these researches from the economists I have review some text
books for the purpose of research methodology and hypothesis process.

According to C.R.Kothari (Research Methodology) hypothesis simply

means a mere assumption or some supposition to be proved. But for a
researcher hypothesis is a formal question that he to resolve. Thus a
hypothesis may be defined as a proposition or a set of proposition set forth
as expiation for the occurrence of some specified group of phenomena either
asserted merely as provisional conjecture to guide some investigations or
accepted as highly probable in the light of established facts. Quite often a
research hypothesis is a predictive statement, capable of being tested by
scientific methods, that relates independent variables to some dependent
variables.

According to J.K.Sharma (Business statistics) an analysis of data

concerning two or more quantitative variables is needed to look for any
statistical relationship or association between them that can describe
numerical features of association. The knowledge of such a relationship is
important to make inferences from the relationship between variables in
given situation. In further this book refers to apply t-test for the test of
significane between two variables and f-test for the multiple variables.
 OBJECTIVE AND RESEARCH METHODOLOGY

Objectives

In this study the major objective is to find out the correlation and causal
relationship, if any, between the stock market and real economic variables.
It will shed light on the degree of integration of the two markets and how
they affect each other. The specific sets of objectives of the study are as
follows:
(1) To calculate correlation and check the dependency, if any, between the
stock market index SENSEX and economic variables.
(2) To explore that to what degree the two, stock market and real economic
variables cause each other.

Methodology Adopted

With a view to accomplish the stipulated set of objectives of our study,

different methods have been adopted. First of all, to fulfill the research
objectives, descriptive statistics like standard deviation, mean, etc. are
carried to show the nature and basic characteristics of the variables used in
the analysis. Correlation is the next step to move towards the objectives of
this study and finding any relation between the stock market and economic
variables.
Then the formal investigation is carried out by examining the dependency of
stock market on economic variables by using t-Test AND f-Test.

T-test
The test of hypothesis for the existence of a linear relationship between two
variables x and y involves the determination of sample correlation
coefficient. This test of linear relationship between x and y is the same as
determining whether there is any significant correlation between them. The
null hypothesis and alternative hypothesis are expressed as:

H0 : No correlation exist between variables x and y

H1 : Correlation exist between variables x and y

t-Test is performed to test the dependency of the two variables. If the

calculated t-value is greater than its critical value at degree of the freedom
and level of significance then the null hypothesis will we rejected otherwise it
will we accepted.

F-test
To understand whether all independent variables xi taken together
significantly explain the variability observed in the dependent variable y. to
apply f-test, the null hypothesis is defined as:

H0 : y does not depend on xis

H1 : y depends on at least one of the xsi

f-Test is performed to test the dependency of the variables more than two. If
the calculated f-value is greater than its critical value at degree of the
freedom and level of significance then the null hypothesis will we rejected
otherwise it will we accepted.
 ANALYSES & INTERPRETATION OF DATA

In this study monthly data from JAN2007 onwards to DEC2009 has been
used in case of all the variables like, INTEREST RATE, GOVT.BOND 10 YEAR
YIELD RATE, INFLATION (WPI), IIP (INDEX OF INDUSTRIAL PRODUCTION),
FII(FORIGEN INSTIUTIONAL INVESTOR) for debt and equity has taken
separately, MF(MUTTUAL FUNDS), SENSEX (SEBI). The major source of data
of all the above economic variables is www.tradingeconomics.com and on-
line data source of SEBI. The major macro economic variables used in this
study are briefly explained below.
1. Interest Rate: In our banking system we have various rate of interest
but for the purpose of the study I have taken CRR.
2. Govt. Bond: This is the yield rate of the govt. bonds for the 10 years
period on the annually basis.

3. Inflation (WPI): For any country’s economy to grow low rate inflation
serves as an inducing tonic. Slow rise in prices are supposed to induce the
producers to increase the production which in turn ensure more and more
employment opportunities in the country. But uncontrolled inflation or even
deflation has serious repercussions for the economy. To measure this
inflation Government of India (GoI) has various indices, amongst which WPI
is the one which is believed to be a very comprehensible and lucid measure.
It is the only general index capturing price movements in a comprehensive
way. It is an indicator of movement in prices of commodities in all trade and
transactions. The new series of WPI has about 435 items in its commodity
basket. In its new series ‘Primary Articles’ contribute 98 items, ‘Fuel, Power,
Light and Lubricants’ 19 items and ‘Manufactured Products’ provide 318
items.
4. IIP:
5. FII:
6. MF:
7. BOT:

8. SENSEX: SENSEX is called “sensitive index” which is an indicator of the

major thirty companies at Bombay Stock Exchange (BSE) market which are
chosen from various sectors of the economy by a committee on the basis of
a certain given criteria. In fact, it gives us a general idea about whether
most of the stocks have gone up or down. It is taken to be an indicator of
financial health of the capital market of India. BSE is the largest of 22
exchanges in India with over 6000 listed companies and is the 5th largest
exchange in the world with market capitalization of US $4.66 billion. It is
oldest in Asia as it traces its history back to 1850s.
 Descriptive Statistics
Variables Std. Dev MAX. MIN. MEAN C0R
SENSEX 13.2 21.75 -34.75 .85 1
IR .24 0 -1.19 -0.07 0
GB 0.92 0.78 -1.38 -0.005 0.05
IIP 3.24 6.2 -7.3 0.17 0.10
INF 0.92 2.6 -1.6 0.23 -0.20
BOT 23.24 62.37 -55.37 -2.08 -0.31
MF(D) 114.97 248.46 -295.06 1.66 0.09
MF(E) 23.38 46.96 -52.11 -0.19 -0.01
FII(D) 85.40 310.86 -340.24 -0.26 0.31
FII(E) 114.66 234.12 -315.24 2.38 0.05

t- test table

NULL HYPOTHESIS t-value(cal) Result

No correlation between SNSX and IR 0.66 Accept

No correlation between SNSX and GB 0.68 Accept

No correlation between SNSX and IIP 0.75 Accept

No correlation between SNSX and INF 0.77 Accept

No correlation between SNSX and BOT 0.56 Accept

No correlation between SNSX and MF(D) 0.96 Accept

No correlation between SNSX and MF(E) 0.81 Accept

No correlation between SNSX and IIF(D) 0.93 Accept

No correlation between SNSX and IIF(E) 0.93 Accept

At 5% level of significance and critical t value is 1.99

f-test table

Source of Sum of Degree of Mean F- Result

variation squares freedom square value(cal)

Between sample 454.98 9 50.55

Within sample 2375002 349 6805.16 0.007

Accept
Total 2375457 358
At 5% level of significance and critical value is 1.90

CONCLUSION

The study found no relationship between economic variables and stock

exchange prices in India. Individually, the study found no correlation
 between sensex and interest rates, no correlation between sensex and index
of industrial production, no correlation between sensex and inflation rate, no
correlation between sensex and mutual funds investments, no correlation
between sensex and foreign institution inventors investments, and no
correlation between and balance of trade. Overall, the study found that
sensex prices do not depend on economic variables or we can say that
economic variables do not impact the stock market volatility.

The study shows that Indian equity markets are not having relationship with
economic variables. Which employs that economic news cannot be used to
predict stock exchange prices. These findings answer our research
questions.

TABLES
SENSE MF(E
Time X IR GB IIP INF BOT MF(D) ) FII(D) FII(E)
-
7.7 1022.
Jan-07 14096 6 6 11.6 6.72 -2850 2217.2 6 351.1 351.1
Feb- 7.8 -
07 14233 6 8 11 7.56 -3620 2669 273.4 955.5 7239.6
 -
Mar- 7.9 1805. -
07 12872 6 9 14.8 6.72 -4275 4287.5 4 1613.8 1243.2
8.1
Apr-07 13424 6 1 11.3 6.67 -7044 3485 960.6 1091 6874
May- 8.1 1432.
07 14093 6 5 10.6 6.61 -8694 6915.4 9 1740.9 3175.2
8.1 1025.
Jun-07 14316 6 4 8.9 5.69 -7915 8592.8 2 -670.3 2084.9
7.8 11347. 24244.
Jul-07 15137 6 9 8.3 6.45 -8615 2 -1610 -299 8
Aug- 7.9 2844. -
07 14643 6 5 10.9 7.26 -7725 918.3 1 -479.6 7279.5
Sep- - 16132.
07 16074 6 7.9 7 6.4 -5696 9713.6 763.7 2655.8 6
-
7.8 12314. 1591. 20103.
Oct-07 18249 6 9 12.2 5.51 -7158 1 6 2618.4 6
Nov- 7.8 1105. -
07 19359 6 9 4.9 5.51 -9195 -7074.3 6 -526.6 4422.3
Dec- 7.8 3202.
07 19746 6 8 8 5.51 -5491 1082.9 8 3070.3 4438.2
-
7.7 5269. 10625.
Jan-08 19722 6 5 6.2 5.51 -7955 -4269 4 1962.4 8
Feb- 7.5 11407.
08 17793 6 5 9.5 5.47 -5688 7 57.5 2925 2262.2
Mar- 7.7 12265.
08 16136 6 3 5.5 7.87 -6320 1 -1881 -849 -16.1
8.0 14894. -
Apr-08 16189 6 9 6.2 7.81 -11857 3 220.8 -1257.1 648.2
-
May- 7.9 - 13193.
08 17105 6 8 4.4 7.75 -10757 6272.6 388.5 -162.9 7
8.4 2888. -
Jun-08 15110 6 8 5.4 7.69 -9770 3072.7 5 -737 9349.6
9.1
Jul-08 13709 6 6 6.4 8.33 -12595 4580.7 782.4 3782.5 -503.5
Aug- 9.0 - -
08 14703 6 7 1.7 9.02 -15764 7050.4 767.1 1110.1 1355.5
Sep- 1925. 32196.
08 13907 6 8.4 6 9.77 -15347 6070 4 6 -8061
- -
7.8 10.4 23490. 13261.
Oct-08 10433 6 9 0.1 5 -11738 8 854.5 -1827.7 5
Nov- 7.3 10.4 - -
08 9429 6 8 2.5 5 -12325 -3598.5 372.6 4215 2598.3
Dec- 5.2 13223. -
08 9521 4 6 -0.2 9.7 -6088 9 490.4 1187.3 1895.3
 -
4.0 5.9 10.4 16701. 1979. -
Jan-09 9341 5 7 1 5 -5359 6 1 807.5 4545.6
-
Feb- 5.9 16642. 1495. -
09 9301 4 3 0.2 9.63 -3121 9 5 -687.8 2436.6
Mar- 3.5 6.7 17488. 1070.
09 8998 5 1 0.3 8.03 -3680 3 4 -6738 1265.6
3.3 6.5 26007.
Apr-09 10876 9 6 1.1 8.7 -7012 3 18 1611.3 6682.1
May- 3.2 6.4 10181. 1602. 17988.
09 12793 5 2 2.1 8.63 -7974 9 6 -242.3 1
3.2 6.8 12820.
Jun-09 14907 5 4 8.3 9.29 -9630 3 944.1 4625.7 2759.9
3.2 6.9 11.8 27883.
Jul-09 14635 5 7 7.2 9 -7796 6 1496 4253.5 9005.1
Aug- 3.2 7.1 11.7
09 15481 5 9 10.6 2 -8471 8422.4 657.6 -459.4 3810
-
Sep- 3.2 7.2 11.6 2241. 13929.
09 16347 5 6 9.3 4 -6707 7655.2 1 4317.1 9
-
3.2 7.3 11.4 32501. 5766. 10643.
Oct-09 16979 5 3 10.2 9 -8801 2 8 6853.1 9
-
Nov- 3.2 7.2 13.5 15754. 1070.
09 16511 5 6 12 1 -9690 4 5 936.4 6227.3
-
Dec- 3.2 7.5 14.9 1716.
09 17075 5 8 17.6 7 -10147 8056 5 -588.2 8683.4
BOT is in millions, MF and FII is monthly flow of rupees in crores, SENSEX is in points
and others are in percentage.

SENSE
TIME X IR GB IIP INF BOT MF(D) MF(E) FII(D) FII(E)
Feb-07 1.37 0 0.12 -0.6 0.84 -7.7 4.518 7.492 6.044 68.885
-
Mar-07 -13.61 0 0.11 3.8 -0.84 -6.55 16.185 -15.32 6.583 84.828
-
27.6
Apr-07 5.52 0 0.12 -3.5 -0.05 9 -8.025 27.66 -5.228 81.172
-
May-07 6.69 0 0.04 -0.7 -0.06 -16.5 34.304 4.723 6.499 36.988
-
Jun-07 2.23 0 -0.01 -1.7 -0.92 7.79 16.774 -4.077 -24.112 10.903
- 221.59
Jul-07 8.21 0 -0.25 -0.6 0.76 -7 27.544 26.352 3.713 9
Aug-07 -4.94 0 0.06 2.6 0.81 8.9 - 44.541 -1.806 -
104.28 315.24
 9 3
20.2 - 234.12
Sep-07 14.31 0 -0.05 -3.9 -0.86 9 87.953 36.078 31.354 1
-
14.6
Oct-07 21.75 0 -0.01 5.2 -0.89 2 26.005 -8.279 -0.374 39.71
- - -
20.3 193.88 245.25
Nov-07 11.1 0 0 -7.3 0 7 4 26.972 -31.45 9
37.0
Dec-07 3.87 0 -0.01 3.1 0 4 81.572 20.972 35.969 88.605
-
24.6 - -
Jan-08 -0.24 0 -0.13 -1.8 0 4 53.519 20.666 -11.079 150.64
22.6 156.76 -
Feb-08 -19.29 0 -0.2 3.3 -0.04 7 7 52.119 9.626 128.88
- -
Mar-08 -16.57 0 0.18 -4 2.4 -6.32 8.574 19.385 -37.74 22.783
-
55.3
Apr-08 0.53 0 0.36 0.7 -0.06 7 26.292 16.602 -4.081 6.643
-
- 138.41
May-08 9.16 0 -0.11 -1.8 -0.06 11 86.217 -1.677 10.942 9
-
Jun-08 -19.95 0 0.5 1 -0.06 9.87 31.999 32.77 -5.741 38.441
-
28.2 -
Jul-08 -14.01 0 0.68 1 0.64 5 15.08 21.061 45.195 88.461
-
31.6 -
Aug-08 9.94 0 -0.09 -4.7 0.69 9 24.697 15.495 -26.724 -8.52
310.86 -
Sep-08 -7.96 0 -0.67 4.3 0.75 4.17 -9.804 26.925 5 67.055
- -
36.0 295.60 - 340.24 -
Oct-08 -34.74 0 -0.51 -5.9 0.68 9 8 10.709 3 52.005
198.92 - 106.63
Nov-08 -10.04 0 -0.51 2.4 0 -5.87 3 12.271 60.427 2
62.3 168.22
Dec-08 0.92 -0.76 -1.38 -2.7 -0.75 7 4 -1.178 -30.277 44.936
- -
Jan-09 -1.8 -1.19 -0.03 1.2 0.75 7.29 34.777 14.887 -3.798 64.409
22.3
Feb-09 -0.4 -0.05 -0.04 -0.8 -0.82 8 -0.587 4.836 -14.953 21.09
Mar-09 -3.03 -0.45 0.78 0.1 -1.6 -5.59 8.454 25.659 -60.502 37.022
-
33.3 -
Apr-09 18.78 -0.16 -0.15 0.8 0.67 2 85.19 10.524 83.493 54.165
 -
158.25
May-09 19.17 -0.14 -0.14 1 -0.07 -9.62 4 15.846 -18.536 113.06
- -
16.5 152.28
Jun-09 21.14 0 0.42 6.2 0.66 6 26.384 -6.585 48.68 2
18.3 150.63
Jul-09 -2.72 0 0.13 -1.1 2.6 4 3 5.519 -3.722 62.452
-
194.61 -
Aug-09 8.46 0 0.22 3.4 -0.17 -6.75 2 -8.384 -47.129 51.951
17.6 - 101.19
Sep-09 8.66 0 0.07 -1.3 -0.08 4 -7.672 28.987 47.765 9
-
20.9 -
Oct-09 6.32 0 0.07 0.9 -0.15 4 248.46 35.257 25.36 -32.86
-
167.46 -
Nov-09 -4.68 0 -0.07 1.8 2.02 -8.89 8 46.963 -59.167 44.166
-
Dec-09 5.64 0 0.32 5.6 1.46 -4.57 76.984 -6.46 -15.246 24.561
% change on the monthly basis for the all variables

BIBLIOGRAPHY

WEB LINK
1. www.google.com

2. www.wikipedia.com

3. www.tradingeconomics.com

4. www.sebi.com

5. www.academicjournals.org

6. www.eurojournals.com

7. www.informaworld.com
Books
1. Business Statics (J.K.SHARMA)

2. Research Methodology Method and Techniques (C.R.Kothari)

Soft wares
Microsoft Excel