Date of issue

3/30/2012
3/29/2012
3/28/2012
3/27/2012
3/26/2012
3/23/2012
3/22/2012
3/21/2012
3/20/2012
3/19/2012
3/16/2012
3/15/2012
3/14/2012
3/13/2012
3/12/2012
3/9/2012
3/8/2012
3/7/2012
3/6/2012
3/5/2012
3/2/2012
3/1/2012
2/29/2012
2/28/2012
2/27/2012
2/24/2012
2/23/2012
2/22/2012
2/21/2012
2/17/2012
2/16/2012
2/15/2012
2/14/2012
2/13/2012
2/10/2012
2/9/2012
2/8/2012
2/7/2012
2/6/2012
2/3/2012
2/2/2012
2/1/2012
1/31/2012
1/30/2012

Risk free rate

0.06
0.05
0.08
0.08
0.07
0.07
0.07
0.09
0.09
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.07
0.06
0.06
0.07
0.08
0.09
0.1
0.09
0.09
0.08
0.07
0.08
0.09
0.1
0.11
0.09
0.08
0.09
0.08
0.08
0.06
0.07
0.08
0.05
0.05
0.05

1/27/2012
1/26/2012
1/25/2012
1/24/2012
1/23/2012
1/20/2012
1/19/2012
1/18/2012
1/17/2012
1/13/2012
1/12/2012
1/11/2012
1/10/2012
1/6/2012
1/5/2012
1/4/2012
12/29/2011
12/5/2011
12/2/2011
12/1/2011
11/30/2011
11/29/2011
11/28/2011
11/23/2011
11/22/2011
11/15/2011
10/28/2011
10/27/2011
10/26/2011
10/25/2011
10/21/2011
10/20/2011
10/19/2011
10/18/2011
10/17/2011
10/14/2011
10/13/2011
10/12/2011
10/3/2011
9/30/2011
9/29/2011
9/28/2011
9/27/2011
9/8/2011
9/7/2011
9/6/2011
9/2/2011

0.05
0.05
0.04
0.04
0.04
0.04
0.04
0.03
0.02
0.02
0.02
0.01
0.01
0.01
0.01
0.01
0.05
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.02
0.03
0.02
0.01
0.01
0.01
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01

9/1/2011
8/31/2011
8/30/2011
8/26/2011
8/25/2011
8/24/2011
8/19/2011
8/18/2011
8/16/2011
8/11/2011
8/10/2011
8/9/2011
8/8/2011
8/5/2011
8/4/2011
8/3/2011
8/2/2011
8/1/2011
7/29/2011
7/28/2011
7/27/2011
7/26/2011
7/25/2011
7/22/2011
7/21/2011
7/20/2011
7/19/2011
7/12/2011
7/11/2011
7/8/2011
7/7/2011
7/5/2011
7/1/2011
6/30/2011
6/29/2011
6/28/2011
6/27/2011
6/24/2011
6/22/2011
6/21/2011
6/20/2011
6/17/2011
6/16/2011
6/15/2011
6/14/2011
6/13/2011
6/10/2011

0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.02
0.01
0.01
0.03
0.01
0.01
0.01
0.01
0.05
0.08
0.09
0.06
0.07
0.06
0.04
0.03
0.04
0.02
0.03
0.03
0.01
0.02
0.02
0.01
0.01
0.01
0.02
0.03
0.01
0.01
0.01
0.02
0.01
0.03
0.04
0.05
0.05
0.04
0.04

6/9/2011
6/8/2011
6/7/2011
6/6/2011
6/3/2011
6/2/2011
6/1/2011
5/31/2011
5/27/2011
5/26/2011
5/25/2011
5/24/2011
5/23/2011
5/20/2011
5/19/2011
5/18/2011
5/17/2011
5/16/2011
5/13/2011
5/12/2011
5/11/2011
5/10/2011
5/5/2011
5/4/2011
5/3/2011
5/2/2011
4/29/2011
4/28/2011
4/27/2011
4/26/2011
4/25/2011
4/21/2011
4/20/2011
4/19/2011
4/18/2011
4/15/2011
4/14/2011
4/13/2011
4/12/2011
4/11/2011
4/8/2011
4/7/2011
4/6/2011
4/5/2011
4/4/2011
4/1/2011
Avg T Bill

0.04
0.04
0.04
0.03
0.03
0.04
0.04
0.04
0.04
0.05
0.05
0.05
0.05
0.04
0.04
0.04
0.04
0.02
0.02
0.02
0.02
0.03
0.01
0.02
0.03
0.03
0.04
0.04
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.06
0.06
0.05
0.05
0.04
0.04
0.04
0.05
0.06
0.04
0.05
0.040

Date

Sensex Close

3/30/2012
3/29/2012
3/28/2012
3/27/2012
3/26/2012
3/23/2012
3/22/2012
3/21/2012
3/20/2012
3/19/2012
3/16/2012
3/15/2012
3/14/2012
3/13/2012
3/12/2012
3/9/2012
3/7/2012
3/6/2012
3/5/2012
3/2/2012
3/1/2012
2/29/2012
2/28/2012
2/27/2012
2/24/2012
2/23/2012
2/22/2012
2/21/2012
2/17/2012
2/16/2012
2/15/2012
2/14/2012
2/13/2012
2/10/2012
2/9/2012
2/8/2012
2/7/2012
2/6/2012
2/3/2012
2/2/2012
2/1/2012
1/31/2012
1/30/2012
1/27/2012

17404.2
17058.61
17121.62
17257.36
17052.78
17361.74
17196.47
17601.71
17316.18
17273.37
17466.2
17675.85
17919.3
17813.62
17587.67
17503.24
17145.52
17173.29
17362.87
17636.8
17583.97
17752.68
17731.12
17445.75
17923.57
18078.5
18145.25
18428.61
18289.35
18153.99
18202.41
17848.57
17772.84
17748.69
17830.75
17707.32
17622.45
17707.31
17604.96
17431.85
17300.58
17193.55
16863.3
17233.98

Return on
Sensex

-1.99
0.37
0.79
-1.19
1.81
-0.95
2.36
-1.62
-0.25
1.12
1.20
1.38
-0.59
-1.27
-0.48
-2.04
0.16
1.10
1.58
-0.30
0.96
-0.12
-1.61
2.74
0.86
0.37
1.56
-0.76
-0.74
0.27
-1.94
-0.42
-0.14
0.46
-0.69
-0.48
0.48
-0.58
-0.98
-0.75
-0.62
-1.92
2.20

1/25/2012
1/24/2012
1/23/2012
1/20/2012
1/19/2012
1/18/2012
1/17/2012
1/16/2012
1/13/2012
1/12/2012
1/11/2012
1/10/2012
1/9/2012
1/6/2012
1/5/2012
1/4/2012
1/3/2012
1/2/2012
12/30/2011
12/29/2011
12/28/2011
12/27/2011
12/23/2011
12/22/2011
12/21/2011
12/20/2011
12/19/2011
12/16/2011
12/15/2011
12/14/2011
12/13/2011
12/12/2011
12/9/2011
12/8/2011
12/7/2011
12/5/2011
12/2/2011
12/1/2011
11/30/2011
11/29/2011
11/28/2011
11/25/2011
11/24/2011
11/23/2011
11/22/2011
11/21/2011
11/18/2011

17077.18
16995.77
16751.73
16739.01
16643.74
16451.47
16466.05
16189.36
16154.62
16037.51
16175.86
16165.09
15814.72
15867.73
15857.08
15882.64
15939.36
15517.92
15454.92
15543.93
15727.85
15873.95
15738.7
15813.36
15685.21
15175.08
15379.34
15491.35
15836.47
15881.14
16002.51
15870.35
16213.46
16488.24
16877.06
16805.33
16846.83
16483.45
16123.46
16008.34
16167.13
15695.43
15858.49
15699.97
16065.42
15946.1
16371.51

-0.91
-0.48
-1.44
-0.08
-0.57
-1.16
0.09
-1.68
-0.21
-0.72
0.86
-0.07
-2.17
0.34
-0.07
0.16
0.36
-2.64
-0.41
0.58
1.18
0.93
-0.85
0.47
-0.81
-3.25
1.35
0.73
2.23
0.28
0.76
-0.83
2.16
1.69
2.36
-0.43
0.25
-2.16
-2.18
-0.71
0.99
-2.92
1.04
-1.00
2.33
-0.74
2.67

11/17/2011
11/16/2011
11/15/2011
11/14/2011
11/11/2011
11/9/2011
11/8/2011
11/4/2011
11/3/2011
11/2/2011
11/1/2011
10/31/2011
10/28/2011
10/26/2011
10/25/2011
10/24/2011
10/21/2011
10/20/2011
10/19/2011
10/18/2011
10/17/2011
10/14/2011
10/13/2011
10/12/2011
10/11/2011
10/10/2011
10/7/2011
10/5/2011
10/4/2011
10/3/2011
9/30/2011
9/29/2011
9/28/2011
9/27/2011
9/26/2011
9/23/2011
9/22/2011
9/21/2011
9/20/2011
9/19/2011
9/16/2011
9/15/2011
9/14/2011
9/13/2011
9/12/2011
9/9/2011
9/8/2011

16461.71
16775.87
16882.67
17118.74
17192.82
17362.1
17569.53
17562.61
17481.93
17464.85
17480.83
17705.01
17804.8
17288.83
17254.86
16939.28
16785.64
16936.89
17085.34
16748.29
17025.09
17082.69
16883.92
16958.39
16536.47
16557.23
16232.54
15792.41
15864.86
16151.45
16453.76
16698.07
16446.02
16524.03
16051.1
16162.06
16361.15
17065.15
17099.28
16745.35
16933.83
16876.54
16709.6
16467.44
16501.74
16866.97
17165.54

0.55
1.91
0.64
1.40
0.43
0.98
1.19
-0.04
-0.46
-0.10
0.09
1.28
0.56
-2.90
-0.20
-1.83
-0.91
0.90
0.88
-1.97
1.65
0.34
-1.16
0.44
-2.49
0.13
-1.96
-2.71
0.46
1.81
1.87
1.48
-1.51
0.47
-2.86
0.69
1.23
4.30
0.20
-2.07
1.13
-0.34
-0.99
-1.45
0.21
2.21
1.77

9/7/2011
9/6/2011
9/5/2011
9/2/2011
8/30/2011
8/29/2011
8/26/2011
8/25/2011
8/24/2011
8/23/2011
8/22/2011
8/19/2011
8/18/2011
8/17/2011
8/16/2011
8/12/2011
8/11/2011
8/10/2011
8/9/2011
8/8/2011
8/5/2011
8/4/2011
8/3/2011
8/2/2011
8/1/2011
7/29/2011
7/28/2011
7/27/2011
7/26/2011
7/25/2011
7/22/2011
7/21/2011
7/20/2011
7/19/2011
7/18/2011
7/15/2011
7/14/2011
7/13/2011
7/12/2011
7/11/2011
7/8/2011
7/7/2011
7/6/2011
7/5/2011
7/4/2011
7/1/2011
6/30/2011

17065
16862.81
16713.33
16821.46
16676.75
16416.33
15848.83
16146.33
16284.98
16498.47
16341.7
16141.67
16469.79
16840.8
16730.94
16839.63
17059.4
17130.51
16857.91
16990.18
17305.87
17693.18
17940.55
18109.89
18314.33
18197.2
18209.52
18432.25
18518.22
18871.29
18722.3
18436.19
18502.38
18653.87
18507.04
18561.92
18618.2
18596.02
18411.62
18721.39
18858.04
19078.3
18726.97
18744.56
18814.48
18762.8
18845.87

-0.59
-1.18
-0.89
0.65
-0.86
-1.56
-3.46
1.88
0.86
1.31
-0.95
-1.22
2.03
2.25
-0.65
0.65
1.31
0.42
-1.59
0.78
1.86
2.24
1.40
0.94
1.13
-0.64
0.07
1.22
0.47
1.91
-0.79
-1.53
0.36
0.82
-0.79
0.30
0.30
-0.12
-0.99
1.68
0.73
1.17
-1.84
0.09
0.37
-0.27
0.44

6/29/2011
6/28/2011
6/27/2011
6/24/2011
6/23/2011
6/22/2011
6/21/2011
6/20/2011
6/17/2011
6/16/2011
6/15/2011
6/14/2011
6/13/2011
6/10/2011
6/9/2011
6/8/2011
6/7/2011
6/6/2011
6/3/2011
6/2/2011
6/1/2011
5/31/2011
5/30/2011
5/27/2011
5/26/2011
5/25/2011
5/24/2011
5/23/2011
5/20/2011
5/19/2011
5/18/2011
5/17/2011
5/16/2011
5/13/2011
5/12/2011
5/11/2011
5/10/2011
5/9/2011
5/6/2011
5/5/2011
5/4/2011
5/3/2011
5/2/2011
4/29/2011
4/28/2011
4/27/2011
4/26/2011

18693.86
18492.45
18412.41
18240.68
17727.49
17550.63
17560.3
17506.63
17870.53
17985.88
18132.24
18308.66
18266.03
18268.54
18384.9
18394.29
18495.62
18420.11
18376.48
18494.18
18608.81
18503.28
18232.06
18266.1
18044.64
17847.24
18011.97
17993.33
18326.09
18141.4
18086.2
18137.35
18345.03
18531.28
18335.79
18584.96
18512.77
18528.96
18518.81
18210.58
18469.36
18534.69
18998.02
19135.96
19292.02
19448.69
19545.35

-0.81
-1.08
-0.43
-0.93
-2.81
-1.00
0.06
-0.31
2.08
0.65
0.81
0.97
-0.23
0.01
0.64
0.05
0.55
-0.41
-0.24
0.64
0.62
-0.57
-1.47
0.19
-1.21
-1.09
0.92
-0.10
1.85
-1.01
-0.30
0.28
1.15
1.02
-1.05
1.36
-0.39
0.09
-0.05
-1.66
1.42
0.35
2.50
0.73
0.82
0.81
0.50

4/25/2011
4/21/2011
4/20/2011
4/19/2011
4/18/2011
4/15/2011
4/13/2011
4/11/2011
4/8/2011
4/7/2011
4/6/2011
4/5/2011
4/4/2011
4/1/2011

19584.31
19602.23
19470.98
19121.83
19091.17
19386.82
19696.86
19262.54
19451.45
19591.18
19612.2
19686.82
19701.73
19420.39

0.20
0.09
-0.67
-1.79
-0.16
1.55
1.60
-2.21
0.98
0.72
0.11
0.38
0.08
-1.43

Sensex Close

Return on
Sensex

GAIL Close

Return on
GAIL

3/30/2012
3/29/2012
3/28/2012
3/27/2012
3/26/2012
3/23/2012
3/22/2012
3/21/2012
3/20/2012
3/19/2012
3/16/2012
3/15/2012
3/14/2012
3/13/2012
3/12/2012
3/9/2012
3/7/2012
3/6/2012
3/5/2012
3/2/2012
3/1/2012
2/29/2012
2/28/2012
2/27/2012
2/24/2012
2/23/2012
2/22/2012
2/21/2012
2/17/2012
2/16/2012
2/15/2012
2/14/2012
2/13/2012
2/10/2012
2/9/2012
2/8/2012
2/7/2012
2/6/2012
2/3/2012
2/2/2012
2/1/2012
1/31/2012

17404.2
17058.61
17121.62
17257.36
17052.78
17361.74
17196.47
17601.71
17316.18
17273.37
17466.2
17675.85
17919.3
17813.62
17587.67
17503.24
17145.52
17173.29
17362.87
17636.8
17583.97
17752.68
17731.12
17445.75
17923.57
18078.5
18145.25
18428.61
18289.35
18153.99
18202.41
17848.57
17772.84
17748.69
17830.75
17707.32
17622.45
17707.31
17604.96
17431.85
17300.58
17193.55

2.03
-0.37
-0.79
1.20
-1.78
0.96
-2.30
1.65
0.25
-1.10
-1.19
-1.36
0.59
1.28
0.48
2.09
-0.16
-1.09
-1.55
0.30
-0.95
0.12
1.64
-2.67
-0.86
-0.37
-1.54
0.76
0.75
-0.27
1.98
0.43
0.14
-0.46
0.70
0.48
-0.48
0.58
0.99
0.76
0.62
1.96

369.25
362.5
359.6
359.16
358.17
365.21
356.69
362.31
358.37
358.02
361.47
368.71
368.41
364.62
348.91
343.45
344.63
345.96
348.08
365.31
367.63
368.46
368.36
364.77
369.2
367.77
368.81
374.96
374.96
379.54
390.77
379.69
381.91
379.89
383.04
384.91
373.04
383.38
384.96
382.45
370.78
367.18

1.86
0.81
0.12
0.28
-1.93
2.39
-1.55
1.10
0.10
-0.95
-1.96
0.08
1.04
4.50
1.59
-0.34
-0.38
-0.61
-4.72
-0.63
-0.23
0.03
0.98
-1.20
0.39
-0.28
-1.64
0.00
-1.21
-2.87
2.92
-0.58
0.53
-0.82
-0.49
3.18
-2.70
-0.41
0.66
3.15
0.98
1.08

Return on GAIL

Date

-5.00

1/30/2012
1/27/2012
1/25/2012
1/24/2012
1/23/2012
1/20/2012
1/19/2012
1/18/2012
1/17/2012
1/16/2012
1/13/2012
1/12/2012
1/11/2012
1/10/2012
1/9/2012
1/6/2012
1/5/2012
1/4/2012
1/3/2012
1/2/2012
12/30/2011
12/29/2011
12/28/2011
12/27/2011
12/23/2011
12/22/2011
12/21/2011
12/20/2011
12/19/2011
12/16/2011
12/15/2011
12/14/2011
12/13/2011
12/12/2011
12/9/2011
12/8/2011
12/7/2011
12/5/2011
12/2/2011
12/1/2011
11/30/2011
11/29/2011
11/28/2011
11/25/2011
11/24/2011
11/23/2011
11/22/2011

16863.3
17233.98
17077.18
16995.77
16751.73
16739.01
16643.74
16451.47
16466.05
16189.36
16154.62
16037.51
16175.86
16165.09
15814.72
15867.73
15857.08
15882.64
15939.36
15517.92
15454.92
15543.93
15727.85
15873.95
15738.7
15813.36
15685.21
15175.08
15379.34
15491.35
15836.47
15881.14
16002.51
15870.35
16213.46
16488.24
16877.06
16805.33
16846.83
16483.45
16123.46
16008.34
16167.13
15695.43
15858.49
15699.97
16065.42

-2.15
0.92
0.48
1.46
0.08
0.57
1.17
-0.09
1.71
0.22
0.73
-0.86
0.07
2.22
-0.33
0.07
-0.16
-0.36
2.72
0.41
-0.57
-1.17
-0.92
0.86
-0.47
0.82
3.36
-1.33
-0.72
-2.18
-0.28
-0.76
0.83
-2.12
-1.67
-2.30
0.43
-0.25
2.20
2.23
0.72
-0.98
3.01
-1.03
1.01
-2.27
0.75

363.24
367.58
360.44
358.76
361.35
364.38
360.52
356.32
361.64
363.26
364.77
376.78
372.34
372.05
372.63
373.8
372.24
384.06
383.33
378
375.17
373.76
385.18
385.23
382.06
384.84
380.2
371.95
368.53
367.99
362.77
366.72
380.98
380.69
382.99
385.04
393
389.19
389.14
387.72
383.18
380.06
380.06
375.27
377.81
364.38
364.13

-1.18
1.98
0.47
-0.72
-0.83
1.07
1.18
-1.47
-0.45
-0.41
-3.19
1.19
0.08
-0.16
-0.31
0.42
-3.08
0.19
1.41
0.75
0.38
-2.96
-0.01
0.83
-0.72
1.22
2.22
0.93
0.15
1.44
-1.08
-3.74
0.08
-0.60
-0.53
-2.03
0.98
0.01
0.37
1.18
0.82
0.00
1.28
-0.67
3.69
0.07
-0.30

11/21/2011
11/18/2011
11/17/2011
11/16/2011
11/15/2011
11/14/2011
11/11/2011
11/9/2011
11/8/2011
11/4/2011
11/3/2011
11/2/2011
11/1/2011
10/31/2011
10/28/2011
10/26/2011
10/25/2011
10/24/2011
10/21/2011
10/20/2011
10/19/2011
10/18/2011
10/17/2011
10/14/2011
10/13/2011
10/12/2011
10/11/2011
10/10/2011
10/7/2011
10/5/2011
10/4/2011
10/3/2011
9/30/2011
9/29/2011
9/28/2011
9/27/2011
9/26/2011
9/23/2011
9/22/2011
9/21/2011
9/20/2011
9/19/2011
9/16/2011
9/15/2011
9/14/2011
9/13/2011
9/12/2011

15946.1
16371.51
16461.71
16775.87
16882.67
17118.74
17192.82
17362.1
17569.53
17562.61
17481.93
17464.85
17480.83
17705.01
17804.8
17288.83
17254.86
16939.28
16785.64
16936.89
17085.34
16748.29
17025.09
17082.69
16883.92
16958.39
16536.47
16557.23
16232.54
15792.41
15864.86
16151.45
16453.76
16698.07
16446.02
16524.03
16051.1
16162.06
16361.15
17065.15
17099.28
16745.35
16933.83
16876.54
16709.6
16467.44
16501.74

-2.60
-0.55
-1.87
-0.63
-1.38
-0.43
-0.97
-1.18
0.04
0.46
0.10
-0.09
-1.27
-0.56
2.98
0.20
1.86
0.92
-0.89
-0.87
2.01
-1.63
-0.34
1.18
-0.44
2.55
-0.13
2.00
2.79
-0.46
-1.77
-1.84
-1.46
1.53
-0.47
2.95
-0.69
-1.22
-4.13
-0.20
2.11
-1.11
0.34
1.00
1.47
-0.21
-2.17

365.21
372.73
378.59
383.04
398.42
407.65
405.6
407.31
411.7
414.49
417.17
409.51
413.56
412.53
418.98
418.39
415.71
415.46
408.33
412.14
414.97
404.23
401.01
405.55
407.99
410.09
407.89
410.14
401.06
395.98
400.62
408.67
401.4
417.42
411.61
403.11
400.27
411.07
414.05
420.69
426.5
422.11
415.12
421.81
406.14
399.79
399.54

-2.02
-1.55
-1.16
-3.86
-2.26
0.51
-0.42
-1.07
-0.67
-0.64
1.87
-0.98
0.25
-1.54
0.14
0.64
0.06
1.75
-0.92
-0.68
2.66
0.80
-1.12
-0.60
-0.51
0.54
-0.55
2.26
1.28
-1.16
-1.97
1.81
-3.84
1.41
2.11
0.71
-2.63
-0.72
-1.58
-1.36
1.04
1.68
-1.59
3.86
1.59
0.06
-1.36

9/9/2011
9/8/2011
9/7/2011
9/6/2011
9/5/2011
9/2/2011
8/30/2011
8/29/2011
8/26/2011
8/25/2011
8/24/2011
8/23/2011
8/22/2011
8/19/2011
8/18/2011
8/17/2011
8/16/2011
8/12/2011
8/11/2011
8/10/2011
8/9/2011
8/8/2011
8/5/2011
8/4/2011
8/3/2011
8/2/2011
8/1/2011
7/29/2011
7/28/2011
7/27/2011
7/26/2011
7/25/2011
7/22/2011
7/21/2011
7/20/2011
7/19/2011
7/18/2011
7/15/2011
7/14/2011
7/13/2011
7/12/2011
7/11/2011
7/8/2011
7/7/2011
7/6/2011
7/5/2011
7/4/2011

16866.97
17165.54
17065
16862.81
16713.33
16821.46
16676.75
16416.33
15848.83
16146.33
16284.98
16498.47
16341.7
16141.67
16469.79
16840.8
16730.94
16839.63
17059.4
17130.51
16857.91
16990.18
17305.87
17693.18
17940.55
18109.89
18314.33
18197.2
18209.52
18432.25
18518.22
18871.29
18722.3
18436.19
18502.38
18653.87
18507.04
18561.92
18618.2
18596.02
18411.62
18721.39
18858.04
19078.3
18726.97
18744.56
18814.48

-1.74
0.59
1.20
0.89
-0.64
0.87
1.59
3.58
-1.84
-0.85
-1.29
0.96
1.24
-1.99
-2.20
0.66
-0.65
-1.29
-0.42
1.62
-0.78
-1.82
-2.19
-1.38
-0.94
-1.12
0.64
-0.07
-1.21
-0.46
-1.87
0.80
1.55
-0.36
-0.81
0.79
-0.30
-0.30
0.12
1.00
-1.65
-0.72
-1.15
1.88
-0.09
-0.37
0.28

405.06
412.53
416.83
417.12
408.09
404.96
405.35
408.19
401.2
403.79
401.15
402.67
405.74
419.61
427.14
428.45
418.44
432.14
425.14
421.96
422.2
431.85
440.04
448.87
446.46
444.19
447.86
445.3
442.21
441.78
444.09
449.01
450.17
440.82
438.65
439.61
437.59
430.21
439.76
448.15
441.25
445.64
446.22
449.74
442.41
439.9
444.05

-1.81
-1.03
-0.07
2.21
0.77
-0.10
-0.70
1.74
-0.64
0.66
-0.38
-0.76
-3.31
-1.76
-0.31
2.39
-3.17
1.65
0.75
-0.06
-2.23
-1.86
-1.97
0.54
0.51
-0.82
0.57
0.70
0.10
-0.52
-1.10
-0.26
2.12
0.49
-0.22
0.46
1.72
-2.17
-1.87
1.56
-0.99
-0.13
-0.78
1.66
0.57
-0.93
2.17

7/1/2011
6/30/2011
6/29/2011
6/28/2011
6/27/2011
6/24/2011
6/23/2011
6/22/2011
6/21/2011
6/20/2011
6/17/2011
6/16/2011
6/15/2011
6/14/2011
6/13/2011
6/10/2011
6/9/2011
6/8/2011
6/7/2011
6/6/2011
6/3/2011
6/2/2011
6/1/2011
5/31/2011
5/30/2011
5/27/2011
5/26/2011
5/25/2011
5/24/2011
5/23/2011
5/20/2011
5/19/2011
5/18/2011
5/17/2011
5/16/2011
5/13/2011
5/12/2011
5/11/2011
5/10/2011
5/9/2011
5/6/2011
5/5/2011
5/4/2011
5/3/2011
5/2/2011
4/29/2011
4/28/2011

18762.8
18845.87
18693.86
18492.45
18412.41
18240.68
17727.49
17550.63
17560.3
17506.63
17870.53
17985.88
18132.24
18308.66
18266.03
18268.54
18384.9
18394.29
18495.62
18420.11
18376.48
18494.18
18608.81
18503.28
18232.06
18266.1
18044.64
17847.24
18011.97
17993.33
18326.09
18141.4
18086.2
18137.35
18345.03
18531.28
18335.79
18584.96
18512.77
18528.96
18518.81
18210.58
18469.36
18534.69
18998.02
19135.96
19292.02

-0.44
0.81
1.09
0.43
0.94
2.89
1.01
-0.06
0.31
-2.04
-0.64
-0.81
-0.96
0.23
-0.01
-0.63
-0.05
-0.55
0.41
0.24
-0.64
-0.62
0.57
1.49
-0.19
1.23
1.11
-0.91
0.10
-1.82
1.02
0.31
-0.28
-1.13
-1.01
1.07
-1.34
0.39
-0.09
0.05
1.69
-1.40
-0.35
-2.44
-0.72
-0.81
-0.81

434.64
425.53
426.49
430.83
440.62
432.72
421.09
423.26
418.44
415.31
424.08
421.96
427.6
434.5
434.07
429.44
429.2
427.36
419.46
416.8
423.94
431.27
436.24
429.58
427.36
418.73
425.43
414.05
414.54
418.2
411.4
412.8
407.64
417.57
434.6
443.13
444.19
446.51
445.54
440.53
434.84
433.92
430.69
430.35
444.58
458.75
457.69

2.14
-0.23
-1.01
-2.22
1.83
2.76
-0.51
1.15
0.75
-2.07
0.50
-1.32
-1.59
0.10
1.08
0.06
0.43
1.88
0.64
-1.68
-1.70
-1.14
1.55
0.52
2.06
-1.57
2.75
-0.12
-0.88
1.65
-0.34
1.27
-2.38
-3.92
-1.92
-0.24
-0.52
0.22
1.14
1.31
0.21
0.75
0.08
-3.20
-3.09
0.23
-0.35

4/27/2011
4/26/2011
4/25/2011
4/21/2011
4/20/2011
4/19/2011
4/18/2011
4/15/2011
4/13/2011
4/11/2011
4/8/2011
4/7/2011
4/6/2011
4/5/2011
4/4/2011
4/1/2011

19448.69
19545.35
19584.31
19602.23
19470.98
19121.83
19091.17
19386.82
19696.86
19262.54
19451.45
19591.18
19612.2
19686.82
19701.73
19420.39

-0.49
-0.20
-0.09
0.67
1.83
0.16
-1.53
-1.57
2.25
-0.97
-0.71
-0.11
-0.38
-0.08
1.45

459.28
465.26
461.74
457.45
461.41
454.85
446.99
452.63
457.74
448.15
453.69
456.63
458.27
445.06
441.25
446.94

-1.29
0.76
0.94
-0.86
1.44
1.76
-1.25
-1.12
2.14
-1.22
-0.64
-0.36
2.97
0.86
-1.27

Ressults
Annual return on Sensex
Annual return on GAIL
Beta
Risk free rate
Expected return on GAIL using formula

-10.38
-17.38
0.55
4.00
-3.93

6.00
4.00
2.00
Return on GAIL

0.00
-5.00

-4.00

-3.00

-2.00

-1.00

0.00
-2.00
-4.00

-6.00
Return on Snesex

1.00

2.00

3.00

4.00

Linear (Return on GAIL)

urn on GAIL)

SUMMARY OUTPUT
Regression Statistics
Multiple R
0.459590699
R Square
0.21122361
Adjusted R Square
0.207977617
Standard Error
1.374657839
Observations
245
ANOVA
df
Regression
Residual
Total

Intercept
X Variable 1

1
243
244

SS
122.9657204
459.1932545
582.1589749

MS
F
Significance F
122.9657204 65.07210146
3.31003E-14
1.889684175

Coefficients
Standard Error
t Stat
P-value
-0.045957776
0.087858816 -0.523086672 0.601390577
0.550016106
0.068183296 8.066728052 3.31003E-14

Lower 95%
-0.219019823
0.415710395

Alpha

Beta

H0 : Alpha=0
H1: Alpha!=0

Two Tail Test

t-Stat
Value 5% Significance
t-Stat<t-table Value
H0 Accepted
Alpha =0
Upper 95% Lower 95.0% Upper 95.0%
0.127104271 -0.219019823 0.127104271
0.684321816 0.415710395 0.684321816

H0: Beta=0
H1: Beta!=0

Two Tail Test

-0.52309 t-Stat
1.96 Value 5% Significance
TRUE

t-Stat<t-table Value
H0 Rejected
Beta != 0

CAPM Holds true

Beta
H0: Beta=0
H1: Beta!=0

Two Tail Test

8.066728052
1.96
FALSE
H0 Rejected

olds true

Sensex Close

Return on
Sensex

NTPC Close

Return on
NTPC

3/30/2012
3/29/2012
3/28/2012
3/27/2012
3/26/2012
3/23/2012
3/22/2012
3/21/2012
3/20/2012
3/19/2012
3/16/2012
3/15/2012
3/14/2012
3/13/2012
3/12/2012
3/9/2012
3/7/2012
3/6/2012
3/5/2012
3/2/2012
3/1/2012
2/29/2012
2/28/2012
2/27/2012
2/24/2012
2/23/2012
2/22/2012
2/21/2012
2/17/2012
2/16/2012
2/15/2012
2/14/2012
2/13/2012
2/10/2012
2/9/2012
2/8/2012
2/7/2012
2/6/2012
2/3/2012
2/2/2012
2/1/2012
1/31/2012

17404.2
17058.61
17121.62
17257.36
17052.78
17361.74
17196.47
17601.71
17316.18
17273.37
17466.2
17675.85
17919.3
17813.62
17587.67
17503.24
17145.52
17173.29
17362.87
17636.8
17583.97
17752.68
17731.12
17445.75
17923.57
18078.5
18145.25
18428.61
18289.35
18153.99
18202.41
17848.57
17772.84
17748.69
17830.75
17707.32
17622.45
17707.31
17604.96
17431.85
17300.58
17193.55

2.03
-0.37
-0.79
1.20
-1.78
0.96
-2.30
1.65
0.25
-1.10
-1.19
-1.36
0.59
1.28
0.48
2.09
-0.16
-1.09
-1.55
0.30
-0.95
0.12
1.64
-2.67
-0.86
-0.37
-1.54
0.76
0.75
-0.27
1.98
0.43
0.14
-0.46
0.70
0.48
-0.48
0.58
0.99
0.76
0.62
1.96

162.22
162.17
161.47
164.11
165.01
171.04
170.69
174.73
172.39
171.19
172.19
179.02
177.02
172.49
171.84
173.08
169.65
173.83
175.43
178.07
175.73
180.31
179.52
180.16
182.96
184.15
182.06
185.6
187.09
182.86
181.66
180.71
180.76
179.32
179.32
176.47
174.98
177.12
175.78
171.14
170.24
171.34

0.03
0.43
-1.61
-0.55
-3.53
0.21
-2.31
1.36
0.70
-0.58
-3.82
1.13
2.63
0.38
-0.72
2.02
-2.40
-0.91
-1.48
1.33
-2.54
0.44
-0.36
-1.53
-0.65
1.15
-1.91
-0.80
2.31
0.66
0.53
-0.03
0.80
0.00
1.62
0.85
-1.21
0.76
2.71
0.53
-0.64
1.99

Return on NTPC

Date

-5.00

1/30/2012
1/27/2012
1/25/2012
1/24/2012
1/23/2012
1/20/2012
1/19/2012
1/18/2012
1/17/2012
1/16/2012
1/13/2012
1/12/2012
1/11/2012
1/10/2012
1/9/2012
1/6/2012
1/5/2012
1/4/2012
1/3/2012
1/2/2012
12/30/2011
12/29/2011
12/28/2011
12/27/2011
12/23/2011
12/22/2011
12/21/2011
12/20/2011
12/19/2011
12/16/2011
12/15/2011
12/14/2011
12/13/2011
12/12/2011
12/9/2011
12/8/2011
12/7/2011
12/5/2011
12/2/2011
12/1/2011
11/30/2011
11/29/2011
11/28/2011
11/25/2011
11/24/2011
11/23/2011
11/22/2011

16863.3
17233.98
17077.18
16995.77
16751.73
16739.01
16643.74
16451.47
16466.05
16189.36
16154.62
16037.51
16175.86
16165.09
15814.72
15867.73
15857.08
15882.64
15939.36
15517.92
15454.92
15543.93
15727.85
15873.95
15738.7
15813.36
15685.21
15175.08
15379.34
15491.35
15836.47
15881.14
16002.51
15870.35
16213.46
16488.24
16877.06
16805.33
16846.83
16483.45
16123.46
16008.34
16167.13
15695.43
15858.49
15699.97
16065.42

-2.15
0.92
0.48
1.46
0.08
0.57
1.17
-0.09
1.71
0.22
0.73
-0.86
0.07
2.22
-0.33
0.07
-0.16
-0.36
2.72
0.41
-0.57
-1.17
-0.92
0.86
-0.47
0.82
3.36
-1.33
-0.72
-2.18
-0.28
-0.76
0.83
-2.12
-1.67
-2.30
0.43
-0.25
2.20
2.23
0.72
-0.98
3.01
-1.03
1.01
-2.27
0.75

168
169.71
170.64
170.93
171.57
170.3
167.41
160.67
163.36
158.28
162.09
157.21
155.5
154.42
153.3
153.25
153.2
156.38
156.52
154.47
156.87
157.06
157.4
153.3
154.81
159.99
156.57
151.25
156.77
157.3
162.53
159.31
162.82
159.36
162.29
162.48
166.29
171.81
168.2
162.43
158.28
154.57
155.84
153.3
154.96
153.01
152.13

-1.01
-0.55
-0.17
-0.37
0.75
1.73
4.19
-1.65
3.21
-2.35
3.10
1.10
0.70
0.73
0.03
0.03
-2.03
-0.09
1.33
-1.53
-0.12
-0.22
2.67
-0.98
-3.24
2.18
3.52
-3.52
-0.34
-3.22
2.02
-2.16
2.17
-1.81
-0.12
-2.29
-3.21
2.15
3.55
2.62
2.40
-0.81
1.66
-1.07
1.27
0.58
-0.41

11/21/2011
11/18/2011
11/17/2011
11/16/2011
11/15/2011
11/14/2011
11/11/2011
11/9/2011
11/8/2011
11/4/2011
11/3/2011
11/2/2011
11/1/2011
10/31/2011
10/28/2011
10/26/2011
10/25/2011
10/24/2011
10/21/2011
10/20/2011
10/19/2011
10/18/2011
10/17/2011
10/14/2011
10/13/2011
10/12/2011
10/11/2011
10/10/2011
10/7/2011
10/5/2011
10/4/2011
10/3/2011
9/30/2011
9/29/2011
9/28/2011
9/27/2011
9/26/2011
9/23/2011
9/22/2011
9/21/2011
9/20/2011
9/19/2011
9/16/2011
9/15/2011
9/14/2011
9/13/2011
9/12/2011

15946.1
16371.51
16461.71
16775.87
16882.67
17118.74
17192.82
17362.1
17569.53
17562.61
17481.93
17464.85
17480.83
17705.01
17804.8
17288.83
17254.86
16939.28
16785.64
16936.89
17085.34
16748.29
17025.09
17082.69
16883.92
16958.39
16536.47
16557.23
16232.54
15792.41
15864.86
16151.45
16453.76
16698.07
16446.02
16524.03
16051.1
16162.06
16361.15
17065.15
17099.28
16745.35
16933.83
16876.54
16709.6
16467.44
16501.74

-2.60
-0.55
-1.87
-0.63
-1.38
-0.43
-0.97
-1.18
0.04
0.46
0.10
-0.09
-1.27
-0.56
2.98
0.20
1.86
0.92
-0.89
-0.87
2.01
-1.63
-0.34
1.18
-0.44
2.55
-0.13
2.00
2.79
-0.46
-1.77
-1.84
-1.46
1.53
-0.47
2.95
-0.69
-1.22
-4.13
-0.20
2.11
-1.11
0.34
1.00
1.47
-0.21
-2.17

152.76
159.01
161.41
165.31
166
168.63
169.66
170.34
173.62
175.37
173.86
171.96
173.47
175.18
174.45
170.2
169.56
167.17
165.31
167.41
167.9
164.53
164.53
168.98
169.66
172.98
172.35
166.53
162.73
160.09
160.14
160.87
163.36
164.48
164.24
161.65
159.94
162.58
161.85
168.83
167.9
165.07
168
160.38
159.89
159.5
158.33

-3.93
-1.49
-2.36
-0.42
-1.56
-0.61
-0.40
-1.89
-1.00
0.87
1.10
-0.87
-0.98
0.42
2.50
0.38
1.43
1.13
-1.25
-0.29
2.05
0.00
-2.63
-0.40
-1.92
0.37
3.49
2.34
1.65
-0.03
-0.45
-1.52
-0.68
0.15
1.60
1.07
-1.62
0.45
-4.13
0.55
1.71
-1.74
4.75
0.31
0.24
0.74
-0.80

9/9/2011
9/8/2011
9/7/2011
9/6/2011
9/5/2011
9/2/2011
8/30/2011
8/29/2011
8/26/2011
8/25/2011
8/24/2011
8/23/2011
8/22/2011
8/19/2011
8/18/2011
8/17/2011
8/16/2011
8/12/2011
8/11/2011
8/10/2011
8/9/2011
8/8/2011
8/5/2011
8/4/2011
8/3/2011
8/2/2011
8/1/2011
7/29/2011
7/28/2011
7/27/2011
7/26/2011
7/25/2011
7/22/2011
7/21/2011
7/20/2011
7/19/2011
7/18/2011
7/15/2011
7/14/2011
7/13/2011
7/12/2011
7/11/2011
7/8/2011
7/7/2011
7/6/2011
7/5/2011
7/4/2011

16866.97
17165.54
17065
16862.81
16713.33
16821.46
16676.75
16416.33
15848.83
16146.33
16284.98
16498.47
16341.7
16141.67
16469.79
16840.8
16730.94
16839.63
17059.4
17130.51
16857.91
16990.18
17305.87
17693.18
17940.55
18109.89
18314.33
18197.2
18209.52
18432.25
18518.22
18871.29
18722.3
18436.19
18502.38
18653.87
18507.04
18561.92
18618.2
18596.02
18411.62
18721.39
18858.04
19078.3
18726.97
18744.56
18814.48

-1.74
0.59
1.20
0.89
-0.64
0.87
1.59
3.58
-1.84
-0.85
-1.29
0.96
1.24
-1.99
-2.20
0.66
-0.65
-1.29
-0.42
1.62
-0.78
-1.82
-2.19
-1.38
-0.94
-1.12
0.64
-0.07
-1.21
-0.46
-1.87
0.80
1.55
-0.36
-0.81
0.79
-0.30
-0.30
0.12
1.00
-1.65
-0.72
-1.15
1.88
-0.09
-0.37
0.28

159.6
162.24
162.73
158.06
159.66
162.24
164.28
164.52
161.56
165.3
165.35
166.47
169.92
168.9
168.95
170.5
170.06
170.26
172.93
170.36
164.62
165.88
167.1
171.96
176.33
175.61
171.96
171.38
171.57
175.31
175.41
178.81
178.23
177.84
179.93
183.28
180.85
183.87
183.67
184.94
182.07
183.48
184.6
184.69
179.64
179.25
179.35

-1.63
-0.30
2.95
-1.00
-1.59
-1.24
-0.15
1.83
-2.26
-0.03
-0.67
-2.03
0.60
-0.03
-0.91
0.26
-0.12
-1.54
1.51
3.49
-0.76
-0.73
-2.83
-2.48
0.41
2.12
0.34
-0.11
-2.13
-0.06
-1.90
0.33
0.22
-1.16
-1.83
1.34
-1.64
0.11
-0.69
1.58
-0.77
-0.61
-0.05
2.81
0.22
-0.06
-0.81

7/1/2011
6/30/2011
6/29/2011
6/28/2011
6/27/2011
6/24/2011
6/23/2011
6/22/2011
6/21/2011
6/20/2011
6/17/2011
6/16/2011
6/15/2011
6/14/2011
6/13/2011
6/10/2011
6/9/2011
6/8/2011
6/7/2011
6/6/2011
6/3/2011
6/2/2011
6/1/2011
5/31/2011
5/30/2011
5/27/2011
5/26/2011
5/25/2011
5/24/2011
5/23/2011
5/20/2011
5/19/2011
5/18/2011
5/17/2011
5/16/2011
5/13/2011
5/12/2011
5/11/2011
5/10/2011
5/9/2011
5/6/2011
5/5/2011
5/4/2011
5/3/2011
5/2/2011
4/29/2011
4/28/2011

18762.8
18845.87
18693.86
18492.45
18412.41
18240.68
17727.49
17550.63
17560.3
17506.63
17870.53
17985.88
18132.24
18308.66
18266.03
18268.54
18384.9
18394.29
18495.62
18420.11
18376.48
18494.18
18608.81
18503.28
18232.06
18266.1
18044.64
17847.24
18011.97
17993.33
18326.09
18141.4
18086.2
18137.35
18345.03
18531.28
18335.79
18584.96
18512.77
18528.96
18518.81
18210.58
18469.36
18534.69
18998.02
19135.96
19292.02

-0.44
0.81
1.09
0.43
0.94
2.89
1.01
-0.06
0.31
-2.04
-0.64
-0.81
-0.96
0.23
-0.01
-0.63
-0.05
-0.55
0.41
0.24
-0.64
-0.62
0.57
1.49
-0.19
1.23
1.11
-0.91
0.10
-1.82
1.02
0.31
-0.28
-1.13
-1.01
1.07
-1.34
0.39
-0.09
0.05
1.69
-1.40
-0.35
-2.44
-0.72
-0.81
-0.81

180.81
181.63
179.93
178.18
177.06
176.97
170.89
170.26
170.99
169.58
173.71
172.11
172.35
175.27
175.07
171.18
172.98
170.02
168.27
169.04
169.53
170.6
169.87
164.23
163.45
164.14
165.84
162.97
162.43
163.41
168.51
165.45
165.98
166.18
169.09
170.16
169.68
171.96
175.22
167.97
170.02
168.7
173.71
173.32
176.33
176.87
178.38

-0.45
0.94
0.98
0.63
0.05
3.56
0.37
-0.43
0.83
-2.38
0.93
-0.14
-1.67
0.11
2.27
-1.04
1.74
1.04
-0.46
-0.29
-0.63
0.43
3.43
0.48
-0.42
-1.03
1.76
0.33
-0.60
-3.03
1.85
-0.32
-0.12
-1.72
-0.63
0.28
-1.33
-1.86
4.32
-1.21
0.78
-2.88
0.23
-1.71
-0.31
-0.85
-0.89

4/27/2011
4/26/2011
4/25/2011
4/21/2011
4/20/2011
4/19/2011
4/18/2011
4/15/2011
4/13/2011
4/11/2011
4/8/2011
4/7/2011
4/6/2011
4/5/2011
4/4/2011
4/1/2011

19448.69
19545.35
19584.31
19602.23
19470.98
19121.83
19091.17
19386.82
19696.86
19262.54
19451.45
19591.18
19612.2
19686.82
19701.73
19420.39

-0.49
-0.20
-0.09
0.67
1.83
0.16
-1.53
-1.57
2.25
-0.97
-0.71
-0.11
-0.38
-0.08
1.45

179.98
180.66
181.63
181.68
181.49
178.62
179.59
180.17
182.51
178.67
178.52
181.05
185.91
182.65
184.16
183.63

-0.38
-0.53
-0.03
0.10
1.61
-0.54
-0.32
-1.28
2.15
0.08
-1.40
-2.61
1.78
-0.82
0.29

Ressults
Annual return on Sensex
Annual return on NTPC
Beta
Risk free rate
Expected return on NTPC using formula

-10.38
-11.66
0.77
4.00
-7.07

6.00
5.00
4.00
3.00
2.00
1.00

Return on NTPC

0.00
-5.00

-4.00

-3.00

-2.00

-1.00 -1.00 0.00

-2.00
-3.00
-4.00
-5.00
Return on Sensex

1.00

2.00

3.00

4.00

Linear (Return on NTPC)

turn on NTPC)

SUMMARY OUTPUT
Regression Statistics
Multiple R
0.610082075
R Square
0.372200138
Adjusted R Square
0.369616599
Standard Error
1.302216995
Observations
245
ANOVA
df
Regression
Residual
Total

Intercept
X Variable 1

1
243
244

SS
244.3027212
412.0718916
656.3746128

MS
F
Significance F
244.3027212 144.0660294
2.26798E-26
1.695769101

Coefficients
Standard Error
t Stat
P-value
-0.008959538
0.083228888 -0.107649374 0.914362657
0.775260273
0.064590216 12.00275091 2.26798E-26

Lower 95%
-0.172901671
0.648032119

Alpha
H0 : Alpha=0
H1: Alpha!=0

Two Tail Test

t-Stat
Value 5% Significance
t-Stat<t-table Value
H0 Accepted

-0.10765
1.96
TRUE

Alpha =0
Upper 95% Lower 95.0% Upper 95.0%
0.154982596 -0.172901671 0.154982596
0.902488426 0.648032119 0.902488426

CAPM Holds true

Beta
H0: Beta=0
H1: Beta!=0

Two Tail Test

t-Stat
Value 5% Significance
t-Stat<t-table Value
H0 Rejected
Beta != 0
CAPM Holds true

12.00275
1.96
FALSE

Sensex Close

Return on
Sensex

RIL Close

Return on RIL

3/30/2012
3/29/2012
3/28/2012
3/27/2012
3/26/2012
3/23/2012
3/22/2012
3/21/2012
3/20/2012
3/19/2012
3/16/2012
3/15/2012
3/14/2012
3/13/2012
3/12/2012
3/9/2012
3/7/2012
3/6/2012
3/5/2012
3/2/2012
3/1/2012
2/29/2012
2/28/2012
2/27/2012
2/24/2012
2/23/2012
2/22/2012
2/21/2012
2/17/2012
2/16/2012
2/15/2012
2/14/2012
2/13/2012
2/10/2012
2/9/2012
2/8/2012
2/7/2012
2/6/2012
2/3/2012
2/2/2012
2/1/2012
1/31/2012

17404.2
17058.61
17121.62
17257.36
17052.78
17361.74
17196.47
17601.71
17316.18
17273.37
17466.2
17675.85
17919.3
17813.62
17587.67
17503.24
17145.52
17173.29
17362.87
17636.8
17583.97
17752.68
17731.12
17445.75
17923.57
18078.5
18145.25
18428.61
18289.35
18153.99
18202.41
17848.57
17772.84
17748.69
17830.75
17707.32
17622.45
17707.31
17604.96
17431.85
17300.58
17193.55

2.03
-0.37
-0.79
1.20
-1.78
0.96
-2.30
1.65
0.25
-1.10
-1.19
-1.36
0.59
1.28
0.48
2.09
-0.16
-1.09
-1.55
0.30
-0.95
0.12
1.64
-2.67
-0.86
-0.37
-1.54
0.76
0.75
-0.27
1.98
0.43
0.14
-0.46
0.70
0.48
-0.48
0.58
0.99
0.76
0.62
1.96

739.24
716.13
717.21
721.91
721.02
735.05
727.64
759.1
751.25
745.81
762.66
788.44
804.5
808.8
787.36
764.29
752.28
767.15
788.3
804.55
800.6
808.8
786.47
771.8
810.48
828.01
823.17
831.67
808.06
802.37
825.99
837.94
837.94
832.01
842.39
847.72
834.58
822.73
827.67
818.63
820.31
805.64

3.23
-0.15
-0.65
0.12
-1.91
1.02
-4.14
1.04
0.73
-2.21
-3.27
-2.00
-0.53
2.72
3.02
1.60
-1.94
-2.68
-2.02
0.49
-1.01
2.84
1.90
-4.77
-2.12
0.59
-1.02
2.92
0.71
-2.86
-1.43
0.00
0.71
-1.23
-0.63
1.57
1.44
-0.60
1.10
-0.20
1.82
2.51

Return on RIL

Date

-5.00

1/30/2012
1/27/2012
1/25/2012
1/24/2012
1/23/2012
1/20/2012
1/19/2012
1/18/2012
1/17/2012
1/16/2012
1/13/2012
1/12/2012
1/11/2012
1/10/2012
1/9/2012
1/6/2012
1/5/2012
1/4/2012
1/3/2012
1/2/2012
12/30/2011
12/29/2011
12/28/2011
12/27/2011
12/23/2011
12/22/2011
12/21/2011
12/20/2011
12/19/2011
12/16/2011
12/15/2011
12/14/2011
12/13/2011
12/12/2011
12/9/2011
12/8/2011
12/7/2011
12/5/2011
12/2/2011
12/1/2011
11/30/2011
11/29/2011
11/28/2011
11/25/2011
11/24/2011
11/23/2011
11/22/2011

16863.3
17233.98
17077.18
16995.77
16751.73
16739.01
16643.74
16451.47
16466.05
16189.36
16154.62
16037.51
16175.86
16165.09
15814.72
15867.73
15857.08
15882.64
15939.36
15517.92
15454.92
15543.93
15727.85
15873.95
15738.7
15813.36
15685.21
15175.08
15379.34
15491.35
15836.47
15881.14
16002.51
15870.35
16213.46
16488.24
16877.06
16805.33
16846.83
16483.45
16123.46
16008.34
16167.13
15695.43
15858.49
15699.97
16065.42

-2.15
0.92
0.48
1.46
0.08
0.57
1.17
-0.09
1.71
0.22
0.73
-0.86
0.07
2.22
-0.33
0.07
-0.16
-0.36
2.72
0.41
-0.57
-1.17
-0.92
0.86
-0.47
0.82
3.36
-1.33
-0.72
-2.18
-0.28
-0.76
0.83
-2.12
-1.67
-2.30
0.43
-0.25
2.20
2.23
0.72
-0.98
3.01
-1.03
1.01
-2.27
0.75

785.88
807.76
780.59
773.72
761.72
783.8
775.7
767.55
731.44
704.81
723.24
728.67
739.34
726.3
698.44
708.27
690.83
707.38
714.99
698.44
684.56
704.32
729.66
744.18
737.47
745.67
738.26
704.96
726.99
714.3
739.69
732.77
733.66
719.14
746.36
769.82
799.46
797.63
801.04
788.89
769.43
755.79
773.58
744.92
764.88
764.44
785.48

-2.71
3.48
0.89
1.58
-2.82
1.04
1.06
4.94
3.78
-2.55
-0.75
-1.44
1.80
3.99
-1.39
2.52
-2.34
-1.06
2.37
2.03
-2.81
-3.47
-1.95
0.91
-1.10
1.00
4.72
-3.03
1.78
-3.43
0.94
-0.12
2.02
-3.65
-3.05
-3.71
0.23
-0.43
1.54
2.53
1.80
-2.30
3.85
-2.61
0.06
-2.68
1.04

11/21/2011
11/18/2011
11/17/2011
11/16/2011
11/15/2011
11/14/2011
11/11/2011
11/9/2011
11/8/2011
11/4/2011
11/3/2011
11/2/2011
11/1/2011
10/31/2011
10/28/2011
10/26/2011
10/25/2011
10/24/2011
10/21/2011
10/20/2011
10/19/2011
10/18/2011
10/17/2011
10/14/2011
10/13/2011
10/12/2011
10/11/2011
10/10/2011
10/7/2011
10/5/2011
10/4/2011
10/3/2011
9/30/2011
9/29/2011
9/28/2011
9/27/2011
9/26/2011
9/23/2011
9/22/2011
9/21/2011
9/20/2011
9/19/2011
9/16/2011
9/15/2011
9/14/2011
9/13/2011
9/12/2011

15946.1
16371.51
16461.71
16775.87
16882.67
17118.74
17192.82
17362.1
17569.53
17562.61
17481.93
17464.85
17480.83
17705.01
17804.8
17288.83
17254.86
16939.28
16785.64
16936.89
17085.34
16748.29
17025.09
17082.69
16883.92
16958.39
16536.47
16557.23
16232.54
15792.41
15864.86
16151.45
16453.76
16698.07
16446.02
16524.03
16051.1
16162.06
16361.15
17065.15
17099.28
16745.35
16933.83
16876.54
16709.6
16467.44
16501.74

-2.60
-0.55
-1.87
-0.63
-1.38
-0.43
-0.97
-1.18
0.04
0.46
0.10
-0.09
-1.27
-0.56
2.98
0.20
1.86
0.92
-0.89
-0.87
2.01
-1.63
-0.34
1.18
-0.44
2.55
-0.13
2.00
2.79
-0.46
-1.77
-1.84
-1.46
1.53
-0.47
2.95
-0.69
-1.22
-4.13
-0.20
2.11
-1.11
0.34
1.00
1.47
-0.21
-2.17

777.38
798.32
800.89
838.73
852.32
864.62
873.21
854.14
871.24
869.01
873.95
860.96
850.19
867.19
887.19
862.84
864.47
836.06
825.34
828.31
832.16
810.13
823.17
856.37
836.66
839.28
815.91
817.94
791.8
758.02
763.1
778.71
798.37
798.37
787.41
788.25
750.06
761.47
776.98
828.01
841.25
810.97
817.49
825.1
815.37
801.04
796.15

-2.62
-0.32
-4.51
-1.59
-1.42
-0.98
2.23
-1.96
0.26
-0.57
1.51
1.27
-1.96
-2.25
2.82
-0.19
3.40
1.30
-0.36
-0.46
2.72
-1.58
-3.88
2.36
-0.31
2.86
-0.25
3.30
4.46
-0.67
-2.00
-2.46
0.00
1.39
-0.11
5.09
-1.50
-2.00
-6.16
-1.57
3.73
-0.80
-0.92
1.19
1.79
0.61
-2.33

9/9/2011
9/8/2011
9/7/2011
9/6/2011
9/5/2011
9/2/2011
8/30/2011
8/29/2011
8/26/2011
8/25/2011
8/24/2011
8/23/2011
8/22/2011
8/19/2011
8/18/2011
8/17/2011
8/16/2011
8/12/2011
8/11/2011
8/10/2011
8/9/2011
8/8/2011
8/5/2011
8/4/2011
8/3/2011
8/2/2011
8/1/2011
7/29/2011
7/28/2011
7/27/2011
7/26/2011
7/25/2011
7/22/2011
7/21/2011
7/20/2011
7/19/2011
7/18/2011
7/15/2011
7/14/2011
7/13/2011
7/12/2011
7/11/2011
7/8/2011
7/7/2011
7/6/2011
7/5/2011
7/4/2011

16866.97
17165.54
17065
16862.81
16713.33
16821.46
16676.75
16416.33
15848.83
16146.33
16284.98
16498.47
16341.7
16141.67
16469.79
16840.8
16730.94
16839.63
17059.4
17130.51
16857.91
16990.18
17305.87
17693.18
17940.55
18109.89
18314.33
18197.2
18209.52
18432.25
18518.22
18871.29
18722.3
18436.19
18502.38
18653.87
18507.04
18561.92
18618.2
18596.02
18411.62
18721.39
18858.04
19078.3
18726.97
18744.56
18814.48

-1.74
0.59
1.20
0.89
-0.64
0.87
1.59
3.58
-1.84
-0.85
-1.29
0.96
1.24
-1.99
-2.20
0.66
-0.65
-1.29
-0.42
1.62
-0.78
-1.82
-2.19
-1.38
-0.94
-1.12
0.64
-0.07
-1.21
-0.46
-1.87
0.80
1.55
-0.36
-0.81
0.79
-0.30
-0.30
0.12
1.00
-1.65
-0.72
-1.15
1.88
-0.09
-0.37
0.28

815.17
843.23
821.69
810.97
779.4
795.71
773.58
744.97
710.84
745.22
751.79
756.34
747.15
722.4
731.04
745.72
749.86
751.64
764.09
761.72
756.19
771.2
782.12
802.72
815.22
825.05
820.9
817.74
827.27
850.34
860.66
871.53
863.09
850.39
864.76
868.57
856.66
862.79
856.47
854.14
838.29
842.93
844.12
859.87
842.39
835.97
857.7

-3.33
2.62
1.32
4.05
-2.05
2.86
3.84
4.80
-4.61
-0.87
-0.60
1.23
3.43
-1.18
-1.97
-0.55
-0.24
-1.63
0.31
0.73
-1.95
-1.40
-2.57
-1.53
-1.19
0.51
0.39
-1.15
-2.71
-1.20
-1.25
0.98
1.49
-1.66
-0.44
1.39
-0.71
0.74
0.27
1.89
-0.55
-0.14
-1.83
2.08
0.77
-2.53
0.70

7/1/2011
6/30/2011
6/29/2011
6/28/2011
6/27/2011
6/24/2011
6/23/2011
6/22/2011
6/21/2011
6/20/2011
6/17/2011
6/16/2011
6/15/2011
6/14/2011
6/13/2011
6/10/2011
6/9/2011
6/8/2011
6/7/2011
6/6/2011
6/3/2011
6/2/2011
6/1/2011
5/31/2011
5/30/2011
5/27/2011
5/26/2011
5/25/2011
5/24/2011
5/23/2011
5/20/2011
5/19/2011
5/18/2011
5/17/2011
5/16/2011
5/13/2011
5/12/2011
5/11/2011
5/10/2011
5/9/2011
5/6/2011
5/5/2011
5/4/2011
5/3/2011
5/2/2011
4/29/2011
4/28/2011

18762.8
18845.87
18693.86
18492.45
18412.41
18240.68
17727.49
17550.63
17560.3
17506.63
17870.53
17985.88
18132.24
18308.66
18266.03
18268.54
18384.9
18394.29
18495.62
18420.11
18376.48
18494.18
18608.81
18503.28
18232.06
18266.1
18044.64
17847.24
18011.97
17993.33
18326.09
18141.4
18086.2
18137.35
18345.03
18531.28
18335.79
18584.96
18512.77
18528.96
18518.81
18210.58
18469.36
18534.69
18998.02
19135.96
19292.02

-0.44
0.81
1.09
0.43
0.94
2.89
1.01
-0.06
0.31
-2.04
-0.64
-0.81
-0.96
0.23
-0.01
-0.63
-0.05
-0.55
0.41
0.24
-0.64
-0.62
0.57
1.49
-0.19
1.23
1.11
-0.91
0.10
-1.82
1.02
0.31
-0.28
-1.13
-1.01
1.07
-1.34
0.39
-0.09
0.05
1.69
-1.40
-0.35
-2.44
-0.72
-0.81
-0.81

851.77
886.8
874.64
860.07
861.01
859.92
860.17
835.92
838.29
824.55
857.95
877.31
889.91
902.55
915.5
932.64
942.62
935.95
944.69
926.81
924.88
940.39
935.35
940.29
928.39
934.91
922.02
895.89
904.23
897.07
910.31
903.89
890.95
909.32
932.93
937.23
933.48
943.21
940.05
946.82
943.9
938.07
927.7
924.71
945.04
961.94
954

-3.95
1.39
1.69
-0.11
0.13
-0.03
2.90
-0.28
1.67
-3.89
-2.21
-1.42
-1.40
-1.41
-1.84
-1.06
0.71
-0.93
1.93
0.21
-1.65
0.54
-0.53
1.28
-0.70
1.40
2.92
-0.92
0.80
-1.45
0.71
1.45
-2.02
-2.53
-0.46
0.40
-1.03
0.34
-0.72
0.31
0.62
1.12
0.32
-2.15
-1.76
0.83
-1.15

4/27/2011
4/26/2011
4/25/2011
4/21/2011
4/20/2011
4/19/2011
4/18/2011
4/15/2011
4/13/2011
4/11/2011
4/8/2011
4/7/2011
4/6/2011
4/5/2011
4/4/2011
4/1/2011

19448.69
19545.35
19584.31
19602.23
19470.98
19121.83
19091.17
19386.82
19696.86
19262.54
19451.45
19591.18
19612.2
19686.82
19701.73
19420.39

-0.49
-0.20
-0.09
0.67
1.83
0.16
-1.53
-1.57
2.25
-0.97
-0.71
-0.11
-0.38
-0.08
1.45

965.07
980.35
988.53
1018.75
1004.79
990.74
989.56
997.64
1000.88
986.62
1003.37
1018.95
1022.57
1023.65
1028.45
1014.2

-1.56
-0.83
-2.97
1.39
1.42
0.12
-0.81
-0.32
1.45
-1.67
-1.53
-0.35
-0.11
-0.47
1.41

Results
Annual return on Sensex
Annual return on RIL
Beta
Risk free rate
Expected return on RIL using formula

Comments: R2 value is on higher side hence

proportion of variantion in dependant
variable i.e. return on stock is depedant
explained by variation in indepedant variable

-10.38
-27.11
1.26
4.00
-14.18

6.00
4.00
2.00

-5.00

-4.00

-3.00

-2.00

0.00
-1.00
0.00
-2.00
-4.00
-6.00
-8.00
Return on Snesex

1.00

2.00

3.00

4.00

Return on RIL
Linear (Return on RIL)

s on higher side hence

ntion in dependant
n stock is depedant
in indepedant variable

Return on RIL)

SUMMARY OUTPUT
Regression Statistics
Multiple R
0.789578252
R Square
0.623433816
Adjusted R Square
0.621884161
Standard Error
1.266417503
Observations
245
ANOVA
df
Regression
Residual
Total

Intercept
X Variable 1

1
243
244

SS
645.2219295
389.7266301
1034.94856

MS
F
Significance F
645.2219295 402.3048895
1.88344E-53
1.603813293

Coefficients
Standard Error
t Stat
P-value
-0.061953282
0.080940827 -0.765414492 0.444767535
1.2599054
0.062814554 20.05753947 1.88344E-53

Lower 95%
-0.221388452
1.136174899

Alpha
H0 : Alpha=0
H1: Alpha!=0

Two Tail Test

t-Stat
Value 5% Significance
t-Stat<t-table Value
H0 Accepted

-0.76541
1.96
TRUE

Alpha =0
Upper 95% Lower 95.0% Upper 95.0%
0.097481887 -0.221388452 0.097481887
1.3836359 1.136174899
1.3836359

CAPM Holds true

Beta
H0: Beta=0
H1: Beta!=0

Two Tail Test

t-Stat
Value 5% Significance
t-Stat<t-table Value
H0 Rejected
Beta != 0
CAPM Holds true

20.05754
1.96
FALSE

Sensex Close

Return on
Sensex

ONGC Close

Return on
ONGC

3/30/2012
3/29/2012
3/28/2012
3/27/2012
3/26/2012
3/23/2012
3/22/2012
3/21/2012
3/20/2012
3/19/2012
3/16/2012
3/15/2012
3/14/2012
3/13/2012
3/12/2012
3/9/2012
3/7/2012
3/6/2012
3/5/2012
3/2/2012
3/1/2012
2/29/2012
2/28/2012
2/27/2012
2/24/2012
2/23/2012
2/22/2012
2/21/2012
2/17/2012
2/16/2012
2/15/2012
2/14/2012
2/13/2012
2/10/2012
2/9/2012
2/8/2012
2/7/2012
2/6/2012
2/3/2012
2/2/2012
2/1/2012
1/31/2012

17404.2
17058.61
17121.62
17257.36
17052.78
17361.74
17196.47
17601.71
17316.18
17273.37
17466.2
17675.85
17919.3
17813.62
17587.67
17503.24
17145.52
17173.29
17362.87
17636.8
17583.97
17752.68
17731.12
17445.75
17923.57
18078.5
18145.25
18428.61
18289.35
18153.99
18202.41
17848.57
17772.84
17748.69
17830.75
17707.32
17622.45
17707.31
17604.96
17431.85
17300.58
17193.55

2.03
-0.37
-0.79
1.20
-1.78
0.96
-2.30
1.65
0.25
-1.10
-1.19
-1.36
0.59
1.28
0.48
2.09
-0.16
-1.09
-1.55
0.30
-0.95
0.12
1.64
-2.67
-0.86
-0.37
-1.54
0.76
0.75
-0.27
1.98
0.43
0.14
-0.46
0.70
0.48
-0.48
0.58
0.99
0.76
0.62
1.96

265.41
259.06
256.13
263.38
259.8
265.41
268.79
269.38
270.33
270.82
269.88
283.06
290.17
283.9
274.52
279.31
275.26
278.08
279.8
277.93
284.25
289.68
280
277.19
280.69
286.42
288.59
288.05
277.78
276.84
275.36
272.55
277.19
277.93
277.93
279.41
283.06
279.56
277.14
272
268.79
272.4

2.45
1.14
-2.75
1.38
-2.11
-1.26
-0.22
-0.35
-0.18
0.35
-4.66
-2.45
2.21
3.42
-1.71
1.47
-1.01
-0.61
0.67
-2.22
-1.87
3.46
1.01
-1.25
-2.00
-0.75
0.19
3.70
0.34
0.54
1.03
-1.67
-0.27
0.00
-0.53
-1.29
1.25
0.87
1.89
1.19
-1.33
-0.06

Return on ONGC

Date

-5.00

1/30/2012
1/27/2012
1/25/2012
1/24/2012
1/23/2012
1/20/2012
1/19/2012
1/18/2012
1/17/2012
1/16/2012
1/13/2012
1/12/2012
1/11/2012
1/10/2012
1/9/2012
1/6/2012
1/5/2012
1/4/2012
1/3/2012
1/2/2012
12/30/2011
12/29/2011
12/28/2011
12/27/2011
12/23/2011
12/22/2011
12/21/2011
12/20/2011
12/19/2011
12/16/2011
12/15/2011
12/14/2011
12/13/2011
12/12/2011
12/9/2011
12/8/2011
12/7/2011
12/5/2011
12/2/2011
12/1/2011
11/30/2011
11/29/2011
11/28/2011
11/25/2011
11/24/2011
11/23/2011
11/22/2011

16863.3
17233.98
17077.18
16995.77
16751.73
16739.01
16643.74
16451.47
16466.05
16189.36
16154.62
16037.51
16175.86
16165.09
15814.72
15867.73
15857.08
15882.64
15939.36
15517.92
15454.92
15543.93
15727.85
15873.95
15738.7
15813.36
15685.21
15175.08
15379.34
15491.35
15836.47
15881.14
16002.51
15870.35
16213.46
16488.24
16877.06
16805.33
16846.83
16483.45
16123.46
16008.34
16167.13
15695.43
15858.49
15699.97
16065.42

-2.15
0.92
0.48
1.46
0.08
0.57
1.17
-0.09
1.71
0.22
0.73
-0.86
0.07
2.22
-0.33
0.07
-0.16
-0.36
2.72
0.41
-0.57
-1.17
-0.92
0.86
-0.47
0.82
3.36
-1.33
-0.72
-2.18
-0.28
-0.76
0.83
-2.12
-1.67
-2.30
0.43
-0.25
2.20
2.23
0.72
-0.98
3.01
-1.03
1.01
-2.27
0.75

272.55
275.06
269.09
271.76
271.66
271.56
268.3
264.65
258.47
253.29
256.5
254.43
255.86
258.13
253.78
252.6
252.85
256.36
253.66
249.23
247.69
249.13
251.16
254.05
252.12
255.21
251.25
244.07
238.39
241.09
242.19
242.92
246.15
248.17
252.27
257.18
263.16
258.92
258.39
256.46
256.22
248.6
252.22
242.77
244.31
237.42
242.77

-0.91
2.22
-0.98
0.04
0.04
1.22
1.38
2.39
2.05
-1.25
0.81
-0.56
-0.88
1.71
0.47
-0.10
-1.37
1.06
1.78
0.62
-0.58
-0.81
-1.14
0.77
-1.21
1.58
2.94
2.38
-1.12
-0.45
-0.30
-1.31
-0.81
-1.63
-1.91
-2.27
1.64
0.21
0.75
0.09
3.07
-1.44
3.89
-0.63
2.90
-2.20
-0.16

11/21/2011
11/18/2011
11/17/2011
11/16/2011
11/15/2011
11/14/2011
11/11/2011
11/9/2011
11/8/2011
11/4/2011
11/3/2011
11/2/2011
11/1/2011
10/31/2011
10/28/2011
10/26/2011
10/25/2011
10/24/2011
10/21/2011
10/20/2011
10/19/2011
10/18/2011
10/17/2011
10/14/2011
10/13/2011
10/12/2011
10/11/2011
10/10/2011
10/7/2011
10/5/2011
10/4/2011
10/3/2011
9/30/2011
9/29/2011
9/28/2011
9/27/2011
9/26/2011
9/23/2011
9/22/2011
9/21/2011
9/20/2011
9/19/2011
9/16/2011
9/15/2011
9/14/2011
9/13/2011
9/12/2011

15946.1
16371.51
16461.71
16775.87
16882.67
17118.74
17192.82
17362.1
17569.53
17562.61
17481.93
17464.85
17480.83
17705.01
17804.8
17288.83
17254.86
16939.28
16785.64
16936.89
17085.34
16748.29
17025.09
17082.69
16883.92
16958.39
16536.47
16557.23
16232.54
15792.41
15864.86
16151.45
16453.76
16698.07
16446.02
16524.03
16051.1
16162.06
16361.15
17065.15
17099.28
16745.35
16933.83
16876.54
16709.6
16467.44
16501.74

-2.60
-0.55
-1.87
-0.63
-1.38
-0.43
-0.97
-1.18
0.04
0.46
0.10
-0.09
-1.27
-0.56
2.98
0.20
1.86
0.92
-0.89
-0.87
2.01
-1.63
-0.34
1.18
-0.44
2.55
-0.13
2.00
2.79
-0.46
-1.77
-1.84
-1.46
1.53
-0.47
2.95
-0.69
-1.22
-4.13
-0.20
2.11
-1.11
0.34
1.00
1.47
-0.21
-2.17

243.16
249.91
248.07
253.81
249.47
251.79
256.22
261.47
267.98
267.64
267.93
268.22
267.93
268.17
274.34
266.24
266.73
266.29
255.83
257.18
258.68
254.1
259.79
257.04
255.45
260.75
258.68
263.64
254.92
254.68
254.87
258.87
256.12
259.54
252.65
249.42
245.52
248.51
248.41
251.69
252.22
259.64
264.8
250.72
251.21
248.7
251.64

-2.70
0.74
-2.26
1.74
-0.92
-1.73
-2.01
-2.43
0.13
-0.11
-0.11
0.11
-0.09
-2.25
3.04
-0.18
0.17
4.09
-0.52
-0.58
1.80
-2.19
1.07
0.62
-2.03
0.80
-1.88
3.42
0.09
-0.07
-1.55
1.07
-1.32
2.73
1.30
1.59
-1.20
0.04
-1.30
-0.21
-2.86
-1.95
5.62
-0.20
1.01
-1.17
-0.31

9/9/2011
9/8/2011
9/7/2011
9/6/2011
9/5/2011
9/2/2011
8/30/2011
8/29/2011
8/26/2011
8/25/2011
8/24/2011
8/23/2011
8/22/2011
8/19/2011
8/18/2011
8/17/2011
8/16/2011
8/12/2011
8/11/2011
8/10/2011
8/9/2011
8/8/2011
8/5/2011
8/4/2011
8/3/2011
8/2/2011
8/1/2011
7/29/2011
7/28/2011
7/27/2011
7/26/2011
7/25/2011
7/22/2011
7/21/2011
7/20/2011
7/19/2011
7/18/2011
7/15/2011
7/14/2011
7/13/2011
7/12/2011
7/11/2011
7/8/2011
7/7/2011
7/6/2011
7/5/2011
7/4/2011

16866.97
17165.54
17065
16862.81
16713.33
16821.46
16676.75
16416.33
15848.83
16146.33
16284.98
16498.47
16341.7
16141.67
16469.79
16840.8
16730.94
16839.63
17059.4
17130.51
16857.91
16990.18
17305.87
17693.18
17940.55
18109.89
18314.33
18197.2
18209.52
18432.25
18518.22
18871.29
18722.3
18436.19
18502.38
18653.87
18507.04
18561.92
18618.2
18596.02
18411.62
18721.39
18858.04
19078.3
18726.97
18744.56
18814.48

-1.74
0.59
1.20
0.89
-0.64
0.87
1.59
3.58
-1.84
-0.85
-1.29
0.96
1.24
-1.99
-2.20
0.66
-0.65
-1.29
-0.42
1.62
-0.78
-1.82
-2.19
-1.38
-0.94
-1.12
0.64
-0.07
-1.21
-0.46
-1.87
0.80
1.55
-0.36
-0.81
0.79
-0.30
-0.30
0.12
1.00
-1.65
-0.72
-1.15
1.88
-0.09
-0.37
0.28

252.41
251.54
252.94
251.54
247.59
254.39
253.52
265.04
267.98
272.03
269.04
269.09
276.41
265.81
265.91
266.53
262.45
268.5
266.49
269.03
275.14
271.68
265.43
262.59
266.25
265.04
262.74
258.27
265.96
265.72
265.91
268.79
268.94
265.76
264.37
266.05
266.29
267.4
272.69
275.95
270.62
269.75
265.52
264.42
262.64
265.67
266.49

0.35
-0.55
0.56
1.60
-2.67
0.34
-4.35
-1.10
-1.49
1.11
-0.02
-2.65
3.99
-0.04
-0.23
1.55
-2.25
0.75
-0.94
-2.22
1.27
2.35
1.08
-1.37
0.46
0.88
1.73
-2.89
0.09
-0.07
-1.07
-0.06
1.20
0.53
-0.63
-0.09
-0.42
-1.94
-1.18
1.97
0.32
1.59
0.42
0.68
-1.14
-0.31
0.33

7/1/2011
6/30/2011
6/29/2011
6/28/2011
6/27/2011
6/24/2011
6/23/2011
6/22/2011
6/21/2011
6/20/2011
6/17/2011
6/16/2011
6/15/2011
6/14/2011
6/13/2011
6/10/2011
6/9/2011
6/8/2011
6/7/2011
6/6/2011
6/3/2011
6/2/2011
6/1/2011
5/31/2011
5/30/2011
5/27/2011
5/26/2011
5/25/2011
5/24/2011
5/23/2011
5/20/2011
5/19/2011
5/18/2011
5/17/2011
5/16/2011
5/13/2011
5/12/2011
5/11/2011
5/10/2011
5/9/2011
5/6/2011
5/5/2011
5/4/2011
5/3/2011
5/2/2011
4/29/2011
4/28/2011

18762.8
18845.87
18693.86
18492.45
18412.41
18240.68
17727.49
17550.63
17560.3
17506.63
17870.53
17985.88
18132.24
18308.66
18266.03
18268.54
18384.9
18394.29
18495.62
18420.11
18376.48
18494.18
18608.81
18503.28
18232.06
18266.1
18044.64
17847.24
18011.97
17993.33
18326.09
18141.4
18086.2
18137.35
18345.03
18531.28
18335.79
18584.96
18512.77
18528.96
18518.81
18210.58
18469.36
18534.69
18998.02
19135.96
19292.02

-0.44
0.81
1.09
0.43
0.94
2.89
1.01
-0.06
0.31
-2.04
-0.64
-0.81
-0.96
0.23
-0.01
-0.63
-0.05
-0.55
0.41
0.24
-0.64
-0.62
0.57
1.49
-0.19
1.23
1.11
-0.91
0.10
-1.82
1.02
0.31
-0.28
-1.13
-1.01
1.07
-1.34
0.39
-0.09
0.05
1.69
-1.40
-0.35
-2.44
-0.72
-0.81
-0.81

265.62
263.36
267.69
273.5
273.17
262.26
254.32
250.91
245.86
246.2
254.85
258.84
257.93
259.61
258.55
256.58
254.95
259.61
265.81
265.43
269.13
270.33
270.72
270.72
267.64
272.06
263.7
252.5
255.29
257.16
263.46
266.58
263.41
266.82
286
292.92
290.28
288.6
292.39
292.35
294.12
297.15
297.39
283.84
292.59
296.96
305.47

0.86
-1.62
-2.12
0.12
4.16
3.12
1.36
2.05
-0.14
-3.39
-1.54
0.35
-0.65
0.41
0.77
0.64
-1.80
-2.33
0.14
-1.37
-0.44
-0.14
0.00
1.15
-1.62
3.17
4.44
-1.09
-0.73
-2.39
-1.17
1.20
-1.28
-6.71
-2.36
0.91
0.58
-1.30
0.01
-0.60
-1.02
-0.08
4.77
-2.99
-1.47
-2.79
1.99

4/27/2011
4/26/2011
4/25/2011
4/21/2011
4/20/2011
4/19/2011
4/18/2011
4/15/2011
4/13/2011
4/11/2011
4/8/2011
4/7/2011
4/6/2011
4/5/2011
4/4/2011
4/1/2011

19448.69
19545.35
19584.31
19602.23
19470.98
19121.83
19091.17
19386.82
19696.86
19262.54
19451.45
19591.18
19612.2
19686.82
19701.73
19420.39

-0.49
-0.20
-0.09
0.67
1.83
0.16
-1.53
-1.57
2.25
-0.97
-0.71
-0.11
-0.38
-0.08
1.45

299.51
292.01
290.95
292.44
283.89
278.07
276.72
274.9
277.2
272.25
277.3
280.57
286.58
284.65
286.24
281.53

2.57
0.36
-0.51
3.01
2.09
0.49
0.66
-0.83
1.82
-1.82
-1.17
-2.10
0.68
-0.56
1.67

Ressults
Annual return on Sensex
Annual return on ONGC
Beta
Risk free rate
Expected return on ONGC using formula

-10.38
-5.73
0.59
4.00
-4.42

8.00
6.00
4.00
2.00
Return on ONGC

0.00
-5.00

-4.00

-3.00

-2.00

-1.00

0.00
-2.00
-4.00
-6.00

-8.00
Return on Snesex

1.00

2.00

3.00

4.00

Linear (Return on ONGC)

Return on ONGC
Linear (Return on ONGC)

SUMMARY OUTPUT
Regression Statistics
Multiple R
0.427094638
R Square
0.18240983
Adjusted R Square
0.179045261
Standard Error
1.602613254
Observations
245
ANOVA
df
Regression
Residual
Total

Intercept
X Variable 1

1
243
244

SS
MS
F
Significance F
139.2439426 139.2439426 54.21492373
2.77738E-12
624.1137258 2.568369242
763.3576683

Coefficients Standard Error

t Stat
P-value
0.012823188
0.102428182 0.125191988 0.900475068
0.585290578
0.079489929 7.363078414 2.77738E-12

Lower 95%
-0.188937223
0.428713352

Alpha

Beta

H0 : Alpha=0
H1: Alpha!=0

Two Tail Test

t-Stat
Value 5% Significance
t-Stat<t-table Value
H0 Accepted
Alpha =0
Upper 95% Lower 95.0% Upper 95.0%
0.214583598 -0.188937223 0.214583598
0.741867805 0.428713352 0.741867805

H0: Beta=0
H1: Beta!=0

Two Tail Test

0.125192 t-Stat
1.96 Value 5% Significance
TRUE

t-Stat<t-table Value
H0 Rejected
Beta != 0

CAPM Holds true

Beta
H0: Beta=0
H1: Beta!=0

Two Tail Test

7.363078414
1.96
FALSE
H0 Rejected

olds true

Sensex Close

Return on
Sensex

CIL Close

Return on CIL

3/30/2012
3/29/2012
3/28/2012
3/27/2012
3/26/2012
3/23/2012
3/22/2012
3/21/2012
3/20/2012
3/19/2012
3/16/2012
3/15/2012
3/14/2012
3/13/2012
3/12/2012
3/9/2012
3/7/2012
3/6/2012
3/5/2012
3/2/2012
3/1/2012
2/29/2012
2/28/2012
2/27/2012
2/24/2012
2/23/2012
2/22/2012
2/21/2012
2/17/2012
2/16/2012
2/15/2012
2/14/2012
2/13/2012
2/10/2012
2/9/2012
2/8/2012
2/7/2012
2/6/2012
2/3/2012
2/2/2012
2/1/2012
1/31/2012

17404.2
17058.61
17121.62
17257.36
17052.78
17361.74
17196.47
17601.71
17316.18
17273.37
17466.2
17675.85
17919.3
17813.62
17587.67
17503.24
17145.52
17173.29
17362.87
17636.8
17583.97
17752.68
17731.12
17445.75
17923.57
18078.5
18145.25
18428.61
18289.35
18153.99
18202.41
17848.57
17772.84
17748.69
17830.75
17707.32
17622.45
17707.31
17604.96
17431.85
17300.58
17193.55

2.03
-0.37
-0.79
1.20
-1.78
0.96
-2.30
1.65
0.25
-1.10
-1.19
-1.36
0.59
1.28
0.48
2.09
-0.16
-1.09
-1.55
0.30
-0.95
0.12
1.64
-2.67
-0.86
-0.37
-1.54
0.76
0.75
-0.27
1.98
0.43
0.14
-0.46
0.70
0.48
-0.48
0.58
0.99
0.76
0.62
1.96

342.62
332.34
330.69
329.94
332.24
334.18
338.43
330.49
326.64
334.38
341.77
340.27
338.53
332.41
326.53
325.27
317.5
320.75
318.61
321.24
323.91
323.62
321.09
313.71
317.89
313.42
313.27
316.09
315.55
311.81
329.74
325.02
326.68
322.11
323.52
323.28
316.04
317.89
316.87
312.59
308.07
316.33

3.09
0.50
0.23
-0.69
-0.58
-1.26
2.40
1.18
-2.31
-2.16
0.44
0.51
1.84
1.80
0.39
2.45
-1.01
0.67
-0.82
-0.82
0.09
0.79
2.35
-1.31
1.43
0.05
-0.89
0.17
1.20
-5.44
1.45
-0.51
1.42
-0.44
0.07
2.29
-0.58
0.32
1.37
1.47
-2.61
-2.99

Return on RIL

Date

-5.00

1/30/2012
1/27/2012
1/25/2012
1/24/2012
1/23/2012
1/20/2012
1/19/2012
1/18/2012
1/17/2012
1/16/2012
1/13/2012
1/12/2012
1/11/2012
1/10/2012
1/9/2012
1/6/2012
1/5/2012
1/4/2012
1/3/2012
1/2/2012
12/30/2011
12/29/2011
12/28/2011
12/27/2011
12/23/2011
12/22/2011
12/21/2011
12/20/2011
12/19/2011
12/16/2011
12/15/2011
12/14/2011
12/13/2011
12/12/2011
12/9/2011
12/8/2011
12/7/2011
12/5/2011
12/2/2011
12/1/2011
11/30/2011
11/29/2011
11/28/2011
11/25/2011
11/24/2011
11/23/2011
11/22/2011

16863.3
17233.98
17077.18
16995.77
16751.73
16739.01
16643.74
16451.47
16466.05
16189.36
16154.62
16037.51
16175.86
16165.09
15814.72
15867.73
15857.08
15882.64
15939.36
15517.92
15454.92
15543.93
15727.85
15873.95
15738.7
15813.36
15685.21
15175.08
15379.34
15491.35
15836.47
15881.14
16002.51
15870.35
16213.46
16488.24
16877.06
16805.33
16846.83
16483.45
16123.46
16008.34
16167.13
15695.43
15858.49
15699.97
16065.42

-2.15
0.92
0.48
1.46
0.08
0.57
1.17
-0.09
1.71
0.22
0.73
-0.86
0.07
2.22
-0.33
0.07
-0.16
-0.36
2.72
0.41
-0.57
-1.17
-0.92
0.86
-0.47
0.82
3.36
-1.33
-0.72
-2.18
-0.28
-0.76
0.83
-2.12
-1.67
-2.30
0.43
-0.25
2.20
2.23
0.72
-0.98
3.01
-1.03
1.01
-2.27
0.75

326.09
330.76
332.94
320.46
324.83
333.96
340.28
330.27
341.25
330.76
333.77
316.19
311.04
308.66
305.69
309.05
311.62
317.16
317.45
302.78
292.24
290.15
290.49
289.62
291.51
291.07
293.89
293.31
298.36
292.82
302.49
291.32
299.57
295.74
307.59
304.24
315.17
323.03
324.83
321.09
317.06
312.88
313.03
299.96
295.49
292.29
293.89

-1.41
-0.65
3.89
-1.35
-2.73
-1.86
3.03
-3.22
3.17
-0.90
5.56
1.66
0.77
0.97
-1.09
-0.82
-1.75
-0.09
4.85
3.61
0.72
-0.12
0.30
-0.65
0.15
-0.96
0.20
-1.69
1.89
-3.20
3.83
-2.75
1.30
-3.85
1.10
-3.47
-2.43
-0.55
1.16
1.27
1.34
-0.05
4.36
1.51
1.09
-0.54
1.68

11/21/2011
11/18/2011
11/17/2011
11/16/2011
11/15/2011
11/14/2011
11/11/2011
11/9/2011
11/8/2011
11/4/2011
11/3/2011
11/2/2011
11/1/2011
10/31/2011
10/28/2011
10/26/2011
10/25/2011
10/24/2011
10/21/2011
10/20/2011
10/19/2011
10/18/2011
10/17/2011
10/14/2011
10/13/2011
10/12/2011
10/11/2011
10/10/2011
10/7/2011
10/5/2011
10/4/2011
10/3/2011
9/30/2011
9/29/2011
9/28/2011
9/27/2011
9/26/2011
9/23/2011
9/22/2011
9/21/2011
9/20/2011
9/19/2011
9/16/2011
9/15/2011
9/14/2011
9/13/2011
9/12/2011

15946.1
16371.51
16461.71
16775.87
16882.67
17118.74
17192.82
17362.1
17569.53
17562.61
17481.93
17464.85
17480.83
17705.01
17804.8
17288.83
17254.86
16939.28
16785.64
16936.89
17085.34
16748.29
17025.09
17082.69
16883.92
16958.39
16536.47
16557.23
16232.54
15792.41
15864.86
16151.45
16453.76
16698.07
16446.02
16524.03
16051.1
16162.06
16361.15
17065.15
17099.28
16745.35
16933.83
16876.54
16709.6
16467.44
16501.74

-2.60
-0.55
-1.87
-0.63
-1.38
-0.43
-0.97
-1.18
0.04
0.46
0.10
-0.09
-1.27
-0.56
2.98
0.20
1.86
0.92
-0.89
-0.87
2.01
-1.63
-0.34
1.18
-0.44
2.55
-0.13
2.00
2.79
-0.46
-1.77
-1.84
-1.46
1.53
-0.47
2.95
-0.69
-1.22
-4.13
-0.20
2.11
-1.11
0.34
1.00
1.47
-0.21
-2.17

289.04
289.76
296.27
303.8
308.51
313.85
316.96
316.82
317.93
317.01
316.23
317.21
320.6
322.89
328.38
319.39
315.36
315.36
319.44
319.59
325.7
320.65
312.2
313.08
322.45
329.3
335.03
333.09
327.6
315.41
310.6
326.87
323.23
340.76
345.33
347.9
336.29
355.72
364.27
373.21
367.43
365.19
367.43
367.28
366.99
365.34
367.33

-0.25
-2.20
-2.48
-1.53
-1.70
-0.98
0.04
-0.35
0.29
0.25
-0.31
-1.06
-0.71
-1.67
2.81
1.28
0.00
-1.28
-0.05
-1.88
1.57
2.71
-0.28
-2.91
-2.08
-1.71
0.58
1.68
3.86
1.55
-4.98
1.13
-5.14
-1.32
-0.74
3.45
-5.46
-2.35
-2.40
1.57
0.61
-0.61
0.04
0.08
0.45
-0.54
-0.74

9/9/2011
9/8/2011
9/7/2011
9/6/2011
9/5/2011
9/2/2011
8/30/2011
8/29/2011
8/26/2011
8/25/2011
8/24/2011
8/23/2011
8/22/2011
8/19/2011
8/18/2011
8/17/2011
8/16/2011
8/12/2011
8/11/2011
8/10/2011
8/9/2011
8/8/2011
8/5/2011
8/4/2011
8/3/2011
8/2/2011
8/1/2011
7/29/2011
7/28/2011
7/27/2011
7/26/2011
7/25/2011
7/22/2011
7/21/2011
7/20/2011
7/19/2011
7/18/2011
7/15/2011
7/14/2011
7/13/2011
7/12/2011
7/11/2011
7/8/2011
7/7/2011
7/6/2011
7/5/2011
7/4/2011

16866.97
17165.54
17065
16862.81
16713.33
16821.46
16676.75
16416.33
15848.83
16146.33
16284.98
16498.47
16341.7
16141.67
16469.79
16840.8
16730.94
16839.63
17059.4
17130.51
16857.91
16990.18
17305.87
17693.18
17940.55
18109.89
18314.33
18197.2
18209.52
18432.25
18518.22
18871.29
18722.3
18436.19
18502.38
18653.87
18507.04
18561.92
18618.2
18596.02
18411.62
18721.39
18858.04
19078.3
18726.97
18744.56
18814.48

-1.74
0.59
1.20
0.89
-0.64
0.87
1.59
3.58
-1.84
-0.85
-1.29
0.96
1.24
-1.99
-2.20
0.66
-0.65
-1.29
-0.42
1.62
-0.78
-1.82
-2.19
-1.38
-0.94
-1.12
0.64
-0.07
-1.21
-0.46
-1.87
0.80
1.55
-0.36
-0.81
0.79
-0.30
-0.30
0.12
1.00
-1.65
-0.72
-1.15
1.88
-0.09
-0.37
0.28

370.05
374.91
379.67
367.24
369.96
375.44
363.8
358.37
349.1
363.27
362.78
380.3
383.6
382.04
386.07
386.07
376.12
373.89
374.81
370.49
369.33
380.68
380.73
382.04
380.34
385.34
378.94
376.46
382.04
387.33
362.93
358.22
357.98
356.72
356.33
358.85
357.93
354.77
360.21
357.2
354.39
346.33
351.28
382.58
380.3
384.13
382.92

-1.30
-1.25
3.38
-0.74
-1.46
3.20
1.52
2.66
-3.90
0.14
-4.61
-0.86
0.41
-1.04
0.00
2.65
0.60
-0.25
1.17
0.31
-2.98
-0.01
-0.34
0.45
-1.30
1.69
0.66
-1.46
-1.37
6.72
1.31
0.07
0.35
0.11
-0.70
0.26
0.89
-1.51
0.84
0.79
2.33
-1.41
-8.18
0.60
-1.00
0.32
2.75

7/1/2011
6/30/2011
6/29/2011
6/28/2011
6/27/2011
6/24/2011
6/23/2011
6/22/2011
6/21/2011
6/20/2011
6/17/2011
6/16/2011
6/15/2011
6/14/2011
6/13/2011
6/10/2011
6/9/2011
6/8/2011
6/7/2011
6/6/2011
6/3/2011
6/2/2011
6/1/2011
5/31/2011
5/30/2011
5/27/2011
5/26/2011
5/25/2011
5/24/2011
5/23/2011
5/20/2011
5/19/2011
5/18/2011
5/17/2011
5/16/2011
5/13/2011
5/12/2011
5/11/2011
5/10/2011
5/9/2011
5/6/2011
5/5/2011
5/4/2011
5/3/2011
5/2/2011
4/29/2011
4/28/2011

18762.8
18845.87
18693.86
18492.45
18412.41
18240.68
17727.49
17550.63
17560.3
17506.63
17870.53
17985.88
18132.24
18308.66
18266.03
18268.54
18384.9
18394.29
18495.62
18420.11
18376.48
18494.18
18608.81
18503.28
18232.06
18266.1
18044.64
17847.24
18011.97
17993.33
18326.09
18141.4
18086.2
18137.35
18345.03
18531.28
18335.79
18584.96
18512.77
18528.96
18518.81
18210.58
18469.36
18534.69
18998.02
19135.96
19292.02

-0.44
0.81
1.09
0.43
0.94
2.89
1.01
-0.06
0.31
-2.04
-0.64
-0.81
-0.96
0.23
-0.01
-0.63
-0.05
-0.55
0.41
0.24
-0.64
-0.62
0.57
1.49
-0.19
1.23
1.11
-0.91
0.10
-1.82
1.02
0.31
-0.28
-1.13
-1.01
1.07
-1.34
0.39
-0.09
0.05
1.69
-1.40
-0.35
-2.44
-0.72
-0.81
-0.81

372.68
380.78
377.63
381.51
386.85
378.06
365.69
368.26
378.69
383.69
382.43
382.48
379.96
383.11
383.98
392.28
395.58
395
391.07
381.95
380.2
391.07
402.42
396.36
383.55
376.75
377.63
365.84
359.04
354.92
355.21
365.4
362.93
384.32
376.32
375.3
370.01
372.34
374.86
380.49
358.32
356.81
359.97
361.18
368.02
368.85
365.16

-2.13
0.83
-1.02
-1.38
2.33
3.38
-0.70
-2.75
-1.30
0.33
-0.01
0.66
-0.82
-0.23
-2.12
-0.83
0.15
1.00
2.39
0.46
-2.78
-2.82
1.53
3.34
1.80
-0.23
3.22
1.89
1.16
-0.08
-2.79
0.68
-5.57
2.13
0.27
1.43
-0.63
-0.67
-1.48
6.19
0.42
-0.88
-0.34
-1.86
-0.23
1.01
1.23

4/27/2011
4/26/2011
4/25/2011
4/21/2011
4/20/2011
4/19/2011
4/18/2011
4/15/2011
4/13/2011
4/11/2011
4/8/2011
4/7/2011
4/6/2011
4/5/2011
4/4/2011
4/1/2011

19448.69
19545.35
19584.31
19602.23
19470.98
19121.83
19091.17
19386.82
19696.86
19262.54
19451.45
19591.18
19612.2
19686.82
19701.73
19420.39

-0.49
-0.20
-0.09
0.67
1.83
0.16
-1.53
-1.57
2.25
-0.97
-0.71
-0.11
-0.38
-0.08
1.45

360.74
353.03
353.61
351.72
355.5
339.68
341.82
345.9
343.66
346.87
345.07
348.61
355.45
348.18
345.02
337.06

2.18
-0.16
0.54
-1.06
4.66
-0.63
-1.18
0.65
-0.93
0.52
-1.02
-1.92
2.09
0.92
2.36

Ressults
Annual return on Sensex
Annual return on CIL
Beta
Risk free rate
Expected return on CIL using formula

-10.38
1.65
0.60
4.00
-4.67

8.00
6.00
4.00
2.00
0.00
-5.00

-4.00

-3.00

-2.00

-1.00

-2.00

0.00

-4.00
-6.00
-8.00
-10.00
Return on Snesex

1.00

2.00

3.00

4.00

Return on CIL
Linear (Return on CIL)

r (Return on CIL)

SUMMARY OUTPUT
Regression Statistics
Multiple R
0.379943716
R Square
0.144357227
Adjusted R Square
0.140836064
Standard Error
1.905784748
Observations
245
ANOVA
df
Regression
Residual
Total

Intercept
X Variable 1

1
243
244

SS
MS
F
Significance F
148.9018223 148.9018223 40.99702275
7.80849E-10
882.5797681 3.632015507
1031.48159

Coefficients Standard Error

t Stat
P-value
0.049836137
0.12180485 0.409147394 0.682791882
0.605248029
0.094527294 6.402891749 7.80849E-10

Lower 95%
-0.190091938
0.419050586

Alpha

Beta

H0 : Alpha=0
H1: Alpha!=0

Two Tail Test

t-Stat
Value 5% Significance
t-Stat<t-table Value
H0 Accepted
Alpha =0
Upper 95% Lower 95.0% Upper 95.0%
0.289764212 -0.190091938 0.289764212
0.791445472 0.419050586 0.791445472

H0: Beta=0
H1: Beta!=0

Two Tail Test

0.409147 t-Stat
1.96 Value 5% Significance
TRUE

t-Stat<t-table Value
H0 Rejected
Beta != 0

CAPM Holds true

Beta
H0: Beta=0
H1: Beta!=0

Two Tail Test

6.402891749
1.96
FALSE
H0 Rejected

olds true

Sensex Close

Return on
Sensex

Portfolio
Close

Return on
Portfolio

3/30/2012
3/29/2012
3/28/2012
3/27/2012
3/26/2012
3/23/2012
3/22/2012
3/21/2012
3/20/2012
3/19/2012
3/16/2012
3/15/2012
3/14/2012
3/13/2012
3/12/2012
3/9/2012
3/7/2012
3/6/2012
3/5/2012
3/2/2012
3/1/2012
2/29/2012
2/28/2012
2/27/2012
2/24/2012
2/23/2012
2/22/2012
2/21/2012
2/17/2012
2/16/2012
2/15/2012
2/14/2012
2/13/2012
2/10/2012
2/9/2012
2/8/2012
2/7/2012
2/6/2012
2/3/2012
2/2/2012
2/1/2012
1/31/2012

17404.2
17058.61
17121.62
17257.36
17052.78
17361.74
17196.47
17601.71
17316.18
17273.37
17466.2
17675.85
17919.3
17813.62
17587.67
17503.24
17145.52
17173.29
17362.87
17636.8
17583.97
17752.68
17731.12
17445.75
17923.57
18078.5
18145.25
18428.61
18289.35
18153.99
18202.41
17848.57
17772.84
17748.69
17830.75
17707.32
17622.45
17707.31
17604.96
17431.85
17300.58
17193.55

2.03
-0.37
-0.79
1.20
-1.78
0.96
-2.30
1.65
0.25
-1.10
-1.19
-1.36
0.59
1.28
0.48
2.09
-0.16
-1.09
-1.55
0.30
-0.95
0.12
1.64
-2.67
-0.86
-0.37
-1.54
0.76
0.75
-0.27
1.98
0.43
0.14
-0.46
0.70
0.48
-0.48
0.58
0.99
0.76
0.62
1.96

1878.74
1832.2
1825.1
1838.5
1836.24
1870.89
1862.24
1896.01
1878.98
1880.22
1907.97
1959.5
1978.63
1962.22
1909.16
1885.4
1859.32
1885.77
1910.22
1947.1
1952.12
1970.87
1935.44
1907.63
1961.22
1979.77
1975.9
1996.37
1963.44
1953.42
2003.52
1995.91
2004.48
1991.26
2006.2
2011.79
1981.7
1980.68
1982.42
1956.81
1938.19
1932.89

2.54
0.39
-0.73
0.12
-1.85
0.46
-1.78
0.91
-0.07
-1.45
-2.63
-0.97
0.84
2.78
1.26
1.40
-1.40
-1.28
-1.89
-0.26
-0.95
1.83
1.46
-2.73
-0.94
0.20
-1.03
1.68
0.51
-2.50
0.38
-0.43
0.66
-0.74
-0.28
1.52
0.05
-0.09
1.31
0.96
0.27
0.89

Return on NTPC

Date

-5.00

1/30/2012
1/27/2012
1/25/2012
1/24/2012
1/23/2012
1/20/2012
1/19/2012
1/18/2012
1/17/2012
1/16/2012
1/13/2012
1/12/2012
1/11/2012
1/10/2012
1/9/2012
1/6/2012
1/5/2012
1/4/2012
1/3/2012
1/2/2012
12/30/2011
12/29/2011
12/28/2011
12/27/2011
12/23/2011
12/22/2011
12/21/2011
12/20/2011
12/19/2011
12/16/2011
12/15/2011
12/14/2011
12/13/2011
12/12/2011
12/9/2011
12/8/2011
12/7/2011
12/5/2011
12/2/2011
12/1/2011
11/30/2011
11/29/2011
11/28/2011
11/25/2011
11/24/2011
11/23/2011
11/22/2011

16863.3
17233.98
17077.18
16995.77
16751.73
16739.01
16643.74
16451.47
16466.05
16189.36
16154.62
16037.51
16175.86
16165.09
15814.72
15867.73
15857.08
15882.64
15939.36
15517.92
15454.92
15543.93
15727.85
15873.95
15738.7
15813.36
15685.21
15175.08
15379.34
15491.35
15836.47
15881.14
16002.51
15870.35
16213.46
16488.24
16877.06
16805.33
16846.83
16483.45
16123.46
16008.34
16167.13
15695.43
15858.49
15699.97
16065.42

-2.15
0.92
0.48
1.46
0.08
0.57
1.17
-0.09
1.71
0.22
0.73
-0.86
0.07
2.22
-0.33
0.07
-0.16
-0.36
2.72
0.41
-0.57
-1.17
-0.92
0.86
-0.47
0.82
3.36
-1.33
-0.72
-2.18
-0.28
-0.76
0.83
-2.12
-1.67
-2.30
0.43
-0.25
2.20
2.23
0.72
-0.98
3.01
-1.03
1.01
-2.27
0.75

1915.76
1950.87
1913.7
1895.63
1891.13
1924
1912.21
1879.46
1856.16
1810.4
1840.37
1833.28
1834.08
1819.56
1783.84
1796.97
1780.74
1821.34
1825.95
1782.92
1756.53
1774.42
1813.89
1826.38
1817.97
1836.78
1820.17
1765.54
1789.04
1773.5
1809.67
1793.04
1823.18
1803.1
1851.5
1878.76
1937.08
1940.58
1941.6
1916.59
1884.17
1851.9
1874.73
1816.22
1837.45
1811.54
1838.4

-1.80
1.94
0.95
0.24
-1.71
0.62
1.74
1.26
2.53
-1.63
0.39
-0.04
0.80
2.00
-0.73
0.91
-2.23
-0.25
2.41
1.50
-1.01
-2.18
-0.68
0.46
-1.02
0.91
3.09
-1.31
0.88
-2.00
0.93
-1.65
1.11
-2.61
-1.45
-3.01
-0.18
-0.05
1.30
1.72
1.74
-1.22
3.22
-1.16
1.43
-1.46
0.59

11/21/2011
11/18/2011
11/17/2011
11/16/2011
11/15/2011
11/14/2011
11/11/2011
11/9/2011
11/8/2011
11/4/2011
11/3/2011
11/2/2011
11/1/2011
10/31/2011
10/28/2011
10/26/2011
10/25/2011
10/24/2011
10/21/2011
10/20/2011
10/19/2011
10/18/2011
10/17/2011
10/14/2011
10/13/2011
10/12/2011
10/11/2011
10/10/2011
10/7/2011
10/5/2011
10/4/2011
10/3/2011
9/30/2011
9/29/2011
9/28/2011
9/27/2011
9/26/2011
9/23/2011
9/22/2011
9/21/2011
9/20/2011
9/19/2011
9/16/2011
9/15/2011
9/14/2011
9/13/2011
9/12/2011

15946.1
16371.51
16461.71
16775.87
16882.67
17118.74
17192.82
17362.1
17569.53
17562.61
17481.93
17464.85
17480.83
17705.01
17804.8
17288.83
17254.86
16939.28
16785.64
16936.89
17085.34
16748.29
17025.09
17082.69
16883.92
16958.39
16536.47
16557.23
16232.54
15792.41
15864.86
16151.45
16453.76
16698.07
16446.02
16524.03
16051.1
16162.06
16361.15
17065.15
17099.28
16745.35
16933.83
16876.54
16709.6
16467.44
16501.74

-2.60
-0.55
-1.87
-0.63
-1.38
-0.43
-0.97
-1.18
0.04
0.46
0.10
-0.09
-1.27
-0.56
2.98
0.20
1.86
0.92
-0.89
-0.87
2.01
-1.63
-0.34
1.18
-0.44
2.55
-0.13
2.00
2.79
-0.46
-1.77
-1.84
-1.46
1.53
-0.47
2.95
-0.69
-1.22
-4.13
-0.20
2.11
-1.11
0.34
1.00
1.47
-0.21
-2.17

1827.55
1869.73
1885.23
1944.69
1974.72
2006.54
2021.65
2010.08
2042.47
2043.52
2049.14
2027.86
2025.75
2045.96
2083.34
2037.06
2031.83
2000.34
1974.25
1984.63
1999.41
1953.64
1960.7
2001.02
1992.21
2012.4
1989.86
1991.34
1938.11
1884.18
1889.33
1933.99
1942.48
1980.57
1961.24
1950.33
1892.08
1939.35
1965.56
2042.43
2055.3
2022.98
2032.84
2025.29
1999.6
1974.37
1972.99

-2.26
-0.82
-3.06
-1.52
-1.59
-0.75
0.58
-1.59
-0.05
-0.27
1.05
0.10
-0.99
-1.79
2.27
0.26
1.57
1.32
-0.52
-0.74
2.34
-0.36
-2.01
0.44
-1.00
1.13
-0.07
2.75
2.86
-0.27
-2.31
-0.44
-1.92
0.99
0.56
3.08
-2.44
-1.33
-3.76
-0.63
1.60
-0.49
0.37
1.28
1.28
0.07
-1.46

9/9/2011
9/8/2011
9/7/2011
9/6/2011
9/5/2011
9/2/2011
8/30/2011
8/29/2011
8/26/2011
8/25/2011
8/24/2011
8/23/2011
8/22/2011
8/19/2011
8/18/2011
8/17/2011
8/16/2011
8/12/2011
8/11/2011
8/10/2011
8/9/2011
8/8/2011
8/5/2011
8/4/2011
8/3/2011
8/2/2011
8/1/2011
7/29/2011
7/28/2011
7/27/2011
7/26/2011
7/25/2011
7/22/2011
7/21/2011
7/20/2011
7/19/2011
7/18/2011
7/15/2011
7/14/2011
7/13/2011
7/12/2011
7/11/2011
7/8/2011
7/7/2011
7/6/2011
7/5/2011
7/4/2011

16866.97
17165.54
17065
16862.81
16713.33
16821.46
16676.75
16416.33
15848.83
16146.33
16284.98
16498.47
16341.7
16141.67
16469.79
16840.8
16730.94
16839.63
17059.4
17130.51
16857.91
16990.18
17305.87
17693.18
17940.55
18109.89
18314.33
18197.2
18209.52
18432.25
18518.22
18871.29
18722.3
18436.19
18502.38
18653.87
18507.04
18561.92
18618.2
18596.02
18411.62
18721.39
18858.04
19078.3
18726.97
18744.56
18814.48

-1.74
0.59
1.20
0.89
-0.64
0.87
1.59
3.58
-1.84
-0.85
-1.29
0.96
1.24
-1.99
-2.20
0.66
-0.65
-1.29
-0.42
1.62
-0.78
-1.82
-2.19
-1.38
-0.94
-1.12
0.64
-0.07
-1.21
-0.46
-1.87
0.80
1.55
-0.36
-0.81
0.79
-0.30
-0.30
0.12
1.00
-1.65
-0.72
-1.15
1.88
-0.09
-0.37
0.28

2002.29
2044.45
2033.86
2004.93
1964.7
1992.74
1960.53
1941.09
1890.68
1949.61
1950.11
1974.87
1982.82
1958.76
1979.11
1997.27
1976.93
1996.43
2003.46
1993.56
1987.48
2021.29
2035.42
2068.18
2084.6
2095.23
2082.4
2069.15
2089.05
2120.48
2109
2126.36
2118.41
2091.53
2104.04
2116.36
2099.32
2099.04
2112.8
2120.38
2086.62
2088.13
2091.74
2141.3
2107.38
2104.92
2130.51

-2.06
0.52
1.44
2.05
-1.41
1.64
1.00
2.67
-3.02
-0.03
-1.25
-0.40
1.23
-1.03
-0.91
1.03
-0.98
-0.35
0.50
0.31
-1.67
-0.69
-1.58
-0.79
-0.51
0.62
0.64
-0.95
-1.48
0.54
-0.82
0.38
1.29
-0.59
-0.58
0.81
0.01
-0.65
-0.36
1.62
-0.07
-0.17
-2.31
1.61
0.12
-1.20
1.19

7/1/2011
6/30/2011
6/29/2011
6/28/2011
6/27/2011
6/24/2011
6/23/2011
6/22/2011
6/21/2011
6/20/2011
6/17/2011
6/16/2011
6/15/2011
6/14/2011
6/13/2011
6/10/2011
6/9/2011
6/8/2011
6/7/2011
6/6/2011
6/3/2011
6/2/2011
6/1/2011
5/31/2011
5/30/2011
5/27/2011
5/26/2011
5/25/2011
5/24/2011
5/23/2011
5/20/2011
5/19/2011
5/18/2011
5/17/2011
5/16/2011
5/13/2011
5/12/2011
5/11/2011
5/10/2011
5/9/2011
5/6/2011
5/5/2011
5/4/2011
5/3/2011
5/2/2011
4/29/2011
4/28/2011

18762.8
18845.87
18693.86
18492.45
18412.41
18240.68
17727.49
17550.63
17560.3
17506.63
17870.53
17985.88
18132.24
18308.66
18266.03
18268.54
18384.9
18394.29
18495.62
18420.11
18376.48
18494.18
18608.81
18503.28
18232.06
18266.1
18044.64
17847.24
18011.97
17993.33
18326.09
18141.4
18086.2
18137.35
18345.03
18531.28
18335.79
18584.96
18512.77
18528.96
18518.81
18210.58
18469.36
18534.69
18998.02
19135.96
19292.02

-0.44
0.81
1.09
0.43
0.94
2.89
1.01
-0.06
0.31
-2.04
-0.64
-0.81
-0.96
0.23
-0.01
-0.63
-0.05
-0.55
0.41
0.24
-0.64
-0.62
0.57
1.49
-0.19
1.23
1.11
-0.91
0.10
-1.82
1.02
0.31
-0.28
-1.13
-1.01
1.07
-1.34
0.39
-0.09
0.05
1.69
-1.40
-0.35
-2.44
-0.72
-0.81
-0.81

2105.52
2138.1
2126.38
2124.09
2138.71
2109.93
2072.16
2048.61
2052.27
2039.33
2093.02
2112.7
2127.75
2155.04
2167.17
2182.12
2195.33
2187.94
2189.3
2160.03
2167.68
2203.66
2214.6
2201.18
2170.39
2166.59
2154.62
2091.25
2095.53
2090.76
2108.89
2114.12
2090.91
2144.21
2198.94
2218.74
2207.64
2222.62
2228.06
2228.16
2201.2
2194.65
2189.46
2173.4
2226.56
2263.37
2260.7

-1.52
0.55
0.11
-0.68
1.36
1.82
1.15
-0.18
0.63
-2.57
-0.93
-0.71
-1.27
-0.56
-0.69
-0.60
0.34
-0.06
1.36
-0.35
-1.63
-0.49
0.61
1.42
0.18
0.56
3.03
-0.20
0.23
-0.86
-0.25
1.11
-2.49
-2.49
-0.89
0.50
-0.67
-0.24
0.00
1.22
0.30
0.24
0.74
-2.39
-1.63
0.12
-0.17

4/27/2011
4/26/2011
4/25/2011
4/21/2011
4/20/2011
4/19/2011
4/18/2011
4/15/2011
4/13/2011
4/11/2011
4/8/2011
4/7/2011
4/6/2011
4/5/2011
4/4/2011
4/1/2011

19448.69
19545.35
19584.31
19602.23
19470.98
19121.83
19091.17
19386.82
19696.86
19262.54
19451.45
19591.18
19612.2
19686.82
19701.73
19420.39

-0.49
-0.20
-0.09
0.67
1.83
0.16
-1.53
-1.57
2.25
-0.97
-0.71
-0.11
-0.38
-0.08
1.45

2264.58
2271.31
2276.46
2302.04
2287.08
2241.96
2234.68
2251.24
2261.99
2232.56
2257.95
2285.81
2308.78
2284.19
2285.12
2263.36

-0.30
-0.23
-1.11
0.65
2.01
0.33
-0.74
-0.48
1.32
-1.12
-1.22
-0.99
1.08
-0.04
0.96

Ressults
Annual return on Sensex
Annual return on Portfolio
Beta
Risk free rate
Expected return on Portfolio using formula

-10.38
-16.99
0.87
4.00
-8.54

4.00
3.00
2.00
1.00
0.00
-5.00

-4.00

-3.00

-2.00

-1.00

-1.00

0.00

-2.00
-3.00
-4.00
-5.00
Return on Snesex

1.00

2.00

3.00

4.00

Return on Portfolio
Linear (Return on Portfolio)

eturn on Portfolio

inear (Return on Portfolio)

SUMMARY OUTPUT
Regression Statistics
Multiple R
0.820583831
R Square
0.673357823
Adjusted R Square
0.672013617
Standard Error
0.784067982
Observations
245
ANOVA
df
Regression
Residual
Total

Intercept
X Variable 1

1
243
244

SS
307.9550718
149.3873117
457.3423835

MS
F
Significance F
307.9550718 500.9333227
5.6688E-61
0.6147626

Coefficients
Standard Error
t Stat
P-value
-0.034928874
0.050112314 -0.697011809 0.486461669
0.870416385
0.038889924 22.38153977
5.6688E-61

Lower 95%
-0.133638827
0.793812008

Alpha
H0 : Alpha=0
H1: Alpha!=0

Two Tail Test

t-Stat
Value 5% Significance
t-Stat<t-table Value
H0 Accepted

-0.69701
1.96
TRUE

Alpha =0
Upper 95% Lower 95.0% Upper 95.0%
0.063781078 -0.133638827 0.063781078
0.947020762 0.793812008 0.947020762

CAPM Holds true

Beta
H0: Beta=0
H1: Beta!=0

Two Tail Test

t-Stat
Value 5% Significance
t-Stat<t-table Value
H0 Rejected
Beta != 0
CAPM Holds true

22.38153977
1.96
FALSE