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A

Project Report

On

“INVESTORS BEHAVIOUR FOR INVESTING IN EQUITY

MARKET IN VARIOUS SECTORS”

Con!"cte! on S#$re%#$n &'('te! )$*+$on,

SUBMITTE- TO

Un'.er/'t0 o1 P"ne

SUBMITTE- BY

A/*$( K2 A*$(Ro** No2 34

UN-ER THE GUI-ANCE OF

Pro1 5-r2 M$0$n%$ S#$r($

In P$rt'$* F"*1'**(ent o1

MASTER OF BUSINESS A-MINISTRATION

MBA,

A&&ANA INSTITUTE OF MANAGEMENT SCIENCES6 PUNE2

7897:789;


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I A/*$(

K2 A*$(6 Ro** No5 34, here by declare that the project report entitled

“Investors Behaviour for Investing in Equity Market in Various Sectors”

Conducted on behalf of SHAREKHAN IMI!E", under the guidance of Pro1

5-r2 M$0$n%$ S#$r($ submitted in partial fulfillment of the requirements for

the award of the degree of MBA is my original Work-Research Study-carried out

during # $onths and not submitted for the award of any other degree diploma

fellowship or other similar titles or !ri"es to any other Institutions#rgani"ation or

$ni%ersity by any other person&

%&ace' A/*$( K2 A*$("ate'

DECLARATION


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I e'press my deep sense of gratitude towards my guide,

Pro1 5-r2 M$0$n%$ S#$r($ without whose kind help this project study would

ha%e been e'tremely difficult& She has helped me with her %aluable suggestions

right from the beginning till the final draft of the report& (he sheer mention of my

project study shall e%er commemorate her kind guidance&

I am also grateful to )inance faculty of the A&&ana Institute (f

Manage$ent Sciences for M)B)A) for his kind effort to make all the required

facilities a%ailable and ga%e his %aluable suggestions in preparing this project

report& (he library facility of the college has been of immense use to me for

reference of books and old project reports&

I am also thankful to Mr) *iten+ra Ko&he ,BM- of Sharekhan *td& +algaon,

for gi%ing me an opportunity for getting in %aluable e'perience in such reputed

organi"ation&

)inally, I would like to record my special thanks to my .arents/ frien+s/

and co&&eagues help me directly or indirectly in preparation of project work&

A/*$( K2 A*$(

MBA

Ro&& No) 01

ACKNOWLEDGEMENT


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IN-E<

NO2 PERTICU&ARS PAGE2NO2

92 E2 -ATA ANA&YSIS ? INTERPRETATION

@2 FIN-INGS

2 &IMITATIONS OF THE PRO)ECT

42 CONC&USION

982 RECOMMON-ATIONS

992 BIB&IOGRAPHY

972 ANNE


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ays were gone when people only in%est their money in !ost offices or in

anks and another safely fi'ed return in%estment& (oday people ha%e se%eral

choices for the in%estment alternati%es& .ow a day, one of the most emerging

choices is to in%est in equities shares& (o get good return on in%estment, people

are ready to take risks& *aw always says that in%estors get /I0/1R R1($R. if

they take /I0/ RIS2& )or high risk there is one a%enue to in%est and that is

1quity 3arket&

(his !roject )ocused #n 4I.51S(#RS 1/65I#$R )#R I.51S(I.0 I.

17$I(8 36R21( I. 56RI#$S S1C(#RS9& #bjecti%es behind this project are to

know in%estors beha%ior for in%esting in %arious sectors regarding equity market,

to know their preference of in%estment in equity market, and to know whether

potential growth of equity market is there or not&

I ha%e used escripti%e Research esign because answers the questionswho, what, where, when and how. (his study is comple' and determines high

degree scientific skill to study the problem& 7uestionnaires are used for sur%ey

purpose and before going to actual sur%ey pilot testing were also done&

Sample si"e is of :;< respondents who are the actual and potential

in%estors from whole of the equity market of and also from Sharekhan Securities

!%t& *td& /ere, each sample has the chance to be selected on an equal basis

because I ha%e used simple random sampling method for sur%eying purpose&

)rom research I found that =>? of in%estors are in%esting in 1quity

3arket& While @=? of in%estors are not in%esting in 1quity 3arket as per my

sample si"e :;


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there are no any fi'ed returns criteria and In%estors age also affect in risk factor&

3eans old persons risk bearing capacity is law so, in%estorAs also select

in%estment a%enue as per hisher risk bearing capacity

1quity share holder is real owner of the company in spite of their priority in

getting di%idend is comes last&

3ajor In%estors are in%esting in equity market only due to

earn high return and hedge the risk by in%esting their


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company profle


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COMPANY PROFILE

2o$.any Na$e' SHAREKHAN IMI!E"

%arenta& 2o$.any' SSKI 3rou.

,Shri.a& Sevanti&a& Kanti&a& Ish4ar&a& %vt) t+-

Esta5&ish$ent year' 61##

2E( of the

co$.any'Mr) !arun Shah

Hea+ (ffice'67th 8&oor/ Beta Bui&+ing/ o+ha i!hink !echno

2a$.us/ (ff) *VR/ (..) Kan9ur$arg Rai&4ay

Station/ Kan9ur$arg ,East-/ Mu$5ai : ;77 7;#/

Maharashtra)


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(n&ine +ivision as

“Sharekhan” >th 8e5ruary #777


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INTRODUCTION OF SHAREKHAN

Share khan is one of the leading share broking and retail brokerage firms

in the country& It is the retail broking arm of the 3umbai-based SSKI 3rou.

which has more than >> years of e'perience in the stock broking business& SS2I

is a %eteran equities solutions company with $ore than > +eca+es of trust and

credibility in the Indian stock markets& It helps the customerspeople to make

informed decisions and simplifies in%esting in stocks&

Share khan brings to you a user- friendly online trading facility, coupledwith a wealth of content that will help you stalk the right shares& SS2I named its

online di%ision as a Share khan and it is into retail broking& (he business of the

company overhau&e+ 67 years ago on 8e5ruary >/ #777) It acts as a discount

brokerage house to a full ser%ice in%estment solution pro%ider& It has speciali"ed

research product for the small in%estors and day traders&

Share khanAs online trading and in%estment site

444)sharekhan)co$ was launched in #777&

(hough the 444)sharekhan)co$, ha%e been pro%iding in%estors a

powerful online trading platform, the latest news, research and other knowledge-

based tools and Share khanAs equity related ser%ices include trade e'ecution on

S1, .S1, eri%ati%es, commodities, depository ser%ices, online trading and

in%estment ad%ice&

Share khanAs ground network includes o%er ?;7 Share sho.s across #>7

cities in In+ia) With branches and outlets across the country, Share khanAs

ground network is one of the biggest in IndiaG

(hey ha%e talent pool of e'perienced professionals specially designated

to guide you when you need assistance, which is why in%estigating with us is

bound to be a hassle-free e'perience for youG


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(he Sharekhan pro%ides its Customers )irst Step program, built

specifically for all in%estors, so testament is H

YOUR GUIDE TO T!E "INANCIAL #UNGLE$ means

4#ur commitment to being your guide throughout your in%esting lifecycle9

(he institutional broking arm of SSKI was also awarded In+ias 5est

5roking house for #77; by 6sia 3oney brokers poll recently D It has also won

the prestigious A4aaC 2onsu$er Vote A4ar+s #77D for the 3ost !referred

Stock roking rand in India, in the In%estment 6d%isors category&

(hey ha%e ?;7 %&are %&op% across '() c*+*e% in India to get a host

of trading related ser%ices H our friendly customer ser%ice staff will also help you

with any account related queries you may ha%e&

Sharekhan won the award by the %ote of consumers around the country,

as part of IndiaAs largest consumer study co%er ;BBB respondents H : products

and ser%ices across : major cities& (he study, initiated by 6waa" H IndiaAs first

dedicated Consumer Channel and member of the worldwide C.C .etwork, D

6C .ielsenH#R0 3arge, was aimed at understanding the brand preferences of

the consumers D to decipher what are the most important loyalty criteria for the

consumer in each %ertical&

(he reasons behind the preferences for brands were un%eiled by

e'amining the following

• (angible features of product ser%ice&

• Softer, intangible features like imagery, equity dri%ing preference&

• (actical measures such as promotional pricing schemes&


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S&are,&an comple+e% -) year% *n Re+a*l.ro,*n/ .0%*ne%%1

Sharekhan *td, IndiaAs leading online retail broking house with a strong

online trading platform, has completed a decade in the business offering ser%ices

such as portfolio management, trade e'ecution in equities, futures D options,

commodities and distribution of mutual funds, insurance and structured products&

In a short span of 67 years, the company has scripted a remarkable

growth story& Starting from beginnings in >th 8e5ruary #777 as an online trading

portal, Sharekhan today has a pan-India presence as well as global footprint in

$61 and #man with o%er 6/#77 out&ets ser%ing 1/D7/7777 custo$ers across

;77 cities)

Mr) !arun Shah/ 2E(/ Sharekhan/

Says - “


14/101

our .atrons 4ho infuse+ i$$ense

faith in our services in the &ast 67

years)


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It offers its customers with the trade e'ecution facilities on the .S1 and S1,

for cash as well as deri%ati%es, depository ser%ices&

1nsures con%enience in (rading 1'perience SharekhanAs trading ser%ices are

designed to offer an easy, hassle free trading e'perience, whether trading is

done daily or occasionally& Sharekhan pro%iding the customers with a multi-

channel access to the stock markets&

It gi%es ad%ice based on e'tensi%e research to its customers and pro%ides

them with rele%ant and updated information to help him make informed about

his in%estment decisions&

Sharekhan offers its customers the con%enience of a broker-!&

It helps the customers meet his pay in obligations on time thereby reducing the

possibility of auctions& 6nd e'ecute the instruction immediately on recei%ing it

and thereafter the customer can %iew his updated account statement on

Internet&

Sharekhan depository ser%ices offer -mat ser%ices to indi%idual and corporate

in%estors& 6 customer can a%ail of -mat, repurchase and transmission

facilities at any of the Sharekhan branches and business partners outlets&

.RAND NAME1

(he company as a whole in its offline business has named itself as SSKI

Securities i$ite+ H Shripal Sevantilal Kantilal Ishwarlal Securities Limited )

(he company has preferred to name themsel%es under a blanket family name&

ut, in its online di%ision started since :KK;, the company preferred to

name itself as 4S/6R12/6.9& (he rand name 4S/6R12/6.9 itself suggests

the business in which the company is dealing so that the customer could easily

identify the product or ser%ice category&


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S!AREK!AN2S MISSION 3 VISION1

MISSION

“!o e+ucate an+ e$.o4er the retai& investor

to he&. hi$her take 5etter invest$ent +ecisions)”

VISION

“!o 5e the 5est retai& 5roking 5ran+ in the In+ian equities $arket)”

ROLE O" S!AREK!AN1

Interface between the stock e'change and the in%estor&

6ssistance to in%estors in precise allocation of funds&

uilding awareness amongst general public about stock market&

Core Ser4*ce% o5 S&are,&an1

6s a Sharekhan customer you can decide the channel through which you

want to recei%e different Ser%ices&


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OT!ER SERVICES 6ROVIDED .Y S!AREK!AN

6) #nline Ser%ices

#) #ffline Ser%ices

0) epository Ser%ices -mat D Remat (ransactions

;) eri%ati%es (rading F)utures and #ptionsL

D) Commodities (rading

?) I!#s D 3utual )unds istribution

=) )undamental Research

>) (echnical Research

1) !ortfolio 3anagement

67))ree access to in%estment ad%ice from SharekhanAs Research team

66) Sharekhan 5alue *ine Fa monthly publication with re%iews of

recommendations, stocks to watch out for etcL

6#)aily research reports and market re%iew F/igh .oon D 1agle 1yeL

60)!re-market Report F3orning CuppaL

6;)aily trading calls based on (echnical 6nalysis

6D)Cool trading products Faring eri%ati%es and 3arket StrategyL

6?)!ersonali"ed 6d%ice

6=) *i%e 3arket Information

6>) Internet-based #nline (rading S.ee+ !ra+e


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-9 Onl*ne Ser4*ce%1

• #nline BSE and NSE e'ecutions Fthrough B(! F NEA! terminals

• 3utual )unds

• Commodity )utures

• !3S F!ortfolio 3anagement Ser%icesL

• (echnical !3S

• emat Ser%ices

• Share shops

'9 O:*ne Ser4*ce%1

• (rading with the help of ealer

• (rading without credit

• y calling to the Share shops

• Credit facility F#nly in eli%ery-basedL

Special website for #ffline Clients 444)$ysharekhan)co$

• !hysical contract notes

It pro%ides %arious (nG&ine tra+ing services through %arious account


20/101

(he company pro%ided mainly two types of ser%ices to their customers for

the emate 6ccounts&

,6- (n&ine Account an+

,#- (ff&ine Account

-9 Onl*ne Acco0n+1 ;

In the #nline account, the company simply pro%ides the terminal to the

customers or clients and the clients can do trading himselfherself when heshe

wants& (he charges of online account is Rs& ;


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B) !ra+e !iger Accounts

2) "ia& : n :!ra+e

A9 Cla%%*c Acco0n+%1

Investing Online is so much easier!

In Classic accounts, it is %ery simple to do trading& /ere customer has first

to open a -mat account with Sharekhan and after opening an account he can

get the login I and password& With the help of login I and password, the client

can login to the Sharekhan&com and in the classic ac whate%er companyAs

information the clients wants, he has to type the companyAs name or code and he

will get all the necessary information about that company and he can buy or sell

the that companyAs stock or shares& ut, here in the classical account the client

can access only one scrip at a time&

8eatures of 2&assic Account'

Classic account enables you to buy and sell shares through our website& 8ou

get features like

(n&ine tra+ing account for in%esting in Equities an+ "erivatives %ia

sharekhan&com

Integration of #nline trading M ank M -mat account

Instant cash transfer facility against purchase D sale of shares


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3ake I!# bookings

8ou get Instant or+er an+ tra+e confir$ations by e-mail

Strea$ing uotes

!ersonali"ed 3arket Scan with your o4n custo$iCe+ stock ticker

Sing&e screen interface for cash and deri%ati%es

8our %ery own %ortfo&io !racker

.9 Tra7e T*/er Acco0n+1 ;

1arlier it was known as S.ee+ !ra+e and no4 it is known as !iger !ra+e)

(his account is same as fast trade account& ut, difference between these

two accounts is that in the (iger (rade 6ccount the client can access more than

< scripts at a time and buy and sell the share from where%er they wants& (his

account also pro%ides the charts and graphs, so that the clients can easily

understand about the stock of the company& (his is only for big clients and dealer

kind of customers& (his account is mainly for acti%e traders who trade frequently

during the trading session&


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"

e

a+

0r

e

%

o5

Tra7e T*/er Acco0n+' G

A sing&e .&atfor$ for multiple e'change S1 D .S1 FCash D )D#L, 3CN,

.C1N, 3utual )unds, I!#s

Mu&ti.&e Market


24/101

"ea+0re% o5 D*al;n;+ra7e1

•

TWO dedicated numbers for placing your orders with your cell phone or landline& (oll free number -;());'';>)?)& )or people with difficulty in

accessing the toll-free number, we also ha%e a Reliance number F8our

*ocal S( CodeL @)@)>)) which is charged at as a local call&

• Simple and Secure Interacti%e 5oice Response based system for

authentication

• .o waiting time& 1nter your (!I. to be transferred to our telebrokers

• 8ou also get the trusted, professional ad%ice of our telebrokers

• 6fter hours order placement facility between K&BB am and K&@B am Ftimings

to be e'tended soonL

'9 O:*ne Acco0n+1 ;

(his is simple way to do trading& In the offline account, the client

can place the order by telephone or through personal %isit in the office&

(he client who is %ery busy in their jobs or business, they can directly

place the order by the telephone or the client who are not much busyJ they

can come to the office of Sharekhan&


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Sharekhan also pro%ide the ial-n-trade ser%ice to their customers&

So that customers can directly place the order by the telephone&

Dema+ Acco0n+ Open*n/ 3 .ro,era/e

C&ar/e%1 ;

• Fee structure for General Individual:

C&ar/e% Cla%%*c Acco0n+ Tra7e T*/er

Acco0n+

Acco0n+ Open*n/ C&ar/e% Free Free

.ro,era/eIntra-day : 0.10

%

Delivery : 0.50

%

Intra-day :0.10 %

Delivery :0.50 %

Ann0al Ma*n+enance

C&ar/e%Rs. NIL first year

Rs.400/=p.a.+ Taxes from second year

onwards

8or IntraG+ay !ra+es'G

(his is subject to a minimum brokerage of D .aisa per share& (his means

that if the share price you trade in is Rs


26/101

8or "e&ivery Base+ !ra+es 'G

(his is subject to a minimum brokerage of 67 .aisa per share& 3inimum

brokerage of :B paisa per share will be a..&ica5&e when the share .rice

is Rs #7G or &ess)

Sharekhan launches Share 3obile, an e'clusi%e li%e streaming quotes and

trading facility for its online trading customers

.e't time when you are on mo%e, you need not worry about your fa%oritestocks price mo%ement& 8ou can carry stock market terminal with you

anywhere H anytime&

/a%e you e%er missed an in%estment or an opportunity to book profit loss,

just because you were on mo%eO

Sharekhan brings your freedom of being 3obile& 8es, itAs so easy with Share

3obile to track your fa%orite stocks price mo%ement tick-by-tick&


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!o< S&are Mo=*le 7oe% empo


28/101

So5+


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S&are,&an pro4*7e r*/&+ *n4e%+men+7ec*%*on +o In4e%+or% accor7*n/ +o +&e*r

nee7%

•

Seven

Reasons

Why CustomerAs first choice is SHAREKHANL

-9 EX6ERIENCE1

SS2I has more than eight decades of trust and Credibility in the Indian

stock market& In the 6sia 3oney brokerAs poll held recently, Sharekhan won the

In+ia 5est 5roking house for #77; award& 1%er since it launched Sharekhan


30/101

as its retai& 5roking di%ision in 8e5ruary #777, it has been pro%iding institutional-

le%el research D broking ser%ices to in%estors&

'9 TEC!NOLOGY1

With Sharekhan online trading account you can buy and sell shares in an

instant from any !C with an internet connection& 8ou will get access to our

powerful online trading tools that will help you take complete control o%er your

in%estment in shares&

@9 KNOWLEDGE1

In a business where the right information at the right time can translate

into direct profits, you get access to a wide range of information on SharekhanAs

website www&sharekhan&com& 8ou will also get a useful set of 2nowledge-based

tools that will empower you to take informed decisions&

9 ACCESSI.ILITY1

In addition to Sharekhan online and phone trading ser%ices also %ery

useful& Sharekhan also ha%e a ground network of ?;7 share sho.s across #>7

2ities in India where you can get personali"e Ser%ices&

?9 CONVENIENCE1

8ou can call SharekhanAs ial-n-(rade number to get in%estment ad%ice

and e'ecute your transactions& Sharekhan ha%e a dedicated Call Center to

pro%ide this ser%ice %ia a toll-free number from anywhere in India&

9 CUSTOMER SERVICE1

SharekhanAs customer ser%ice team will assist you for any help that you

need relating to transactions, billing, d-mat and other queries& SharekhanAs


31/101

customer ser%ice can be contacted %ia a toll-free number-mail or li%e chat on

www&sharekhan&com&

>9 INVESTMENT ADVICE1

Sharekhan has dedicated research teams for fundamental and technical

research& SharekhanAs analysts constantly track the pulse of the market and

pro%ide timely in%estment ad%ice to you in form of daily research e-mail, online

chat, printed reports and S3S on your phone&

SWOT ANALYSIS of Sharekhan

• STRENGT!S1

• #nline (rading )acility

• *argest Chain of Retail Share Shops in India

• >> years of 1'perience in securities market

• edicated and responsi%e workforcestaff

• 5alue added ser%ice for /.I client

• Research Center

•

3embership of .S1 D S1


32/101

• (rading option like )uture D #ption and Commodities

• 5olume based differentiated product&

• WEAKNESSES1

*ess informati%e website

oes not ha%e slab rate brokerage which is pro%ided by competitors

!roblems due to network crash

$nawareness 6mong In%estors

O66ORTUNITY1

Collaboration with international financial institution

(o tap the $ntapped market

(o capture the market lost to its Competitors&

(o focus on de%eloping a superior and powerful portal

(o spread awareness of its rand .ame&

T!REATS1

)ollow go%ernment laws

Competitors de%elops

!rolonged depression and high %olatility in the market

.ew 1ntrants&

Awards A!h"e#e$en%s of SHAREKHAN&


33/101

• BB: - Web 6ward winner of Chip

maga"ines est )inancial Website

6ward&

• BBE - est *ocal rokerage by 6d%isory

!oll of !oll BBE&

• #77D - A4aaC 2onsu$er A4ar+s est

roking /ouse by C.C channel&

• Sharekhan is amongst top @ online

rokers in India&

INDUSTRY6RO"ILE


34/101

OF 'ROKIN( FIRMS

INDUSTRY PROFILE OF 'ROKIN( FIRMS

(he Indian retail brokerage industry consists of companies that primarily

act as agents for the buying and selling of securities Fe&g& stocks, shares, and


35/101

similar financial instrumentsL on a commission or transaction fee or rokerage

basis&

6n agent that charges a fee or commission for e'ecuting buys and sell

orders submitted by an in%estor& (he firm that acts as an agent for a customer,

charge the customer the commission for its ser%ice& Roles similar to that of a

stockbroker include in%estment ad%isor, financial ad%isor and probably many

others& 6 stockbroker may or may not be also an in%estment ad%isor&

6 stock5roker is a regulated professional broker who buys and sells

shares and other securities through market makers or 6gency #nly )irms on

behalf of in%estors&

(ypically, a broker who recei%es an order from a customer will

communicate with a company employee located at a particular e'change, who

will eec"te t#e or!er at the e'change and report details of the transaction to the

broker& Customers typically keep their securities in an account with the broker&

rokers charge customers co(('//'on/ for conducting transactions and 1ee/ for

maintaining their accounts&

Some of the main characteristics of the brokerage industry include growth

in e-broking, decline in brokerage fees and growing deri%ati%e market and many

more&

(here are se%eral national as well as local players in stock trading ser%ices

which are pro%iding %arious ser%ices to their customers like online trading,

portfolio management system, stock broking etc&

(hey are helping the in%estors to take decision about where to in%est because

there is lots of In%estment 6%enue a%ailable with in%estors& Some of them are as

follows working at the national le%el&

• D%aisa)co$ - #nline trading, li%e stock quotes and market research

• Anagra$ 2a.ita& - Stock broking, portfolio management and in%estmentbanking ser%ices

• Ange& Broking -Stock-roking and Wealth 3anagement ser%ices

http://www.searchindia.com/cgi-bin/search/index.cgi?ID=966377344http://www.searchindia.com/cgi-bin/search/index.cgi?ID=966377344


36/101

• A+vani Share Brokers - Share broking and market research ser%ices

• Anan+ Rathi Securities - !ortfolio management, corporate finance, equity Dfi'ed income brokerage ser%ices

• Brescon 3rou. - 6d%isory and broking ser%ices

• 2I Securities - Stock broking D merchant banking ser%ices

• 2RN In+ia - (rends of stock market, trading tips, chat etc

• 2huri4a&a Securities - Stock trading, quotes and market analysis

• "S% Merri&& ynch - In%estment banking and brokerage ser%ices

• "a&$ia Securities - Stock broking D depository ser%ices

• Equity !ra+e - Stock trading, company news D market research

• 3an+hi Securities - Stock broking and in%estment ser%ices

• 3ogia 2a.ita& Services - Stock broking and market analysis

• Has$ukh a&5hai - Stock trading ser%ices

• I+afa Invest$ents - Stock broking ser%ices

• In+ia Info &ine Securities - Stock broking, portfolio management and

in%estment banking ser%ices

• In+ia Market Access - #ffers stock broking, portfolio management andin%estment banking ser%ices

• Invests$art In+ia - !ersonal finance ad%isory D online brokerage ser%ices

• Kisan Rati&a& 2hoksey Shares - Stock broking and e-trading ser%ices

• Kotak Securities - rokerage ser%ices D retail distributor of financial

securities

• Manu5hai Manga&+as Securities - Stock broking and market analysis

• Money.ore - In%estment and broking ser%ices

• Moti&a& (s4a& Securities - #nline trading, li%e S1 and .S1 quotes

• Navia Markets - Stock broking, I!# and mutual funds ser%ices

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• %arag %arikh - Stock broking and portfolio management

• %arso&i 2or.oration - In%estment management D stock trading ser%ices

• %rati5huti Viniyog - Stock broking ser%ices

• %ru+entia& - In%estment management ser%ices

• uantu$ Securities - #ffers broking and portfolio management ser%ices&

• Re&igare Enter.rises i$ite+ - Stock broking ser%ices and di%ersified

financial ser%ices group with in multiple international locations

• Sivan Securities - offers ser%ices related in%estment banking D stock broking

with a focus on South India&

• 1tcP&&etc&&P

*ots of brokerage companies are mo%ing towards consolidation with the

smaller ones becoming either franchisee for the larger brokers or closing

operations& (here is an increasing demand for online trading due to consumerAs

growing preference for Internet as compared to approaching the brokers&

.ew forms of trading including (M settlement system, demateriali"ation

etc& are strengthening the retail brokerage market and attracting foreign

companies to enter the Indian industry 5arious alternati%e forms of in%estment

including fi'ed deposits with banks and post offices etc act as substitutes to retail

broking products and ser%ices&

S%o!k Marke%

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38/101

Stock markets refer to a market place where in%estors can buy and sell

stocks& (he price at which each buying and selling transaction takes is

determined by the market forces Fi&e& demand and supply for a particular stockL&

6 stock $arket is a public market for the trading of company stock and

deri%ati%es at an agreed priceJ these are securities listed on a stock e'change as

well as those only traded pri%ately&

(he siCe of the 4or&+ stock $arket was estimated at about 0?)? tri&&ion

S" at the beginning of (cto5er #77>)

(he stock $arket is one of the $ost i$.ortant sources for companies

to raise $oney) (his allows businesses to be publicly traded, or raise additional

capital for e'pansion by selling shares of ownership of the company in a public

market&

In fact, the stock market is often considered the primary indicator of a

countryQs economic strength and de%elopment& Rising share prices, for instance,

tend to be associated with increased business in%estment and %ice %ersa&

In this way, in%esting in stock market, the stock e'changes also play

importance role& 1'changes also act as the clearinghouse for each transaction,

meaning that they collect and deli%er the shares, and guarantee payment to the

seller of a security& (his eliminates the risk to an indi%idual buyer or seller that the

counterparty could default on the transaction& So, here we also understand about

Stock 1'changes as follows&

S%o!k e)!han*e

6 stock eOchange is an entity which pro%ides trading facilities for stock

brokers and traders, to trade stocks and other securities&


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Stock 1'changes are an organi"ed marketplace, either corporation or

mutual organi"ation, where members of the organi"ation gather to trade company

stocks or other securities&

Stock e'changes also pro%ide facilities for the issue and redemption of

securities as well as other financial instruments and capital e%ents including the

payment of income and di%idends&

(he securities traded on a stock e'change include shares issued by

companies, unit trusts, deri%ati%es, pooled in%estment products and bonds& (o be

able to trade a security on a certain stock e'change, it has to be listed there&

$sually there is a central location at least for recordkeeping, but trade is less andless linked to such a physical place, as modern markets are electronic networks,

which gi%es them ad%antages of speed and cost of transactions& (rade on an

e'change is by members only& (he initial offering of stocks and bonds to

in%estors is by definition done in the primary market and subsequent trading is

done in the secondary market&

6 stock e'change is often the most important component of a stock

market& Supply and demand in stock markets is dri%en by %arious factors which,

as in all free markets, affect the price of stocks&

(here is usually no compulsion to issue stock %ia the stock e'change

itself, nor must stock be subsequently traded on the e'change& Such trading is

said to be off e'change or o%er-the-counter & (his is the usual way that deri%ati%es

and bonds are traded& Increasingly, stock e'changes are part of a global market

for securities&

MaFor %+oc, ec&an/e% *n +&e


40/101


41/101

-

• ist of Stock EOchanges In In+ia 6) ombay Stock 1'change,BSE-#) .ational Stock 1'change,NSE-0) Regional Stock 1'changes F:L

(here are : other regional stock e'changes, which are

6hmedabadangalore hubaneshwar Calcutta

CochinCoimbatore elhi 0uwahati /yderabad +aipur

*udhiana 3adhya !radesh 3adras 3agadh 3angalore

3eerut #(C 1'change #f India !une Saurashtra 2utch $ttar

!radesh 5adodara etc&

'o$+a, S%o!k E)!han*e -'SE.

!he Bo$5ay Stock EOchange i$ite+ is the oldest stock e'change not

only in the country, but also in 6sia with a rich heritage of o%er 600 years of

e'istence& In the early days, S1 was established as Q!he Native Share F

Stock Brokers Association)Q

It was esta5&ishe+ in the year 6>=D and became the first stock e'change

in the country to be recogni"ed by the go%ernment& In :K


42/101

07Q/ is a widely used market inde' in India and 6sia& Sense' is tracked

worldwide& It constitutes @B stocks representing : major sectors& (he S1.S1N

is constructed on a Qfree-floatQ methodology, and is sensiti%e to market

mo%ements and market realities& 6part from the S1.S1N, S1 offers @ indices,

including :@ sectoral indices&

S1 pro%ides an efficient and transparent market for trading in equity, debt

instruments and deri%ati%es&

S1 is the first e'change in India and the second in the world to obtain an

IS# KBB:BBB certifications& It is also the first e'change in the country and

second in the world to recei%e Information Security 3anagement System

Standard S ;;KK--BB certification for its S1 #n-line (rading System

F#*(L&

S1 continues to inno%ate& In BB=, it became the first national le%el stock

e'change to launch its website in 0ujarati and /indi and now 3arathi to reach

out to a larger number of in%estors&

T&e .SE On;l*ne Tra7*n/ .OLT&

S1 #n-line (rading F#*(L facilitates on-line screen based trading in

securities& #*( is currently operating in


43/101

6ddress - !hiro"e +eejeebhoy (owers, alal Street

3umbai-EBBBB:, India

(elephone -K:--;:@@E

Website -www&bseindia&com

(rading hours -3onday-)riday, KBBam to @@Bpm

Securities -Stocks, deri%ati%es, debt

(rading System -1lectronic

3 D C1# -3r&3adhu 2annan

!*%+ory o5 .SE

(he ombay Stock 1'change is known as the oldest e'change in 6sia& It

traces its history to the :>;E and in :>;< became an official organi"ation known

as Q(he .ati%e Share D Stock rokers 6ssociationQ& In :K


44/101

/istorically an open-cry floor trading e'change, the ombay Stock

1'change switched to an electronic trading system in :KK


45/101

'

S1 has won the 6sia - !acific HRM a4ar+s for its efforts in employer

branding through talent management at work, health management at work

and e'cellence in /R through technology&

Na%"ona/ S%o!k E)!han*e -NSE.

(he Nationa& Stock EOchange of In+ia i$ite+ FNSEL, is a 3umbai-

based stock e'change& It is the largest stock e'change in India in terms of daily

turno%er and number of trades, for both equities and deri%ati%e trading&.S1 has a market ca.ita&iCation of around Rs ;=/76/1#0 crore

F; 6ugust BBKL and is e'pected to become the biggest stock e'change in India

in terms of market capitali"ation by BBK end& (hough a number of other

e'changes e'ist, .S1 and the ombay Stock 1'change are the two most

significant stock e'changes in India, and between them are responsible for the

%ast majority of share transactions&.S1 is mutually-owned by a set of leading financial institutions, banks,

insurance companies and other financial intermediaries in India but its ownership

and management operate as separate entities&(here are at least foreign in%estors .8S1 1uro ne't and 0oldman

Sachs who ha%e taken a stake in the .S1& 6s of BB=, the NSE VSA! terminals,#=11 in total, cover more than 6D77 cities across India&

In #ctober BB;, the equity $arket ca.ita&iCation of the companies listed

on the .S1 was S 6);? tri&&ion, making it the second largest stock e'change

in South 6sia&NSE is the thir+ &argest Stock 1'change in the 4or&+ in terms of the

number of trades in equities& It is the second fastest growing stock e'change in

the world with a recorded gro4th of 6?)?)

Or*/*n%1

(he .ational Stock 1'change of India was promoted by leading )inancial

institutions at the behest of the 3overn$ent of In+ia, and was incorporated in

.o%ember 611# as a ta'-paying company&

In A.ri& 6110, it was recogni"ed as a stock e'change under the Securities

Contracts FRegulationL 6ct, :K


46/101

.S1 commenced operations in the Wholesale ebt 3arket ,


47/101

.ational Securities Clearing Corporation *td& F.SCC*L

.ational Securities epository *td& F.S*L

India Inde' Ser%ices D !roducts *td& FIIS*L

.S1&I(ltd&

ot1' International *imited

!*%+ory o5 N9S9E

Capital market reforms in India and the launch of the Securities and

1'change oard of India FS1IL accelerated the incorporation of the second

Indian stock e'change called the .ational Stock 1'change F.S1L in :KK& 6fter a

few years of operations, the .S1 has become the largest stock e'change in

India&

(hree segments of the .S1 trading platform were established one after

another& (he Wholesale ebt 3arket FW3L commenced operations in +une

:KKE and the Capital 3arket FC3L segment was opened at the end of :KKE&

)inally, the )utures and #ptions segment began operating in BBB& (oday the

.S1 takes the :Eth position in the top EB futures e'changes in the world&

In :KK=, the .ational Stock 1'change of India launched SD! C.N .ifty

and C.N +unior Indices that make up :BB most liquid stocks in India& C.N .ifty

is a di%ersified inde' of


48/101

In7*ce% o5 N9S9E

.S1 also set up as inde' ser%ices firm known as India Inde' Ser%ices D

!roducts *imited FIIS*L and has launched se%eral stock indices, including

SD! C.N .iftyFStandard D !oorQs CRISI* .S1 Inde'L

C.N .ifty +unior

C.N :BB FT SD! C.N .ifty M C.N .ifty +uniorL

SD! C.N +uly BB< replacing C.N 3idcap BBL

M*%%*on o5 N9S9E9

.S1Qs mission is setting the agenda for change in the securities markets in

India& (he .S1 was set-up with the main objecti%es of

• 1stablishing a nation-wide trading facility for equities, debt instruments and

hybrids,

• 1nsuring equal access to in%estors all o%er the country through an

appropriate communication network,

• !ro%iding a fair, efficient and transparent securities market to in%estors

using electronic trading systems,

• 1nabling shorter settlement cycles and book entry settlements systems,

and

• 3eeting the current international standards of securities markets&


49/101

(he standards set by .S1 in terms of market practices and technology

ha%e become industry benchmarks and are being emulated by other market

participants& .S1 is more than a mere market facilitator& ItQs that force which is

guiding the industry towards new hori"ons and greater opportunities&


50/101


51/101

RESEARCH METHODOLO(Y

In+ro70c+*on1Research is one of the best instruments to identify the in%esting pattern of

in%estors to in%est in %arious sectors D to study different sectors of Capital

market&

Defn*+*on1

“Research is carefu& inquiry or eOa$ination to +iscover ne4

infor$ation an+ re&ationshi. an+ to eO.an+ an+ to vary eOisting

kno4&e+ge)”

Research always starts with question or any problem and finds answer of

problem by using scientific method& It gi%es complete knowledge about any

problem or question&

O+0e!%"#e of S%1d, -resear!h.&

1%ery study is conducted within for some specific purpose or to sol%e

some problem& When any research is conducted it has some primary objecti%e

that helps to sol%e the main problem whereas a secondary objecti%e helps to

sol%e peripheral problems& (he primary and secondary objecti%es of this research

are

6r*mary O=Fec+*4e1

(he primary objecti%e of carrying out this research is--

“Investors 5ehavior for Investing in Equity Market in Various Sectors”


52/101

Secon7ary O=Fec+*4e%1

(o find out in which in%estment option people in%ests most&

(o find out how in%estors are moti%ates for in%esting in 1quity 3arket&

(o study the general in%estment criteria of people&

(o know the peoples time hori"on for in%esting in 1quity 3arket and to

know the rate of return e'pected by them&

(o study the interest of people for further in%estment in 1quity 3arket&

(o assess the customer satisfaction le%el for in%esting in equity market&

(o classify the different sector on the basis of in%estors beha%iour

regarding in%esting in equity market&

(o identify %arious moti%ation factor which affect to in%estor while in%esting

in %arious selected sectorsO

'ENEFITS OF STUDY&

(he study carried out under the title of “Investors Behaviour for

Investing in Equity Market in Various Sectors” will gi%e benefits as under

(he research will be help to know in which sector in%estors are in%esting

more&

(he study will be helpful in knowing that what factors consider most

important while selecting the Sectors and company under the sectors&


53/101

(he study will be helpful in knowing that how the in%estors are trade in

1quity market&

(he study will be helpful in knowing responses regarding problems faced

by the in%estors while in%esting in 1quity 3arket

(he study will be helpful in knowing that what are the moti%ational factors

that encouraging to the in%estors for in%esting in 1quity 3arket&

LIMITATIONS OF THE STUDY&

6s no human being is perfect, it is not possible for anyone to make the

best or perfect report& 1ach person has some le%el of knowledge and is affected

by some uncontrollable factors within which heshe has to work& So, it

might possible that there can be some limitations in this report that may be due to

my knowledge le%el or some other factors&

6ccording to me following limitations can be pre%ailing in my report

Respondents might ha%e felt hesitation in pro%iding information related to

their age, income etc& So, there can be some data that might questionable

because of unwillingness of respondents to gi%e right information&

Sample selected may not represent whole population, as sample si"e

selected is %ery small in proportion to population due to time and cost

constraints&

1%en many of the respondents may gi%e bias answer&


54/101


55/101

*

*

a %a l

e %a r

&

Resear!h Des"*n&

“Research +esign is the .&an structure an+ strategy if investigation

conceive+ so as o5tain ans4ers to research question an+ to contro&

variance”

6 research design is the master plan or model for the conduct of formal

in%estigation and sur%ey& It is a specification of methods and procedures for

acquiring the information needs for sol%ing the problem& It decides the source of

information and methods for gathering the data& 6 questionnaire and other forms

are tested to use the collection of data&

In the research study there is no perfect study to sol%e the problem& (he

research design has broadly three categories as follow&


56/101

6) 1'ploratory Research

#) "escri.tive Research

0) Casual Research

'9 De%cr*p+*4e Re%earc&1

"escri.tive research, also known as statistica& research) It describes

data and characteristics about the population or phenomenon being studied&

escripti%e research answers the questions who, what, where, when

and how. (his study is comple' and determines high degree scientific skill to

study the problem&

(he description is used for frequencies, a%erages and other statistical

calculations& #ften the best approach, prior to writing descripti%e research, is to

conduct a sur%ey in%estigation& 7ualitati%e research often has the aim of

description and researchers may follow-up with e'aminations of why the

obser%ations e'ist and what the implications of the findings are&

In short 7e%cr*p+*4e re%earc& deals with e%erything that can be

counted and studied&

In this re.ort/ I have use+ this "escri.tive Research "esign for

con+ucting survey on “Investors 5ehaviour for Investing in Equity Market

in Various Sectors”

Da%a Co//e!%"on Me%hod&

I &a4e 0%e7 De%cr*p+*4e Re%earc&

De%*/n 5or re%earc& p0rpo%e9


57/101

ata collection usually takes place early on in an impro%ement project,

and is often formali"ed through a data collection plan which often contains the

following data collection methods&

(he source of data collection method is as follows&

%ri$ary "ata

Secon+ary "ata


58/101

6r*mary Da+a1

!rimary data means data collected directly from first-hand e'perience&

3eans data collected for the first time by any researcher for any research use&

(here are many methods of collecting primary data and the main methods

include

3ethods of collecting the primary data are

uestionnaire $etho+

Inter%iews method

)ocus group inter%iews

#bser%ation method

Case-studies method

iaries method

I have use+ uestionnaire $etho+ for the %ri$ary +ata co&&ection for

the stu+y)

Secon7ary Da+a1

Secondary data means data which are collected by any one for a

particular research purpose and which are used by others for different purpose&

I have a&so use+ the secon+ary +ata for the stu+y &ike so$e co$.any

resources &ike 5roachers/ 4e5sites etc)


59/101

Sa$2/"n* P/an&

“Sa$.&ing is the .rocess to ana&yCe the 4ho&e .o.u&ation

5y ana&yCing a .art of it)”

• (he effecti%eness of the report depends on the sample si"e selected from the

population&

Sampl*n/ Un*+1

/ere, target population is decided who are the actual and potential

in%estors, each sample has the chance to be selected on an equal basis D this

research has been conducted through sur%eying the whole of the equity market

of Surat city

Sample S*e1

)or getting better result of the gi%en problem I ha%e to determine theperfect sample si"e as on 17 confi+ence &eve& which is calculated statically by

the gi%en formula&

n J p c '

Where,

n T sample si"e

. T percentage picking a choice Fe'pressed as decimalL

q T F: - pL

T T U %alue Fe&g& 6)?;D for 17 confi+ence &eve&L

c T confi+ence interva&, e'pressed as decimal

Fe&g&, B&B< T V


60/101

8or EOa$.&e'

p T B&>B q T B&B

" T :&=E< c T B&B<

n U .q ,C c- #

T B&>BB&B F:&=E


61/101

Conf7ence le4el1

(he conf7ence le4el tells you how sure you can be& It is e'pressed as

a percentage and represents how often the true percentage of the population

who would pick an answer lies within the confidence inter%al&

(he confidence le%el associated with a confidence inter%al estimate is the

success rate of the method used to construct the inter%al&

(he KB? confidence le%el means you can be KB? sureJ When I put the

confidence le%el and the confidence inter%al together, I can say that I am KB?

sure that the true percentage of the population is between B? and >B?&

So/ I have taken 17 confi+ence &eve& $eans I a$ 17 sure) As on

17 confi+ence &eve& va&ue of T U 6)?;D

Here/ I have ca&cu&ate+ for$u&a on the 5asis of 17 confi+ence &eve&)

Sa$2/"n* fra$e&

Sampling frame is the actual set of units from which a sample has been

drawn& In sampling frame, I ha%e used si$.&e ran+o$ sa$.&ing $etho+ for

conducting sur%ey& In a simple random sample FQSRSQL all units from the sampling

frame ha%e an equal chance to be drawn and to occur in the sample&

/ere, I ha%e used sa$.&ing fra$e as an actual and potential in%estors

from whole of the equity market of Surat city and also from Sharekhan Securities

!%t& *td& /ere, each sample has the chance to be selected on an equal basis

because I ha%e used simple random sampling method for sur%eying purpose&


62/101

Res2onse Ra%e&

(he response rate was a%erage&

I ha%e used questionnaire method for the financial information of the

respondent, most of the people hesitated to pro%ide the required information

and also the questionnaire contained some financial terms that were technical

in nature, which resulted into reduced response rate&

I ha%e %isited nearly BB potential respondents, out of which only :;< ga%e

proper response&

/ence,

Res.onse Rate U 6=D#77 U >=)D

Da%a ana/,s"s %oo/s&

I ha%e used S%SS soft4are ,Statistica& %ackage for the Socia& Sciences

for analysis purpose&

In that I ha%e used 3ean, 3edian, 3ode, )requency (able, and Cross

(abulation, 3ra.hica& re.resentation D inter.retation with each gra.hs

an+ charts)

Microsoft (ffice is used for data typing formatting and analy"ing the data&


63/101


64/101

Theore%"!a/ as2e!% a+o1% %o2"!

W&a+ *% In4e%+men+B

“(he money you earn is partly spent and the rest sa%ed for meeting future

1'penses& Instead of keeping the sa%ings idle you may like to use sa%ings in

#rder to get return on it in the future&” (his is called In%estment&

W&y %&o0l7 one *n4e%+B

#ne needs to in%est to

1arn return on your idle resources

0enerate a specified sum of money for a specific goal in life

3ake a pro%ision for an uncertain future

#ne of the important reasons why one needs to in%est wisely is to meet the

cost of Inflation. Inflation is the rate at which the cost of li%ing increases& (he

cost of li%ing is simply what it costs to buy the goods and ser%ices you need to

li%e&

In4e%+or1 6n investor is any party that makes an in%estment&

6n indi%idual who commits money to in%estment products with the e'pectation

of financial return&

(he term has taken on a specific meaning in finance to describe the particular

types of people and companies that regularly purchase equity or debt

securities for financial gain in e'change for funding an e'panding company&

T&eore+*cala%pec+

a=0+ +op*c

http://en.wikipedia.org/wiki/Investmenthttp://www.businessdictionary.com/definition/individual.htmlhttp://www.investorwords.com/3100/money.htmlhttp://www.investorwords.com/3100/money.htmlhttp://www.investorwords.com/2599/investment.htmlhttp://www.investorwords.com/3874/product.htmlhttp://www.businessdictionary.com/definition/expectation.htmlhttp://www.investorwords.com/5572/financial.htmlhttp://www.investorwords.com/4244/return.htmlhttp://en.wikipedia.org/wiki/Financehttp://en.wikipedia.org/wiki/Stockhttp://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Security_(finance)http://en.wikipedia.org/wiki/Fundinghttp://en.wikipedia.org/wiki/Investmenthttp://www.businessdictionary.com/definition/individual.htmlhttp://www.investorwords.com/3100/money.htmlhttp://www.investorwords.com/2599/investment.htmlhttp://www.investorwords.com/3874/product.htmlhttp://www.businessdictionary.com/definition/expectation.htmlhttp://www.investorwords.com/5572/financial.htmlhttp://www.investorwords.com/4244/return.htmlhttp://en.wikipedia.org/wiki/Financehttp://en.wikipedia.org/wiki/Stockhttp://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Security_(finance)http://en.wikipedia.org/wiki/Funding


65/101

)))))Equity Markets c&i$5 a 4a&& of 4orry))

T&e Sen%e &a% re+0rne7 a=o0+ -(9'

compo0n7e7 Ann0al re+0rn o4er +&e pa%+ '>

year% *n %p*+e o5 5ollo


66/101

.umerous numbers of natural calamities and disasters ,!suna$i #77;/

3u9arat Earthquake #776/ Surat %&ague 611D-)

In this 4ay/ stock prices are rising regardless of market uncertainties,

so, the stock market is said to be climbing a wall of worry& (hese worries may

include political or economic risks etc&

INTRODUCTION OF 3ARIOUS SECTORS

A9 Mean*n/ o5 Sec+or1

“!here are $any co$.anies or scri. that $anufacturer the sa$e

.ro+ucts an+ .rovi+e services are s.ecifie+ un+er the .articu&ar na$e that

ca&&e+ In+ustry or Sector)”

!here are $any other +ifferent kin+s of in+ustries/ an+ often

organiCe+ into +ifferent c&asses or variety of in+ustria& c&assifications its

ca&&e+ Sector)

In this report, I have stu+y on these 8ive Sectors which are

http://en.wikipedia.org/wiki/Category:Industrial_classificationshttp://en.wikipedia.org/wiki/Category:Industrial_classifications


67/101

L*%+ o5 4ar*o0% %ec+or 1

SECTORS

A/ro Inp0+% Sec+or IT Sec+or

A/r*c0l+0re Sec+or In%0rance Sec+or

A0+o Anc*llar*e% Sec+or In5ra%+r0c+0re Sec+or

A0+omo=*le Sec+or M*n*n/ Sec+or

A4*a+*on Sec+or Me7*a 3 En+er+a*nmen+ Sec+or

.an,*n/ Sec+or Me7*cal Sec+or

Cemen+ Sec+or O*l 3 Ga% Sec+or

C&em*cal% Sec+or 6a*n+ Sec+or

C*/are++e% Sec+or 6aper Sec+or

Con%+r0c+*on Sec+or 6&armace0+*cal Sec+or

Con%0mer D0ra=le% Sec+or 6e+roc&em*cal%

Co0r*er 3 Lo/*%+*c Ser4*ce%Sec+or

6o


68/101

INTRODUCTION OF se/e!%ed SECTORS

-9 O*l 3 /a% Sec+or1

(he oil D gas industry in recent years has been characteri"ed by rising

consumption of oil products, declining crude production D low reser%e accretion&

India remains one of the least-e'plored countries in the world, with a well density

among the lowest in the world& In+ia is the fourth &argest oi& consu$.tion

Cone in Asia/ e%en though on a per capita basis the consumption is a mere B&:

tonne, the lowest in the region- (his makes the prospects of the Indian #il

industry e%en more e'citing&

(he oil and gas industry has been instrumental in fuelling the rapid growth

of the Indian economy& (he petroleum and natural gas sector which includes

transportation, refining and marketing of petroleum products and gas in+ustry

constitutes o%er 6D .er cent of the 3"%)

IndiaQs domestic demand for oil and gas is on the rise& 6s per the 3inistry

of !etroleum, demand for oil and gas is likely to increase which is 6>?)D; $i&&ion

tons in #77>G71)

In+ia is e$erging as the g&o5a& hu5 for oi& refining 4ith ca.ita& costs

&o4er 5y #D to D7 .er cent over other Asian countries)

6lready, the fifth &argest country in the world in terms of refining

ca.acity/ with a share of @ per cent of the global capacity, India is likely to boost

its refining capacity by E< per cent or =


69/101

Capital

market is important as it plays an important role in bringing rapid industrial

de%elopment in a country& (he sa%ings are in%ested profitably for economic

de%elopment because of the ser%ices offered by capital market& 3obili"ation of

in%estable surplus and pro%ision of e'pert ser%ices to in%estors and companies

are two significant acti%ities undertaken by the capital market&

Capital market is i$.ortance +ue to' It enables the in%estors to adopt

their in%estment to their e'pectations which are constantly changing&

It acts as a link between those 4ho 4ant to save fun+s and those 4ho

nee+ fun+s and are in a position to in%est them with safety and

reasonable return&

It pro%ided the capital to those enterprises which can apply it profitably,

producti%ely and increase the aggregate national income&

It pro%ides proper flow of funds and brings about the rational allocation of

resources through the con%ersion of financial assets into physical assets&

(hus, the capital market facilitates capital formation&

It pro%ides incenti%es to sa%ing and facilitates capital formation by offering

suitable rate of interest as the price of capital&

It facilitated buying and selling of securities at listed price by pro%iding

continuously marketability to the in%estors&

(he securities offered in the capital market are transferable in character&

(he changing business conditions in the economy are immediately

reflected on capital market& ooms and depression can be identified by

capital market& So suitable monitory and fiscal policies can be taken by

go%ernment&

Capital market supplies securities of different kinds with different maturity

and yields in unable the in%estors to di%ersify their risk by wider portfolio of

in%estment&


70/101

DATA ANALYSIS


71/101

ANALYSIS OF 4UESTIONNAIRE

ue) 6) "o you investing in Equity MarketL

W X PesW X No

Ye% No)

')

)

)

()

-))

-')

-)--Q

?

In#es%"n* In E51"%, Marke%

In4e%+*n/

%articu&ars Investing %ercentage

Pes 661 ?>

No D? 0#

!ota& 6=D 677


72/101

?

@?

In4e%+*n/ In E0*+y Mar,e+ In 6ercen+a/e

Ye% No

• In+erpre+a+*on1

6ccording to the abo%e chart we can see that

• ?> of investors ,661- are investing in Equity Market)

• While 0? of investors ,D?- are not investing in Equity Market)


73/101

ue) #) If you 4ant to invest/ 4hich invest$ent o.tion 4i&& .rovi+e

the 5est returnsL

W X 1quity Share W X I!#

W X 3utual )undsW X ondsW X )i'ed epositsW X If any other XXXXXXXXX

•

In+erpre+a+*on1

6ccording to the pre%ious chart

• 6ccording to D0 of investors/ Equity $arket will pro%ide the best

returns in compare to other in%estment option&

• 6> of investors belie%e that I%( F!rimary 3arketL will pro%ide the best

returns&

• > of investors think that 3utual )unds will pro%ide the best returns&

• = of investors belie%e that onds 3arket will pro%ide the best returns&

•

; of investors trust that )i'ed eposits will pro%ide the best returns&

Invest$ent o.tion Investors in %ercentage

Equity Share D0

I%( 6>

Mutua& 8un+s >

Bon+s =

8iOe+ "e.osits ;

(ther 67


74/101

• 6ccording to 67 of investors/ other invest$ent o.tion will pro%ide the

best returns&

6ccording to them other invest$ent o.tions are

2o$$o+ity Market

Insurance

3overn$ent Securities etc)

ue)0) 4hich factors $otivate you for investing in Equity MarketL

W X ReturnW X *iquidityW X SafetyW X Capital 6ppreciationW X #ther XXXXXXXXXXXX X

Motivation 8actorsInvestors in

%ercentage

Return ;1

iqui+ity #?

Safety =

2a.ita& A..reciation 6=

(ther 6


75/101

• In+erpre+a+*on1

6ccording to the !re%ious )igure

• ;1 of investors are moti%ated by Return to invest in 1quity market&

• #? of investors are moti%ated by iqui+ity to invest in 1quity market&

• ? of investors are moti%ated by Safety to invest in 1quity market&

•

6? of investors are moti%ated by 2a.ita& A..reciation to invest in1quity market&

• While D of investors are moti%ated by other factors like-Invest$ent/

%rofit etc& to in%est in 1quity market&

ue) ;) Ho4 $uch .ercentage of your inco$e you invest in

Equity MarketL

W X *ess than


76/101

• In+erpre+a+*on1


• #0 of the investors are in%esting ess than D of their income in 1quity

3arket&

• ;D of the investors are in%esting DG67 of their income in 1quity 3arket&

• 6= of the investors are in%esting 67G6D of their income in 1quity 3arket&

• = of the investors are in%esting 6DG #7 of their income in 1quity 3arket&

• D of the investors are in%esting #7G#D of their income in 1quity 3arket&

• While 0 of the investors are in%esting More than #D of their income in

1quity 3arket&

%ercentage of Inco$e Investors in %ercentage

ess than D #0

DG67 ;D

67G6D 6=

6DG#7 =

#7G #D D

More than #D 0


77/101

ue) D) Ho4 +o you tra+e in Equity MarketL

W X Intraday W X eli%ery W X Speculation W X 6rbitragersW X /edging

W X If any other please specify XXXXXXXXXXXXX

!y.es of !ra+e Investors in %ercentage

Intra+ay 60

"e&ivery 06

S.ecu&ation #?

Ar5itragers 6=

He+ging 66

(ther #


78/101

-@

@-

'

->

--'

In4e%+or% are Tra7e *nE0*+y Mar,e+

In4e%+or% *n 6ercen+a/e

In+ra7ay Del*4ery Spec0la+*on Ar=*+ra/er% !e7/*n/

O+&er

• In+erpre+a+*on1


• 60 of the investors are doing Intra+ay tra+ing in 1quity 3arket&“Intra+ay !ra+ing is trading for that one day only& 3eans any securities

are purchase D sell 4within the day&”

• 06 of the investors are in%esting in 1quity 3arket as a "e&ivery 5ase

!ra+ing)“"e&ivery 5ase+ tra+ing is normally considered as a safer approach for

trading in shares when compared to day trading& eli%ery based trading

in%ol%es buying shares on a market day and selling them only after

recei%ing the deli%ery of those shares in d-mat account&”

• #? of the investors are trading in 1quity 3arket as a S.ecu&ator)

“S.ecu&ators are those classes of in%estors who willingly take higher-

than-a%erage risk in return for a higher-than-a%erage profit potential in

future& Speculators aim primarily at quick profit from a short-term

acquisition of assets&”

http://www.businessdictionary.com/definition/aim.htmlhttp://www.businessdictionary.com/definition/profit.htmlhttp://www.investorwords.com/4563/short_term.htmlhttp://www.businessdictionary.com/definition/acquisition.htmlhttp://www.businessdictionary.com/definition/asset.htmlhttp://www.businessdictionary.com/definition/aim.htmlhttp://www.businessdictionary.com/definition/profit.htmlhttp://www.investorwords.com/4563/short_term.htmlhttp://www.businessdictionary.com/definition/acquisition.htmlhttp://www.businessdictionary.com/definition/asset.html


79/101

• 6= of the investors are Ar5itragers in 1quity 3arket&“Ar5itrager $eans who purchases securities in one market for immediate

resale in another in the hope of profiting from the price differential”

• 66 of the investors are trading in 1quity 3arket as He+gers)

“He+ging $eans reducing or controlling risk& /edgers wish to eliminate or

reduce the price risk to which they are already e'posed&”

• While # of the investors are trade in 1quity 3arket for (ther !urpose&

ue)?)

0 to ? Months 6D

? to 6# Months 6>

More than 6# Months #D


80/101

)N

?N

-)N

-?N

')N

'?N

@)N

-N

'(N

-?N-(N

'?N

In4e%+or% T*me !or*on 5or *n4e%+*n/ *n EL0*+y Mar,e+ In4e%+or% *n 6ercen+a/eD

In+erpre+a+*on 1 6ccording to the !re%ious )igure

6; of investors in%est in 1quity market for ess than 6 Months)

• #> of investors in%est in 1quity market for the period of

6 to 0 Months)

• 6D of investors time hori"on for in 1quity market is 0 to ? Months)

• 6> of investors time hori"on for in 1quity market is ? to 6# Months)

• #D of investors in%est in 1quity market for $ore than 6# Months&

ue)=)


81/101

W X


82/101

W X )ully SatisfiedW X SatisfiedW X .eutralW X $nsatisfied

W X )ully $nsatisfied

)-)')@))?)A)>)

()

@)

>@

Q

-(

?

In4e%+or% %a+*%5ac+*on le4el "rom EL0*+y Mar,e+ CIn4e%+or% *n N0mer%DCTo+al ->?D

Rate of Return No) of Investors %ercentage

8u&&y Satisfie+ 07 6=

Satisfie+ =0 ;#

Neutra& ;1 #>

nsatisfie+ 6> 67

8u&&y nsatisfie+ D 0

!ota& 6=D 677


83/101

In+erpre+a+*on 1 6ccording to the !re%ious )igure

• 07 investors are 8u&&y Satisfie+ from current performance of

1quity market&

• =0 investors are Satisfie+ from 1quity market&

• ;1 investors are Neutra& with current performance of 1quity market&

• 6> investors are nsatisfie+ from 1quity market&

• While D investors are 8u&&y nsatisfie+ from 1quity market&

ue) 1)


84/101

In+erpre+a+*on 1 6ccording to the 6bo%e )igure

• 8rien+s moti%ate #> of the investors to enter into the equity market&

• Re&atives moti%ate 6# of the investors to enter into the equity market&

#D of investors enter in 1quity market by the 6d%ise of 8inancia&A+visor)

• Me+ia moti%ate 6= of the investors to enter into the equity market&

• MagaCines moti%ate 67 of the in%estors to enter into the equity market&

D of investors are moti%ates by Rea+ing MagaCines to enter in 1quity

market&

• While other factors like se&fGStu+y/ their o4n Vie4 etc& moti%ate

0 of the investors to enter into the equity market&

ue)67)


85/101

In+ustry 2on+ition 6?

EOistence of 4e&& esta5&ishe+

2o$.anies un+er Sectors 6#

3overn$ent %o&icy D

Any (ther 6

678

698:;8

:


86/101

• 6# of the investors ha%e considered EOistence of 4e&& esta5&ishe+

2o$.anies un+er Sectors as a most important factor while selecting the

Sector&

• D of the investors ha%e considered 3overn$ent %o&icy as a important

factor while selecting the Sector&

• While 6 of the investors ha%e considers (ther 8actor like

3&o5a& %osition of the co$.any an+ etc) important factor while selecting

the Sector&

ue)66)


87/101

I! Sector #7 ;7 ;= 0D 00 6=D

Infrastructure Sector 0= 0# 00 #> ;D 6=D

Auto$o5i&e Sector 0D 07 #> D# 07 6=D

!ota& 6?# 6D? #67 6=> 6?1 >=D

On the basis of above chart:

• /ow many in%estors gi%en 6st to Dth Rank to which sectorO

Sec+or% In4e%+or%

Ran,

(i& F 3as Sector ;; 6st

I! Sector ;7 #n+

Banking Sector D0 0r+

Auto$o5i&e Sector D# ;th

Infrastructure Sector ;D Dth


88/101

In+erpre+a+*on 1 #n the basis of !re%ious )igures

O*l 3 Ga% Sec+or1 ;; In%estors ga%e 6st rank, @B In%estors ga%e nd rank, EK in%estors ga%e

@rd Rank, : In%estors ga%e E th Rank, D @: In%estors ga%e


89/101

In5ra%+r0c+0re Sec+or1 @; In%estors ga%e :st rank, @ In%estors ga%e nd rank, @@ in%estors ga%e

@rd Rank, > In%estors ga%e E th Rank, D ;D In%estors ga%e Dth

Rank to this sector& /ere, o%er all ;D investors ha%e selected Infrastructure sector as a

Dn+ Rank in co$.arison 4ith Dn+ Rank of a&& sectors)

ue) 6#) Mention the $ost i$.ortant factors for se&ecting a co$.any

of your choice)

W X 1arning !er ShareW X i%idendW X rokerAs ad%iseW X 3arket capitali"ationW X !erformance of companyW X !&1& RatioW X If any other XXXXXXXXXX

In+erpre+a+

*on 1

8actors affect for

se&ecting co$.any

Investors in

%ercentage

Earning %er Share 61

"ivi+en+ 6=

Brokers a+vise 6D

Market ca.ita&iCation =

%erfor$ance of co$.any 6?

%)E) Ratio #;

(ther #


90/101

#n the basis of abo%e )igures

• 61 of the in%estors ha%e considered Earning %er Share as a most

important factor to select a Company under the sector of their Choice&

• 6= of the in%estors ha%e considered "ivi+en+ as a most important factor to

select a Company under the sector of their Choice&

• While 6D of the in%estors are select a company under the sector of their

choice on the basis of Brokers a+vises)

• = of the in%estors ha%e considered Market ca.ita&iCation 5y the co$.any

as a important factor to select a company under the sector&

6? of the in%estors ha%e considered as a %erfor$ance of co$.any most

important factor to select a company under the sector of their choice&

#; of the in%estors ha%e considered %rice Earning Ratio as a most

important factor select a company under the sector of their choice&

6t last # of the in%estors ha%e considered #ther )actors like

Suggestion fro$ reference grou./ EOterna& a+visors/ Stakeho&+ers/

3ro4th of 2o$.any/ Market !ren+/ %rofita5i&ity and their o4n vie4 etc) to

select a company under the sector&


91/101

6s the main objecti%e of the research is to find out the

“Investors 5ehavior for Investing in Equity Market in Various Sectors” in

Surat city& So, I ha%e questionnaire $etho+ on 6=D sa$.&e siCe for research

and found out the %iews of in%estors on %arious parameters&

)rom the research I found out that ?> of investors ,661- are investing in

Equity Market) While 0? of investors ,D?- are not investing in 1quity 3arket

as per my sa$.&e siCe 6=D) I also found out that, D0 of investors belie%e that Equity Market is better

in%estment option and will pro%ide the best returns in compare to other

in%estment option& I found out that the ;1 of investors who are dealing in equity market they

are $otivate+ 5y return factor and #? of investors are moti%ated by

iqui+ity and some in%estor also consider capital appreciation and safety factor

while in%esting in equity market in %arious sectors& I also found out that the ;D of the investors are ready or interested to

in%est their DG67 of inco$e in 1quity 3arket& It means many in%estors trust

on the growth of equity market as they are ready to spend major proportion of

their income&

"INDINGS


92/101

0oing ahead I found out that very fe4 investors want to deal in intra+ay

tra+ing which shows that they consider safety factors while in%esting& 06 of

the investors are in%esting in 1quity 3arket as a "e&ivery 5ase !ra+ing and

#? of the investors are trading in 1quity 3arket as a S.ecu&ator) 3eans #?of investors who willingly take higher-than-a%erage risk in return for a higher-

than-a%erage profit potential& #> of investors in%est in 1quity market for the period of 6 to 0 Months and

the same proportion of in%estors are in%est for &ong .erio+ more than year&

I also found out that 0# of investors are e'pects 6DG#7 return from

1quity market and #? of investors are e'pects #7G#D return from 1quity

market& /ere, in%estors are $ore eO.ects from 1quity market&

;# of investors are satisfie+ with the current performance of the 1quity

3arket in terms of e'pected return, while #> of investors are Neutra& about

equity market&

I found that most of in%estors are $otivate+ 5y their frien+s to enter in the

equity $arket and some in%estors are moti%ated by A+visers/ Me+ia/ Research

Re.ort and other factors like and self study of current scenario of equity market&

#ther thing I found out that #1 of the investors ha%e considered $arket

tren+ and #0 of the investors ha%e considered %rofita5i&ity as a most

important factor as a most important factor while selecting the Sector& (here are

also other factors like - govern$ent .o&icy/ in+ustry con+ition/ and econo$ic

con+ition also important factor while selecting the Sector (hen I found that ;; investors selected (i& F gas sector as a

8irst Rank ,in co$.arison 4ith 8irst Rank of a&& sectors- ;7 in%estors ha%e selected I! sector as a #n+ Rank)

D0 in%estors ha%e selected Banking sector as a 0n+ Rank

D# in%estors ha%e selected Auto$o5i&e sector as a ;th Rank

;D investors selected Infrastructure sector as a Dn+ Rank

I also found out that #; of the in%estors ha%e considered %rice Earning

Ratio/ 61 of the in%estors ha%e considered Earning .er Share and 6=

of the in%estors ha%e considered "ivi+en+ as a most important factor while

selecting a company from these selected sectors& In%estors also consider other

factors like - Suggestion fro$ reference grou./ EOterna& a+visors/

Stakeho&+ers/ 3ro4th of 2o$.any/ Market !ren+/ %rofita5i&ity and their o4n


93/101

vie4 etc) are as an important factor while selecting a company from these

selected sectors&

uring my training period I ha%e study on “Investors Behavior for

Investing in Equity Market in Various Sectors” by using "escri.tive

Research "esign as a uestionnaire $etho+ where respondents are from

whole of the equity market of Surat city and also from Share khan Securities

%vt) t+)

)rom the sur%ey I found that major people are in%esting in equity market

only due to Earn High Return and He+ge the Risk by in%esting their major

.ro.ortion of inco$e in 1quity 3arket& /ere, the most of people are trade in

equity market as a s.ecu&ation and they are in%ests for one to three months&

0enerally, the in%estors who are in%est for &ong .erio+ more than year they are

surely beneficial in equity market& 3ajority of people are moti%ated by their

friends D medias ad%ise to enter into equity market& 3ajority people are e'pecting

something more from the equity market&So, finally some are satisfied and some

are not satisfy with equity market&

3ajor in%estors prefer the (i& F gas sector as a first rank on the basis of

3arket trend, !rofitability, industry condition and economic condition also

important factor 4hi&e se&ecting the Sector and in%estors ha%e also considered

%rice Earnings Ratio/ Earning .er Share and "ivi+en+ as a most important

factor 4hi&e se&ecting a co$.any un+er these se&ecte+ sectors)

CONCLUSI

ON


94/101

Recommen7a+*on +o In4e%+or%1

!refer in%estment for &ong ter$ invest$ent strategy that pro%ides you

moderate return with liquidity&

In%estors should not in%est in on&y equity $arket but, also in%est in other

Safe Securities *ike- )i'ed eposits, 0o%ernment Securities, onds,

3utual fund and Insurance etc& which also pro%ides moderate

return&

8or EOa$.&e' #ne should prefer

o 1quity H D7o #ther Safe Securities H D7

So, one can get $o+erate return 4ith &iqui+ity)

In%estors should in%est money at lower le%el price and sale the stock at

higher price&

In%estors should select company on the basis of %E ratio, E%S/ 2urrent

3ro4th of 2o$.any and Market ca.ita&iCation and many more& So,

in%estors can get higher return on their in%estment&

RECOMMENDATION


95/101

A&4ays invest eOtra $oney in stock $arket) "o not invest 5y taking

&oan fro$ 5anks or other resources)

Recommen7a+*on +o Company1

)rom my research, I found that only ?> of investors are in%esting in

equity $arket, so more focus should on 0# of in%estors who are not

in%esting in equity market&

roking firms or companies should promote 1quity in%estment

aggressi%ely for &ong ter$ invest$ent purpose&

Ma9ority of investors ,D0- are in%esting secon+ary $arket Fequity

marketL and very fe4 ,6>- in%estors are in%esting in %ri$ary Market&

So, here broking firm should promote to their client for in%esting in

%ri$ary Market also&

Company should ha%e to concentrate on those people who arenot investing in Equity Market because of High risk than convert the$

in in%esting other security like-3utual )und, onds, and Insurance etc&

which also pro%ides moderate return&

(he Stock roking firm should also pro%ide better ser%ices to the in%estor

to increase the satisfaction le%el of the in%estors&


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Company should focus on students also because equity market has risk

and the younger generation likes to take risk&

3ajority in%estors are in%esting in (i& F gas sector and I! sector &

So, Company should also suggest to in%estors for in%esting other sector

which is also profitable&

@) 'OOKS&

0ordon D .atrajan, “Financial Markets nd Services! Second

Re%ised 1dition Reprint, /imalaya !ublishing /ouse, BB


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www&autherstream&com

www&myrisis&com

@) NEWS PAPER &

1C#.#3ICS (I31S

(I31S #) I.I6

@) OTHER & SharekhanAs roachers

.C)3 H Capital 3arket ealers 3odule

#ther 3aga"ines for Capitals 3arkets

http://www.autherstream.com/http://www.myrisis.com/http://www.autherstream.com/http://www.myrisis.com/


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