Table No. Title Page No.
Table 4.1 Description of Variables... 77
Table 4.2 Performance of Indian Macroeconomic Indicators... 77
Table 4.3 Descriptive Statistics... 81
Table 4.4 Results of Unit Root Test... 84
Table 4.5 VAR Lag Order Selection Criteria... 85
Table 4.6 Multivariate (Johansen) Co-integration Test... 86
Table 4.7 Estimates of Normalised Co-integrating coefficients... 89
Table 4.8 Estimates of coefficients of error correction Term (ECT)... 90
Table 4.9 (a) Estimates of VAR (Vector Autoregressive Framework)... 90
Table 4.9 (b) Short Term Estimates of Vector Error Correction Model... 91
Table 4.10 Model Specifications for Fitness of Model... 92
Table 4.11 Descriptive and Diagnostic Statistics of Sensex Returns.... 96
Table 4.12 Results of Unit Root Tests... 97
Table 4.13 Coefficient of GARCH (1, 1) Model... 99
Table 4.14 Coefficients of EGARCH (1, 1) Model... 101
Table 4.15 Coefficients of TGARCH (1,1) Model... 102
Table 4.16 Coefficients of GARCH-M Model... 103
Table 4.17 Autocorrelation of Standardised Residuals... 104
Table 4.18 Normality of Standardized Returns... 105
Table 4.19 Model Adequacy: ARCH-LM test... 105
Table 4.20 Values of Information Criteria... 106
Table 5.1 Employee Cost to Total Cost (ECTC)... 110
Table 5.2 Export Earning to Sales (EES)... 112
Table 5.3 Fixed Assets to Total Sales (FATS)... 114
Table 5.4 Debt Equity Ratio (D/E)... 115
Table 5.5 Liquidity or Current ratio (CR)... 117
Table 5.6 Return on Net worth (RONW)... 118
Table 5.7 Industrial Stock Returns (RET)... 119
Table 5.8 Descriptive Statistics for Automobile Industry... 121
Table 5.9 Descriptive Statistics for Information Technology 122 Industry...
Table 5.10 Descriptive Statistics for Oil & Gas Industry... 123
Table 5.11 Descriptive Statistics for Healthcare Industry... 124
Table 5.12 Descriptive Statistics for Metal, Metal Products and Mining Industry... 125
Table 5.13 Correlation Matrix for Automobile Industry... 126
Table 5.14 Correlation Matrix for Information Technology Industry... 127
Table 5.15 Correlation Matrix for Oil & Gas Industry... 128
Table 5.16 Correlation Matrix for Healthcare industry... 129
Table 5.17 Correlation Matrix for Metal, Metal Products & Mining Industry 130 Table 5.18 Analysis of Variance for Association in Industries... 131
Table 5.19 Panel data Unit Root Tests... 133
Table 5.20 Fixed Effect Model (FEM)... 135
Table 6.1 Earning Per Share (EPS)... 142
Table 6.2 Dividend Yield (DY)... 143
Table 6.3 Price to Book Value (P/B)... 145
Table 6.4 Price to Earning (P/E)... 146
Table 6.5 Book Value per Share (BV)... 149
Table 6.6 Market Capitalisation (MC)... 150
Table 6.7 Coefficient of Beta... 151
Table 6.8 Returns on Stocks (RET)... 153
Table 6.9 Correlation Matrix for Mahindra & Mahindra Ltd... 155
Table 6.10 Correlation Matrix for Tata Motors Ltd... 156
Table 6.11 Correlation Matrix for Infosys Ltd... 156
Table 6.12 Correlation Matrix for Wipro Ltd... 157
Table 6.13 Correlation Matrix for GAIL (India) Ltd... 158
Table 6.14 Correlation Matrix for Oil and Natural Gas Corporation Ltd... 159
Table 6.15 Correlation Matrix forDR. Reddy’s Laboratories Ltd... 159
Table 6.16 Correlation Matrix for Sun Pharmaceutical Industries Ltd. 160
Table 6.17 Correlation Matrix for Hindalco Industries Ltd... 161
Table 6.18 Correlation Matrix for Tata Steel Ltd... 162
Table 6.19 Analysis of Variance for Association in Companies... 163
Table 6.20 Panel data Unit Root Test... 164
Table 6.21 Fixed Effect Model (FEM)... 166
Table 7.1 Demographic Profile of the Respondents... 196
Table 7.2 (a) Gender & Occupation wise Distribution... 197
Table 7.2 (b) Gender & Education wise Distribution... 197
Table 7.2 (c) Education & Occupation wise Distribution... 198
Table 7.2 (d) Income & Education wise Distribution... 198
Table 7.2 (e) Income & Occupation wise Distribution... 199
Table 7.2 (f) Age & Education wise Distribution... 200
Table 7.2 (g) Age & Occupation wise Distribution... 201
Table 7.3 Disposable Income in Stock Market... 202
Table 7.4 Frequency of Trading in the Stock Market... 202
Table 7.5 Experience in the Stock Market... 203
Table 7.6 Preference of Industry... 204
Table 7.7 Preference of Company... 205
Table 7.8 Investors’ understanding on Fundamental and Technical Analyses... 206
Table 7.9 Significance of Fundamental & Technical analyses... 207
Table 7.10 Usefulness of the Approaches of Fundamental analysis... 208
Table 7.11 Usefulness of the Approaches of Technical analysis... 209
Table 7.12 KMO and Bartlett's Test... 210
Table 7.13 Communalities... 210
Table 7.14 Total Variance Explained... 211
Table 7.15 Rotated Component Matrix... 213
Table 7.16 Number of Cases in each Cluster... 221
Table 7.17 Clusters of Investors based on their characteristics... 221
Table 7.18 ANOVA table of Investor Groups... 222
Table 7.19 Various Problems for the Investment in Stock Market... 228
Table 7.20 Suggestions to Improve the Confidence of Investors... 229
LIST OF FIGURES
Figure No. Title Page No. Figure 1.1 Classification of Financial Markets 3 Figure 4.1 (a) LnSensex 82 Figure 4.1 (b) Differenced LnSensex 82 Figure 4.2 (a) LnWPI 82 Figure 4.2 (b) Differenced LnWPI 82 Figure 4.3 (a) LnER 82 Figure 4.3 (b) Differenced LnER 82 Figure 4.4 (a) LnIIP 83 Figure 4.4 (b) Differenced LnIIP 83 Figure 4.5 (a) LnMS 83 Figure 4.5 (b) Differenced LnMS 83 Figure 4.6 (a) LnGOLD 83 Figure 4.6 (b) Differenced LnGOLD 83 Figure 4.7 (b) LnFER 83 Figure 4.7 (b) Differenced LnFER 83 Figure 4.8 Daily Returns of SENSEX 95 Figure 6.1 Stock Price Movements of Mahindra & Mahindra Ltd... 171 Figure 6.2 Stock Price Movements of Tata Motors Ltd...171
Figure 6.3 Stock Price Movements of Infosys Ltd... 176 Figure 6.4 Stock Price Movements of Wipro Ltd... 176 Figure 6.5 Stock Price Movement of GAIL (India) Ltd... 179 Figure 6.6 Stock Price Movement of Oil and Natural Gas Corporation 179
Ltd...
Figure 6.7 Stock Price Movement of Dr. Reddy’s Laboratories Ltd... 184 Figure 6.8 Stock Price Movement of Sun Pharmaceutical Industries 184
Ltd...
Figure 6.9 Stock Price Movements of Hindalco Industries Ltd... 190 Figure 6.10 Stock Price Movements of Tata Steel Ltd... 190 Figure 7.1 Scree Plot... 212
