Sandip Account Final

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    DHRUVA COLLEGEOF MANAGEMENT

    MEDCHAL, HYDERABADStudy Of Stock Exchange

    Submitted to: - Prof. Narsamhulu.

    Submitted by: - Sandip Bhowal

    Roll no - 08m99

    Subject: - MC 204 Corporate Financial Management

    Term: - 2 nd PGDBM

    Year: - 2008 2010

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    Stock ExchangeStock Exchanges are perhaps the most crucial agents and facilitators of entrepreneurial progress among modern service institutions. Since the industrial revolution, businessenterprises have grown such that proprietors or even partnership firms can no longer raise the colossal amounts of money required for large entrepreneurial ventures. Suchmassive capital can only be raised through the participation of large number of investors

    and running into thousands, millions.SEBI established in 1988 and became a fully autonomous body by the year 1992 withdefined responsibilities to cover both development & regulation of the market.

    The worlds stock exchange probably dates back to 1460 in Antwerp, Belgium. Infact, many consider the Amsterdam stock exchange, established in 1602, as the oldest inthe world because of its uninterrupted continuity.

    Indian stock exchange was an association of individual members called, members

    brokers formed for the express purpose of self-regulating and facilitating the buying andselling of securities by the public and institutions at large. There are currently 23recognized stock exchanges in India of which 4 are national and 19 are regionalexchanges. The 4 national stock exchanges are

    1. Bombay Stock Exchange (BSE)2. National Stock Exchange (NSE)3. Over The Counter Exchange of India (OTCEI)4. Inter connected Stock Exchange of India (ISE)

    In the world following are the some of stock exchanges1. DOWJONES2. National Association of Securities and Dealers Automated Quotations

    (NASDAQ) popularly called as New York Stock Exchange (NYSE)

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    Difference between NSE and BSE

    NSE Stands for National Stock Exchange . It has more than 2000 stocks from different sectorslisted with it. It is fully automated electronic order processing exchange. Nifty is major index of

    NSE and it comprise of 50 scripts from different sectors.BSE Stand for Bombay Stock Exchange . It is India's Oldest Stock Exchange with listing of over 4000 scripts with it. This not fully automated yet but progress towards full automation isunderway. SENSEX is major index of BSE and it comprise of 30 scripts from different sectors.

    Index

    The stock exchange index is a relative measure of the performance of all or a number of stocksthat are traded on a stock exchange. It incorporates the return on stocks, their volumes traded

    and the shares outstanding. There can be a number of indices relating to a single stock exchangethat incorporates the returns on a number of companies. They can also be differentiated on the basis of the return on different industries.

    Construction of Index

    In computing the index, the following steps are taken:

    a. For each month, the arithmetic average price for each item in the market basket is derivedfirst. This is done by summing all the prices taken divided by the number of sources. Hence, if acertain item has three price quotations, simply get the sum of the three prices and divide it bythree.

    b. The price relative or index for each commodity is then taken by dividing the computedarithmetic average price by the corresponding average base price, as follows:

    where:PR i is the price relative or index of the commodity;PR ni is the current average price of the commodity; andPR oi is the base price of the commodity.

    c. The index of the subgroup of the commodities is computed using the following formula:

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    where:

    PR j is the index of the j th subgroup;PR ij is the price relative of theith commodity in the j th subgroup; andN is the number of commodities in the j th subgroup.

    d. The index for the next subgroup of commodities is computed by dividing the aggregate of weighted indices of component items in a subgroup by the total of their corresponding weights,as follows:

    where:PR k is the index of thek th subgroup;PR jk is the index of the jk th subgroup; andW jk is the weight of the jk th subgroup.

    The weighted average of these subgroup indexes, in turn, becomes the index of the major commodity group, until finally the weighted average of the major commodity group indexes becomes the overall index.

    e. The overall index is computed using the following formula:

    where:I is the index for all items;PR n is the index of n th major commodity group; andW n is the weight of the major commodity group.

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    National Stock Exchange

    History of the National Stock Exchange of India

    Capital market reforms in India and the launch of the Securitiesand Exchange Board of India (SEBI) accelerated the incorporation of the second Indian stockexchange called the National Stock Exchange (NSE) in 1992. After a few years of operations,the NSE has become the largest stock exchange in India.

    Three segments of the NSE trading platform were established one after another. The WholesaleDebt Market (WDM) commenced operations in June 1994 and the Capital Market (CM)segment was opened at the end of 1994. Finally, the Futures and Options segment beganoperating in 2000. Today the NSE takes the 14th position in the top 40 futures exchanges in theworld.

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    In 1996, the National Stock Exchange of India launched S&P CNX Nifty and CNX Junior Indices that make up 100 most liquid stocks in India. CNX Nifty is a diversified index of 50stocks from 25 different economy sectors. The Indices are owned and managed by India IndexServices and Products Ltd (IISL) that has a consulting and licensing agreement with Standard &Poor's.

    In 1998, the National Stock Exchange of India launched its web-site and was the first exchangein India that started trading stock on the Internet in 2000. The NSE has also proved its leadershipin the Indian financial market by gaining many awards such as 'Best IT Usage Award' byComputer Society in India (in 1996 and 1997) and CHIP Web Award by CHIP magazine(1999).

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    About the National Stock Exchange of India

    In the fast growing Indian financial market, there are 23 stock exchanges trading securities. The National Stock Exchange of India (NSE) situated in Mumbai - is the largest and most advancedexchange with 1016 companies listed and 726 trading members.

    The NSE is owned by the group of leading financial institutions such as Indian Bank or LifeInsurance Corporation of India. However, in the totally de-mutualised Exchange, the ownershipas well as the management does not have a right to trade on the Exchange. Only qualified traderscan be involved in the securities trading.

    The NSE is one of the few exchanges in the world trading all types of securities on a single platform, which is divided into three segments: Wholesale Debt Market (WDM), Capital Market(CM), and Futures & Options (F&O) Market. Each segment has experienced a significantgrowth throughout a few years of their launch. While the WDM segment has accumulated theannual growth of over 36% since its opening in 1994, the CM segment has increased by even61% during the same period.

    The National Stock Exchange of India has stringent requirements and criteria for the companieslisted on the Exchange. Minimum capital requirements, project appraisal, and company's track

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    record are just a few of the criteria. In addition, listed companies pay variable listing fees basedon their corporate capital size.

    The National Stock Exchange of India Ltd. provides its clients with a single, fully electronictrading platform that is operated through a VSAT network. Unlike most world exchanges, the NSE uses the satellite communication system that connects traders from 345 Indian cities. Theadvanced technologies enable up to 6 million trades to be operated daily on the NSE trading platform.

    Indices

    NSE also set up as index services firm known as India Index Services & Products Limited(IISL) and has launched several stock indices, including :

    S&P CNX Nifty

    CNX Nifty Junior

    CNX 100 (= S&P CNX Nifty + CNX Nifty Junior)

    S&P CNX 500(= CNX 100 + 400 major players across 72 industries)

    CNX Midcap (introduced on 18 July 2005 replacing CNX Midcap 200)

    NSE Milestones

    November 1992 Incorporation

    April 1993 Recognition as a stock exchange

    May 1993 Formulation of business plan

    June 1994 Wholesale Debt Market segmentgoes live

    November 1994 Capital Market (Equities) segmentgoes live

    March 1995 Establishment of Investor Grievance Cell

    April 1995 Establishment of NSCCL, the first Clearing Corporation

    June 1995 Introduction of centralised insurance cover for all trading members

    July 1995 Establishment of Investor Protection Fund

    October 1995 Became largest stock exchange in the country

    http://en.wikipedia.org/wiki/S&P_CNX_Niftyhttp://en.wikipedia.org/wiki/CNX_Nifty_Juniorhttp://en.wikipedia.org/wiki/S&P_CNX_500http://www.nse-india.com/content/debt/debt_introduction.htmhttp://www.nse-india.com/content/equities/eq_introduction.htmhttp://www.nse-india.com/content/us/us_nsccl.htmhttp://en.wikipedia.org/wiki/S&P_CNX_Niftyhttp://en.wikipedia.org/wiki/CNX_Nifty_Juniorhttp://en.wikipedia.org/wiki/S&P_CNX_500http://www.nse-india.com/content/debt/debt_introduction.htmhttp://www.nse-india.com/content/equities/eq_introduction.htmhttp://www.nse-india.com/content/us/us_nsccl.htm
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    April 1996 Commencement of clearing and settlement by NSCCL

    April 1996 Launch of S&P CNX Nifty

    June 1996 Establishment of Settlement Guarantee Fund

    November 1996Setting up of National Securities Depository Limited, first depository inIndia, co-promoted by NSE

    November 1996 Best IT Usage award by Computer Society of India

    December 1996 Commencement of trading/settlement in dematerialised securities

    December 1996 Dataquest award for Top IT User

    December 1996 Launch of CNX Nifty Junior

    February 1997 Regional clearing facility goes live

    November 1997 Best IT Usage award by Computer Society of India

    May 1998Promotion of joint venture,India Index Services & Products Limited(IISL)

    May 1998 Launch of NSE's Web-site: www.nse.co.in

    July 1998 Launch of NSE's Certification Programme in Financial Market

    August 1998 CYBER CORPORATE OF THE YEAR 1998 award

    February 1999 Launch of Automated Lending and Borrowing Mechanism

    April 1999 CHIP Web Award by CHIP magazine

    October 1999 Setting up of NSE.ITJanuary 2000 Launch of NSE Research Initiative

    February 2000 Commencement of Internet Trading

    June 2000 Commencement of Derivatives Trading (Index Futures)

    September 2000 Launch of 'Zero Coupon Yield Curve'

    November 2000Launch of Broker Plaza by Dotex International, a joint venture between NSE.IT Ltd. and i-flex Solutions Ltd.

    December 2000 Commencement of WAP trading

    June 2001 Commencement of trading inIndex Options

    July 2001 Commencement of trading inOptions on Individual Securities

    November 2001 Commencement of trading inFutures on Individual Securities

    December 2001 Launch of NSE VaR for Government Securities

    January 2002 Launch of Exchange Traded Funds (ETFs)

    http://www.nse-india.com/content/indices/ind_nifty.htmhttp://www.nse-india.com/content/us/us_nsdl.htmhttp://www.nse-india.com/content/indices/ind_jrnifty.htmhttp://www.nse-india.com/content/indices/ind_iisl.htmhttp://www.nse-india.com/content/indices/ind_iisl.htmhttp://www.nse-india.com/content/ncfm/ncfm_introduction.htmhttp://www.nse-india.com/content/us/us_nseit.htmhttp://www.nse-india.com/content/research/res_introduction.htmhttp://www.nse-india.com/content/equities/eq_internet.htmhttp://www.nse-india.com/content/fo/fo_niftyfutures.htmhttp://www.nse-india.com/content/debt/debt_zcyc.htmhttp://www.nse-india.com/content/equities/eq_wap.htmhttp://www.nse-india.com/content/fo/fo_niftyoptions.htmhttp://www.nse-india.com/content/fo/fo_stockoptions.htmhttp://www.nse-india.com/content/fo/fo_stockfutures.htmhttp://www.nse-india.com/content/debt/debt_var.htmhttp://www.nse-india.com/content/products/prod_etfs.htmhttp://www.nse-india.com/content/indices/ind_nifty.htmhttp://www.nse-india.com/content/us/us_nsdl.htmhttp://www.nse-india.com/content/indices/ind_jrnifty.htmhttp://www.nse-india.com/content/indices/ind_iisl.htmhttp://www.nse-india.com/content/indices/ind_iisl.htmhttp://www.nse-india.com/content/ncfm/ncfm_introduction.htmhttp://www.nse-india.com/content/us/us_nseit.htmhttp://www.nse-india.com/content/research/res_introduction.htmhttp://www.nse-india.com/content/equities/eq_internet.htmhttp://www.nse-india.com/content/fo/fo_niftyfutures.htmhttp://www.nse-india.com/content/debt/debt_zcyc.htmhttp://www.nse-india.com/content/equities/eq_wap.htmhttp://www.nse-india.com/content/fo/fo_niftyoptions.htmhttp://www.nse-india.com/content/fo/fo_stockoptions.htmhttp://www.nse-india.com/content/fo/fo_stockfutures.htmhttp://www.nse-india.com/content/debt/debt_var.htmhttp://www.nse-india.com/content/products/prod_etfs.htm
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    May 2002 NSE wins the Wharton-Infosys Business Transformation Award in theOrganization-wide Transformation category

    October 2002 Launch of NSE Government Securities Index

    January 2003 Commencement of trading inRetail Debt Market

    June 2003 Launch of Interest Rate Futures

    August 2003 Launch of Futures & options inCNXIT Index

    June 2004 Launch of STP Interoperability

    August 2004 Launch of NSEs electronic interface for listed companies

    March 2005 India Innovation Award by EMPI Business School, New Delhi

    June 2005 Launch of Futures & options inBANK Nifty Index

    December 2006 'Derivative Exchange of the Year', by Asia Risk magazine

    January 2007 Launch of NSE CNBC TV 18 media centre March 2007 NSE, CRISIL announce launch of IndiaBondWatch.com

    June 2007 NSE launches derivatives on Nifty Junior & CNX 100

    October 2007 NSE launches derivatives on Nifty Midcap 50

    January 2008 Introduction of Mini Nifty derivative contracts on 1st January 2008

    March 2008 Introduction of long term option contracts on S&P CNX Nifty Index

    April 2008 Launch of India VIX

    April 2008 Launch of Securities Lending & Borrowing SchemeAugust 2008 Launch of Currency Derivatives

    Individual stock performance S&P CNX Nifty

    The S&P CNX Nifty closed at 2755.1 points on November 28, 2008 representing a decrease of130.50 pts points (4.52%), as compared to 2885.6 points on October 31, 2008. During the monthof November 2008, S&P CNX Nifty touched a high of 3240.55 points on November 05, 2008 before closing at 2755.1 points on November 28, 2008. The market capitalization of S&P CNX Nifty decreased from Rs.1785998 corers on October 31, 2008, to Rs.1706209 corers on November 28, 2008 i.e. a decrease of Rs.79789crores (4.47%). During the month of November

    http://www.nse-india.com/content/debt/debt_gsecindex.htmhttp://www.nse-india.com/content/rdm/rdm_introduction.htmhttp://www.nse-india.com/content/fo/fo_interestrate.htmhttp://www.nse-india.com/content/fo/fo_products.htmhttp://www.nse-india.com/content/press/prs_attn_eii.htmhttp://www.nse-india.com/content/fo/fo_products.htmhttp://www.nse-india.com/content/press/prs_asiarisk.htmhttp://www.nse-india.com/content/press/prs_attn_nsecnn.htmhttp://www.nse-india.com/content/press/prs_ibw.htmhttp://www.nse-india.com/content/press/prs_fo_indices1.htmhttp://www.nse-india.com/content/press/prs_fo_indices2.htmhttp://www.nse-india.com/content/press/prs_fo_mininifty.htmhttp://www.nse-india.com/content/press/prs_long_term_contracts.htmhttp://www.nse-india.com/content/press/prs_vix.htmhttp://www.nse-india.com/content/press/prs_whatsnew_slbs.htmhttp://g/Sandy/Bse/National%20Stock%20Exchange%20of%20India%20Ltd1_files/homepage.htmhttp://www.nse-india.com/content/debt/debt_gsecindex.htmhttp://www.nse-india.com/content/rdm/rdm_introduction.htmhttp://www.nse-india.com/content/fo/fo_interestrate.htmhttp://www.nse-india.com/content/fo/fo_products.htmhttp://www.nse-india.com/content/press/prs_attn_eii.htmhttp://www.nse-india.com/content/fo/fo_products.htmhttp://www.nse-india.com/content/press/prs_asiarisk.htmhttp://www.nse-india.com/content/press/prs_attn_nsecnn.htmhttp://www.nse-india.com/content/press/prs_ibw.htmhttp://www.nse-india.com/content/press/prs_fo_indices1.htmhttp://www.nse-india.com/content/press/prs_fo_indices2.htmhttp://www.nse-india.com/content/press/prs_fo_mininifty.htmhttp://www.nse-india.com/content/press/prs_long_term_contracts.htmhttp://www.nse-india.com/content/press/prs_vix.htmhttp://www.nse-india.com/content/press/prs_whatsnew_slbs.htmhttp://g/Sandy/Bse/National%20Stock%20Exchange%20of%20India%20Ltd1_files/homepage.htm
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    2008, Bharat Petroleum Corporation Ltd. was the biggest gainer in S&P CNX Nifty constituentlist delivering a positive return of 23.72%, Unitech Ltd. was the biggest loser, deliveringnegative returns of 52.17%, during the same month.

    Name of NSE 50 companiesRELIANCE INDUSTRIES LTD., OIL AND NATURAL GAS CORPORATION LTD.,BHARTI AIRTEL LIMITED, NTPC LTD, RELIANCE COMMUNICATIONS LTD., ICICIBANK LTD., INFOSYS TECHNOLOGIES LTD., TATA CONSULTANCY SERVICES LTD,BHEL, STATE BANK OF INDIA, STEEL AUTHORITY OF INDIA, LARSEN & TOUBROLTD., HERO HONDA MOTORS LTD, ZEE ENTERTAINMENT LTD, INDIANPETROCHEMICALS CORPORATION LTD., CIPLA LTD, BHARAT PETROLEUM

    CORPORATION LTD., VIDESH SANCHAR NIGAM LTD, DR. REDDY'SLABORATORIES, MAHANAGAR TELEPHONE NIGAM LTD, GLAXOSMITHKLINEPHARMA LTD., ABB LTD., POWER GRID CORPORATION OF INDIA, RELIANCEENERGY LTD, SIEMENS LTD, ACC LIMITED, AMBUJA CEMENTS LTD, HCLTECHNOLOGIES LTD, HINDALCO INDUSTRIES LTD, NATIONAL ALUMINIUM COLTD, SUN PHARMACEUTICALS IND., MAHINDRA & MAHINDRA LTD, TATA POWER CO LTD, PUNJAB NATIONAL BANK, RANBAXY LABS LTD, ITC LTD, RELIANCEPETROLEUM LTD., HDFC LTD, WIPRO LTD, STERLITE INDUSTRIES LTD., HDFCBANK LTD, TATA STEEL LIMITED, HINDUSTAN UNILEVER LTD., SUZLON ENERGYLIMITED, GAIL (INDIA) LTD, GRASIM INDUSTRIES LTD, SATYAM COMPUTER SERVICES, TATA MOTORS LIMITED, MARUTI UDYOG LIMITED.

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    Bombay Stock Exc hange

    History of the Bombay Stock Exchange

    The Bombay Stock Exchange is known as the oldest exchange in Asia. It tracesits history to the 1850s, when stockbrokers would gather under banyan trees in front of Mumbai's Town Hall. The location of these meetings changed many times, as the number of brokers constantly increased. The group eventually moved to Dalal Street in 1874 and in 1875

    became an official organization known as 'The Native Share & Stock Brokers Association'. In1956, the BSE became the first stock exchange to be recognized by the Indian Governmentunder the Securities Contracts Regulation Act.

    The Bombay Stock Exchange developed the BSE Sensex in 1986, giving the BSE a means tomeasure overall performance of the exchange. In 2000 the BSE used this index to open its

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    derivatives market, trading Sensex futures contracts. The development of Sensex options alongwith equity derivatives followed in 2001 and 2002, expanding the BSE's trading platform.

    Historically an open-cry floor trading exchange, the Bombay Stock Exchange switched to anelectronic trading system in 1995. It took the exchange only fifty days to make this transition.

    About the Bombay Stock Exchange

    As the first stock exchange in India, the Bombay Stock Exchange is considered to have played avery important role in the development of the country's capital markets. The Bombay Stock Exchange is the largest of 22 exchanges in India, with over 6,000 listed companies. It is also thefifth largest exchange in the world, with market capitalization of $466 billion.

    The Bombay Stock Exchange uses the BSE Sensex, an index of 30 large, developed BSE stocks.This index gives a measure of the overall performance of the Bombay Stock Exchange, and isclosely followed around the world. Based on the Sensex, the BSE equity market has grownsignificantly since 1990.

    In addition to individual stocks, the BSE also has a market in derivatives, which was the first to be established in India. Listed derivatives on the exchange include stock futures and options,index futures and options, and weekly options.

    The Bombay Stock Exchange is also actively involved with the development of the retail debt

    market. The debt market in India is considered extremely important, as the country continues todevelop and depends on this type of investment for growth. Until recently, the debt market inIndia was limited to a wholesale market, with banks and financial institutions as the only participants. The Bombay Stock Exchange believes that a retail market will bring greatopportunities to individual investors through better diversification.

    SENSEX Calculation Methodology

    SENSEX is calculated using the "Free-float Market Capitalization" methodology, wherein, thelevel of index at any point of time reflects the free-float market value of 30 component stocksrelative to a base period. The market capitalization of a company is determined by multiplyingthe price of its stock by the number of shares issued by the company. This market capitalizationis further multiplied by the free-float factor to determine the free-float market capitalization.

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    Definition of Free-float

    Shareholding of investors that would not, in the normal course come into the open market for trading are treated as 'Controlling/ Strategic Holdings' and hence not included in free-float.

    Specifically, the following categories of holding are generally excluded from the definition of Free-float:

    Shares held by founders/directors/ acquirers which has control element

    Shares held by persons/ bodies with "Controlling Interest"

    Shares held by Government as promoter/acquirer

    Holdings through the FDI Route

    Strategic stakes by private corporate bodies/ individuals Equity held by associate/group companies (cross-holdings)

    Equity held by Employee Welfare Trusts

    Locked-in shares and shares which would not be sold in the open market in normalcourse.

    Step1: Find out the free-float market cap of all the 30 companies that make up theSensex.

    Step2: Add all the free-float market caps of all the 30 companies.Step3: Make all this relative to the Sensex base. The value you get is the Sensex value!

    Suppose, for a free-float market cap of Rs.100,000 Cr... the Sensex value is 4000Then, for a free-float market cap of Rs.150,000 Cr... the Sensex value will be..

    So, the Sensex value will be 6000 if the free-float market cap comes to Rs.150,000 Cr!

    Major advantages of Free-float Methodology

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    A Free-float index reflects the market trends more rationally as it takes into considerationonly those shares that are available for trading in the market.

    Free-float Methodology makes the index more broad-based by reducing the

    concentration of top few companies in Index.

    A Free-float index aids both active and passive investing styles. It aids active managers by enabling them to benchmark their fund returns vis- -vis an investible index. Thisenables an apple-to-apple comparison thereby facilitating better evaluation of performance of active managers. Being a perfectly replicable portfolio of stocks, a Free-float adjusted index is best suited for the passive managers as it enables them to track theindex with the least tracking error.

    Free-float Methodology improves index flexibility in terms of including any stock fromthe universe of listed stocks. This improves market coverage and sector coverage of theindex. For example, under a Full-market capitalization methodology, companies withlarge market capitalization and low free-float cannot generally be included in the Index because they tend to distort the index by having an undue influence on the indexmovement. However, under the Free-float Methodology, since only the free-float marketcapitalization of each company is considered for index calculation, it becomes possible

    to include such closely-held companies in the index while at the same time preventingtheir undue influence on the index movement.

    Globally, the Free-float Methodology of index construction is considered to be anindustry best practice and all major index providers like MSCI, FTSE, S&P and STOXX haveadopted the same. MSCI, a leading global index provider, shifted all its indices to the Free-floatMethodology in 2002. The MSCI India Standard Index, which is followed by ForeignInstitutional Investors (FIIs) to track Indian equities, is also based on the Free-float

    Methodology. NASDAQ-100, the underlying index to the famous Exchange Traded Fund (ETF)- QQQ is based on the Free-float Methodology.

    Dollex-30BSE also calculates a dollar-linked version of SENSEX and historical values of this index areavailable since its inception. (For more details click 'Dollex series of BSE indices' ).

    http://www.bseindia.com/about/abindices/dollex1.asphttp://www.bseindia.com/about/abindices/dollex1.asphttp://www.bseindia.com/about/abindices/dollex1.asphttp://www.bseindia.com/about/abindices/dollex1.asp
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    BSE-100 IndexA broad-based index, the BSE-100 was formerly known as the BSE National index.

    This Index has 1983-84 as the base year and was launched in 1989. In line with the shift of theBSE Indices to the globally accepted Free-Float methodology, BSE-100 was shifted to Free-Float methodology effective from April 5, 2004. The method of computation of Free-Floatindex and determination of free-float factors is similar to the methodology for SENSEX.

    BSE-200 Index

    Though SENSEX (1978-79=100) was serving the purpose of quantifying the price movementsas also reflecting the sensitivity of the market in an effective manner, the rapid growth of themarket necessitated compilation of a new broad-based index series reflecting the market trendsin a more effective manner and providing a better representation of the increased equity stocks,market capitalization as also to the new industry groups. As such, BSE launched on 27th May

    1994, two new index series-BSE-200 and Dollex-200.

    Dollex-200BSE also calculates a dollar-linked version of BSE-200 index and historical values of this indexare available since its inception.

    BSE-500 Index

    Bombay Stock Exchange Limited constructed a new index, christened BSE-500, consisting of500 scrips w.e.f. August 9, 1999. The changing pattern of the economy and that of the marketwere kept in mind while constructing this index.

    BSE-500 index represents nearly 93% of the total market capitalization on BSE. BSE-500

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    covers all 20 major industries of the economy. In line with other BSE indices, effective August16, 2005 calculation methodology was shifted to the free-float methodology.

    Awards The World Council of Corporate Governance has awarded the Golden Peacock Global

    CSR Award for BSE's initiatives in Corporate Social Responsibility (CSR).

    The Annual Reports and Accounts of BSE for the year ended March 31, 2006 and March31 2007 have been awarded the ICAI awards for excellence in financial reporting.

    The Human Resource Management at BSE has won the Asia - Pacific HRM awards for its efforts in employer branding through talent management at work, health management

    at work and excellence in HR through technology.

    Milestones of BSEDATE POINTS

    JULY-25-1990 1000

    MARCH-30-1992 4000

    FEBRUARY-11-2000 6000

    DECEMBER-09-2005 9000

    APRIAL-20-2006 12000

    JULY-06-2007 15000

    OCTOMBER-15-2007 19000

    JANUARY-08-2008 21000

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    Current Sensex

    Graph of BSE for the month of December

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    DATE CLOSE CHANGE%CHANGE

    1-Dec-08 8,839.87

    2-Dec-08 8,739.24 -100.63 -1.1383653-Dec-08 8,747.43 8.19 0.09371524-Dec-08 9,229.75 482.32 5.51384815-Dec-08 8,965.20 -264.55 -2.8662758-Dec-08 9,162.62 197.42 2.2020702

    10-Dec-08 9,654.90 492.28 5.372699111-Dec-08 9,645.46 -9.44 -0.09777412-Dec-08 9,690.07 44.61 0.462497415-Dec-08 9,832.39 142.32 1.4687216-Dec-08 9,976.98 144.59 1.470547917-Dec-08 9,715.29 -261.69 -2.62293818-Dec-08 10,076.43 361.14 3.717233419-Dec-08 10,099.91 23.48 0.23301922-Dec-08 9,928.35 -171.56 -1.69862923-Dec-08 9,686.75 -241.60 -2.43343624-Dec-08 9,568.72 -118.03 -1.21846926-Dec-08 9,328.92 -239.80 -2.50608229-Dec-08 9,533.52 204.60 2.193179930-Dec-08 9,716.16 182.64 1.9157667

    31-Dec-08 9,647.31 -68.85 -0.708613

    EXPLANATION

    The month of December is started with a point of 8839.87 points and on the second day itself sensex has lost nearly 100 points. On 4th December sensex has gain a 482.32 points with a 5%increase and on 10th December sensex gain nearly 500 points. From 22nd December to 26th

    December sensex has lost nearly 700 points and after this sensex has gained 204 points. At lastof day of the year sensex is closed with a negative value by losing 68 points.

    Name of 30 BSE companies

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    ACC, BHARTI AIRTEL, BHEL, DLF, GRASIM, HDFC, HDFC BANK, HINDALCO, HUL,ICICI BANK, INFOSYS, ITC, JAIPRAKASH ASSOCIATES, L&T, MAHINDR &MAHINDRA, MARUTI SUZUKI, ONGC, NTPC, RANABAXY LAB, RELIENCE,RELIENCE COMM, RELIENCE INFRASTRUCTURE, SATYAM, SBI, STERLITEINDUSTRY, TATA MOTORS, TATA POWER, TATA STEEL. TCS, WIPRO.

    NASDAQ

    History of NASDAQ

    When the NASDAQstock exchange began trading on February 5, 1971,the NASDAQ was the world's firstelectronic stock market. At first, it was merely acomputer bulletin boardsystem and did not actually connect buyers and sellers. The NASDAQ helpedlower the spread (the difference between the bid price and the ask price of the stock) but

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    somewhat paradoxically was unpopular among brokerages because they made much of their money on the spread.

    NASDAQ was the successor to theover-the-counter (OTC) and the "Curb Exchange" systems of trading. As late as 1987, the NASDAQ exchange was still commonly referred to as the OTC inmedia and also in the monthlyStock Guidesissued byStandard & Poor 's Corporation.

    Over the years, NASDAQ became more of a stock market by adding trade and volumereporting and automated trading systems. NASDAQ was also the first stock market in the UnitedStates to advertise to the general public, highlighting NASDAQ-traded companies (usually intechnology) and closing with the declaration that NASDAQ is "the stock market for the nexthundred years." Its main index is the NASDAQ Composite, which has been published since itsinception. However, its exchange-traded fund tracks the large-cap NASDAQ 100index, which

    was introduced in 1985 alongside the NASDAQ 100 Financial Index.

    Until 1987, most trading occurred via the telephone, but during theOctober 1987 stock market crash, market makersoften didn't answer their phones. To counteract this, theSmall Order Execution System(SOES) was established, which provides an electronic method for dealers toenter their trades. NASDAQ requires market makers to honor trades over SOES.

    In 1992, it joined with theLondon Stock Exchangeto form the first intercontinental linkage of securities markets. NASDAQ's 1998 merger with theAmerican Stock Exchangeformed the

    NASDAQ-Amex Market Group, and by the beginning of the 21st century it had become thelargest electronic stock market (in terms of both dollar value and share volume) in the UnitedStates. NASD spun off NASDAQ in 2000 to form a publicly traded company,the NASDAQ Stock Market, Inc.

    The term Circuit Breaker has been used to describe the halted state of theNASDAQ in theUnited States during a complete suspension of thestock market.The only Circuit Breaker wasOctober 27, 1997.

    On November 8, 2007, Gunter bought thePhiladelphia Stock Exchange(PHLX) for US$652million. PHLX is the oldest stock exchange in America, having been in operation since 1790.

    NASDAQ lists approximately 3,200securities,of which 335 are non-U.S. companies from 35countries representing all industry sectors. To qualify for listing on the exchange, a companymust be registered with the SEC, have at least threemarket makers(financial firms that act as

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    brokers or dealers for specific securities), and meet minimum requirements for assets, capital, public shares, and shareholders. Nasdaq OMX now has a dual listing agreement with theTel Aviv Stock Exchange.

    It would now seem to count (charged by federal prosecutors on December 11 2008) one of itsformer chairmen, Bernard Madoff, among one of the greatest securities fraudsters in history.

    About NASDAQThe NASDAQ (National Association of Securities Dealers Automated Quotations) is anAmerican stock exchange. It is the largestelectronic screen-basedequity securitiestradingmarket in the United States. With approximately 3,200 companies, it has more trading volume per day than any other stock exchange in the world.

    It was founded in 1971 by theNational Association of Securities Dealers(NASD), whodivestedthemselves of it in a series of sales in 2000 and 2001. It is owned and operated by the NASDAQ OMX Group, the stock of which was listed on its own stock exchange in 2002, and ismonitored by theSecurities and Exchange Commission(SEC). With the completed purchase of the Nordic-based operated exchangeOMX, following its agreement withBorse Dubai, NASDAQ is poised to capture 67% of the controlling stake in the aforementioned exchange,thereby inching ever closer to taking over the company and creating a trans-atlantic powerhouse.The group, now known as Nasdaq-OMX, controls and operates the NASDAQ stock exchange in

    New York City-- the second largest exchange in the United States. It also operates eight stock exchanges in Europe and holds one-third of the Dubai Stock Exchange. It has a double-listingagreement with OMX, and will compete with NYSE-Euronext group in attracting new listings.

    Business

    The NASDAQ Composite index

    NASDAQ allowsmultiple market participants to trade through itsElectronic Communication Networks(ECNs) structure, increasingcompetition. TheSmall Order Execution System(SOES)is another NASDAQ feature, introduced in 1987, to ensure that in 'turbulent' market conditionssmall market orders are not forgotten but are automatically processed. With approximately 3,200

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    companies, it lists more companies and, on average, its systems trade more shares per day thanany other stock exchange in the world. NASDAQ will follow the New York Stock Exchangeinhalting domestic trading in the event of a sharp and sudden decline of theDow Jones Industrial Average.

    Milestone of NASDAQ

    1) It was incorporated in 1971 as the first electronic stock exchange in the world.

    2) In the year 1994 NASDAQ beat the NYSE in annual shares traded.

    3) In the year 1998 the NASDAQ merged with the American Stock Exchange.

    DOW JONES

    History of DOWJONESThe DJIA was first published in Customer's Afternoon Letter. It was published on May26, 1896, and represented the average of twelve stocks from important Americanindustries The average is computed from thestock pricesof 30 of the largest and mostwidely held public companies in theUnited States. When it was first published, the indexstood at 40.94. It was computed as a direct average, by first adding up stock prices of itscomponents and dividing by the number of stocks in the index. The Dow averaged 5.3%compounded annually for the 20th century, a recordWarren Buffettcalled "a wonderfulcentury"when he calculated that to achieve that return again, the index would need toreach nearly 2,000,000 by 2100.Many of the biggest percentage price moves in The Dowoccurred early in its history, as the nascent industrial economy matured. The index hit its

    all-time low of 28.48 during the summer of 1896.

    On July 30, 1914, when the New York Stock Exchangewas closed for the next four months, the index stood at 71.42. Some historians believe the Exchange closed becauseof a concern that markets would plunge as a result of panic over the onset of World War I. An alternative explanation is that the Secretary of the Treasury,William Gibbs

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    McAdoo, closed the exchange because he wanted to conserve the US gold stock in order to launch theFederal Reserve Systemlater that year with enough gold to keep the US onthe gold standard. When the markets reopened on December 12, 1914, the index closed.

    About DOWJONESThe Dow Jones Industrial Average ( NYSE: DJI, also called the DJIA, Dow 30, INDP, or informally the Dow Jones or The Dow) is one of severalstock market indices, created bynineteenth-centuryWall Street Journal/ editor andDow Jones & Companyco-founder

    Charles Dow. Dow compiled the index to gauge the performance of the industrial sector of the Americanstock market. It is the second-oldest U.S. market index, after theDow Jones Transportation Average, which Dow also created.

    Milestone of DOWJONES

    POINTS DATE

    POINTS DATE

    1,000 14-Nov-72 8,000 16-Jul-972,000 8-Jan-87 9,000 6-Apr-983,000 17-Apr-91 10,000 29-Mar-994,000 23-Feb-95 11,000 16-Jul-995,000 21-Nov-95 12,000 19-Oct-066,000 14-Oct-96 13,000 25-Apr-077,000 13-Feb-97 14,000 19-Jul-07

    Major falls in DOWJONES

    DATE POINTS DATE POINTSSep 29 2008 777.68 Oct 27 1997 554.26Oct 15 2008 733.08 Oct 22 2008 514.45Sep 17 2001 684.81 Aug 31 1998 512.62Oct 9 2008 678.91 Jun 10 2008 508.39

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    Apr 14 2000 617.77 Oct 19 1987 508.00

    Calculation mythology of DOWJONESTo calculate the DJIA, the sum of the prices of all 30 stocks is divided by adivisor, the DJIA divisor . The divisor is adjusted in case of splits, spinoffs or similar structural changes, to ensurethat such events do not in themselves alter the numerical value of the DJIA. The initial divisor was the number of component companies, so that the DJIA was at first a simple arithmeticaverage; the present divisor, after many adjustments, is less than one (meaning the index isactually larger than the sum of the prices of the components). That is:

    Where p is the prices of the component stocks andd is the Dow Divisor.

    Events like stock splits or changes in the list of the companies composing the index alter the sumof the component prices. In these cases, in order to avoid discontinuity in the index, the Dowdivisor is updated so that the quotations right before and after the event coincides:

    How the stocks are picked in DOWJONESThe editors of the journal The Wall Street Journal select the stocks or companies to betraded in DOWJONES. In selecting a company they take border view of the company meanswhat industrial means. In selecting a new company to be traded in DJIA they look amongsubstantial industrial companies and with the history of successful growth and wide interestamong investors. The components of the DJIA are not changed often. If one of the stocks to beacquired or to be changed then all other stocks are also to be reviewed.

    E.g. : In September 2008, the insurance giant AIG prompted its ejection from the index and areplacement by Kraft Foods.

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    Companies of DOWJONESCOMPANY SECTOR COMPANY SECTOR 3M Industrials Home Depot Home ItemsAlcoa Aluminum Intel SemiconductorsAmerican Express Financial IBM ComputersAT&T communication Johnson & Johnson PharmaceuticalsBank of America Retail banking JPMorgan Chase BankingBoeing Aerospace Kraft Foods Food processingCaterpillar Construction McDonald's Restaurants

    Chevron Oil and gas Merck PharmaceuticalsCitigroup Banking Microsoft SoftwareCoca-Cola Beverages Pfizer PharmaceuticalsDuPont chemicals Procter & Gamble Household itemsExxonMobil oil & gas United Technologies Aerospace

    General Electric ConglomerateVerizonCommunications Communication

    General Motors Automobiles Wal-Mart RetailersHewlett-Packard Computers Walt Disney Entertainment

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