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RAJ NSEBSE (Blackbook)
RAJ NSEBSE (Blackbook)
SUBMITTED TO
THE DEGREE OF
BY
DNYANASADHAN MARG,
THANE 400604
ACADEMIC YEAR
2022 – 2023.
i
SATISH PRADHAN DNYANASADHANA COLLEGE,
THANE
MARG,
THANE 400604
CERTIFICATE
This is to certify that MR. RAJ ANAND NAKTI has worked and duty completed his
project work for the degree of bachelor in commerce ( accounting and finance) under
the faculty of commerce in and her/his project is entitled. “A PROJECT REPORT
ON STUDY OF INDIAN STOCK MARKET BSE & NSE” Under my supervision.
I further certify that the entire work has been done by the learner under my guidance
and that no part of it has been submitted previously for and degree or diploma of any
university.
It is his own work and facts reported by her/his personal findings and investigations.
ii
DECLARATION BY LEARNER
I the undersigned Mrs. RAJ ANAND NAKTI his by. Declare that the work
embodied in this project work titled “A PROJECT REPORT ON STUDY ON
INDIAN STOCK MARKET BSE & NSE”. Forms my own contribution to the
research work carried out under the guidance of Dr. MANOJ SHIVDAS WAGH is a
result of my own research work and has not been previously submitted to any other
university for any other Degree/Diploma to this or any other University .
Wherever Reference has been made to previous works of others, it has been clearly
indicated as such and include in the bibliography.
I, here by further declare that all information of this document has been obtained and
presented in accordance with academic rules and ethical conduct.
Certified by:
iii
ACKNOWLEDGEMENT
To list who all have helped me in difficult because they are so numerous and the
depth is so enormous.
I take this opportunity to thank the University of Mumbai for giving me chance to do
this project.
I take this opportunity to thank our Coordinator and Vice Principal Dr. Shraddha
Mayuresh Bhome for her moral Support and Guidance.
I would also like to express my sincere gratitude towards my project guide Dr. Manoj
Shivdas Wagh whose guidance and care made the project successful.
I would like to thank my College Library, for having provided various reference
books and magazine related to my project especially my parents and peers who
supported my throughout my project.
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TABLE OF THE CONTENT
CHAPTER PAGE
TITLE OF THE CHAPTER
NO. NO.
1. TITLE PAGE. i.
2. CERTIFICATE. ii.
3. DECLARATION BY LEARNER. iii.
4. ACKNOWLEDGMENT. iv.
5. INDEX. v-vi
6. LIST OF TABLES AND DIAGRAM vi
7. LIST OF ABBREVIATION viii
8. ABSTRACT ix
1. INTRODUCTION. 1-
1.1 INTRODUCTION TO INDIAN STOCK
MARKET
1.2 History Of BSE & NSE
1.3 Advantages of stock market
1.4 Disadvantages of stock market
1.5 Different types of stock
1.6 Difference between trading and stock
1.7 Factors affecting stock market
2. RESEARCH METHODOLOGY
2.1 Introduction
2.2 Definition
2.7 Sampling
v
2.8.1 Primary data collection
2.9 Questionnaire
5.2 Suggestion
5.3 Conclusion
BIBLIOGRAPHY
ANNEXURE
vi
LIST OF CHARTS AND DIAGRAMS
vii
LIST OF ABBREVIATIONS
viii
Abstract
This project report presents a study of Indian stock market, specifically focusing on
BSE (Bombay stock exchange) & NSE(National stock exchange).The report begins
with an introduction to Indian stock market, highlighting their benefits and features.
The research methodology is then explained, including the sample selection process
and data collection methods. The findings of the study are presented, which include
the awareness among people about stock market , the different types of stocks and the
factors that influence investors' decision-making in selecting stock market. The report
concludes with recommendations for investors considering investing in stock market.
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CHAPTER: 1
INTRODUCTION
1
1.1Introduction On Indian Stock Market:
The term "stock market" refers to a group of markets and exchanges where routine
transactions involving the purchase, sale, and issue of shares of publicly traded firms
are conducted. These financial transactions take occur on institutionalised official
exchanges or over-the-counter (OTC) markets that follow a predetermined set of
rules. A nation or region may have several stock trading venues that permit the
trading of stocks and other types of assets. The stock market, sometimes known as the
equity market, is largely known for the trading of stocks and other equity-related
financial instruments, such as exchange traded funds (ETF), corporate bonds, and
derivatives based on bonds, commodities, and currencies. Despite the fact that the
phrases "stock exchange" and "stock market" are sometimes used interchangeably, the
latter term usually refers to a subset of the former. When someone refers to
themselves as stock market traders, they are referring to those who purchase and sell
shares of stock on one or more stock exchanges that make up the larger stock market.
The New York Stock Exchange (NYSE), Nasdaq, and the Chicago Board Options
Exchange are among the top stock exchanges in the United States (CBOE). The U.S.
stock market is made up of these top national exchanges as well as a number of other
exchanges that are active throughout the nation.
Anyone can buy and sell shares in publicly traded corporations on the stock market. It
provides a platform to enable simple share exchange. To put it simply, suppose A
wants to sell. The stock market will assist him in finding a seller eager to purchase
shares in Reliance Industries. It is crucial to remember that a registered intermediary
known as a stock broker is the sole way for an individual to trade on the stock market.
Shares are purchased and sold through electronic means. Later, we'll go into greater
detail regarding the stock brokers.
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The majority of trades in India are conducted on the Bombay Stock Exchange (BSE)
and the National Stock Exchange, which are the two primary stock exchanges (NSE).
Several regional stock markets exist in addition to these two, such as the ones in
Bangalore, Madras, and other cities, although they no longer serve any purpose.
The primary stock market in India where shares of publicly traded firms can be
purchased or sold is the NSE. It is based in Mumbai and was founded in the year
1992. NSE has an important index called NIFTY50. The top 50 firms according to
trading volume and market capitalization make up the index. This index is frequently
used as a gauge of the Indian capital oil markets by investors both domestically and
internationally.
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Bombay Stock Exchange (BSE)
India's BSE is both the first and oldest stock exchange in Asia. It is situated in
Mumbai and was founded in 1875. As of August 21, 2017, it had 5,295 businesses
listed in total, of which 3,972 were open for trading. The main index of BSE is called
BSE Sensex. It evaluates the performance of the 30 largest, liquidest, and most
financially sound businesses across important industries.
Among of the more than 20 stock exchanges in India, NSE (National Stock
Exchange) and BSE (Bombay Stock Exchange) are the two most well-known. The
BSE was founded in 1875 and is one of the oldest stock exchanges in Asia, whereas
the NSE was founded in 1992 and is much newer. The majority of the country's share
transactions take place on these two exchanges.
The BSE, formerly an open outcry floor trading exchange, moved to electronic
trading in 1995.
The BSE 30 / BSE SENSEX, usually referred to as just SENSEX, is the main stock
market index on the BSE. It is a free float market capitalization-weighted index made
up of 30 elite corporations that represent different economic sectors. The benchmark
stock market index on the NSE is the CNX NIFTY, also known as simply NIFTY.
The CNX, which stands for CRISIL NSE Index, is a free float market cap weighted
index that includes shares from 50 different firms. Several NSE sectors indexes, like
CNX IT and Bank Nifty, have grown in popularity over the past few years and are
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now frequently traded in the market.
The NSE has a little over 1,500 listed companies, compared to the BSE's more over
5,500. More than Rs. 90 lakh crores are currently the market capitalization of all BSE
listed companies.
The NSE dominates the equities derivatives industry (>90% market share) and is one
of the top exchanges in the world for the volume of contracts traded. Derivatives
volumes really account for more than 80% of daily trading turnover on the NSE.
BSE and NSE continue to rule the equity market even if other exchanges like MCX-
SX have entered the Indian market.
Investors have historically received outstanding returns from both the Indian and
global stock markets over time. The ability to be patient and watch your investment
develop and multiply is one of the key benefits of investing in stocks. Even though
stock values change everyday, the stock market as a whole usually increases in value.
According to a review of different asset classes, historically, the stock market has
given investors the highest returns, surpassing all other financial assets and the
housing market for many years. When compared to the returns on the Indian stock
market since the 1980s, the SENSEX and NIFTY indices have rarely disappointed
investors. Even in the face of setbacks like the 2008 financial crisis and the 2020
pandemic, these stock indices have significantly increased. The evidence suggests
that, when given enough time, long-term stock investing often delivers favourable
results, even when past performance cannot reliably forecast future outcomes.
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2. Dividend paying
The corporation pays out dividends as a percentage of its profits, which are how many
shareholders get their income. Typically, dividends are distributed every three
months. However not all companies do. They might decide to put this profit back into
the company. Companies are still able to distribute dividends to shareholders as a
portion of their profits even after the stock's value has declined.
Dividends received from stock ownership offer investors a number of benefits. The
stock's overall return on your investment could increase as a result of dividend
payments. They assist in lowering stock price volatility by boosting the stock price.
Consistent and rising dividend payments are often indicators of profits growth and
firm stability. These dividend payments are regularly used by investors to boost
portfolio values or support retirement plans.
Depending on their risk appetite and financial goals, investors can choose from a
variety of financial instruments available on the stock market, such as shares,
securities, mutual funds, and derivatives. Investing in a range of stocks also offers
excellent diversification because it reduces your portfolio's concentration. This
flexibility is helpful in lowering the risks connected with stock investment by offering
portfolio diversity and balancing market hazards. A well-diversified portfolio helps
you increase your wealth by taking advantage of growth across various economic
sectors and produces a return even if the value of some specific individual enterprises
declines.
The fact that stock investments are highly liquid is another benefit. They allow you to
buy or sell shares immediately without the need to find buyers or sellers for your
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assets. It is not possible to assert that other assets, like real estate or long-term debt
instruments, are comparable. Economists describe liquidity as the capacity to quickly
and affordably convert shares of stock into cash.
4. Ownership
Some claim that if your money is not moving forward, it is falling back. Inflation has
an impact on wealth's discretionary income in this way. Equity investments can be
useful in the current economic environment as a hedge against rising inflation. Stock
gains have historically regularly exceeded inflation rates. Price increases may result in
greater earnings for corporations, which could increase share prices. Growth equities,
such those in the FMCG and technology industries, have been seen to outperform the
general market and provide a solid inflation hedge.
6. Transparency
The "Stock Exchange Board of India" (SEBI) is responsible for monitoring and
regulating the Indian stock market. With the development of such an organisation,
stock market investing is now safer and more transparent. The protection of investor
interests is given top importance by SEBI. This significantly lowers the risks brought
on by corporate fraud.
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7. Voting rights
Shareholders can vote on matters impacting their interests through the equity shares.
As a result, the Companies Act of 2013 requires that shareholders approve all key
decisions at an AGM or extraordinary general meeting. As a result, shareholders have
a say in how the company is run.
The stock market is one of the most liquid investment types because, unlike fixed
bank deposits or government bonds, there is no specified investment time. In
comparison to real estate transactions, the title transfer procedure is also much quicker
and requires less legal prerequisites.
9. Tax advantages
Investors can claim a tax credit on long-term capital gains under Section 112A of the
Income Tax Act of 1961, however the term varies depending on the type of security
and whether the company is listed or unlisted. Earnings from strategic security
investments are tax-free, in contrast to many other investment options that are subject
to high tax rates.
10. Convenience
Equity investments are among the most straightforward investment forms. This
convenience is made possible by the capacity to trade online, the abundance of
information available to investors through television shows, YouTube videos,
financial publications, or newspapers, as well as how easy and quick the transaction
itself is to complete.
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1.4 Disadvantages of Stock Market:
Here are some significant disadvantages that stock market investors must deal with:
1. Business risk
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2. Headline danger
3. Market danger
4. Liquidity Risk
Liquidity risk is a substantial and visible risk associated with stock market
investing. Despite the fact that most shares and ETFs have a high level of
liquidity, not all of them are the same. Liquidity issues may exist with some
penny stocks or small-cap firms. Investors may have trouble acquiring and
disposing of these products at market value.
Despite the market being considerably more accessible now, brokers are still
required for it to function properly. Large brokerage fees are demanded, which
lowers investors' profit margins and lessens the allure of the investing option.
6. Inadequate knowledge
One of the obvious problems of the stock market is the investors' ignorance of
their investments and the companies they invest in. Most issuers depend on
broker advice or market trends, which may not be to their greatest advantage.
Although though the SEBI and stock exchanges require issuer organisations to
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disclose essential information for the benefit of investors, the majority of
shareholders are unable to assess and utilise this information to their
advantage. Activities for investor education and training are urgently needed
by the regulator.
7. Time-consuming
The growth of online trading has made the process of trading stocks simpler
and quicker. But, enrolling for something, like a Demat account, takes a little
longer. But, though it is a one-time task, the facts and research required before
making a sound investment still necessitate careful work.
The stock market has a variety of effects on our economy, some of which are
listed below:
A) Wealth effect
The price swings of individual equities give the markets their erratic nature.
The erratic nature of the market has an impact on both consumers and
businesses as prices rise or fall. The prices of the stocks rise during a bull era.
It frequently increases the general confidence in the economy. As people
become more optimistic about the market and purchase more goods and
services, consumer spending also increases. As a result, companies who
provide these goods and services start to manufacture and sell more.
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Also, more investors could enter the market, which could raise prices even
further. Positive stock market movements can therefore aid in the growth of
the economy. This isn't always the case, though.
On the other hand, when stock prices decline significantly over time (a period
known as the bear phase), they primarily have a negative impact. People might
become pessimistic as a result of market panic caused by news reporting on
these price decreases. Due to investors' reluctance to spend more or switch to
lower-risk investments as a result of losing money, consumer spending
declines.
Even indirectly, stock market changes impact everyone with a private pension
or investment trust. A sharp and sustained decline in stock prices might have
an impact on the value of many pension funds, which invest a significant
portion of their assets in equities. This also suggests that future rewards will be
less. Also, households' pension income will be reduced, which will discourage
them from spending and encourage them to increase their savings.
In general, investors find other investing options more appealing after a stock
market slump. They can then exit the stock market and switch to investing in
bonds or gold as a result. In fact, it is well recognised that during uncertain
times, these financial vehicles offer larger returns.
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1.6 DIFFERENT TYPES OF STOCK YOU SHOULD KNOW:
The main types of stock are common and preferred. Stocks are also categorized by
company size, industry, geographic location and style. Here's what you should know
about the different types of stock.
Nerdy takeaways
Common stock and preferred stock are the two main categories of stocks.
Voting rights typically come with common stock.
Preferred stock often has no voting rights but frequently offers larger
dividends.
Stocks can also be categorized based on their size, industry, region, or
investment approach.
Certain equities are divided into classes with varying voting rights (such as
Class A and Class B).
Common stock
Common stock is precisely what its name implies: the most popular sort
of stock. If you're new to investing in stocks and want to buy a few
shares, you probably want to invest in common stock.
The power to vote and a portion of the company's profits are yours when
you possess common stock. Owners of common stock may also receive
dividends, which are periodical payments provided to stockholders,
however these distributions are often erratic and not guaranteed.
Preferred stock
Bonds and preferred stock, the second major type of stock, are frequently
contrasted. Investors often receive a set dividend from it. Moreover,
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preferred stockholders are given preference: Even in the event of
bankruptcy or liquidation, preferred shareholders are paid dividends
before common shareholders.
Shares of preferred stock are less likely to lose value but also less likely
to gain value since preferred stock prices are less erratic than common
stock prices. Preferred stock is typically the ideal option for investors
that place a higher value on income than long-term gain.
Within those broad categories of common and preferred, different types of stocks are
further divided in other ways. Here are some of the most common:
The terms large-cap and mid-cap, which describe a company's market capitalization
or worth, may be familiar to you.
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Small-cap companies have a market value between $300 million and $2 billion, mid-
cap companies have a market value between $2 billion and $10 billion, and large-cap
companies have a market value of $10 billion or more.
Energy
Materials
Industrials
Consumer discretionary
Consumer staples
Health care
Financials
Information technology
Communication
Utilities
Real estate
In response to market or economic events, stocks in the same sector — such as the
technology or energy sectors — may move in unison. Because of this, it's wise to
diversify your holdings by purchasing stocks from other industries. (Ask anyone who
owned tech stocks at the time of the dot-com crash.)
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Growth and value stocks
Stocks may be referred to as growth or value. Growth companies either have rapid
growth rates or are expected to have rapid growth rates. Typically, investors are
prepared to pay more for these stocks because they anticipate greater profits.
Investors have determined that value equities are underpriced and undervalued,
therefore they are practically on sale. Because these stocks are either presently trading
below the radar or are presently experiencing a short-term event, it is assumed that
their prices will rise.
This blog explores what is investing and what is trading, the key differences between
investing, and what is more suitable for you.
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What is investing?
The goal of investing is to build wealth by buying and holding stocks that will give out
attractive dividends or whose stock price will increase from the initial buy levels.
Typically, investing involves holding an asset for a few quarters, years, or decades.
With long-term investments, the decision to sell off a stock depends on the company’s
perceived long-term profitability and not the short-term fluctuations in stock price.
Nowadays, anyone can invest. You do not need lakhs of rupees to start investing. You can
start with less than ₹1,000. You can invest in India’s stock market through stocks or
ETFs if you have a Demat account, and if you don’t have a Demat account, you can still
buy mutual funds.
Among the various styles of investing, 3 of the most popular ones are:
Value investing – Investing in companies with a market value lower than their
perceived real value
Growth investing – Investing in companies expected to grow (mostly higher than the
industry and related peers) over the next few years
Investing for dividends
What is trading?
The goal of trading is to make profits from short term changes in the stock price.
Typically, traders hold an asset for a very short period. They usually sell off the asset
within a year and sometimes within minutes.
One of the benefits of online trading is that it has made transactions faster and cheaper.
However, trading is still not as accessible as investing. Trading in the Indian stock
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market requires you to have a Demat account. Additionally, investors generally need a
higher amount of capital to trade using futures and options.
There are different types of traders in the stock market. We can classify them based on the
holding period of an asset.
1.Risk
In comparison to investing, trading is assumed to carry a higher risk. This is because short
term fluctuations are generally difficult to predict. Trading profits are dependent on your
ability to predict short term stock price fluctuations. You need to predict if the market will
change its mind about a stock’s valuation and how long it will take for the market to shift
the stock price.
On the other hand, investing requires you to shortlist businesses that will grow in the
future, as per the investor’s analysis of the company’s fundamental and macro
understanding. Difficult to predict short term fluctuations have a limited effect on
investments.
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2. Reward
In theory, trading would have a higher reward than investing. Investments may take longer
to pay off. Trading has the potential to payout within short periods, sometimes even in a
single trading session. You can get compounding benefits (by earning additional income
from the income you’ve earned already).
Since trading can potentially give returns more frequently (and in a shorter time period),
you might get better capital benefits from trading, in comparison to long term investing.
However, since fluctuations in a short period tend to build stress and uncertainty, traders
may find it difficult to stick to their positions and short term analysis based on various
tools.
3.Holding period
As we mentioned earlier, trading involves holding an asset for a short period. Typically,
traders may not hold an asset for more than a few weeks, and some might even hold an
asset for just a few minutes. Investing, on the other hand, has a longer holding period. It
takes time for a company to grow and reap benefits for the investors.
4.Skillset
Investing requires you to shortlist stocks that will grow in the future. This involves
learning which businesses are being managed well, which businesses are positioned well
within their industry, finding if the external factors are favourable, and how long will it
take for the company to grow. So, fundamental analysis, as this is called, is of importance
for investing.
Trading, on the other hand, requires you to predict price movements. Technical analysis is
better suited for this job. Technical analysis assumes that prices move in patterns and
counter patterns and that prices are already reflecting the true value of a company at all
times.
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Who should trade? Who should invest?
As investing involves a deep dive into the business of a company, it generally involves a
lot of time and understanding. On the other hand, predicting price movements in short
term requires a high amount of skill, especially when it comes to using a lot of technical
tools. Difficulty in predicting price fluctuations tends to go higher as holding periods get
shorter. There are numerous factors to consider while trading. You must strategise and
execute in a very short period (when it is time to exit position), in order to meaningfully
generate profits.
Investing requires you to understand which businesses will grow in the next few years, and
you would have a longer period for strategising and execution.
Traders and investors have different requirements of skill and capital. Trading the stock
market requires a higher amount of capital. Investors need to be good at fundamental
analysis, while traders need to be good at technical analysis.
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On WeatlhDesk, you can browse through various WealthBaskets. With WealthBaskets,
you can invest in portfolios created by SEBI registered professionals. Every WealthBasket
has an investment strategy and theme.
Is trading easy?
Trading has a higher level of risk and higher skill requirements than investing, as time
horizons are short. It may also needs more experience and practice, in comparison to
investing. Trading is by no means easy.
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1.7 Factors Affecting the Stock Market
Equity investments are risky because of the shifting stock prices. Investors that
are risk-averse typically avoid the stock market. The risk-takers, on the other
hand, make aggressive stock investments in order to build wealth over time.
The stock market is dynamic, which makes investing there a fascinating
prospect. The stock market's future performance is impossible to forecast. The
decision of whether to invest in this keeps the investor up at night. However,
why does the stock market frequently exhibit a dynamic nature? What has
such a large impact on the stock market that its fluctuations persist? This blog
frequently examines some of those elements that have an impact on the Indian
stock market. Let's go over them in more depth.
Government Policies:
Government policies have a significant impact on the economy and industry.
New policies must be implemented by the government in light of the nation's
economic situation. Any new policy move has the potential to boost the
economy or tighten control. This raises the risk that any modification or
implementation of a new government policy will have an impact on the stock
market. For instance, the industry is adversely impacted by the rise in
corporation taxes because the companies' revenues would suffer and their
stock price will drop at the same time.
The Reserve Bank of India (RBI) is India's top regulatory authority for
monetary policy. RBI is continually revising its monitoring strategy. Repo and
Reverse Repo rates have an effect on stock values whether they go up or
down. Bank liquidity is reduced if the RBI increases the key rates. Due to their
increased borrowing costs, lenders raise their interest rates. In the end, this
makes borrowing more expensive for the business community, and they can
struggle to pay off their debts.
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Exchange Rates:
The Indian Rupee's exchange rates to other currencies are constantly changing.
Indian goods become more expensive in overseas markets when the rupee
strengthens relative to other currencies. The ones with international activities
are the ones that are most impacted. Export-dependent businesses see a decline
in demand for their products abroad. As a result, export revenue declines and
such companies' home country stock prices plummet.
In contrast, as the rupee weakens relative to other currencies, the stock prices
of exporters increase and those of importers decrease.
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Politics:
Election, budget, government intervention, stability, and other factors, among
others, have a significant impact on the financial markets and the economy.
Political developments and budgetary announcements cause the market to be
extremely volatile, which has a significant impact on the stock market.
Natural Disasters:
Natural disasters negatively impact both people's lives and the economy. It has
an effect on how well the business performs and how willing consumers are to
spend money. Lower consumption will result in lower sales and revenues,
which will eventually hurt the company's stock performance.
Economic Numbers:
The general economy is impacted by a number of economic indicators, which
eventually have an effect on the financial market. The stock market is
significantly impacted by changes in GDP and oil prices. Any change in price
is likely to have an impact on the economy in a nation that depends on
imported oil. One of the main factors affecting the stock market is the
volatility of oil prices. Prices will grow as expenses rise, which will limit
buyers' capacity to make market investments as prices climb.
Similar to this, Gross Domestic Product (GDP) considers the nation's total
economic productivity and general state of affairs. It aids in highlighting
monetary movements and market trends for the foreseeable future. The
financial markets and investment will benefit from a strong GDP status.
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Choosing the right stocks for you
If you believe in the company's long-term growth potential and whether the stock
complements your other investments are more crucial factors to take into account
when investing in stocks than the firm's category.
If you believe in the company's long-term growth potential and whether the stock
complements your other investments are more crucial factors to take into account
when investing in stocks than the firm's category.
Yet you might want to think about stock index funds if the thought of putting together
individual equities into a balanced portfolio seems intimidating — as it can definitely
be.
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1.8 What Are The Different Stock Groups On BSE?
Stocks are divided into different groups on BSE depending on various factors, including
market capitalisation, turnover, and corporate governance. By knowing which group the
stock you’re investing in belongs to, you can get an idea of the kind of risks it may carry.
explores the various stock groups on BSE, what they signify, and what is the methodology
used or criteria applied for determining which stocks belong to which category.
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The scoring mechanism to shortlist ‘A’ group shares is:
Companies in the ‘T’ group list of stocks have some protection against speculative
trades and disruptive price movements.
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‘S’ Group Companies
Small and medium-sized companies come under the ‘S’ group on BSE. Such
companies tend to be lesser-known companies, and their shares might not be as
liquid as companies from the ‘A’ group or ‘B’ group. Due to the small size of
these companies, there is a risk that they might not be able to weather crises in
comparison to bigger companies.
Thus, due to low liquidity and low market capitalisation, ‘S’ group shares might be
riskier than shares of bigger companies.
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Which securities are in each group?
You can check out the various stocks in each stock group from the following link:
BSE – Stock Category List
All you need to do is select ‘Equity’ from the ‘Segment’ dropdown list and select
the group from the ‘Group’ dropdown list, and then hit ‘Submit’.
Final Thoughts
When you know the criteria applicable to different stock groups on BSE, the amount of
effort you need to make to learn the key characteristics of a company is reduced. Instead of
having to check whether a company’s shares are liquid and whether it has sound
management, investors can take a shortcut by checking if the company belongs ‘A’ group
and research further only if the answer is yes.
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How many groups are there in BSE?
Sometimes, in the stock market, a grouping of securities is done, which can help investors
to understand the key characteristics of the said securities. There are 23 groups on BSE.
However, not all of them might apply to stocks. There are groups for government
securities and fixed income securities of the debt market segment.
– Failed to make required arrangements with CDSL and NSDL for dematerialisation of
their securities
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CHAPTER 2:
RESEARCH METHODOLOGY
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2.1 Introduction: What is stock market?
The phrase "stock market" describes a number of marketplaces where shares of
publicly traded firms can be purchased and sold. Such financial transactions take
place on official exchanges and in over-the-counter (OTC) markets that adhere to a
predetermined set of rules.
2.2 Definition
The stock market, or equity market, is a series of exchanges where shares in public
companies are issued, bought and sold. Its role is to give private investors a way to
own a stake in a listed company, while providing the companies themselves with
capital to reinvest in their business.
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2.3 OBJECTIVES OF THE STUDY
Hypothesis testing has been considered when researching the EMH. The null
hypothesis, abbreviated H0, is the hypothesis that is tested under the presumption
that it is true. The alternative hypothesis, denoted by H1, is the null hypothesis
that is different from the supplied null hypothesis, H0, and is accepted when H0 is
rejected.
H1= The SENSEX securities' price movements are influenced by their historical
prices (Price of securities is not Random)
23
33
Efficient Price Discovery: Stock markets must support an effective price
discovery mechanism. Price discovery is the process of determining the
appropriate price of a security and is typically carried out by analysing market
supply and demand as well as other transaction-related elements.
Investor Protection: The stock market also benefits a very big number of
34
small investors for their numerous little investments in addition to affluent and
institutional investors. These investors can have a poor understanding of
finance and may not be completely aware of the dangers associated with
buying stocks and other listed securities. To protect such investors from
financial loss and maintain customer trust, the stock exchange must put in
place the essential safeguards.
35
To make people aware about stock market.
The survey was conducted on investors having or not having shares covering
the area of Mumbai,Thane,Navi Mumbai.
2.7 Sampling
Sampling unit: The sampling unit for research is Thane and Mumbai.
Sample size: The sample size taken for survey is 100 respondents.
SOURCE OF DATA
COLLECTION
PRIMARY SECONDARY
DATA DATA
36
2 .8.1 PRIMARY DATA
Data used in research originally obtained through the direct efforts of the researcher
through surveys, interviews and direct observation. Primary data is more costly to
obtain than secondary data, which is obtained through published sources, but it is also
more current and more relevant to the research project.
Secondary data analysis can give larger and higher-quality databases that would be
impossible for any individual researcher to acquire on their own, saving time that
would otherwise be spent collecting data. This is especially true for quantitative data.
In addition, because it is impossible to conduct a fresh poll that can accurately capture
historical change and/or advancements, analysts of social and economic change view
secondary data as crucial. Yet, because data may be erroneous or out-of-date,
secondary data analysis can be less helpful in marketing research.
2.9 Questionnaire:
37
The questionnaire contained questions regarding the general and socio-
economic characteristics of the respondents such as age, educational
qualification, etc. And various questions asking about the study on
indian stock market.
38
39
CHAPTER 3:
REVIEW OF LITREATURE
3. Review of literature
40
The process of reading and analysing the literature aids the researcher in
developing a deeper understanding of the subject and aids in the precise and clear
conceptualization of his research problem. Understanding the connection between
their research issue and the body of knowledge in the field is also helpful.
How do the answers to the study questions compare to what other researchers
have discovered? What new knowledge has research been able to add to the body of
existing knowledge? What distinguishes a researcher's findings from those of others?
The researcher must revisit his literature review in order to be able to respond to these
questions. It is crucial to set the researcher's results within the framework of what is
previously understood about his area of study.
The researcher's main objective was to examine the literature concerning the
performance of the National Stock Exchange and the Bombay Stock Exchange. Also,
research on comparative analyses of international stock markets was done. The
following is an overview of some studies that have been done both nationally and
internationally in relation to the effectiveness, financial success, and comparative
studies of stock exchanges.
Barua and Srinivasan (1991) Through experiments, the way that people
make financial decisions has been studied. They come to the conclusion that
the skewness of the return distribution has a considerable impact on people's
perceptions of risk. This suggests that investors consider both the prospect of
maximum losses and the variability of returns when making investment
decisions. So, the mean variance paradigm falls short of adequately describing
how people decide what investments to make.
42
Varma (1991) Sensex, which consists of 30 scrips, and the BSE National
Index (Natex), which consists of 100 scrips, and comes to the conclusion that
the Natex is a sluggish index that reacts too slowly to market conditions.
The Natex only fully reflects changes that are reflected in the Sensex on any
given day by the next day. He discovers that Natex is less volatile than Sensex.
He draws the conclusion that individuals who adhere to the Natex because to
its superior comprehensiveness and theoretical appeal may be in error for this
reason and others. As a reliable market gauge, the Sensex has to be taken more
seriously. For researchers and financial theorists, the Natex's inadequacies
create a number of troubling issues.
J. R. Varma, Is the BSE Sensitive Index Better than the National Index?
Working Paper No. 988, (Oct-Dec), Indian Institute of Management,
Ahmedabad, 1991.
43
105-109.
Gupta (1992)He came to the conclusion that the Indian stock market is
quite speculative in his book. Indian investors are unhappy with the level of
service that thebrokers. The margins charged by the stock exchanges are
insufficient, and there is little liquidity in a significant number of equities on
the Indian markets. Even though it was obviously done carefully, the
conclusion, with the exception of the stock exchanges' margin system, is that it
is adequate, and the other two possibilities are based on weak or dubious
justifications. Conclusion: Indian investors are unhappy with the service
offered to them by the brokers, the stock exchanges' margins are insufficient,
and the Indian stock market is very speculative. There is relatively little
liquidity in a significant number of companies on the Indian exchanges. The
findings, with the exception of 'c' above, appear to be based on flawed or
dubious arguments, despite the obvious labour of love that went into them.
V. Raghunathan and Varma, J. R., Why the Dollars do not Flow into
India?, Unpublished Paper, 1992, Indian Institute of Management,
Ahmedabad.
44
Society for Capital Market Research and Development, Delhi, 1992,
45
and ethical behaviour in order to become successful in share broking
company."
46
affected the financing of corporate expansion. In addition to the financial de-
repression at the time, the establishment and rapid growth of stock markets in
recent years had been a significant new factor in the development of the DC
financial system. The article took into account macroeconomic factors such as
foreign portfolio movements, the interaction of the stock and currency
markets, and their effects on the sustainability and long-term expansion of the
real economy.
Masih and Masih (1997) studied the dynamic linking patterns between
national stock market values in Taiwan, South Korea, Singapore, and Hong
Kong, four of Asia's newest industrialising nations. The four NIC stock
markets' end-of-the-month closing share price indexes from January 1982 to
June 1994 made up the sample. They came to the conclusion that studying
these markets was not mutually exclusive and that there appeared to be
substantial short-term links between them. In models incorporating the
established markets of Japan, the United States, the United Kingdom, and
Germany had been studied, the patterns of dynamic linkages are examined
among national stock prices of four Asian Newly Industrializing Countries
stock markets, namely Taiwan, South Korea, Singapore, and Hong Kong.
47
effect of reducing a firm's exposure to unexpected inflation and default, which
lowers the necessary rate of return in comparison to matched firms.
Poshakwale (2002) tested for nonlinear dependence using a huge set of daily
disaggregated data from the Indian stock market in order to explore the
random walk hypothesis in the developing Indian stock market.
Javaid (2002) examined stock exchange operations with a focus on the Delhi
Stock Exchange. He was involved in stock exchange operation and
management. He evaluated the Delhi Stock Exchange's operations, leadership,
and performance. The study addressed a broad range of topics related to stock
exchange trading activities. It included brokers and investors from Delhi's
primary and secondary markets. His research is limited to 100 investors from a
big investing family. He discovered that the issues all of the investors were
having were of a similar sort. 25% of all brokers at the Delhi Stock Exchange
were included in the sample.
One of his conclusions was that a particular law should exist to safeguard
small investors. The law should be codified and amended.
Shah and Thomas (2002) Explain the significant changes that occurred in the
Indian securities markets between issuers and non-issuers in the 1990s.
Additionally, they discover data demonstrating that the market appropriately
48
assesses earnings management and responds favourably to net income but
unfavourably to discretionary accruals. He examined the modifications made
to India's government bond and equities markets during the 1990s. They
concentrated on four intriguing issues: (A) Why was NSE successful? (a) Why
did the equity market experience crises one after the other? (c) Why did the
GOI bond market reforms fail? (d) To what extent do crises serve as a vehicle
for enacting reforms? At SEBI and RBI, they attempted to address the issues
of human capital and organisational architecture.
Agrawal and Singh (2002) evaluated the effects of stock price changes and
trading volume patterns for evidence of possible informed trading before
merger announcement. Analysis of forty businesses' event studies indicated
evidence of insider trading. In testing of EMH, event studies are conducted to
determine if prices fully assimilate information on the day that it is presented.
If EMH is valid, prices should reflect the event's details either before or on the
day of the event. After the occurrence, returns should not be affected. Typical
event studies examine how a particular event affects return behaviour.
Sometimes we want to understand the impact on returns of a macroeconomic
or institutional event that occurs over set time periods or at a certain point in
time, such as the launch of electronic trading in India, the opening of a
depository, the introduction of derivatives, etc. Academic literature has long
paid attention to the study and analysis of how financial asset prices respond
to information.
Kian –Pinhg Lim & Robert Brooks (2011) provides a thorough analysis of
the weak-form market efficiency literature that focuses solely on the stock
markets and investigates return predictability from past price changes.
According to our review, the majority of empirical research focus on
determining whether or not the stock market under consideration is weak-form
efficient in the strictest sense, presuming that market efficiency levels remain
constant during the estimation period. But in recent years, interest in the idea
of time-varying week-form market efficiency has grown. We classify these
49
new works based on the research framework used, which includes rolling
estimating window, time-varying parameter model, and non-overlapping
subperiod analysis.
Charles K.D, Adjasi, Nicholas B. Biekpe (2006) utilising dynamic panel data
modelling, this study examines the impact of stock market development on
economic growth in 14 African nations. Findings primarily indicate a
favourable correlation between stock market expansion and economic
expansion. Further studies are also carried out based on the degree of
economic development and stock market capitalization. The findings show
that for nations categorised as upper middle-income economies, the positive
impact of stock market development on economic growth is significant. Only
modestly capitalised markets, based on market capitalization categories, get
significant growth from stock market developments. The overall pattern of the
results indicates that in order to get economic benefits from stock markets,
low-income African countries and stock markets in less developed markets
need to expand and develop.
L.M.C.S. (2006) Using monthly data for the period from September 1991 to
December 2002, the study examines the impact of macroeconomic factors on
50
stock prices in the developing Sri Lankan stock market. Eight macroeconomic
variables were included in the multivariate model for each individual stock. At
a threshold of significance of 0.05, all equities reject the null hypothesis that
the variables of money supply, exchange rate, inflation rate, and interest rate
collectively have no impact on equity prices. The findings show that most
businesses report higher R2 values, which supports stronger explanatory
power of macroeconomic variables in predicting stock prices.
51
Rafaqet Ali and Muhammad Afzal (2012) Devastating global financial
crisis originated in the US, extended throughout the world, and negatively
impacted both the real estate and financial sectors of industrialised and
developing nations. The first major crisis following the Great Depression is
referred to as this one. This study's main goal is to predict how the recent
global financial crisis would affect the stock markets in Pakistan and India.
For this, daily data from the KSE-100 and BSE-100 indexes, which represent
the stock market indices of Pakistan and India, respectively, from January 1,
2003, to August 31, 2010, are used.
Gagan Deep Sharma & B.S Bodla (2010) claims that greater financial
integration between nations is a result of the global financial markets' demand
for foreign cash. The research on the topic of global stock market integration
and dynamic links is reviewed and summarised in this essay. The majority of
research reported that, in a global setting, market integration has grown
dramatically over time. We see that few studies have focused on the interplay.
most studies on India have focused on the interactions between Indian stock
markets and those of Developed countries. of Indian markets with the global
markets. There is therefore room to investigate the connections between the
stock markets of India and the other SAARC countries.
52
3.2 Review of book
53
CHAPTER 4:
54
1.Gender
Interpretation
According to this among people respondents males are 29% and females are
71%..
2.Age
55
4.2:- Shows age of the respondent
Age Group % Count
18 years to 24 years 46% 46
Above 55 years 7% 7
Source: - Primary
Data
Interpretation
Majority of the people responded is belongs to 18 years to 25 years
i.e. 46%. 30% people e respondents are belongs to 25 years to 40 years,
17% people respondents are belongs to 41 years to 55 years and 7%
belongs to above 55 years category of age group
3. Occupation
Student 42% 42
Business 9% 9
Salaried 47% 47
Other 2% 2
Interpretation
57
Options % Count
Safety 35% 35
Liquidity 30% 30
Others 5% 5
Source: - Primary
Data
Interpretation
According to respondent, one of the major reason for investing in stock market is to
get the safety 35%. Another main reason behind stock market trading is Higher
returns as well as liquidity i.e.30% and 5% respondents investing in stock for other
purposes.
58
Options % Count
TV / Internet 28% 28
Newspapers/financial 26% 26
journal
Financial advisor / 30% 30
Broker
Friend 16% 16
Others 0% 0
Interpretation
The above diagram give us idea about the source of information about the stock
market investment. About 28% respondents get information from TV/ Internet.
30% respondents gave the credit to their financial advisors or brokers who
introduced them or gave them monthly information where as 26% respondents get
stock market information through Newspapers/ Financial journal. The rest of all
aware though friend circle.
59
Options % Counts
Intraday 23% 23
Interpretation
The above figure shows that 33% of the respondents prefer to have a Medium
term trading as it considered it involves medium risk. Another 24% prefer short term
trading. 23% prefer intra trading and only 20% prefer long term trading.
60
Options % Counts
Above 5 years 2% 2
INTREPRETATION
From the above chart it is clear that 44% of the respondents have 1 to 3 years’
experience in trading. 42% respondents have less than 1 year experience. 12%
respondents have 3 to 5 years’ experience in trading and only 2% respondents have
experience above 5 years in trading .
61
Options % Count
Very positive 8% 8
Positive 29% 29
Netural 32% 32
Negative 22% 22
Very negative 9% 9
Interpretation
62
4.9 shows any type of investment for respondents
Options % Count
Yes 65% 65
No 35% 35
Interpretation
Out of total respondents 65% have any type of investment including stock, bonds,
mutual funds, retirement etc. Rest of 35%dont have any investment yet.
10. Thinking again of the stock market and investing, do you feel
that investing is mostly an opportunity or mostly a risk?
63
4.10 shows investing is an opportunity or risk for respondents
Options % Count
Yes 28% 28
No 26% 26
Interpretation
According to respondents, 88% feels that investing in stock market and investing
mostly an opportunity. Rest of others feel that it is risk.
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Options % Count
Bullish 23% 23
Bearish 49% 49
Interpretation
According to respondent 49% have bearish view on equity market. 23% feel that it
is bullish market. Whereas 28% respondents are not sure about equity market.
65
Options % Count
Offline 5% 5
Online 95% 95
Interpretation
From the above table it is clear that out of the respondents are prefer online trading.
With the advancement of technology; most of the stock market are working under
online mode.
13. Can you invest in the stock market when the market is down?
Options % Count
66
Yes 50% 50
No 24% 24
Maybe 26% 26
Interpretation
According to 50% respondents will definitely invest in the stock market when the
market is down.Whereas 24% will not invest in the stock market when the market is
down. Rest of others might be gone invest while market is down.
67
CHAPTER 5: FINDINGS SUGGESTTIONS
AND CONCLUSION
5.1 FINDINGS
68
46% are above the age 18 to 24 years respondents, 18% people respondents are
belonging 25 years to 40 years, 17% people respondents are belonging to 41
years to 55 years and 7% belongs to above 55 years category of age group.
one of the major reason for investing in stock market is to get the safety 35%.
Another main reason behind stock market trading is Higher returns as well as
liquidity i.e.30% and 5% respondents investing in stock for other purposes.
About 28% respondents get information from TV/ Internet. 30% respondents
gave the credit to their financial advisors or brokers who introduced them or
gave them monthly information where as 26% respondents get stock market
information through Newspapers/ Financial journal. The rest of all aware
though friend circle.
69
negative response towards investment and only 9% respondents feels that very
negative attitude towards stock market.
65% have any type of investment including stock, bonds, mutual funds,
retirement etc. Rest of 35%dont have any investment yet.
88% feels that investing in stock market and investing mostly an opportunity.
Rest of others feel that it is risk.
49% have bearish view on equity market. 23% feel that it is bullish market.
Whereas 28% respondents are not sure about equity market.
out of the respondents are prefer online trading. With the advancement of
technology; most of the stock market are working under online mode.
50% respondents will definitely invest in the stock market when the market is
down.Whereas 24% will not invest in the stock market when the market is down.
Rest of others might be gone invest while market is down.
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5.2 SUGGESTION
• There is lack of awareness among people about stock market so there should be
more advertising and other promotional campaigns to make them aware.
• Goal-based investing can help you to work towards achieving your financial goals.
Assess your financial needs and set your short-term and long-term goals
accordingly. This will help you to identify the duration of your investment, the target
amount, and the investment avenue most suitable for your needs.
• Investors sometimes do not research the company they wish to invest in. Some do
this because they lack the time or do not want to make the effort. Others may not
know how to do the research. But conducting fundamental research and technical
analysis are crucial steps for stock market investors.
• Before you invest your hard-earned money in the stock market, get familiar with the
basics. Learn how the stock market functions, what drives the market, what
influences stock prices, trading and investing strategies, and more.
• Fundamentally strong companies also have the potential to withstand share market
volatility and fluctuations. Thus, they are a relatively safe avenue for investment.
Mutual fund investors could also look into large-cap mutual funds.
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• One thing you should strictly avoid in the stock market is investing based on
rumours. Do not simply purchase a stock simply because everyone is investing in it.
Even if a friend or relative suggests the stock, don’t follow their advice blindly.
• Conduct proper research into the stock before investing. Analyse the performance of
the company and its growth prospects. Always remember, good stocks offer good
returns. Click here for a quick guide to investing.
• Since the stock market is unpredictable and volatile, no one can correctly time
market movements. Therefore, it is advisable that you determine your exit prices
before investing in a particular stock.
• Once your profit target is reached, close your positions and book profits. It is often a
bad idea to be greedy and wait for higher returns. The stock price could move
against you at any time, which may lead to losses.
• Low-priced stocks, also known as penny stocks, attract investors because they seem
like bargains. A given amount of capital will fetch you a much larger number of
those low-priced shares. But such stocks often carry huge risks.
• Remember, a stock’s price does not provide any indication of how well it is likely to
do. Instead, you should study its fundamentals before investing. Check its financial
statements, debt–equity ratio, recent earnings reports, and other details. This will
give you an idea of whether the company is stable or on the brink of collapse. Click
here for tips on how to identify undervalued stocks.
• Risk tolerance is the ability to bear market fluctuations and their effects on the
overall value of your investment. This is a subjective factor that varies from person
to person. Whether a person has low or high risk tolerance may depend on their
income, financial situation, investment portfolio, and expenses, among other things.
• Since the stock market is volatile, knowing your capacity to bear risk will help you
identify suitable stocks to invest in. For instance, a conservative investor with a low
risk appetite may be better served by investing in stable large-cap stocks.
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• Meanwhile, someone with a high risk appetite could look to mid-caps and small-
caps which carry some risk but also have a greater potential for growth. Here
are five things you should know about stock market risk.
• As the saying goes, ‘Don’t put all your eggs in one basket.’ This is true with your
investments too. You should avoid investing all your money in just one company or
sector. Should the company or the sector perform poorly, your entire investment
could be at risk.
• To avoid this situation, you should diversify your portfolio. Invest in stocks across
different sectors. So, if one sector does not perform well, the sectors and companies
that do well can counter the adverse impact. This helps spread your risk and reduce
your losses.
• One of the biggest obstacles for stock market investors is the challenge of
controlling their emotions. Emotional trading and investing often leads to illogical
decision-making. Experts say that emotions have no role in the stock market.
• You should enter and exit a stock only when your target price is reached. Investors
should avoid panicking and stressing during market swings.
• If you are new to the stock markets, learn to trade using a stop loss. A stop loss is a
pre-decided target that you can place on an order to restrict losses beyond a point.
Stop loss triggers protect investors from incurring heavy losses and prevent the
complete erosion of their capital by a few trades. They can also help you to
overcome emotional trading decisions and, in turn, make you a disciplined trader.
• Leverage means using borrowed funds to execute your stock market trades. Many
traders invest in the stock market by borrowing funds from their broker. While
leverage can help you to make bigger and potentially more profitable trades, they
also carry some risk.
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• As a safeguard, you should invest only what you can afford to lose. Set aside money
for your regular and emergency expenses before allocating capital for your stock
market investment
5.3 Conclusion
The Indian stock market has developed into a fantastic resource with
many qualitative contributions and a focus on investor protection and
disclosure standards. Markets are now fully automated, open, and self-
driven. With Indian companies looking to list on foreign capital
markets exchanges, offshore investments arriving to India, foreign
funds launching their schemes, and so on, it has merged with global
markets and brought knowledge into our markets.
India now has the title of having the second-largest investor population
after the United Kingdom. We may also be the nation with the most
listed firms, the most national fund managers, and the majority of them
automated. India currently has a top-notch regulatory framework in
place. Consequently, the equity funds market has helped Indian
enterprises and investors become wealthier at the start of the new
millennium.
74
Strong economic recovery, a rise in demand, better market structure,
and other factors have undoubtedly also been the main propelling
factors. Despite the Covid pandemic's impact on the Indian stock
market's decline, it recovered with significant price increases in tandem
with the country's economic recovery.
The promise of good returns draws people to invest in the stock market.
Just remember that the markets are volatile and stock prices can move in
unpredictable ways. However, seasoned investors don’t let these risks
affect their strategy. They focus instead on research and analysis to figure
out whether to invest or not, where to invest, and whether to buy, hold, or
sell a stock. If you are just starting out, the share trading tips provided
above can help you take your first steps. Use them to set up an effective
investment strategy that brings steady returns in the stock market.
BIBLIOGRAPHY
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1. Anju balan (2013), Review of the literature on the Indian stock market, TRANS
Asian Journal of Marketing and Management Research.
2. Avijan Datta, gautham bandopadhyay, International journal of business and
information, prediction of stock performance in the Indian stock market using
logistic regression.
3. Gangan deep sharma &B. S Bodla, relationships between the South Asian
stock market and the Asia Pacific Journal of Business Administration.
4. Cohen, Ness, Okuda, Schwartz and Whitcomb (1976) performed research for
The Factors of Common Stock Returns Volatility: An International
Comparison.
5. Pandey (1981) studied how leverage affected equity prices and came to the
conclusion that the Modigliani-Miller hypothesis cannot be supported.
6. Varma Venkiteswaran (1990) examined how the Bombay Stock Exchange
Index, which represents the Indian capital markets, compares to other important
worldwide stock markets.
7. Varma (1991) Sensex, which consists of 30 scrips, and the BSE National
Index (Natex), which consists of 100 scrips, and comes to the conclusion that
the Natex is a sluggish index that reacts too slowly to market conditions.
8. Peter sellin, Theory and actual data on monetary policy and the stock market
Working paper series of the Swedish Risk Bank.
9. Alok kumar Mishra, Are India's stock market and foreign currency market
related? Journal of South Asian Economics
10. www.wikipedia.com
11. www.nseindia.com
12. www.businessinsider.in
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ANNEXURE
Q.1 Name______
Q.2 Gender
Male
Female
Prefer not to say
Q.3 Age
18 to 24
25 to 40
41 to 55
Above 55
Q.4 Occupation
Student
Business
Salaried
Other
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Medium term
Short term
Intraday
Q.9 When thinking of the stock market & investing what is your perception?
Very positive
Positive
Neutral
Negative
Very negative
Q.10 Do you currently have any type of investments including stock, bonds,
mutual funds, retirement account, etc
Yes
No
Q.11 Thinking again of the stock market and investing, do you feel that investing
is mostly an opportunity or mostly a risk?
Mostly an opportunity
Mostly a risk
78
Online
Q.14 Can you invest in the stock market when the market is down?
Yes
No
Maybe
79