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A Project Report ON THE ANALYSIS OF “DERIVATIVES FUTURES & OPTIONS

NIFTY-50” With reference to NETWORTH STOCK BROKING Ltd Dilsukhnagar,
Hyderabad. Submitted in partial fulfillment for the Award of the degree of
MASTER OF BUSINESS MANAGEMENT By KRISHNAREDDY (H. T. NO: 08608170)
VANJARI SEETHAIAH MEMORIAL ENGINEERING COLLEGE PATANCHERU
AFFILATED TO JAVAHARLAL NEHRU TECHNOLOGY UNIVERSITY HYDERABAD
2008-2010 DECLARATION I hereby declare that this Project Report entitled
“DERIVATIVES FUTURES & OPTIONS NIFTY-50” done at NETWOTH STOCK
BROCKING .Ltd submitted by me in partial fulfillment for the award of MASTER
OF BUSINESS ADMINISTRATION at T.K.R.

INSTITUTE MANAGEMENT AND SCIENCE, Meerpet, Hyderabad bonafide work

done by me. I further declare that this work is not been copied or lent and it is
not submitted to any other university or institution for the award of any
degree/diploma/certificate or published any time before.

Signature of the Student ABSTRACT ` The Study depends on Financial Derivatives

with uncommon reference to Futures and Options at NETWORTH STOCK
BROKING LIMITED. Subsidiary market has energized from hundreds of years as
requirement for both clients and producers of regular resources to fence against
value fluctuations in hidden commodities, bonds, monetary forms, stocks and
stock files.
In the derivatives advertise Future contract was intended to solve limitations that
existed in Forward contract options are also assume major role in subsidiary. In
Bullish market the Call option Writer acquires more profit, where as the in Bearish
market the Call option holder will bring about more losses and the put option
essayist will get more profit so he is proposed to hold as Put option.

Derivatives advertise is an innovation to Cash showcase, approximately its day by

day turnover compasses to the equivalent phase of money advertise. In Cash
advertise the investor needs to pay the total money, yet in derivatives investors
needs to pay premiums or edges, which are some level of total money.
Derivatives are mostly utilized for supporting purposes.

The subordinate market is recently begun in India and it isn't known by each
investor, so SEBI needs to find a way to make mindfulness among the investors as
about the Derivatives section. ACKNOWLEDGEMENT I express my deep sense of
gratitude and indebtedness to Mr. D.PRAVEEN KUMAR BRANCH MANAGER of
NETWORTH STOCK BROKING Ltd for his able guidance and continuous support
on this project without whose endeavor the project would not have been
completed. I wish to express my heart full thanks to Mrs. Archana, project - in
charge (Finance) of TKR Institute of Management and Science, R.R.District for
rendering her helpful hand in completion of the project.

Last but not the least, I would like to express my gratitude to all those who have
helped me directly or indirectly by sparing their valuable time for completion of
my project (PRAGNA.P) Table of Contents Contents Page Numbers List of Tables
List of Figures 1. Introduction 2. Review of Literature 3. The Company Profile The
Market Profile 4. Data Analysis & Interpretation 5. Conclusion & Suggestions 6.
Bibliography LIST OF TABLES TABLES PAGE No.

Pay off from Call Buying/Long Pay off from Put Buying/Long Effect of increase in
relevant parameter option prices 29-April-2010 Future INDEX NIFTY-50 NIFTY
5400 Call Option Table for 29-April-2010 NIFTY 5400 Put Option Table for 29-
April-2010 May 2010 Contract 5000 Call Option for May 2010 5000 Put Option
for May 2010 5100 put option for May 2010 June 2010 Contract 5100 Call Option
for June 2010 5100 Put Option for June 2010 LIST OF FIGURES FIGURES PAGE No
Payoff for a buyer of futures Payoff for a seller of futures Payoff from Cal
Buying/Long Payoff from Put Buying/Long Services of the Networth Stock
Broking Company 107 NSBC Branches locations throughout India CHAPTER-1
INTRODUCTION INTRODUCTION A subsidiary is a security whose esteem relies
upon the estimation of more essential fundamental variable.

These are also known as contingent cases. Subordinate securities have been
exceptionally successful innovation in capital market. The development of the
market for subsidiary products, most notably forwards, futures and options, can
be followed back to the readiness of hazard loath economic operators to watch
themselves against vulnerabilities emerging out of fluctuations in resource costs.

By their exceptionally nature, financial markets are set apart by a high level of
volatility. Through the utilization of subsidiary products, is possible to halfway or
fully transfer value chances by a locking - in resource costs. As instruments of
hazard administration, these for the most part do not influence the fluctuation in
the hidden resource costs.

However, by locking-in resource costs, subsidiary products limit the effect of

fluctuations in resource costs on the profitability and income situation of hazard
loath investor. Derivatives are hazard administration instruments, which drive
their esteem form basic resource. Hidden resource can be bullion, record, share,
bonds, cash, premium and so on. MAIN TOPICS OF STUDY 1.

INTRODUCTION TO DERIVATIVE The origin of derivatives can be followed back to

the need of farmers to protect themselves against fluctuations in the cost of their
crop. From the time it was sown to the time it was prepared for gather, farmers
would face value vulnerability. Through the utilization of straightforward
subordinate products, it was possible for the farmer to halfway or fully transfer
value chances by locking-in resource costs. These were basic contracts developed
to address the issues of farmers and were essentially a methods for decreasing
danger.

A farmer who sowed his crop in June faced vulnerability over the value he would
get for his reap in September. In long periods of shortage, he would probably
obtain appealing costs. However, amid times of oversupply, he would need to
dispose off his reap at a low cost. Plainly this implied the farmer and his family
were exposed to a high danger of value vulnerability.

On the other hand, a shipper with an ongoing prerequisite of grains too would
face a value chance that of paying exorbitant costs amid lack, although favorable
costs could be obtained amid periods of oversupply. Under such conditions, it
unmistakably seemed well and good for the farmer and the trader to come
together and go into contract whereby the cost of the grain to be conveyed in
September could be chosen before.

What they would then negotiate happened to be futures-type contract, which

would empower both sides to wipe out the value chance. In 1848, the Chicago
Board Of Trade, or CBOT, was set up to unite farmers and vendors. A group of
brokers got together and made the 'to-arrive' contract that allowed farmers to
lock into cost upfront and convey the grain later.

These to-arrive contracts proved useful as a gadget for supporting and

speculation on value charges. These were in the long run institutionalized, and in
1925 the first futures clearing house appeared. Today derivatives contracts exist
on assortment of commodities, for example, corn, pepper, cotton, wheat, silver
and so forth.

Other than commodities, derivatives contracts also exist on a lot of financial basic
like stocks, loan fee, swapping scale, and so on. 2. DERIVATIVE DEFINED A
subsidiary is a product whose esteem is gotten from the estimation of one or
more basic factors or resources in a contractual way. The basic resource can be
value, forex, commodity or some other resource.

In our prior discussion, we saw that wheat farmers may wish to pitch their gather
at a future date to dispense with the danger of progress in cost by that date.
Such a transaction is a case of a subsidiary. The cost of this subsidiary is driven by
the spot cost of wheat which is the "hidden" for this situation. The Forwards
Contracts (Regulation) Act, 1952, controls the forward/futures contracts in
commodities all over India.

According to this the Forward Markets Commission (FMC) continues to have

jurisdiction over commodity futures contracts. However when derivatives
exchanging securities was introduced in 2001, the expression "security" in the
Securities Contracts (Regulation) Act, 1956 (SCRA), was corrected to incorporate
subsidiary contracts in securities. Consequently, regulation of derivatives went
under the domain of Securities Exchange Board of India (SEBI).

We in this manner have isolate regulatory authorities for securities and

commodity subsidiary markets. Derivatives are securities under the SCRA and
henceforth the exchanging of derivatives is governed by the regulatory
framework under the SCRA. The Securities Contracts (Regulation) Act, 1956
defines "subsidiary" to incorporate A security got from an obligation instrument,
share, loan whether secured or unsecured, hazard instrument or contract
differences or some other form of security.

A contract which gets its incentive from the costs, or file of costs, of hidden
securities. 3. TYPES OF DERIVATIVES MARKET Exchange Traded Derivatives Over
The Counter Derivatives National Stock Bombay Stock National Commodity &
Exchange Exchange Derivative Exchange Index Future Index option Stock option
Stock future Figure.1 Types of Derivatives Market 4. TYPES OF DERIVATIVES
Figure.2

Types of Derivatives FORWARD CONTRACTS A forward contract is a consent to

purchase or offer a benefit on a specified date for a specified cost. One of the
gatherings to the contract expect a long position and consents to purchase the
basic resource on a specific specified future date for a specific specified cost. The
other party accept a short position and consents to offer the benefit on a similar
date for a similar cost.

Other contract points of interest like conveyance date, cost and amount are
negotiated reciprocally by the gatherings to the contract. The forward contracts
are normally exchanged outside the trades. BASIC FEATURES OF FORWARD
CONTRACT • They are reciprocal contracts and henceforth exposed to counter-
party chance.

• Each contract is custom composed, and henceforth is one of a kind as far as

contract measure, expiration date and the benefit write and quality. • The
contract cost is by and large not accessible openly domain. • On the expiration
date, the contract must be settled by conveyance of the resource. • If the
gathering wishes to switch the contract, it needs to compulsorily go to a similar
counter-party, which often brings about high costs being charged.

However forward contracts in certain markets have become exceptionally

institutionalized, as on account of foreign trade, in this manner diminishing
transaction costs and expanding transactions volume. This process of
standardization achieves its point of confinement in the organized futures
showcase. Forward contracts are often confused with futures contracts.

The confusion is principally in light of the fact that both serve basically the same
economic functions of allocating hazard within the sight of future value
vulnerability. However futures are a significant improvement over the forward
contracts as they dispense with counterparty hazard and offer more liquidity.
FUTURE CONTRACT In finance, a futures contract is an institutionalized contract,
exchanged on a futures trade, to purchase or offer a specific hidden instrument
at a specific date in the future, at a pre-set cost. The future date is known as the
conveyance date or final settlement date.

The pre-set cost is known as the futures cost. The cost of the hidden resource on
the conveyance date is known as the settlement cost. The settlement cost,
normally, converges towards the futures cost on the conveyance date. A futures
contract gives the holder the privilege and the obligation to purchase or offer,
which differs from an options contract, which gives the purchaser the right, yet
not the obligation, and the option author (vender) the obligation, yet not the
right.

To leave the commitment, the holder of a futures position needs to offer his long
position or purchase back his short position, effectively closing out the futures
position and its contract obligations. Futures contracts are trade exchanged
derivatives. The trade goes about as counterparty on all contracts, sets edge
necessities, and so forth. BASIC FEATURES OF FUTURE CONTRACT 1.

Standardization: Futures contracts guarantee their liquidity by being profoundly

institutionalized, for the most part by specifying: The fundamental. This can be
anything from a barrel of sweet unrefined petroleum to a short term loan cost.
The sort of settlement, either money settlement or physical settlement. The
amount and units of the fundamental resource per contract.

This can be the notional amount of bonds, a fixed number of barrels of oil, units
of foreign money, the notional amount of the deposit over which the short term
loan cost is exchanged, and so forth. The money in which the futures contract is
quoted. The review of the deliverable. If there should be an occurrence of bonds,
this specifies which bonds can be conveyed.

If there should be an occurrence of physical commodities, this specifies not only

the nature of the basic goods yet in addition the way and location of conveyance.
The conveyance month. The last exchanging date. Other points of interest, for
example, the tick, the base allowable value fluctuation. 2. Margin: Although the
estimation of a contract at time of exchanging should be zero, its cost constantly
fluctuates.

This renders the owner at risk to unfriendly changes in esteem, and makes a
credit hazard to the trade, who dependably goes about as counterparty. To limit
this hazard, the trade requests that contract owners post a form of collateral,
commonly known as Margin prerequisites are deferred or decreased in some
cases for hedgers who have physical ownership of the covered commodity or
spread dealers who have offsetting contracts adjusting the position.

Beginning Margin: is paid by both purchaser and vender. It speaks to the loss on
that contract, as controlled by historical value changes, which isn't probably
going to be surpassed on a standard day's exchanging. It might be 5% or 10% of
total contract cost.

Stamp to advertise Margin: Because a progression of antagonistic value changes

may debilitate the underlying edge, a further edge, for the most part called
variation or support edge, is required by the trade. This is figured by the futures
contract, i.e. concurring on a cost toward the finish of every day, called the
"settlement" or check to-showcase cost of the contract.

To comprehend the original practice, consider that a futures broker, when taking
a position, deposits money with the trade, called an "edge". This is proposed to
protect the trade against loss. Toward the finish of each exchanging day, the
contract is set apart to its present market esteem. If the broker is on the
triumphant side of an arrangement, his contract has expanded in esteem that
day, and the trade pays this profit into his account.

On the other hand, if he is on the losing side, the trade will charge his account. If
he cannot pay, at that point the edge is utilized as the collateral from which the
loss is paid. 3. Settlement Settlement is the act of consummating the contract,
and can be done in one of two ways, as specified per type of futures contract:
Physical delivery - the amount specified of the underlying asset of the contract is
delivered by the seller of the contract to the exchange, and by the exchange to
the buyers of the contract. In practice, it occurs only on a minority of contracts.

Most are cancelled out by purchasing a covering position - that is, buying a
contract to cancel out an earlier sale (covering a short), or selling a contract to
liquidate an earlier purchase (covering a long). Cash settlement - a money
installment is influenced in light of the fundamental reference to rate, for
example, a short term loan cost list, for example, Euribor, or the closing
estimation of a stock market record. A futures contract may also opt to settle
against a list in view of exchange a related spot advertise.

Expiry is the time when the final costs of the future are resolved. For some value
record and financing cost futures contracts, this occurs on the Last Thursday of
certain exchanging month. On this day the t+2 futures contract becomes the t
forward contract.

PRICING OF FUTURE CONTRACT In a futures contract, for no arbitrage to be

possible, the cost paid on conveyance (the forward cost) must be the same as the
cost (counting enthusiasm) of purchasing and storing the advantage. In other
words, the rational forward cost speaks to the normal future estimation of the
basic discounted at the hazard free rate.

Along these lines, for a straightforward, non-profit paying resource, the

estimation of the future/forward, , will be found by discounting the present an
incentive at time to development by the rate of hazard free return . This
relationship might be modified for storage costs, profits, profit yields, and
convenience yields. Any deviation from this correspondence allows for arbitrage
as follows. For the situation where the forward cost is higher: 1.

The arbitrageur offers the futures contract and purchases the basic today (on the
spot showcase) with borrowed money. 2. On the conveyance date, the
arbitrageur hands over the basic, and gets the concurred forward cost. 3. He at
that point reimburses the bank the borrowed amount in addition to premium. 4.
The difference between the two amounts is the arbitrage profit.

For the situation where the forward cost is lower: 1. The arbitrageur purchases the
futures contract and offers the fundamental today (on the spot advertise); he
contributes the proceeds. 2. On the conveyance date, he trades out the
developed speculation, which has acknowledged at the hazard free rate. 3.

He at that point gets the basic and pays the concurred forward value utilizing the
developed venture. [If he was short the hidden, he returns it now.] 4. The
difference between the two amounts is the arbitrage profit. FUNCTIONS OF
DERIVATIVES MARKETS: The following are various functions that are performed
by the derivatives markets.

They are 1) Prices of every an organized derivatives advertise reflect the

perception of market members about the future and lead the costs of
fundamental to the apparent future level. 2) Derivatives market transfers dangers
from those who have them however dislike them to those who have craving for
them. 3) Derivatives, because of their innate nature, are connected to the
fundamental money markets.
With the introduction of derivatives, the basic market witnesses higher
exchanging volumes in light of participation by more players who would not
otherwise take part for absence of a plan to transfer chance. 4) Speculative
exchanges shift to a more controlled environment of derivatives advertise. 5)
Derivatives exchanging goes about as an impetus for new entrepreneurial
movement.

6) They often stimulate others to make new organizations, new products and new
employment opportunities. 7) Derivatives markets help increment reserve funds
and interest over the long haul. Transfer of hazard empowers showcase members
to grow their volume of movement. Derivatives in this manner promote economic
development.

METHODOLOGY The following advances are involved in the examination

Selection of scrip: Selection of scrip is done on a random premise and the scrip
chose is NIFTY '50. The lot is of 50 estimate, profitability position of futures,
purchasers and dealers and also the option holders and option journalists is
considered. Information Collection: The information of the NIFTY '50 has been
collected from the news paper and web.

The information consist of one month contract and period of information

collection is from 27th Feb. 2009 to 28th may 2009. Investigation: The
examination consist of the tabulation of the information surveying the
profitability position of the fure purchasers and venders and furthermore the
option holder and the option author speaking to the information with diagrams
and making interpretation utilizing information.

SCOPE OF THE STUDY The examination is restricted to "Derivatives with unique

references to futures and options in the Indian context and the NIFTY '50 has
been taken as an agent test for the investigation. The investigation can't be said
as totally perfect. Any alteration may occur. The investigation has only made
humble endeavor at assessing derivatives only in India markets.

The examination did not depend on the international point of view of derivatives
which exists in DOW JONES and NASDAQ. OBJECTIVES OF STUDY 1. To
examination various patterns in subsidiary market. 2. Comparison of the
profits/losses in real money market and subsidiary market. 3. To find out
profit/losses position of the option essayist and option holder. 4. To examination
in detail the role of the forwards, future and options. 5.
To examination the role of derivatives in Indian financial market. 6. To find out
the hazard and comes back with live exchanging qualities. 7. To know how to
limit chance by utilizing STRATEGIES. 8. To give some live cases on options.
LIMITATIONS The following are the limitations of the investigation • The Scrip
chosen for examination is Nifty'50 and the contract taken in February 2009 is a
one month contract finishing off with March. • The information collected is
completely limited to the NIFTY '50 subsequently this examination cannot be
taken generally.

CHAPTER -2 LITERATURE REVIEW DEFINITION Derivatives is a product whose

esteem is gotten from the one or more essential Variables, called base (hidden
resource, record, or estimation of reference rate), in a Contractual way. The basic
resource can be value, forex, commodity or some other resource. In the Indian
context the securities contrasts (regulation) act, 1956 (SCR Act) Defines
"subordinate" as 1) A security got from an instrument, share, loan whether
secured or unsecured, chance instrument or contract for differences or some
other form of security.

2) A contract, which gets its incentive from the costs, or record of costs, or
Underlying securities. Futures contracts, forward contracts, options and swaps are
the most common sorts of derivatives. Since derivatives are simply contracts,
pretty much in light of climate information, for example, the amount of rain or
the quantity of anything can be utilized as a basic resource. There are even
derivatives bright days in a specific region.

Derivatives are for the most part used to support hazard, however can also be
utilized for theoretical purposes EVALUTION OF DERIVATIVES: Derivatives can be
found throughout the history of humanity. In the Middle Ages, taking part in
contracts at foreordained costs for future conveyance of farming products. The
new period for the subsidiary markets was introduced the introduction of
financial derivatives, and it continues to last right up 'til the present time.

Although commodity derivatives are still very dynamic, especially oil and precious
metals, financial derivatives dominate exchanging the present subsidiary markets.
Although the derivatives markets slowed down considerably before the finish of
the twentieth century, that did not imply that there were not an unfaltering
offering of existing, and also new subsidiary products.

Derivatives trades also experienced a period of progress; some consolidated,

some blended, some moved toward becoming for-profit institutions. In any case,
they all had something in common—the requirement for less regulation. Beside
auxiliary changes, some subordinate trades also changed the way they conducted
traDerivatives can be found throughout the history of mankind.

In the Middle Ages, participating in contracts at foreordained costs for future

conveyance of farming products. The new period for the subordinate markets
was introduced the introduction of financial derivatives, and it continues to last
straight up 'til the present time. Although commodity derivatives are still
exceptionally powerful, particularly oil and precious metals, financial derivatives
dominate trading the present subordinate markets.

Although the derivatives markets slowed down considerably before the finish of
the twentieth century, that did not suggest that there were not an unfaltering
offering of existing, and in addition new auxiliary products. Derivatives exchanges
also encountered a period of progress; some consolidated, some combined,
some moved toward becoming for-profit institutions.

Regardless, they all had something in common—the prerequisite for less

regulation. Alongside helper changes, some subordinate exchanges also changed
the way they conducted trading. Old frameworks of face-to-face trading on
trading floors have been supplanted with electronic trading, and telephone and
computer networks.

With the approach of Internet, electronic trading evolved into e-trading.

Furthermore, although trading floors still dominate subordinate markets in the
U.S., plainly to stay competitive, the U.S. should at last handle electronic trading.
The following factors have contributed to the growth of financial derivatives 1)
Increased volatility in resource costs in financial markets.

2) Increased integration of national financial markets with the international

markets. 3) Marked improvement in communication facilities and sharp decrease
in their costs. 4) Development of more sophisticated hazard administration tools,
providing economic specialists a more extensive choice of hazard administration
techniques 5) Innovations in the derivatives markets, which optimally combine
the dangers and returns over countless resources prompting higher returns,
lessened hazard and additionally transactions costs as compared to individual
financial resources.

6) Technology facilitates the capacity to track the payoffs and hazard exposures
associated with a portfolio of subsidiary positions. 7) An important factor in the
growth of derivatives showcase has been an assortment of scholarly advances.
The development of economic models for esteeming subsidiary instruments and
evaluating their peril and the expanding sophistication of such models have
assumed a pivotal role in the growth of the market ding.

Old frameworks of face-to-face exchanging on exchanging floors have been

supplanted with electronic exchanging, and telephone and computer networks.
With the approach of Internet, electronic exchanging evolved into e-exchanging.
Furthermore, although exchanging floors still dominate subordinate markets in
the U.S., clearly to remain competitive, the U.S.

should in the long run grasp electronic exchanging.. PARTICIPANTS: The

following three categories of participants in the derivatives market: HEDGERS
SPECULATORS ARBITRAGEURS HEDGERS: Hedgers face hazard associated with
the cost of an advantage. They utilize futures or options market to decrease or
take out this hazard.

Hedgers are those who protect themselves from the hazard associated with the
cost of an advantage by utilizing derivatives. He keeps a close watch upon the
costs discovered in exchanging and when the comfortable cost is reflected
according to his needs, he offers futures contracts. Hedgers utilize futures for
protection against unfavorable future value movements in the fundamental
money commodity.

Hedgers are often organizations, or people, who at one point or another

arrangement in the fundamental money commodity. SPECULATORS: Speculators
are somewhat similar to a center man. They are never intrigued by genuine owing
the commodity. They will simply purchase from one end and pitch it to the other
in anticipation of future value movements.

They really wager on the future movement in the cost of a benefit. They are the
second major group of futures players. These members incorporate autonomous
floor dealers and investors. They handle exchanges for their personal customers
or brokerage firms. Purchasing a futures contract in anticipation of cost
increments is known as 'going long'.

Offering a futures contract in anticipation of a value diminish is known as 'going

short'. ARBITRAGEIRS: Arbitrators are the person who takes the upside of a
disparity between costs in two different markets. If he finds future costs of a
commodity pushing out with the money value, he will take offsetting positions in
both the business sectors to lock in a profit.

Hazard less Profit Making is the prime goal of Arbitrageurs. Purchasing in one
market and offering in another, purchasing two products in a similar market are
common. They could be profiting even without putting there own money in and
such opportunities often come up in the market yet keep going for short
timeframes. This is on the grounds that when the situation emerges arbitrageurs
exploit and request supply forces drive the business sectors back to normal.

TYPES OF DERIVATIVES: The most commonly used derivatives contracts are

forwards, futures and options. Here are various derivatives contacts that have
come to be used given briefly: FORWARDS FUTURES OPTIONS WARRANTS
LEAPS SWAPS SWAPTIONS FORWARDS: forward contract is a customized
contract between two entities, where settlement takes place on a specific date in
the future at today's pre-agreed price.

Futures: A futures contract is an agreement between two parties to buy or sell an

asset at a certain time in the future at a certain price. Futures contracts are special
types of forward contracts in the sense that the former are standardized
exchange-traded contracts. Options: Options are of two types - calls and puts
Calls option gives the buyer the right but not the obligation to buy a given
quantity of the underlying asset, at a given price on or before a given future date.

Put option give the buyer the right, but not the obligation to sell a given quantity
of the underlying asset at a given price on or before a given date. Warrants:
Options for the most part have lives of up to multi year, the majority of options
exchanged on options trades having a greatest development of nine months.
Longer-dated options are called warrants and are for the most part exchanged
over-the-counter.

Swaps: Swaps are private understandings between two gatherings to trade flows
out the future according to a prearranged formula. They can be viewed as
portfolios of forward contracts. The two commonly utilized swaps are Interest
rate swaps: These entail swapping only the interest related cash flows between
the parties in the same currency.

Currency swaps: These entail swapping both principal and interest between the
parties, with the cash flows in one direction being in a different currency than
those in the opposite direction LEAPS: The acronym LEAPS means Long-Term
Equity Anticipation Securities. These are options having a maturity of up to three
years. Swaptions: Swaptions are options to buy or sell a swap that will become
operative at the expiry of the options. Thus a swaption is an option on a forward
swap.

Rather than have calls and puts, the swaptions market has receiver swaptions and
payer swaptions. A receiver swaption is an option to receive fixed and pay
floating. A payer swaption is an option to pay fixed and receive floating. FUTURES
DEFINITION: A future is a contract between two gatherings whereby the one
party (the purchaser) consents to purchase a hidden resource from the other
party to the contract on a specific future date, and at a cost decided at the close
of the contract.

A future is a subordinate that is utilized to transfer the value danger of the

hidden instrument from one gathering to another. The basic resource can be a
financial resource, for example, a bond, a cash, for example, US dollars, a
commodity, and so on. A future is normally classified according to the basic
instrument.

Where, for example, two gatherings consent to purchase and offer a specific
amount of rice (of a specific quality) at a certain price on a future date, the
contract will be a commodity futures contract. Where two parties agree to buy
and sell bonds, this will be known as a financial futures contract, and where two
parties agree to buy and sell a certain amount of foreign currency, this is a
currency futures contract. FEATURES OF FUTURES: • Futures are exceptionally
institutionalized.

• The contracting parties require not pay any down installments. • Hedging of
value dangers. • They have secondary markets to. A futures contract is thus • an
assention between two gatherings • to purchase and offer • a institutionalized
write and amount • of a specified basic resource • with a specific quality • at a
cost decided at the closing of the contract • on a specified date Through a focal
trade.

TYPES OF FUTURES: On the basis of the underlying asset they derive, the futures
are divided in to two types: 1) Stock futures: The stock futures are the futures that
have the fundamental resource as the individual securities. The settlement of the
stock futures is of money settlement and the settlement cost of the future is the
closing cost of the basic security.

2) Index futures: Record futures are the futures, which have the hidden resource
as a file. The list futures are also money settled. The settlement cost of the file
futures should be the closing estimation of the hidden file on the expiry date of
the contract. PARTIES IN FUTURES CONTRACT: There are two gatherings in a
future contract, the purchaser and vender.

The purchaser of the futures contract is one who LONG on the futures contract
and the vender of the futures contract is who is SHORT on the futures contract. In
a futures contract, both sides have an obligation, • one to purchase the hidden
instrument • The other to offer the hidden instrument. Both the purchaser and
the vender can make a profit or suffer a loss, because of the fact that the contract
cost (at which the basic instrument is bought and sold) is resolved at closing of
the contract.

If the market cost at the conveyance date is lower than the futures contract value,
the purchaser suffers a loss since he could have bought the instrument in the
market at a lower cost. He is now obliged, according to the contract, to purchase
the hidden instrument at the higher cost specified in the contract. The opposite
applies when the market estimation of the fundamental instrument is above the
futures contract cost.

The purchaser would now be able to purchase the basic instrument at the lower
contract cost, and offer the instrument quickly at the higher market value, along
these lines making a prompt profit. The result for the purchaser and the vender
of the futures of the contracts are as follows: PAY-OFF FOR A BUYER OF FUTURES
F- FUTURES PRICE E1, E2 – SETTLEMENT PRICE CASE 1:- The buyer bought the
futures contract at (F); if the futures price goes to E1 then the buyer gets the
profit of (FP).

CASE 2:- The buyer gets loss when the future price goes less then (F), if the future
price goes to E2 then the buyer gets the loss of (FL). PAY- OFF FOR A SELLER OF
FUTURES F- FUTURES PRICE E1, E2 – SETTLEMENT PRICE CASE 1:- The seller sold
the future contract at (f); if the future goes to E1 then the seller gets the profit of
(FP).

CASE 2: - The seller gets loss when the future price goes greater than (F), if the
future price goes to E2 then the seller gets the loss of (FL). FUTURES
TERMINOLOGY Spot price: It is the price at which an asset is traded in the current
market. Futures price: It is the price at which the futures contract trades in the
futures market. Contract cycle: It is the period over which the contract exchanges.
The record futures contracts on the NSE have one-month; two-month and three
month expiry cycle which terminate on the last Thursday of the month. In this
way a January expiration contract terminates on the last Thursday of January and
February expiration contract stops exchanging on the last Thursday of February.
On the Friday following the last Thursday, another contract having a three-month
expiry is introduced for exchanging.

Expiry date: It is the date specifies in the futures contract. This is the last day on
which the contract will be traded, at the end of which it will cease to exist.
Contract size: The amount of asset that has to be delivered under one contract.
For instance, the contract size on NSE’s futures market is 50 nifties. Basis: In the
context of financial futures, premise can be defined as the futures value short the
spot cost.

There will be a different reason for every conveyance month for contract. In a
normal market, premise will be positive. This reflects futures costs normally
surpass spot costs.Cost carry: The relationship between futures costs and spot
costs can be abridged as far as what is known as the cost of convey.

This measures the storage cost in addition to the premium that is paid to finance
the advantage less income earned on the benefit. Open Interest: Total
outstanding long or short position in the market at a specific time. As total long
positions in the market would be equivalent to short position, for calculation of
open premium, only one side of the contract is counter.

OPTIONS DEFINITION: Option is a sort of contract between two persons where

one concedes the other the privilege to purchase a specific resource at a specific
cost inside a specific day and age. On the other hand the contract may give the
other person the privilege to offer a specific resource at a specific cost inside a
specific day and age.

In order to have this right, the option purchaser needs to pay the merchant or the
option premium. The benefits on which option can be inferred are stocks,
commodities, files and so forth. If the hidden resource is the financial resource, at
that point the option are financial option like stock options, money options, file
options and so on, and if options like commodity option.

Options contracts are instruments that give the holder of the instrument the
privilege to purchase or offer the hidden resource at a foreordained cost.
PROPERTIES OF OPTIONS: Options have several unique properties that set them
apart from other securities. The following are the properties of options: Limited
Loss High Leverage Potential Limited Life PARTIES IN AN OPTION CONTRACT: 1.

Buyer of the Option: The buyer of an option is one who by paying option
premium buys the right but not the obligation to exercise his option on
seller/writer. 2. Writer/Seller of the Option: The writer of a call/put options is the
one who receives the option premium and is there by obligated to sell/buy the
asset if the buyer exercises the option on him. TYPES OF OPTIONS: The options
are classified into various types on the basis of various variables.

The following are the various types of options: I). On the basis of the Underlying
asset: On the basis of the underlying asset the options are divided into two types:
INDEX OPTIONS: The Index options have the underlying asset as the index.
STOCK OPTIONS: A stock option gives the buyer of the option the right to
buy/sell stock at a specified price.

Stock options are options on the individual stocks, there are currently more than
50 stocks are trading in this segment. II). On the basis of the market movement:
On the basis of the market movement the options are divided into two types.
CALL OPTION: A call options is bought by an investor when he seems that the
stock price moves upwards.

A call option gives the holder of the option the right but not the obligation to
buy an asset by a certain date for a certain price. PUT OPTION: A put option is
bought by an investor when he appears that the stock value moves downwards.
A put option gives the holder of the option right however not the obligation to
offer an advantage by a specific date for a specific cost. III).

On the basis of exercise of option: On the basis of the exercising of the option,
the options are classified into two categories. AMERICAN OPTION: American
options are options that can be exercised at any time up to the expiration date;
most exchange-traded options are American. EUROPEAN OPTION: European
options are options that can be exercised only on the expiration date itself.
European options are easier to analyze than American option.

Call option The following example would clarify the basics on Call Options.
Illustration 1: An investor gets one European Call option on one offer of Reliance
Petroleum at a premium of Rs. 2 for each offer on 31 July. The strike cost is Rs.60
and the contract develops on 30 September.
The payoffs for the investor based on fluctuating spot costs whenever are shown
by the payoff (Table 1). It might be clear form the diagram that even in the worst
case scenario, the investor would only lose a most extreme of Rs.2 per share
which he/she had paid for the premium. The upside to it has a boundless profits
opportunity.

On the other hand the dealer of the call option has a payoff diagram completely
turn around of the call options purchaser. The most extreme loss that he can
have is boundless though a profit of Rs.2 per offer would be made on the top
notch installment by the purchaser.A European call option gives the following
payoff to the investor: Max (S - Xt, 0). The seller gets a payoff of:-max (S - Xt, 0) or
min (Xt - S, 0).

Notes: S - Stock Price Xt - Exercise Price at time 't1 C - European Call Option
Premium Payoff - Max (S - Xt, O) Net Profit - Payoff minus 'c' Exercising the Call
Option and what are its implications for the Buyer and the Seller? The Call option
gives the purchaser a privilege to purchase the imperative offers on a specific
date at a specific cost. This puts the dealer under the obligation to offer the offers
on that specific date and specific cost.

The Call Buyer practices his option only when he/she feel it is profitable. This
Process is called "Practicing the Option". This leads us to the fact that if the spot
cost is lower than the strike value then it may be profitable for the investor to
purchase the offer in the open market and forgo the premium paid. The
implications for a purchaser are that it is his/her decision whether to practice the
option or not.

On the off chance that the investor anticipates that costs will transcend the strike
cost in the future then he/she would without a doubt be keen on purchasing call
options. On the other hand, if the merchant feels that his offers are not giving the
coveted returns and they are not going to perform any better in the future, a
premium can be charged and comes back from offering the call option can be
utilized to compensate for the coveted returns.

Toward the finish of the options contract there is a trade of the hidden resource.
In reality, most of the arrangements are closed with another counter or turn
around bargain. There is no necessity to trade the hidden resources then as the
investor escapes the contract just before its expiry.

Put Options: The European Put Option is the turn around of the call option
bargain. Here, there is a contract to offer a specific number of fundamental
resources on a specific date at a specific cost. A case would help comprehend the
situation somewhat better: Illustration 2: An investor gets one European Put
Option on one offer of Reliance Petroleum at a premium of Rs. 2 for every offer
on 31 July. The strike cost is Rs.60 and the contract develops on 30 September.

The payoff table shows the fluctuations of net profit with an adjustment in the
spot cost. The payoff for the put buyer is: max (Xt - S, 0) The payoff for a put
writer is: -max (Xt - S, 0) or min(S - Xt, 0) These are the two essential options that
form the whole array of transactions in the options exchanging.

These in combination with other derivatives make a whole world of instruments

to choose form contingent upon the sort of necessity and the sort of market
expectations. Exotic Options are often mixed up to be another sort of option.
They are nothing however non-standard derivatives and are not a third kind of
option. Options Classifications: Options are often classified as In the money -
These result in a positive cash flow towards the investor At the money - These
result in a zero-cash flow to the investor Out of money - These result in a
negative cash flow for the investor Example: Calls Reliance 350 Stock Series
Naked Options: These are options which are not combined with an offsetting
contract to cover the existing positions.

Covered Options: These are option contracts in which the shares are already
owned by an investor (in case of covered call options) and in case the option is
exercised then the offsetting of the deal can be done by selling these shares held.
OPTIONS PRICING Costs of options are commonly relying on six factors. Option's
costs are far more complex. These are the two essential options that form the
whole extent of transactions in the options exchanging.

These in combination with other derivatives make a whole world of instruments

to choose form contingent upon the sort of prerequisite and the sort of market
expectations. Exotic Options are often mixed up to be another sort of option.
They are nothing however non-standard derivatives and are not a third sort of
option. Options undertakings: Stocks Foreign Currencies Stock Indices
Commodities Others - Futures Options, are options on the futures contracts or
Underlying assets are futures contracts. The futures contract generally matures
shortly after the options expiration. OPTIONS PRICING Costs of options are
commonly relying on six factors.

Option's costs are far more complex. The table below comprehends the affect of
every one of these factors and gives a broad picture of option evaluating keeping
every single other factor constant. The table shows the instance of European and
in addition American Options.

EFFECT OF INCREASE IN THE RELEVANT PARAMETRE ON OPTION PRICES SPOT

PRICES: In the event of a call option the payoff for the purchaser is max(S - Xt, 0)
therefore, more the Spot Price more is the payoff and it is favorable for the
purchaser. It is the other courses round for the dealer, more the Spot Price higher
are the odds of his going into a loss.

In the event of a put Option, the payoff for the purchaser is max (Xt - S, 0)
therefore, more the Spot Price more are the odds of going into a loss. It is the
turn around for Put Writing. STRIKE PRICE: If there should be an occurrence of a
call option the payoff for the purchaser is shown above. According to this
relationship a higher strike cost would diminish the profits for the holder of the
call option.

TIME TO EXPIRATION: More the time to Expiration more favorable is the option.
This can only exist in case of American option as in case of European Options the
Options Contract matures only on the Date of Maturity. VOLATILITY: More the
volatility, higher is the probability of the option generating higher returns to the
buyer.

The downside in both the cases of Call and put is fixed but the gains can be
unlimited. If the price falls heavily in case of a call buyer then the maximum that
he loses is the premium paid and nothing more than that. More so he/ she can
buy the same shares form the spot market at a lower price. Similar is the case of
the put option buyer.

The table shows all effects on the buyer side of the contract. RISK FREE RATE OF
INTEREST: In all actuality the r and the stock market is conversely related. Be that
as it may, theoretically, when every single other variable are fixed and loan cost
builds this prompts a double effect: Increase in expected growth rate of stock
costs discounting factor expands influencing the cost to fall.

If there should be an occurrence of the put option both these factors increment
and prompt a decrease in the put esteem. A higher anticipated that growth leads
would a higher value taking the purchaser to the position of loss in the payoff
outline. The discounting factor increments and the future esteem become lesser.
If there should arise an occurrence of a call option these effects work in the
opposite direction/The first effect is positive as at a higher incentive in the future
the call option would be practiced and would give a profit. The second affect is
negative similar to that of discounting. The first effect is far more dominant than
the second one, and he overall effect is favorable on the call option.

DIVIDENDS: When dividends are announced then the stock prices on ex-dividend
are reduced. This is favorable for the put option and unfavorable for the call
option. CALL OPTION: C = SN (dl)-Xe"rtN(d2) PUT OPTION: p = xe^NC-oa-SNC-
oa) Where C - VALUE OF CALL OPTION S - SPOT PRICE OF STOCK X - STRIKE
PRICE r - ANNUAL RISK FREE RETURN t - CONTRACT CYCLE CHAPTER-3
COMPANY PROFILE Incorporated in 1993, Net worth Stock Broking Limited
(NSBL) has been a recorded company at Bombay Stock Exchange (BSE), Mumbai
since 1995.

A Member, at the National Stock Exchange of India (NSE) and Bombay Stock
Exchange, Mumbai (BSE) on the Capital Market and Derivatives (Futures and
Options) section, NSBL has been traditionally overhauling Institutional customers
and in the ongoing past has forayed into retail broking, setting up branches
across the country. Nearness is being set apart in the Middle East, Europe and the
United States too, as a component of our endeavors to take into account global
markets.

We are a Depository member at Central Depository Services India (CDSL) with

plans to become one at National Securities Depository (NSDL) before the finish of
this quarter. We have our customers taking part in the booming commodities
markets with our participation at the Multi Commodity Exchange of India (MCX)
and National Commodity and Derivatives Exchange (NCDEX), through Networth
Stock.Com Ltd.

With its strong support and specialty units of research, distribution and advisory,
NSBL means to become a one-stop solution to the broking and venture needs of
its customers, globally. Strong group of professional's accomplished and qualified
pool of HR drawn from top financial administration and broking houses form the
backbone of our sizeable infrastructure.

Profoundly technology oriented, the company's versatility of operations and the

largest amount of administration models has guaranteed fast growth in the
quantity of locations and the customers adjusted in a short traverse of time.
'Networthians', as every single one of our 400 or more and regularly growing
colleagues are tended to, is a devoted group motivated to continuously progress
by assimilating the best of global practices, Indian sing such practices, and to
constantly evolve a comprehensive suite of products and administrations
endeavoring to meet each financial/venture need of the customers. NSE CM and
Derivatives Segment SEBI Regn. 1NB230638639 and 1NF230638639 BSE CM and
Derivatives Segment SEBI Regn.

1NB010638634& PMS SEBI Regn. 1NP000001371 CDSL DP SEBI Regn. IN-DP-

CDSL 251-2004 Commodities Trading: MCX -10585 and NCDEX - 00011 (through
Networth Stock.Com Hyderabad (Somajiguda) 401, Dega Towers, 4th Floor, Raj
Bhavan Road, Somajiguda Hyderabad - 500 082 Andhra Pradesh. Phone Nos.:
040-55560708, 55562256, and 30994985 Mumbai (MF Division) 49, Au Chambers,
4th Floor, Tamarind Lane, Fort Mumbai - 400 001 Maharashtra. Phone Nos.:

022- 22650253 Mumbai (Registered Office) 5, Church gate House, 2nd Floor, 32/
34 Veer Nariman Road, Fort Mumbai - 400 001 Products and services portfolio
With more prominent choices comes more prominent esteem. Networth offers
you more choices by providing a wide cluster of products and personalized
administrations, so you can assume responsibility of your financial future with
confidence.

So whether you are another investor or a seasoned one, we have the resources
and guidance you would need to make shrewd, very much looked into
speculations and help you grow your Networth. 1 Retail and institutional broking
2 Research for institutional and retail customers 3 Distribution of financial
products * Mutual funds * Insurance * NBFC Loans 4 PMS 5 Corporate finance 6
Net exchanging 7 Depository administrations 8 Commodities Broking
Infrastructure 1 A corporate office and 3 divisional offices in CBD of Mumbai
which houses best in class managing room, investigate wing and administration
and back offices.

2 All of 107 branches and franchisees are fully wired and connected to center
point at corporate office at Mumbai. Extra branches also will be wired and
connected to focal center point 3 Web empowered connectivity and software set
up for net exchanging. 4 60 operative ID's for managing room 5 In house
technology move down group to guarantee un-interfered with connectivity. 1993:
Networth Started with 300 Sq.ft.

of office space and 10 employees 2006: Spread over 42 urban communities

(around 70,000 Sq.ft of office space) with over 107 branches and employee
quality over 400 Market & research Focusing on your needs Every investor has
different needs, different preferences, and different viewpoints.

Whether investor prefer to make own investment decisions or desire more in-
depth assistance, company committed to providing the advice and research to
help you succeed. Networth providing following services to their customers, Daily
Morning Notes Market Musing Company Reports Theme Based Reports Weekly
Notes IPOs Sector Reports Stock Stance Pre-guarter/Updates Bullion Tracker
F&O Tracker. Key Personnel: Mr. S P Jain – CMD Networth Stock Broking Ltd. Mr.
Deepak Mehta – Head PMS Mr.

Viral Doshi – Equity Strategist Mr. Vinesh Jain – Asst. Fund Manager OUR GROUP
COMPANIES Networth Stock Broking Ltd. [NSBL] NSBL is an individual from the
National Stock Exchange of India Ltd (NSE) and the Bombay Stock Exchange Ltd
(BSE) in the Capital Market and Derivatives (Futures and Options) section. NSBL
has also obtained participation of the cash derivatives portion with NSE, BSE and
MCX-SX.

It is Depository members with Central Depository Services India (CDSL) and

National Securities Depository (India) Limited (NSDL). With a customer base of
over 1L loyal customers, NSBL is spread across the country though its over 300+
branches. NSBL is recorded on the BSE since 1994. Net worth Wealth Solutions
Ltd. [NWSL] Net worth Commodities & Investments Limited [NCIL]
Net worth Soft Tech Ltd. [NSL]
Ravisha Financial Services Pvt. Ltd.

[RFSL] Principles & Values At Net worth Stock Broking Ltd. success is built on
teamwork, partnership and the diversity of the people. At the heart of our values
lie diversity and inclusion. They are a fundamental part of our culture, and
constitute a long-term priority in our aim to become the world's best
international bank.

Values Responsive Trustworthy Creative Courageous Approach • Participation:-

Focusing on appealing, growing markets where we can use our relationships and
ability • Competitive positioning:- Combining global ability, profound local
knowledge and innovativeness to outperform our competitors • Management
Discipline:- Continuously improving the way we work, adjusting the quest for
growth with firm control of costs and dangers Commitment to stakeholders •
Customers:- Passionate about our customers' prosperity, charming them with the
nature of our administration • Our People:- Helping our people to grow,
empowering people to have any kind of effect and groups to win •
Communities:- Trusted and minding, committed to having any kind of effect •
Investors:- An unmistakable speculation conveying outstanding performance and
superior returns • Regulators: - Exemplary governance and morals wherever we
are.

MARKET PROFILE NATIONAL STOCK EXCHANGE The National Stock Exchange of

India (NSE) arranged in Mumbai - is the biggest and most developed trade with
1016 companies recorded and 726 exchanging individuals. Capital market
reforms in India and the dispatch of the Securities and Exchange Board of India
(SEBI) quickened the incorporation of the second Indian stock trade called the
National Stock Exchange (NSE) in 1992. After a few long stretches of operations,
the NSE has become the biggest stock trade in India.

Three fragments of the NSE exchanging platform were set up one after another.
The Wholesale Debt Market (WDM) commenced operations in June 1994 and the
Capital Market (CM) section was opened toward the finish of 1994. Finally, the
Futures and Options fragment started operating in 2000. Today the NSE takes the
fourteenth position in the top 40 futures trades in the world.

In 1996, the National Stock Exchange of India propelled S&P CNX Nifty and CNX
Junior Indices that make up 100 most fluid stocks in India. CNX Nifty is a
diversified file of 50 stocks from 25 different economy sectors. The Indices are
owned and overseen by India Index Services and Products Ltd (IISL) that has a
consulting and authorizing concurrence with Standard and Poor's.

In 1998, the National Stock Exchange of India propelled its site and was the first
trade in India that began exchanging stock on the Internet in 2000. The NSE has
also proved its authority in the Indian financial market by increasing numerous
honors, for example, 'Best IT Usage Award' by Computer Society in India (in 1996
and 1997) and CHIP Web Award by CHIP magazine (1999).

The NSE is owned by the group of driving financial institutions, for example,
Indian Bank or Life Insurance Corporation of India. However, in the totally de-
mutualized Exchange, the ownership and additionally the administration does not
have a privilege to exchange on the Exchange. Only qualified brokers can be
involved in the securities exchanging.

The NSE is one of the few trades in the world exchanging a wide range of
securities on a solitary platform, which is partitioned into three fragments:
Wholesale Debt Market (WDM), Capital Market (CM), and Futures and Options
(F&O) Market. Each portion has encountered a significant growth throughout a
few long periods of their dispatch.

While the WDM fragment has aggregated the yearly growth of over 36% since its
opening in 1994, the CM section has expanded by even 61% amid a similar
period. The National Stock Exchange of India has stringent necessities and criteria
for the companies recorded on the Exchange. Least capital prerequisites, project
evaluation, and company's reputation are only a few of the criteria.

In addition, recorded companies pay variable posting fees in view of their

corporate capital size. The National Stock Exchange of India Ltd. provides its
customers with a solitary, fully electronic exchanging platform that is operated
through a VSAT network. Dissimilar to most world trades, the NSE utilizes the
satellite communication framework that connects brokers from 345 Indian urban
communities.

The propelled technologies empower up to 6 million exchanges to be operated

every day on the NSE exchanging platform. NSE Nifty: The S&P CNX Nifty
(nicknamed Nifty 50 or essentially Nifty), is the main file for vast companies on
the National Stock Exchange of India. S&P CNX Nifty is an all around diversified
50 stock list accounting for 22 sectors of the economy.

It is utilized for an assortment of purposes, for example, benchmarking fund

portfolios, file based derivatives and file funds. Nifty was developed by the
economists Ajay Shah and Susan Thomas, at that point at IGIDR. Later on, it came
to be owned and overseen by India Index Services and Products Ltd. (IISL), which
is a joint wander amongst NSE and CRISIL.

IISL is India's first particular company focused upon the file as a core product. IISL
have a consulting and authorizing concurrence with Standard and Poor's (S&P),
who are world pioneers in record administrations. CNX remains for CRISIL NSE
Indices. CNX guarantees common marking of files, to reflect the characters of
both the promoters, i.e. NSE and CRISIL.

In this way, 'C' remains for CRISIL, 'N' remains for NSE and X remains for
Exchange or Index. The S&P prefix belongs to the US-based Standard and Poor's
Financial Information Services. NSE other lists: ? S&P CNX Nifty ? CNX Nifty Junior
? CNX 100 ? S&P CNX 500 ? CNX Midcap ? S&P CNX Defty ? CNX Midcap 200
BOMBAY STOCK EXCHANGE: The Bombay Stock Exchange Limited (formerly, The
Stock Exchange, Mumbai; popularly called The Bombay Stock Exchange, or BSE) is
the oldest stock trade in Asia.

It is located at Dalal Street, Mumbai, India. Bombay Stock Exchange was built up
in 1875. There are around 5,600 Indian companies recorded with the stock trade,
and has a significant exchanging volume. As of October2006, the market
capitalization of the BSE was about Rs. 33.4 trillion (US $ 730 billion).

The BSE SENSEX (Sensitive file), also called the BSE 30, is a generally utilized
market record in India and Asia. Starting at 2005, it is among the 5 greatest stock
trades in the world as far as transactions volume. History: An informal group of 22
stockbrokers started exchanging under a banyan tree opposite the Town Hall of
Bombay from the mid-1850s, 1875, was formally organized as the Bombay Stock
Exchange (BSE).In January 1899, the stock trade moved into the Brokers' Hall after
it was initiated by James M MacLean.

After the First World War, the BSE was shifted to an old working close to the
Town Hall. In 1956, the Government of India recognized the Bombay Stock
Exchange as the first stock trade in the country under the Securities Contracts
(Regulation) Act.1995, when it was supplanted by an electronic (e.trading)
framework named BOLT, or the BSE Online Trading framework.

In 2005, the status of the trade transformed from an Association of Persons (AoP)
to a fully fledged corporation under the BSE (Corporatization and
Demutualization) Scheme, 2005 (and its name was changed to The Bombay Stock
Exchange Limited). BSE Sensex: The BSE SENSEX (also known as the BSE 30) is an
esteem weighted record composed of 30 scrip's, with the base April 1979 = 100.

The arrangement of companies which make up the record has been changed
only a few times over the most recent 20 years. These companies account for
around one-fifth of the market capitalization of the BSE. SENSEX, first compiled in
1986 was figured on a "Market Capitalization-Weighted" methodology of 30
component stocks speaking to an example of extensive, entrenched and
financially sound companies. The base year of SENSEX is 1978-79.

The list is generally reported in both domestic and international markets through
print and also electronic media. SENSEX isn't only scientifically planned yet in
addition in light of globally acknowledged construction and survey methodology.
From September 2003, the SENSEX is ascertained on a free-float showcase
capitalization methodology.
The "free-float Market Capitalization-Weighted" methodology is a generally
followed file construction methodology on which majority of global value
benchmarks are based. The growth of value showcases in India has been
phenomenal in the decade gone by. Ideal from mid nineties the stock market saw
elevated action as far as various bull and bear runs.

More as of late, the bourses in India saw a comparative frenzy in the 'TMT'
sectors. The SENSEX caught every one of these happenings in the most legal way.
One can identify the booms and bust of the Indian value showcase through
SENSEX. The estimations of all BSE lists are refreshed at regular intervals amid the
market hours and showed through the BOLT framework, BSE site and news wire
organizations.

SENSEX calculation: SENSEX is computed utilizing a "Market Capitalization-

Weighted" methodology. According to this methodology, the level of list anytime
of time reflects the total market estimation of 30 component stocks in respect to
a base period. (The market capitalization of a company is controlled by increasing
the cost of its stock by the quantity of offers issued by the company).

A file of an arrangement of combined factors, (for example, cost and number of

offers) is commonly referred as a 'Composite Index' by analysts. A solitary listed
number is utilized to speak to the consequences of this calculation in order to
make the esteem simpler to work with and track over time. It is substantially
simpler to diagram a graph in view of listed qualities than one in light of real
qualities. The base period of SENSEX is 1978-79.

The real total market estimation of the stocks in the Index amid the base period
has been set equivalent to an ordered estimation of 100. This is often shown by
the notation 1978-79=100. The formula used to ascertain the Index is fairly
straightforward. However, the calculation of the changes in accordance with the
Index (commonly called Index upkeep) is more complex.

The calculation of SENSEX involves partitioning the total market capitalization of

30 companies in the Index by a number called the Index Divisor. The Divisor is the
only connect to the original base period estimation of the SENSEX. It keeps the
Index comparable over time and is the change point for all Index upkeep
alterations.

Amid advertise hours, costs of the list scrips, at which most recent exchanges are
executed, are utilized by the exchanging framework to figure SENSEX like
clockwork and spread continuously. Amid showcase hours, costs of the file scrip's,
at which exchanges are executed, are automatically utilized by the exchanging
computer to figure the SENSEX at regular intervals and continuously refreshed on
all exchanging workstations connected to the BSE exchanging computer
progressively.

BSE - other Indices: Apart from BSE SENSEX, which is the most popular stock
index in India, BSE uses other stock indices as well: BSE 500 BSE PSU BSE MIDCAP
BSE SMLCAP BSE BANKEX BSE SENSEX 2009 is calculated based on the 30scrips.
Those thirty scrips are as follows: Code Name Sector
500410 ACC Ltd. Housing Related
500103 Bharat Heavy Electricals Ltd. Capital Goods
Code Name Sector 532454 Bharti Airtel Ltd. Telecom
532868 DLF Ltd.

Housing Related
500300 Grasim Industries Ltd. Diversified
500010 HDFC Finance
500180 HDFC Bank Ltd. Finance
500440 Hindalco Industries Ltd. Metal,Metal Products & Mining
500696 Hindustan Unilever Ltd. FMCG
532174 ICICI Bank Ltd. Finance
500209 Infosys Technologies Ltd. Information Technology
500875 ITC Ltd. FMCG
532532 Jaiprakash Associates Ltd.

Housing Related
500510 Larsen & Toubro Limited Capital Goods
500520 Mahindra & Mahindra Ltd. Transport Equipments
532500 Maruti Suzuki India Ltd. Transport Equipments
532555 NTPC Ltd. Power
500312 ONGC Ltd. Oil & Gas
500359 Ranbaxy Laboratories Ltd. Healthcare
532712 Reliance Communications Limited Telecom
500325 Reliance Industries Ltd. Oil & Gas
500390 Reliance Infrastructure Ltd.

Power
500376 Satyam Computer Services Ltd. Information Technology
500112 State Bank of India Finance
500900 Sterlite Industries (India) Ltd. Metal,Metal Products & Mining
532540 Tata Consultancy Services Limited Information Technology
500570 Tata Motors Ltd. Transport Equipments
500400 Tata Power Company Ltd. Power
500470 Tata Steel Ltd. Metal,Metal Products & Mining
507685 Wipro Ltd.

Information Technology CHAPTER-4 ANALYSIS & INTERPRETATION ANALYSIS

AND INTERPRETATION APRIL 2010 NIFTY FUTURE CONTRACT Symbol Date
Expiry Open High Low Close NIFTY 26-Mar-10 29-Apr-10 5276 5309.9 5272.6
5296.95 NIFTY 29-Mar-10 29-Apr-10 5291.5 5344 5279.4 5318.8 NIFTY 30-Mar-
10 29-Apr-10 5324.9 5331 5263.25 5273.9 NIFTY 31-Mar-10 29-Apr-10 5279
5296.1 5245 5261.6 NIFTY 1-Apr-10 29-Apr-10 5286.1 5319.75 5276.05 5306.8

NIFTY 5-Apr-10 29-Apr-10 5329.8 5371.6 5322.5 5365.9 NIFTY 6-Apr-10 29-Apr-
10 5376 5387 5352.25 5367.1 NIFTY 7-Apr-10 29-Apr-10 5380 5398 5343.3
5378.95 NIFTY 8-Apr-10 29-Apr-10 5368 5370 5290.1 5301.6 NIFTY 9-Apr-10
29-Apr-10 5307.1 5388.9 5307.1 5364.9 NIFTY 12-Apr-10 29-Apr-10 5363.8
5377.8 5322.45 5343.8 NIFTY 13-Apr-10 29-Apr-10 5328.75 5338 5308 5329.6

NIFTY 15-Apr-10 29-Apr-10 5372.25 5377.5 5268.15 5277.3 NIFTY 16-Apr-10 29-
Apr-10 5264.9 5294.8 5246 5263.05 NIFTY 19-Apr-10 29-Apr-10 5200 5226
5162.3 5207.4 NIFTY 20-Apr-10 29-Apr-10 5217 5255.5 5207.95 5226.65 NIFTY
21-Apr-10 29-Apr-10 5245 5265 5230.1 5245.15 NIFTY 22-Apr-10 29-Apr-10
5220 5341.7 5217.05 5265.4

NIFTY 23-Apr-10 29-Apr-10 5269 5315 5265.25 5305 NIFTY 26-Apr-10 29-Apr-
10 5346.8 5346.8 5310 5319.9 NIFTY 27-Apr-10 29-Apr-10 5304.8 5333.9 5298.9
5309.05 NIFTY 28-Apr-10 29-Apr-10 5252.25 5276.95 5198 5216.7 NIFTY 29-
Apr-10 29-Apr-10 5233.3 5257.45 5225.15 5254.1 5400 CALL OPTION FOR
APRIL 2010 Symbol Date Expiry Strike Price Open High Low Close NIFTY 26-Mar-
10 29-Apr-10 5400 46 58.9 43 55.25 NIFTY 29-Mar-10 29-Apr-10 5400 54 73.75
50 65.35 NIFTY 30-Mar-10 29-Apr-10 5400 67 69 46 49.15 NIFTY 31-Mar-10 29-
Apr-10 5400 48.9

55 41.7 45.2 NIFTY 1-Apr-10 29-Apr-10 5400 49 51.8 44.25 48.35 NIFTY 5-Apr-
10 29-Apr-10 5400 50.35 62.8 48.8 61.05 NIFTY 6-Apr-10 29-Apr-10 5400 65 68.3
55.25 59.25 NIFTY 7-Apr-10 29-Apr-10 5400 63 73 50.6 64.5 NIFTY 8-Apr-10 29-
Apr-10 5400 60 60.8 40 43.1 NIFTY 9-Apr-10 29-Apr-10 5400 45 69.3 43.65 58.3
NIFTY 12-Apr-10 29-Apr-10 5400 60.5 61.95 47.25 51.65 NIFTY 13-Apr-10 29-
Apr-10 5400 49 52 39.05 42.65 NIFTY 15-Apr-10 29-Apr-10 5400 67.7 67.7 26.8
28.6

NIFTY 16-Apr-10 29-Apr-10 5400 25 27.4 18.5 20.55 NIFTY 19-Apr-10 29-Apr-10
5400 10 14 5.6 9.8 NIFTY 20-Apr-10 29-Apr-10 5400 10.5 11.7 6 6.6 NIFTY 21-
Apr-10 29-Apr-10 5400 7.5 9.25 5.15 5.75 NIFTY 22-Apr-10 29-Apr-10 5400 4.35
23 3.4 7.4 NIFTY 23-Apr-10 29-Apr-10 5400 6.45 11.9 5.4 8.1 NIFTY 26-Apr-10
29-Apr-10 5400 12.2 14 5.9 7.05 NIFTY 27-Apr-10 29-Apr-10 5400 4.95 9.5

2.6 3.15 NIFTY 28-Apr-10 29-Apr-10 5400 1.4 2 0.35 0.55 NIFTY 29-Apr-10 29-
Apr-10 5400 0.2 0.2 0.05 0.05 5400 PUT OPTION FOR APRIL 2010 Symbol Date
Expiry Strike Price Open High Low Close NIFTY 26-Mar-10 29-Apr-10 5400
171.65 175 149.95 157.95 NIFTY 29-Mar-10 29-Apr-10 5400 141.2 169.5 128.05
145.55 NIFTY 30-Mar-10 29-Apr-10 5400 143.7 181 138 172.2

NIFTY 31-Mar-10 29-Apr-10 5400 178.8 195 157 181 NIFTY 1-Apr-10 29-Apr-10
5400 161.05 170.45 131.9 140.5 NIFTY 5-Apr-10 29-Apr-10 5400 126 129.9 92 96
NIFTY 6-Apr-10 29-Apr-10 5400 92.55 103.5 82.65 93.7 NIFTY 7-Apr-10 29-Apr-
10 5400 81.15 106.55 75.9 86.6 NIFTY 8-Apr-10 29-Apr-10 5400 97.9 149.65
90.25 138.85 NIFTY 9-Apr-10 29-Apr-10 5400 133.5 133.5 79.7 93.5

NIFTY 12-Apr-10 29-Apr-10 5400 91 126.5 83.3 110.45 NIFTY 13-Apr-10 29-Apr-
10 5400 111.1 131 109.8 114.45 NIFTY 15-Apr-10 29-Apr-10 5400 84.95 159 82
150.4 NIFTY 16-Apr-10 29-Apr-10 5400 160 172 132 156.45 NIFTY 19-Apr-10
29-Apr-10 5400 207.5 239.7 182.55 19915. NIFTY 20-Apr-10 29-Apr-10 5400
176.3 194 151.8 178.4 NIFTY 21-Apr-10 29-Apr-10 5400 160 171.45 141 157.3

NIFTY 22-Apr-10 29-Apr-10 5400 175 182 78 139.65 NIFTY 23-Apr-10 29-Apr-10
5400 125.35 135 93.3 101.05 NIFTY 26-Apr-10 29-Apr-10 5400 74.9 92.35 61 84.8
NIFTY 27-Apr-10 29-Apr-10 5400 90 98 73 90.55 NIFTY 28-Apr-10 29-Apr-10
5400 125 198.65 121.05 180.35 NIFTY 29-Apr-10 29-Apr-10 5400 171 185 135.6
140 INTERPRETATION: In the above graph I calculated BEP.

BREAKEVEN POINT (BEP) = HIGH VALUE+LOW VALUE/2 =5378+5207/2 =

10585/2 = 5292.5 In the above table I observed fluctuations in the period of (26-
03-2010 to 29-04-2010) in this graph I found as BEP was 5292.5 share value. Here
with the above values, I have not found any major fluctuations towards ups and
downs, so, here I am not calculating marginal of safety.
What is called as Margin? Margin amount is security to the Broking firms In
derivatives market trading happens on basis of margin amount, here Margin
amount is investment of customers, sometimes margin may becomes zero,
sometimes it may go negative values. Ex: if a Nifty contract worth is 2 lakhs,
broking companies will not take total amount, normally they used to collect 15%
on actual worth it means they collect only 30k.

if nifty looses 600 points , margin amount becomes zero, if nifty looses more than
600 points, it comes in negative Is hedging gives the security to Margin Amount?
A: Absolutely Yes When coming to may contract, there is lot of positive
fluctuations (Never happen in stock market). Because of Old Govt. formation on
16th May 2009. Here , in a situation, a investor expects correction on may 13th
and he had short sell nifty future on same day @ 3700 ( keep in mind elections
results on 16th) and Paid margin amount of 30k. and he knows that if Nifty
crosses 4250 his margin becomes Zero.

In above situation, to give the security to his margin amount, I am suggesting

3900 call option .on 15th may 2009 for the investment of Rs.3500 (50*70)
Calculations as on 19th May 2009 Nifty future hits 4600 it means he was in loss of
900 points 900*50 = 45000 Margin amount = 30000 It means on 19th may his
margin amount gone into negative of 15000 Nifty option hits 680 it means is he
was in gain of 600 points 600*50 = 30000 It means after deducting the margin
amount he has still 15000 positive balance with the company.

Here Rs 3500 worth call option given the 30k worth security On 19th may if he
sold the call option he gains 610 points and he hold the position short sell of
3700. On 22nd may he covers the nifty (3700 short) @4200, here the loss was 500
points. On 2 positions he got 110 points gain. It means here hedging given
security and returns also.

27-MAY-2010 FUTURES INDEX NIFTY-50 Symbol Date Expiry Open High Low
Close NIFTY 30-Apr-10 27-May-10 5263.8 5290 5252 5262.8 NIFTY 3-May-10
27-May-10 5235 5245 5202.35 5218.45 NIFTY 4-May-10 27-May-10 5224 5238
5128.15 5141.85 NIFTY 5-May-10 27-May-10 5071.55 5133 5053 5120.15 NIFTY
6-May-10 27-May-10 5112.35 5114.5 5025 5087.15 NIFTY 7-May-10 27-May-10
5016 5043 4976.1 5019.8

NIFTY 10-May-10 27-May-10 5080 5208.3 5080 5200.25 NIFTY 11-May-10 27-
May-10 5191.25 5191.25 5122 5132.95 NIFTY 12-May-10 27-May-10 5131.3
5174.4 5088.25 5150.2 NIFTY 13-May-10 27-May-10 5185.5 5218 5165.4 5178.15
NIFTY 14-May-10 27-May-10 5163.2 5202 5058.2 5083.65 NIFTY 17-May-10 27-
May-10 5017.7 5074.8 4962.2 5058.05 NIFTY 18-May-10 27-May-10 5055.55
5107.6 5017.95 5063.4 NIFTY 19-May-10 27-May-10 5006.35 5019.7 4901 4922.9
NIFTY 20-May-10 27-May-10 4946.25 4976.9 4915.25 4941.05 NIFTY 21-May-10
27-May-10 4851 4943.7 4851 4928.4

NIFTY 24-May-10 27-May-10 4990 5023 4910.55 4931.05 NIFTY 25-May-10 27-
May-10 4862.7 4875 4786.45 4809.35 NIFTY 26-May-10 27-May-10 4855.3 4925
4854.85 4917.05 NIFTY 27-May-10 27-May-10 4916 5004.45 4900.6 5004
NIFTY5000 CALL OPTION TABLE FOR 27-MAY-2010 Symbol Date Expiry Strike
Price Open High Low Close NIFTY 30-Apr-10 27-May-10 5000 296 315.85 283.7
291.9 NIFTY 3-May-10 27-May-10 5000 268.1 277 244.25 255.05 NIFTY 4-May-
10 27-May-10 5000 265 270 188.35 196.95 NIFTY 5-May-10 27-May-10 5000
135 193 135 186.05 NIFTY 6-May-10 27-May-10 5000 171 177.65 130.1 160.25
NIFTY 7-May-10 27-May-10 5000 122.4 141.5 110 129.1 NIFTY 10-May-10 27-
May-10 5000 161 238.5 153.55 230.6

NIFTY 11-May-10 27-May-10 5000 225 225 176 185.6 NIFTY 12-May-10 27-
May-10 5000 174 214 155.5 195.65 NIFTY 13-May-10 27-May-10 5000 230.8
239.95 198 209.1 NIFTY 14-May-10 27-May-10 5000 193.15 222.85 123.1 135.2
NIFTY 17-May-10 27-May-10 5000 99 127.9 73 117.4 NIFTY 18-May-10 27-
May-10 5000 110 142.2 92 112.2

NIFTY 19-May-10 27-May-10 5000 81 87.85 40.5 46.7 NIFTY 20-May-10 27-
May-10 5000 50 58.9 38 43.2 NIFTY 21-May-10 27-May-10 5000 15.35 38.8 15
34.2 NIFTY 24-May-10 27-May-10 5000 49 57.7 16.2 21.35 NIFTY 25-May-10
27-May-10 5000 9.45 12.8 1.5 2 NIFTY 26-May-10 27-May-10 5000 2.8 4.9 1.4
3.85 NIFTY 27-May-10 27-May-10 5000 2.5 8.8 0.45 3 NIFTY 5000 PUT OPTION
TABLE FOR 26-MARCH-2009 Symbol Date Expiry Strike Price Open High Low
Close NIFTY 30-Apr-10 27-May-10 5000 35 38 29.55 33.9 NIFTY 3-May-10 27-
May-10 5000 39.9 47 36.55 43 NIFTY 4-May-10 27-May-10 5000 40 66.6 37.25
61.95 NIFTY 5-May-10 27-May-10 5000 84.95 98.7 63 70.05 NIFTY 6-May-10
27-May-10 5000 69.9 109.7 68 77.65 NIFTY 7-May-10 27-May-10 5000 103.5

137.9 103.2 112.5 NIFTY 10-May-10 27-May-10 5000 70 78.8 35.6 37.2 NIFTY
11-May-10 27-May-10 5000 38 59.7 38 57 NIFTY 12-May-10 27-May-10 5000 55
72.2 43.4 51.05 NIFTY 13-May-10 27-May-10 5000 40 40 27.75 36.8 NIFTY 14-
May-10 27-May-10 5000 38 69.9 26.8 60.5 NIFTY 17-May-10 27-May-10 5000
83.7 113.25 55.65 62.65 NIFTY 18-May-10 27-May-10 5000 68.35 76.9 40.7 52.3
NIFTY 19-May-10 27-May-10 5000 73.9 142 70.3 127.3
 NIFTY 20-May-10 27-May-10 5000 110 123 83.35 104.1 NIFTY 21-May-10 27-
May-10 5000 165 167 96 104.65 NIFTY 24-May-10 27-May-10 5000 65 106.9
36.6 89.35 NIFTY 25-May-10 27-May-10 5000 119 212 119 191.1 NIFTY 26-
May-10 27-May-10 5000 155 155 76 84.15 NIFTY 27-May-10 27-May-10 5000
85 97.9 0.05 0.05 NIFTY 5100 PUT OPTION TABLE FOR 27-MAY-2010 Symbol
Date Expiry Strike Price Open High Low Close NIFTY 30-Apr-10 27-May-10 5100
59 59 47.55 53.75 NIFTY 3-May-10 27-May-10 5100 52.2 72.5 52.2 66.85 NIFTY
4-May-10 27-May-10 5100 60.1 100 59 93.3 NIFTY 5-May-10 27-May-10 5100
131.25 142 95 103.35 NIFTY 6-May-10 27-May-10 5100 105.25 158 102.35 117.4
NIFTY 7-May-10 27-May-10 5100 150.3 195.1 148.35 160.9

NIFTY 10-May-10 27-May-10 5100 113.85 115.5 56.05 58.45 NIFTY 11-May-10
27-May-10 5100 62.05 90.45 61.2 86.9 NIFTY 12-May-10 27-May-10 5100 84.25
107.4 68.6 78 NIFTY 13-May-10 27-May-10 5100 60.9 63.4 45.1 59.1 NIFTY 14-
May-10 27-May-10 5100 59.85 110 45.3 95.3 NIFTY 17-May-10 27-May-10 5100
111.1 173 93.25 102.45 NIFTY 18-May-10 27-May-10 5100 110 127.45 72.6 92.75
NIFTY 19-May-10 27-May-10 5100 125.5 215 121 196.2

NIFTY 20-May-10 27-May-10 5100 176 195 144.5 171.45 NIFTY 21-May-10 27-
May-10 5100 255 255.75 164.9 177.05 NIFTY 24-May-10 27-May-10 5100 124.15
188 90 169.05 NIFTY 25-May-10 27-May-10 5100 230.3 310.2 222.2 291.2
NIFTY 26-May-10 27-May-10 5100 258.05 258.05 170 178.45 NIFTY 27-May-10
27-May-10 5100 193.4 196 94.05 95.7 OPEN = 5263.8

HIGH = 5290 LOW = 4786.45 CLOSE = 5004 INTERPRETATION: In the above

graph I calculated BEP. BREAKEVEN POINT (BEP) = HIGH VALUE+LOW VALUE/2
=5290+4786.45/2 = 10076.45/2 = 5038.225 In this graph I observed fluctuations
in the period of (30-04-2010 to 27-05-2010) in this graph I found as BEP was
5038.225 share value . Here I observed as a value share is high rate so Nifty-50
value was (5038.225 - 5290.00=251.775) so here share value is decreased so in
this period of so here investors gets more losses, when goes for more longs .if
investor enter for longs on 7th of May, with in short span of time investor get
good profits. So this is good signal of the investors.

So here I again observed nifty-50 losses of the period so here Nifty-50 share
value is (5038.225-4786.45=251.775) so share value is increased so here investor
gets more profits, when attempts for more shorts. So this is unexpected changes
in market and politics and lack of experts of investors. So here investor in the
contract 2nd Thursday was more losses.
So May contract was started 5263.8 and ending of the contract 5004 so here
investor gets more losses in longs and more profits in shorts. When an investor
goes for shorts in 3 levels, when compare to BEP Explaining the actual position of
investor (1)Margin of Safety (M.o.S) =opening share value – BEP . =5263.8-
5038.225 =-225.575 So here margin of safety is less than to the BEP share value.
So here investor gets some profits in shorts.

(2) Margin of Safety (M.o.S) =high share value –BEP =5290.00-5038.225 =251.775
So here margin of safety is more than to the BEP share value. So here investor
gets more profits and longs. (3) Margin of Safety (M.o.S) =low share value –BEP =
4786.45 – 5038.225 = 251.775 So, in the above situation , after low recorded price
4786.45, nifty maximum reached 5004, so the max loss in the current contract is
217.55 here margin of safety is less than to the BEP so here investor gets more
losses when investor goes for more shorts. Hedging Supporting does not remove
losses.

As well as can be expected be accomplished utilizing supporting is the removal of

undesirable exposure, i.e. superfluous hazard. The supported position will make
less profit than the un-supported position, half the time. One should not go into
a supporting methodology hoping to ensure; all that can come out of supporting
is lessened hazard Example for Hedging In stock market terminology Hedging
implies Risk Minimizing 1. A customer purchases the 10 lots nifty May Future
@5280 in first day of May. till end of the May he has not covered the position.

In a week ago of May nifty has closed @5004. So the loss per lot is Approx 13800.
So which instrument gives the best HEDGING for him? According to investigator
words on 30th April 2010, advertise performance for the present contract will be
founded on these factors. If nifty crosses 5301, next level will be 5381 and 5450. If
nifty breaks 5220 next levels will be continue in down pattern, as 5150,
5080,5020,4950,4880.

Where continuous down pattern also not possible, there will be some high points
and low points. Above I have mentioned call option table for 5000 and put
option table for 5000 and 5100 for May 2010, if you observe on third May 5100
put option recorded Rs55.00, expect that customer entered in this level and exits
at this level. Rs310 on 25th may 2010.

Here, nifty unfit to break its next opposition level 4780 on the 25th May 2010. So
and recorded tremendous volume in open enthusiasm for 5100 puts. According
to advertise estimation, when a product records high volumes in open intrigue,
probability is less to increment. In view of above information first, customer
needs to leave put option from the market on 25th and needs to keep up his
future long position in the market.

Pick up on May put option 310-55 = 255 is profit on single unit, nifty lot contains
50 units So 255*50 = 12750 is profit For the above mentioned customer May
5100 put option gives the best supporting. Since, in May future he occurred
13800 losses and in same month call option given 17600 profits. End of the
month still he is in loss of Rs1000 per lot, it proves that in volatility market
options will give the hedging to the investors Conclusion: options will give
hedging to the investment and minimizes the risk but, will not give profits.

Do options always give the positive returns? A: No, sometimes, investors prefer
options for investment purpose only. But investment amount becomes zero in
some situations. Ex. In the above table assume that customer enter the nifty
5100put in first week, last week of the contract it became zero. So, options also
fail to give positive returns.

NIFTY June 2010 CONTRACT Symbol Date Expiry Open High Low Close LTP
NIFTY 28-May-10 24-Jun-10 5025 5054.65 4996 5041 5037 NIFTY 31-May-10
24-Jun-10 5035.15 5071.7 5015.3 5056.2 5056.05 NIFTY 1-Jun-10 24-Jun-10
5045 5049.75 4933.5 4944.05 4940 NIFTY 2-Jun-10 24-Jun-10 4955 5019.9
4941.1 5004.35 5014 NIFTY 3-Jun-10 24-Jun-10 5070 5108.8 5061.55 5095.95
5097.25 NIFTY 4-Jun-10 24-Jun-10 5090.6 5134.9 5070.6 5119.95 5117.25
NIFTY 7-Jun-10 24-Jun-10 5011.35 5032 4985.2 5020.2 5028.7

NIFTY 8-Jun-10 24-Jun-10 5030.1 5054.5 4937.65 4960.7 4965.15 NIFTY 9-Jun-
10 24-Jun-10 5053.1 5053.1 4953.1 4990.4 5008.05 NIFTY 10-Jun-10 24-Jun-10
5008.2 5093.5 5005 5086.1 5090.5 NIFTY 11-Jun-10 24-Jun-10 5129 5138 5092.1
5116.85 5113.65 NIFTY 14-Jun-10 24-Jun-10 5138.25 5209 5138.25 5204.8 5205
NIFTY 15-Jun-10 24-Jun-10 5201.25 5245.25 5173 5234.3 5226.5

NIFTY 16-Jun-10 24-Jun-10 5239.8 5249.45 5211 5226.45 5223.5 NIFTY 17-Jun-
10 24-Jun-10 5232 5297 5206 5284.8 5286 NIFTY 18-Jun-10 24-Jun-10 5275
5296.8 5248.2 5261.15 5258.6 NIFTY 21-Jun-10 24-Jun-10 5325 5377.55 5316.3
5357.65 5354.15 NIFTY 22-Jun-10 24-Jun-10 5342.75 5358.95 5311.25 5320.3
5325.5 NIFTY 23-Jun-10 24-Jun-10 5303.4 5344 5296.1 5333.6

5343 NIFTY 24-Jun-10 24-Jun-10 5331.3 5353.2 5287.2 5320.55 5320.55 OPEN
5025 HIGH 5377.55 LOW 4933.5 CLOSE 5320.55 BEP For above contract 5155.525
5100 CALL OPTION FOR JUNE 2010 CONTRACT Symbol Date Expiry Strike Price
Open High Low Close NIFTY 28-May-10 24-Jun-10 5100 109.8 119.9 84.7 94.05
NIFTY 31-May-10 24-Jun-10 5100 92 104.95 84 98.65 NIFTY 1-Jun-10 24-Jun-10
5100 94.9 94.9 56.6 59.2 NIFTY 2-Jun-10 24-Jun-10 5100 63.25 80 58.25 74.75
NIFTY 3-Jun-10 24-Jun-10 5100 89.5 111.25 89.5 102.15 NIFTY 4-Jun-10 24-Jun-
10 5100 94 116.25 88.25 107.85 NIFTY 7-Jun-10 24-Jun-10 5100 61.1 74.8 50
70.05 NIFTY 8-Jun-10 24-Jun-10 5100 69.9 77.95 45 48.45 NIFTY 9-Jun-10 24-
Jun-10 5100 48 72.35 45.25 53.6 NIFTY 10-Jun-10 24-Jun-10 5100 55 86.5 52.2
82.45 NIFTY 11-Jun-10 24-Jun-10 5100 91.25 99.8 75.85 88.75 NIFTY 14-Jun-10
24-Jun-10 5100 97.2 138.45 93.35 134.65 NIFTY 15-Jun-10 24-Jun-10 5100
131.55 161.4 110.5 153.7

NIFTY 16-Jun-10 24-Jun-10 5100 155 162.5 135.85 144.85 NIFTY 17-Jun-10 24-
Jun-10 5100 145 201.7 126.3 192.6 NIFTY 18-Jun-10 24-Jun-10 5100 180 199.95
156.1 166.2 NIFTY 21-Jun-10 24-Jun-10 5100 212.3 275.3 211.05 261.75 NIFTY
22-Jun-10 24-Jun-10 5100 238.2 259 212.3 220.55 NIFTY 23-Jun-10 24-Jun-10
5100 200 241.8 196 230.8

NIFTY 24-Jun-10 24-Jun-10 5100 234.75 251.7 187.5 221.7 5100 PUT OPTION
FOR JUNE 2010 CONTRACT Symbol Date Expiry Strike Price Open High Low Close
NIFTY 28-May-10 24-Jun-10 5100 176 190.8 149 155.25 NIFTY 31-May-10 24-
Jun-10 5100 147 171.05 135.6 142.1 NIFTY 1-Jun-10 24-Jun-10 5100 158 223.1
150 215.5

NIFTY 2-Jun-10 24-Jun-10 5100 201 218 160.15 171.5 NIFTY 3-Jun-10 24-Jun-
10 5100 139.45 143.7 105 107.7 NIFTY 4-Jun-10 24-Jun-10 5100 106 119 82.4
88.75 NIFTY 7-Jun-10 24-Jun-10 5100 132 173.85 110.25 149.2 NIFTY 8-Jun-10
24-Jun-10 5100 149.9 207.25 123.1 187.35 NIFTY 9-Jun-10 24-Jun-10 5100 181.2
182.8 126.5 163.4

NIFTY 10-Jun-10 24-Jun-10 5100 152.7 152.7 92.65 96.75 NIFTY 11-Jun-10 24-
Jun-10 5100 76 86.7 65.4 73.85 NIFTY 14-Jun-10 24-Jun-10 5100 63.85 63.85
32.1 33.5 NIFTY 15-Jun-10 24-Jun-10 5100 31.5 40.2 20.5 22.25 NIFTY 16-Jun-
10 24-Jun-10 5100 22.8 30.25 18.15 23.15 NIFTY 17-Jun-10 24-Jun-10 5100 22
23.85 8.4 9.9

NIFTY 18-Jun-10 24-Jun-10 5100 10 10.95 5.55 7.2 NIFTY 21-Jun-10 24-Jun-10
5100 3.45 3.45 1.1 2.45 NIFTY 22-Jun-10 24-Jun-10 5100 2.25 2.35 1.2 1.65
NIFTY 23-Jun-10 24-Jun-10 5100 1.25 1.25 0.45 0.55 NIFTY 24-Jun-10 24-Jun-10
5100 0.2 0.2 0.05 0.05 INTERPRETATION: In the above graph I calculated BEP.
BREAKEVEN POINT (BEP) = HIGH VALUE+LOW VALUE/2 =5377.55 + 4933.5/2 =
10311.05/2 = 5155.525 In this graph I observed fluctuations in the period of (28-
05-2010 to 24-06-2010) in this graph I found as BEP was 5155.525 share value .

Here I observed as a value share is high rate so Nifty-50 value was (5377.55 –
5155.525=222.025) so here share value is increased so in this period of so here
investors gets more profits and more longs .so this is JUNE month last week
Monday investor get good profits. So this is good signal of the investors.

So here I again observed nifty-50 losses of the period so here Nifty-50 share
value is (4933.5-5155.525=-222.025) so share value is decreased so here investor
gets more losses and more shorts. So this is unexpected change in market and
politics and lack of expertness in investors. Then a investor goes for shorts in 3
levels, when compare to BEP. Explaining the actual position of investor with
margin of safety (1) Margin of Safety (M.o.S) =opening share value – BEP . =5025
– 5155.525 =-130.525 So here margin of safety is less than to the BEP share value
. so here investor gets some losses in shorts.

(2) Margin of Safety (M.o.S) high share value –BEP =5377.55-5155.525 =222.025
So here margin of safety is more than to the BEP share value. So here investor
gets more profits and longs. (3) Margin of Safety (M.o.S) = low share value –BEP
=4933.5-5155.525 = 222.025 So here margin of safety is less than to the BEP so
here investor gets more losses and more shorts.

How Premiums works on Options In derivatives market, customers can invest in

only options also. But here the maximum risk is Premium amount paid by the
investor. The options will give buying or selling right, not an obligation. Call
option premium increases when market is in bullish or Positive Put option
premium increases when market is in bearish or negative.

The reason investor’s shown more interest on options: less risk with high returns.
In equities investor needs to pay the total amount towards investment Ex:
Ramesh buys 300 equity shares of RIL @1000 on 1st January 2010, for a target
price of Rs.1200 by 28th January2010.

According to his expectation target reaches to 1200, what are the returns
generated by ramesh A; investment amount is 3 00 000 (1000 * 300) Sell value 3
60 000 (1200*300) Rs.60000 generated on investment, 60k is 20% on investment.
In futures long / short investor no need to pay complete contract amount. Here
investor has to pay 25% as margin amount. In the above example, 300 RIL shares
contain one lot. Total contract value is 300000.

But the margin amount is only 75000. Returns on Investment: Rs.200 growth on
300 units it means 60k profit on investment, here 60k is 80% on investment. An
equity customer can invest with his investment 4 times in future, this is the one
reason people shown interest on futures investment. In options investor has to
pay only premiums. Here premium amount is investment. Here investor gets right
towards investment.

Ex: in the above example, on 1000 RIL strike price investor paid Rs.25 as premium
on each unit. Contract size is 300 units. Investment value is 7500. Here 7500
giving the right on 300000 contract. Here assumption of buy price is 1025,
because Rs.25 premium is added in the contract. End of the contract price
appreciation on RIL is 200. But here we have to take Rs.175 into consideration.

Returns on investment are 175*300 = 52500, means 7 times on investment 700%

profit for the given contract. In the above example if the stock price falls to
Rs.500 also, the maximum loss would be only the premium. He no need to bare
any extra loses. This is the only one reason, I have found in the study people
shown more interest towards futures and options.

Some live examples on options investment: during my study, I got an opportunity

to observe some client’s derivatives positions: in those NIFTY, LT, Are best
examples. 1. NIFTY EXAMPLE FOR JUNE CONTRACT 2010: On 16th June, nifty
traded between 5215 to 5230, where investor expected market fall for the month
below 5100.and he bought 15000 nifty 5100 puts @ 20. End of the contract nifty
closes above 5300.

According to put concept, if the value of underlying asset increases, put value
decreases, so here end of the contract put became zero. The same one can
observe in June month put option table. 2. One client expected that LT share
price will increases to 1800, when market trades at 1635, on 7th June 2010.

He knows 3 alternative investments in the market one is buying in equities, or

entering into futures contract or buying nearest call option. So, he ready to do
high risk and entered into 1650 call on 07th June 2010 at Rs.35. Calculating
returns on investment: On 21st June 2010 LT, reaches 1840, where he settles call
option at Rs.186, return on investment is Rs.151 on each unit.
Because in 186 he has to deduct his investment amount of Rs. 35, in very rare
situations investors get their premium back. Return on investment is 431.42%. In
the above situation if investor takes any other investments like investing in
equities and futures, he would not able to generate above mentioned returns.
CHAPTER - 6 FINDINGS AND SUGGESTIONS FINDINGS: 1. Subordinate have
existed and evolved over a long time, with roots in commodities showcase .In the
ongoing years propels in financial markets and technology have made derivatives
simple for the investors. 2.

Derivatives advertise in India is growing quickly not at all like value markets.
Exchanging derivatives require more than normal comprehension of finance.
Being now showcases, Maximum number of investors have not yet understood
thee full implications of the exchanging derivatives. SEBI should take actions to
make mindfulness in investors about the subsidiary market. 3. Introduction of
subordinate infers better hazard administration.

These business sectors can more noteworthy profundity, dependability and

liquidity to India capital markets. Successful hazard administration with
derivatives requires a thorough comprehension of rules that govern the
estimating of financial derivatives. 4. In order to build the derivatives showcase in
India SEBI should update some of their regulation like contract estimate,
participation of Fill in the subordinate market. Contract size should be limited
since little investor cannot afford this quite a bit of tremendous premiums. 5.

Derivatives are mostly utilized for supporting purpose. 6. In subordinate market

the profit and loss of the option essayist/option holder absolutely relies upon the
fluctuations of the basic. 7. Where investor have higher hazard, is getting
significant yields, it's unmistakably showing in live illustrations.

SUGGESSIONS The investors can limit chance by putting resources into

derivatives. The utilization of subordinate prepares the investor to face the
hazard, which is questionable. Though the utilization of derivatives does not
completely kill the hazard, however it absolutely diminishes the hazard.

It is fitting to the investor to put resources into the derivatives showcase as a

result of the more noteworthy amount of liquidity offered by the financial
derivatives and the lower transaction costs associated with the exchanging of
financial derivatives. The subsidiary products give the investor an option or
choice whether the activity the contract or not.
Option gives the choice to the investor to either practice his privilege or not. If on
expiry date the investor finds that the fundamental resource in the option
contract is exchanged at a less cost in the stock market at that point, he has the
full freedom to escape the option contract and go ahead and purchase the
benefit from the stock market.

So if there should arise an occurrence of high vulnerability the investor can go for
option. However, these instruments go about as a powerful instrument for
knowledge dealers to expose them to the properly ascertained and surely knew
chances in quest for remunerate i.e profit. OTHER SUGGESTIONS ARE 1.

Increase in scripts under derivative segment: SEBI and the stock exchanges
should constantly endeavor to Update the lists of stocks available for derivatives
trading by including in the list of companies with very strong fundamentals and a
history of excellent track record and also with excellent corporate governed
record even while periodically deleting Companies which do not keep up their
record of high disclosures And corporate governance and also those companies
which may Come under any serious allegations of being associated with any
Stock market scams etc… 2.

Physical settlement: By and by the derivatives exchanged are settled on money

premise on the last Thursday of every month. In this manner, there is no physical
conveyance of the exchanged securities. This is one of the reasons for the
Derivatives market to be dominated by speculators and huge players with grossly
insufficient premium shown by little investors to take focal points of the
subordinate exchanging, there is a need to switch over the stages to the physical
framework. 3.

Investor and broker education: This is the need of the hour. While the Indian
investor is familiar With the forward exchanging under Badla framework, the
derivatives Strategies are not yet familiar to him. Like the certification of dealers
on the derivatives work area, there must be an orientation program for the
brokers and delegates can best do this job as a feature of administration to grow
the market and mindfulness 4. SEBI needs to find a way to lessen the speculation
that is going on in the market fragment. 5.

SEBI needs to make further strides in the hazard administration component. 6.

SEBI needs to take measures to utilize effectively the derivatives section as tool of
supporting. ROLL OVER PROCESSOR: Each content having 3 months contract
cycles Current month, Next month and far month.
if current month isn't gives the normal returns customers are roll over their
positions into one month from now , this roll over process they can do up to n no
of months until the point when they have edge with them STOPLOSS: Derivatives
are high volatility product, to keep their edge in positive dependably they should
utilize stop loss order, when they go into the contract. At the point when stop
loss triggers, it implies the investor needs to book the loss.

CHAPTER-7 BIBLIOGRAPHY BIBLIOGRAPHY Text Books: M.Y.Khan : Indian

Financial System – 9th Edition R. Mahajan : Futures & Options Rene.M.Stulz : Risk
Management & Derivatives Websites: www.indianderivatives.com
www.nseindia.com www.bseindia.com www.networthdirect .com News papers:
Economic Times Bussiness Line Times of India

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