1. ACC BPCL DRREDDY HUL ICICIBANK RELIANCE TAJGVK TATAMOTORS NIFTY
859.8 472.2 686.3 252 754.75 2,212.75 98.25 389.2 4586.9
782.5 464.7 647.5 230.8 740.15 2,271.90 93.3 336.85 4448.95
654.35 387.65 544.75 234.75 479.2 1,806.25 56.25 243.8 3473.95
574.4 376.05 490.2 237.5 332.8 1,524.75 47.65 180.3 3020.95
540.05 382.9 391.85 253.5 327.55 1,266.05 42.65 149.3 2763.65
506.4 391.95 449.8 261.65 416.25 1,323.60 45.15 149.65 2874.8
480.15 376.1 468.65 250.3 448.1 1,232.75 46.8 159.85 2959.15
405.6 355.2 427.2 236.4 351.65 1,134.45 44.6 136.9 2755.1
493.75 287.1 429.9 221.75 398.75 1,375.45 47.15 169.55 2885.6
614.95 360.25 509.95 252.25 535.55 1,949.35 83.1 343.9 3921.2
562.35 302.75 579.15 245.4 671.9 2,136.20 88.95 440.4 4360
583.4 327.9 569.15 239.65 637.3 2,207.50 91.9 403.5 4332.95
525.5 223.8 669.8 207.15 630.2 2,095.15 103.75 426.05 4040.55
661.3 356.9 714.15 237.1 788.6 2,403.50 140.8 575.7 4870.1
758.65 409.4 623 250.25 879.6 2,614.50 150.2 664.5 5165.9
826.15 408.55 591.25 228.8 769.4 2,265.80 104.55 622.7 4734.5
795.95 464.8 583.7 227.5 1,088.50 2,463.45 132.05 700.35 5223.5
768.1 361.55 529.25 208.75 1,147.00 2,478.90 144.95 699.45 5137.45
1,024.80 523.65 732.3 213.7 1,238.70 2,882.70 177.65 741.9 6138.6
1,090.40 386.35 629.85 206.75 1,178.40 2,851.65 158.3 732.45 5762.75
1,077.30 343.2 621.6 207.05 1,254.05 2,783.80 143.85 757.85 5900.65
1,197.10 357.4 650.05 220.6 1,062.40 2,298.05 141.1 776.9 5021.35
1,067.45 311.25 640.65 208.3 888.4 1,960.90 140.5 701.75 4464
1,063.85 321.3 634.05 206.75 927.45 1,893.50 162 699.4 4528.85
934.95 340.45 657.25 188.6 955.45 1,700.55 155.05 670.2 4318.3
850.85 361.2 647.15 203.4 919.15 1,758.80 164.75 755.7 4295.8
839.2 333.25 708.45 199.3 865.85 1,561.05 174.15 751.75 4087.9
735.25 302.75 728.25 205.2 853.35 1,370.30 182 728.2 3821.55
902 311.25 676.9 176.35 829.5 1,352.50 191.6 782.6 3745.3
1,020.40 360.4 743.05 208.25 941.1 1,366.45 209.55 878.3 4082.7
1,086.55 338.05 811.2 216.4 891.5 1,270.15 227.2 900.6 3966.4
1,129.00 344.3 750.75 235.2 872.45 1,244.45 230.4 809.15 3954.5
966.8 400.9 749.75 233.65 777.15 1,226.00 237.9 827.75 3744.1
993.45 366.3 731.4 257.15 699.6 1,171.75 223.65 861.7 3588.4
909.75 361.55 722.35 234.45 597.45 1,117.35 213.15 845.85 3413.9
843.8 312.45 1,397.95 232.7 553.85 978.8 179.6 742.05 3143.2
783.95 334.5 1,267.95 229.05 487.9 1,059.85 194.4 794.85 3128.2
762.9 396.25 1,357.10 233.45 537.5 954.15 248.9 788.05 3071.05
1,013.75 438.05 1,432.30 289.5 591.75 1,022.95 247.35 951.55 3557.6
782.2 425.3 1,421.40 272 589.05 795.35 265.8 931.85 3402.55
626.3 435.5 1,306.10 243.7 615.25 708.85 216.15 816.2 3074.7
574.2 414.25 1,121.25 195.25 609.25 713.9 241 708.45 3001.1
534.1 435.15 978.15 197.2 585.05 889.3 179.85 653.4 2836.55
510.8 439 913.85 182.1 538.05 832.7 153.4 555.8 2652.25
445.3 367.6 807.9 161.45 498.6 762.5 115.5 472 2370.95
487.15 404.9 851.7 181.15 601.7 793.55 640.5 534.25 2601.4

2. 478.4 359.6 800.2 165.5 481.8 719.4 599.2 461.45 2384.65
430.4 366.6 837.25 166.65 534.45 703.35 456.1 480.9 2312.3
379.6 367.3 753.35 164.05 425.75 642.55 433.45 425.45 2220.6
376.7 390.8 724.8 143.25 392.05 535 415.45 433.05 2087.55
360.6 346.65 637.25 137.55 359.95 528.05 375.6 413.5 1902.5
360.55 353.5 739.15 131.95 392.8 546.05 340 413.7 2035.65
367.5 428.2 720.3 144.05 380.9 556.25 345.5 475.95 2103.25
357.3 424.85 736.45 159.8 360.9 532.3 346.35 504.4 2057.6
338.65 459.25 865.35 143.4 371.35 533.7 313.45 505.25 2080.5
286.95 392.9 795.35 144.6 339.75 517.05 295.3 483.6 1958.8
256.35 346.25 751.25 124.8 299.05 529.15 215.6 416.75 1786.9
267.25 351.3 737.2 125.4 286.25 517.9 170 403.25 1745.5
269.4 351.25 704.85 112 269.8 475.65 161.95 390.6 1631.75
239.65 346.6 760 116.3 267.5 488.9 125.05 423.1 1632.3
242.1 355.4 734.75 127.3 244.5 429.65 106.55 380.3 1505.6
237.05 296.8 797.05 136.95 230.4 429.8 111.25 366.7 1483.6
280.1 470.55 869.25 141.3 315 526.45 133.95 472.4 1796.1
254.65 479.25 974.35 154.4 296.3 538.05 120 485.85 1771.9
259.1 460.15 1,240.85 173.95 270.95 554.7 133.75 508.85 1800.3
255.35 464.55 1,398.25 187.9 295.05 560.55 132.95 520.4 1809.75
244.9 450.4 1,429.10 204.45 295.45 572.85 145.2 452.05 1879.75
226.45 358.15 1,270.70 178.25 250.1 487.05 124 408.55 1615.25
213.15 343.6 1,195.35 174.35 247 486.45 92.9 374.5 1555.9
203.4 367.45 1,057.90 183.75 204.5 443.8 66.8 307.45 1417.1
212.45 333.4 1,151.85 185.6 179.7 400.7 68.75 281.05 1356.55
194.25 263.9 1,148.40 170.55 159.15 357.9 66.7 225.9 1185.85
167.2 284.25 1,093.50 177.9 150.15 324.9 53.05 198.05 1134.15
145.55 267.4 891.25 157.4 137.95 298.6 40.7 171.7 1006.8
130.8 231.05 872.7 144.05 121.15 274.45 40 150.75 934.05
138.5 221.95 916.3 148.35 133.75 278.1 35.15 155.65 978.2
154.15 223.8 876.35 169.35 149.3 294.75 42.5 163.15 1063.4
142.75 192 903.7 171.15 149.9 275.05 40.5 153.6 1041.85
165.1 216.65 898.5 181.7 140.5 297.95 42.1 161.4 1093.5
163.8 190.65 761.15 171.65 133.15 287.9 41.65 169.2 1050.15
132.9 189.3 696.95 160.15 134.9 265.5 42.6 144.75 951.4
137.75 172 834.25 172.55 140.3 258.05 42.2 132.4 963.15
138.1 274.8 893.75 186.65 143.6 255.5 44.4 139.5 1010.6
132.75 291.65 848 170.8 140.6 244.35 49.2 127.1 958.9
158.85 267.3 945.5 193.05 137.7 269.4 49.8 155.4 1057.8
151.25 256.65 950.45 185.3 138.25 263.5 52 121.1 1028.8
150.85 292.7 999.3 202.5 112.65 278.35 52 129.1 1084.5
153.4 328.55 1,090.95 225.15 123.9 300.3 61.45 126 1129.55
162.8 283.9 1,052.95 248.5 125 307.85 60 141.4 1142.05
159.95 215.8 925.45 220.5 90.4 300.1 62.9 125.05 1075.4
151.4 190.6 923.75 222.95 88.7 306.2 62 99.85 1059.05
169.75 188.15 950 210.2 101.1 289.95 62 104.4 1067.15
133.05 174.7 1,041.70 214.8 101.6 254.4 61 84.8 971.9

3. 124.2 160.6 1,789.75 207.05 71.7 264.6 59.95 69.05 913.85
128.15 174.45 1,771.35 218.75 106.05 311.15 58 75.5 1053.75
139.35 186.15 1,689.55 220.8 125.95 318.85 57 70.7 1072.85
136.55 188 1,607.75 205.4 127.75 368.5 56.25 62.4 1107.9
139.5 195.2 1,402.85 197.95 145.35 392.3 52 82.25 1167.9
148.8 195.05 1,120.80 210.4 158.75 342.5 52 75.6 1125.25
129.95 191.55 1,245.25 219.25 165.5 389.55 51 65.3 1148.2
177.9 176.05 1,327.60 229.7 176.15 414.1 51 102.9 1351.4
179.6 154.8 1,300.85 206.9 151.9 384.6 43.5 93.95 1371.7

4. ACC BPCL DRREDDY HUL ICICIBANK RELIANCE TAJGVK
118.54 19.37 71.91 110.23 23.67 -31.24 63.67
235.01 238.51 226.34 -20.19 653.46 309.36 790.40
167.03 37.02 133.54 -13.89 527.88 221.54 216.58
76.33 -21.47 301.19 -75.74 19.23 245.20 140.68
79.74 -27.71 -154.60 -37.38 -255.71 -52.18 -66.45
65.60 50.57 -48.27 54.41 -85.29 88.44 -42.31
220.56 70.61 116.43 70.56 329.13 103.98 59.19
-214.24 284.64 -7.54 79.28 -141.74 -210.26 -64.90
-236.51 -243.66 -188.37 -145.09 -306.53 -353.29 -519.13
112.24 227.91 -143.38 33.50 -243.52 -104.96 -78.92
-43.30 -92.04 21.08 28.79 65.15 -38.76 -38.52
132.22 558.18 -180.32 188.27 13.52 64.35 -137.06
-246.42 -447.52 -74.52 -151.58 -241.03 -153.95 -315.77
-153.98 -153.88 175.57 -63.06 -124.15 -96.84 -75.10
-98.05 2.50 64.44 112.50 171.87 184.68 523.96
45.53 -145.22 15.52 6.86 -351.79 -96.28 -249.91
43.51 342.69 123.46 107.78 -61.20 -7.48 -106.80
-300.59 -371.47 -332.73 -27.80 -88.84 -168.09 -220.88
-72.19 426.45 195.19 40.34 61.41 13.07 146.68
14.59 150.87 15.93 -1.74 -72.39 29.25 120.54
-120.09 -47.68 -52.52 -73.71 216.47 253.65 23.39
145.75 177.93 17.61 70.86 235.03 206.32 5.12
4.06 -37.54 12.49 9.00 -50.53 42.71 -159.26
165.44 -67.50 -42.36 115.48 -35.17 136.16 53.79
118.61 -68.94 18.73 -87.32 47.39 -39.74 -70.65
16.66 100.65 -103.83 24.69 73.87 152.01 -64.77
169.66 120.89 -32.63 -34.50 17.58 167.04 -51.76
-221.84 -32.77 91.03 196.31 34.50 15.79 -60.13
-139.24 -163.65 -106.83 -183.82 -142.30 -12.25 -102.79
-73.06 79.34 -100.81 -45.19 66.76 90.98 -93.22
-45.12 -21.78 96.62 -95.92 26.20 24.78 -16.67
201.32 -169.42 1.60 7.96 147.15 18.06 -37.83
-32.19 113.35 30.11 -109.66 133.02 55.56 76.46
110.40 15.77 15.03 116.19 205.17 58.42 59.11
93.79 188.57 -579.93 9.02 94.47 169.86 224.16
91.61 -79.10 123.03 19.12 162.21 -91.77 -91.36
33.11 -187.00 -78.83 -22.62 -110.73 132.94 -262.76
-296.94 -114.51 -63.00 -232.33 -110.01 -80.71 7.52
355.23 35.97 9.20 77.21 5.50 343.40 -83.30
298.71 -28.11 105.93 139.35 -51.10 146.43 275.64
108.88 61.56 197.83 297.77 11.82 -8.49 -123.73
90.10 -57.64 175.56 -11.87 49.64 -236.68 408.01
54.74 -10.52 84.43 99.51 104.82 81.57 206.91
176.51 233.08 157.37 153.48 94.95 110.48 393.77
-103.09 -110.55 -61.71 -130.50 -205.62 -46.95 -983.61
21.95 151.17 77.23 113.47 298.63 123.69 82.71

5. 133.83 -22.91 -53.10 -8.28 -118.21 27.38 376.50
160.59 -2.29 133.64 19.02 306.38 113.55 62.71
9.24 -72.16 47.27 174.24 103.15 241.23 51.99
53.58 152.83 164.86 49.73 107.01 15.79 127.32
0.17 -23.25 -165.43 50.93 -100.36 -39.56 125.65
-22.69 -209.34 31.40 -100.80 37.49 -22.00 -19.10
34.26 9.46 -26.32 -118.27 66.50 53.99 -2.94
66.09 -89.89 -178.75 137.24 -33.77 -3.15 125.95
216.20 202.65 105.61 -9.96 111.61 38.64 73.76
143.24 161.68 70.44 190.38 163.32 -27.44 443.60
-48.94 -17.25 22.87 -5.74 53.66 26.07 321.88
-9.58 0.17 55.08 143.57 73.17 106.59 59.65
148.97 16.10 -87.08 -44.37 10.32 -32.52 354.10
-12.14 -29.71 41.24 -103.69 112.88 165.48 208.35
25.56 236.93 -93.80 -84.56 73.44 -0.42 -50.70
-184.43 -443.10 -99.67 -36.94 -322.29 -220.31 -203.36
119.93 -21.78 -129.44 -101.81 75.73 -25.87 139.50
-20.61 49.81 -257.73 -134.87 112.27 -36.02 -123.36
17.62 -11.37 -135.08 -89.09 -98.02 -12.52 7.22
51.20 37.70 -25.90 -97.14 -1.62 -25.77 -101.24
97.77 309.09 149.59 176.38 217.59 211.40 205.16
74.88 50.81 75.64 26.84 15.06 1.48 401.72
57.52 -77.89 155.91 -61.39 249.39 115.32 468.86
-51.12 122.56 -97.88 -11.96 165.61 129.07 -34.04
112.43 316.03 3.61 105.89 154.95 143.50 36.88
194.14 -85.91 60.25 -49.58 71.93 121.88 308.77
178.50 75.62 272.31 156.29 106.13 105.69 364.13
135.32 188.79 25.51 111.21 166.41 105.59 21.00
-66.71 49.20 -57.10 -34.78 -113.05 -15.75 165.58
-121.83 -9.92 54.70 -148.80 -124.98 -67.79 -207.53
95.83 198.75 -36.32 -12.62 -4.80 85.95 59.26
-162.45 -136.53 6.94 -69.68 80.28 -92.23 -45.61
9.52 163.65 216.54 70.26 66.24 41.89 12.97
279.01 8.56 110.54 86.17 -15.57 101.24 -26.76
-42.25 120.70 -197.49 -86.24 -46.19 34.64 11.37
-3.04 -448.91 -79.89 -90.65 -27.58 11.98 -59.46
48.36 -69.33 64.74 111.36 25.60 54.76 -117.07
-197.17 109.32 -123.74 -138.31 25.27 -111.58 -14.46
60.30 49.80 -6.25 50.19 -4.77 26.87 -50.77
3.18 -147.80 -58.66 -101.93 272.70 -64.02 0.00
-19.95 -130.94 -100.81 -120.72 -108.96 -87.71 -184.54
-69.29 188.73 43.31 -112.76 -10.56 -29.43 29.00
21.38 378.68 165.32 152.38 459.29 30.99 -55.33
67.77 158.66 2.21 -13.19 23.00 -23.91 17.42
-129.72 15.63 -33.16 72.79 -147.18 67.25 0.00
331.00 92.39 -105.64 -25.70 -5.91 167.69 19.67
85.51 105.35 -501.56 44.92 500.42 -46.26 21.02

6. -36.99 -95.27 12.47 -64.18 -388.68 -179.53 40.34
-96.45 -75.42 58.10 -11.14 -189.60 -28.98 21.05
24.61 -11.81 61.05 89.97 -16.91 -161.68 16.00
-25.38 -44.26 175.27 45.16 -145.30 -72.80 98.08
-75.00 0.92 301.98 -71.01 -101.29 174.48 0.00
174.07 21.93 -119.93 -48.44 -48.94 -144.94 23.53
-323.44 105.65 -74.44 -54.59 -72.55 -71.14 0.00
-11.36 164.73 24.68 132.24 191.57 92.04 206.90
Std Dev 135.5373 169.4203 142.4762 100.3933 175.4526 121.0986 216.1456
Return (Avg) 26.45 25.48 1.88 6.46 31.33 27.02 34.57
covar vs nifty 8717.771 8609.706 5363.69 4660.694 12693.69 9527.845 12678.21
Beta 0.883421 0.87247 0.543533 0.472294 1.286323 0.96551 1.284755
0.876 0.6821 0.5082 0.6454 1.2074 1.1247 0.6378
Correlation
ACC BPCL DRREDDY HUL ICICIBANK RELIANCE TAJGVK
ACC 1 0.323446 0.18946 0.391877 0.376425 0.49805 0.37415
BPCL 0.323446 1 0.138217 0.414832 0.386358 0.337244 0.28305
DRREDDY 0.18946 0.138217 1 0.285848 0.196905 0.250655 0.30424
HUL 0.391877 0.414832 0.285848 1 0.268214 0.308253 0.269054
ICICIBANK 0.376425 0.386358 0.196905 0.268214 1 0.536193 0.473886
RELIANCE 0.49805 0.337244 0.250655 0.308253 0.536193 1 0.380236
TAJGVK 0.37415 0.28305 0.30424 0.269054 0.473886 0.380236 1
TATAMOTORS 0.620107 0.344708 0.264566 0.37102 0.611711 0.579524 0.490793
Nifty 0.647482 0.511569 0.378968 0.467333 0.728298 0.792021 0.590463

7. TATAMOTORS Nifty ACC BPCL DRREDDY HUL ICICIBANK RELIANCE
186.49 37.21 118.5431 19.36733 71.90734 110.2253 23.67088 31.24257
458.00 336.79 235.0118 238.5141 226.3424 20.19169 653.4641 309.3592
422.63 179.94 167.0265 37.01635 133.5373 13.89474 527.8846 221.5445
249.16 111.72 76.32627 21.46775 301.1867 75.73964 19.2337 245.2036
-2.81 -46.40 79.73934 27.70762 154.602 37.37818 255.7117 52.17588
-76.57 -34.21 65.6045 50.57166 48.2663 54.4147 85.29346 88.43642
201.17 88.88 220.5621 70.60811 116.4326 70.55838 329.1341 103.9799
-231.08 -54.27 214.238 284.6395 7.536636 79.27847 141.7429 210.2585
-608.37 -316.92 236.507 243.6641 188.3714 145.0942 306.526 353.287
-262.94 -120.77 112.2433 227.9108 143.3825 33.49633 243.5184 104.9621
109.74 7.49 43.29791 92.04026 21.08407 28.79199 65.14985 38.75878
-63.51 86.84 132.2169 558.1769 180.3225 188.2694 13.51952 64.34861
-311.93 -204.40 246.4237 447.5203 74.52216 151.5816 241.0347 153.9505
-160.36 -68.71 153.9841 153.8837 175.5698 63.05694 124.1473 96.84452
80.55 109.34 98.04515 2.496634 64.43975 112.5 171.8742 184.6765
-133.05 -112.34 45.5305 145.2238 15.52167 6.857143 351.7869 96.27961
1.54 20.10 43.50996 342.6912 123.4577 107.7844 61.20314 7.479124
-68.66 -195.71 300.5855 371.4695 332.7325 27.79598 88.83507 168.0924
15.48 78.26 72.19369 426.4527 195.1893 40.33857 61.4053 13.06612
-40.22 -28.04 14.59204 150.8741 15.92664 1.73871 72.38946 29.24779
-29.42 210.13 120.0902 47.67767 52.51904 73.70807 216.4721 253.6498
128.51 149.83 145.7492 177.9277 17.60712 70.85934 235.0293 206.3236
4.03 -17.18 4.060723 37.53501 12.49113 8.996372 50.52563 42.71455
52.28 58.51 165.442 67.4989 42.35831 115.4825 35.16668 136.1559
-135.77 6.29 118.6108 68.93688 18.72827 87.31563 47.39161 39.74301
6.31 61.03 16.65872 100.6452 103.8323 24.6864 73.86961 152.0131
38.81 83.64 169.6566 120.8918 32.62616 34.50292 17.57778 167.0437
-83.41 24.43 221.8404 32.77108 91.03265 196.3141 34.50271 15.79298
-130.75 -99.17 139.2395 163.6515 106.83 183.8175 142.3016 12.25072
-29.71 35.19 73.05692 79.33738 100.8136 45.19409 66.76388 90.98138
135.62 3.61 45.11957 21.78333 96.62338 95.91837 26.20207 24.78203
-26.96 67.43 201.324 169.4188 1.600534 7.960625 147.1531 18.05873
-47.28 52.07 32.19085 113.3497 30.10664 109.6636 133.0189 55.55793
22.49 61.34 110.404 15.76545 15.03426 116.1868 205.172 58.42395
167.86 103.35 93.79 188.5742 579.9349 9.024495 94.46601 169.8611
-79.71 5.75 91.61299 79.10314 123.0332 19.12246 162.2054 91.7677
10.35 22.33 33.1105 187.0032 78.82986 22.61726 110.7349 132.9351
-206.19 -164.12 296.9371 114.5075 63.00356 232.3316 110.0127 80.70776
25.37 54.68 355.2288 35.97461 9.202195 77.20588 5.500382 343.396
170.03 127.95 298.7067 28.10563 105.9337 139.3517 51.10118 146.4344
182.51 29.43 108.8819 61.55703 197.8328 297.7721 11.81781 8.488584
101.10 69.61 90.09549 57.6353 175.5559 11.86613 49.63678 236.6805
210.72 83.39 54.73767 10.52392 84.43399 99.50577 104.823 81.56599
213.05 142.37 176.5102 233.0794 157.371 153.4841 94.94585 110.4787
-139.82 -106.30 103.0894 110.5458 61.71187 130.4996 205.6174 46.95356
189.32 109.07 21.94816 151.168 77.23069 113.4743 298.6301 123.6864

8. -48.53 37.55 133.829 22.91326 53.10242 8.280828 118.215 27.38324
156.40 49.55 160.5901 2.286959 133.6431 19.01859 306.377 113.5476
-21.06 76.48 9.238121 72.15967 47.26821 174.2408 103.1501 241.2336
56.74 116.72 53.57737 152.8343 164.8647 49.72737 107.0149 15.79396
-0.58 -78.49 0.166412 23.25318 165.4333 50.92838 100.3564 39.55682
-156.95 -38.57 22.69388 209.3414 31.40358 100.7983 37.49015 22.00449
-67.68 26.62 34.25693 9.462163 26.31543 118.2728 66.50042 53.99211
-2.02 -13.21 66.08593 89.88568 178.7485 137.2385 33.76868 3.147836
53.72 74.56 216.2049 202.647 105.6139 9.958506 111.6115 38.6423
192.49 115.44 143.2417 161.6751 70.4426 190.3846 163.3172 27.44023
40.17 28.46 48.94294 17.25021 22.87032 5.741627 53.65939 26.06681
38.86 83.65 9.576837 0.170819 55.07555 143.5714 73.16531 106.591
-92.18 -0.40 148.9672 16.09925 87.07895 44.36801 10.31776 32.52199
135.05 100.98 12.14374 29.713 41.23852 103.6921 112.8834 165.4835
44.51 17.79 25.56423 236.9272 93.79587 84.55641 73.4375 0.418799
-268.50 -208.79 184.4341 443.0985 99.67213 36.94268 322.2857 220.3058
-33.22 16.39 119.9293 21.78404 129.4401 101.8135 75.73405 25.8712
-54.24 -18.93 20.6098 49.80984 257.7266 134.8663 112.2716 36.01947
-26.63 -6.27 17.62287 11.36584 135.0831 89.08994 98.01729 12.52341
181.44 -44.69 51.20457 37.69982 25.90442 97.13866 1.62464 25.76591
127.77 196.50 97.76993 309.0884 149.5868 176.3815 217.593 211.3951
109.11 45.77 74.87685 50.8149 75.64312 26.84256 15.06073 1.480111
261.70 117.54 57.52212 77.88815 155.9127 61.38776 249.3888 115.3222
112.72 53.56 51.11791 122.5555 97.87733 11.96121 165.6093 129.0741
292.96 172.74 112.4324 316.0288 3.605016 105.8927 154.9482 143.5038
168.75 54.70 194.1388 85.91029 60.24691 49.57841 71.92807 121.8837
184.16 151.79 178.4954 75.61705 272.3142 156.2897 106.1254 105.6932
166.77 93.46 135.3211 188.7903 25.50705 111.2114 166.4053 105.593
-37.78 -54.16 66.7148 49.20027 57.0992 34.78261 113.0467 15.74973
-55.16 -96.14 121.8294 9.919571 54.70417 148.8043 124.9833 67.78626
74.61 24.82 95.83187 198.75 36.31736 12.62051 4.803202 85.94801
-57.99 -56.68 162.447 136.5336 6.944908 69.67529 80.2847 92.23024
-55.32 49.54 9.52381 163.6507 216.5408 70.25925 66.24108 41.88954
202.69 124.55 279.0068 8.557845 110.5388 86.16922 15.56709 101.2429
111.93 -14.64 42.25045 120.6977 197.4948 86.23587 46.18674 34.64445
-61.08 -56.34 3.041274 448.9083 79.88811 90.65095 27.5766 11.97652
117.07 64.70 48.36158 69.32968 64.74057 111.3583 25.60455 54.75752
-218.53 -112.20 197.1671 109.3154 123.7441 138.3061 25.27233 111.5813
339.88 33.83 60.29752 49.79544 6.249671 50.18888 4.77396 26.86907
-74.36 -61.63 3.181969 147.7964 58.66106 101.9259 272.7031 64.02012
29.52 -47.86 19.94785 130.939 100.8112 120.7195 108.9588 87.71229
-130.69 -13.13 69.28747 188.7284 43.3069 112.7565 10.56 29.42992
156.90 74.37 21.38168 378.684 165.325 152.381 459.292 30.98967
302.85 18.53 67.7675 158.6569 2.20839 13.18681 22.99887 23.90594
-52.30 -9.11 129.7202 15.62583 33.15789 72.78782 147.181 67.25297
277.36 117.60 331.0034 92.38695 105.635 25.69832 5.905512 167.6887
273.71 76.23 85.50725 105.3549 501.5561 44.91669 500.4184 46.2585

9. -102.52 -159.32 36.9879 95.27085 12.46507 64.18286 388.6846 179.5276
81.47 -21.36 96.44779 75.42305 58.09831 11.1413 189.599 28.97914
159.62 -37.96 24.60637 11.80851 61.05427 89.97079 16.90802 161.6825
-289.60 -61.65 25.37634 44.2623 175.2718 45.16292 145.3044 72.80143
105.56 45.48 75 0.92284 301.9807 71.0076 101.2913 174.4818
189.28 -23.99 174.0669 21.92639 119.9277 48.43786 48.9426 144.9365
-438.48 -180.44 323.4401 105.6518 74.43507 54.59295 72.5518 71.14224
114.32 -17.76 11.35857 164.7287 24.67617 132.2378 191.5734 92.04368
171.3551 99.3388
29.99 18.57 Return (GM) 68.62255 69.24014 66.77835 58.08119 78.17501 61.50791
13119.11 9868.198
1.329434 1
1.1023
Covarience
TATAMOTORS Nifty Std Dev ACC BPCL DRREDDY HUL ICICIBANK
0.620107 0.647482 135.54 ACC 18370.35 7427.215 3658.626 5332.285 8951.52
0.344708 0.511569 169.42 BPCL 7427.215 28703.24 3336.334 7055.734 11484.58
0.264566 0.378968 142.48 DRREDDY 3658.626 3336.334 20299.47 4088.676 4922.192
0.37102 0.467333 100.39 HUL 5332.285 7055.734 4088.676 10078.82 4724.392
0.611711 0.728298 175.45 ICICIBANK 8951.52 11484.58 4922.192 4724.392 30783.61
0.579524 0.792021 121.10 RELIANCE 8174.681 6919.096 4324.72 3747.586 11392.54
0.490793 0.590463 216.15 TAJGVK 10961.02 10365.14 9369.262 5838.359 17971.32
1 0.770706 171.36 TATAMOTORS 14401.98 10007.24 6459.132 6382.629 18390.9
0.770706 1 99.34 Nifty 8717.771 8609.706 5363.69 4660.694 12693.69

10. TAJGVK TATAMOTORS Nifty
63.66559 186.4925 37.20878
790.4 457.9984 336.7924
216.5792 422.629 179.9434
140.68 249.1628 111.7218
66.44518 2.806549 46.39627
42.30769 76.57179 34.20577
59.19283 201.1687 88.87518
64.89926 231.0823 54.26948
519.1336 608.3745 316.9234
78.92074 262.9428 120.7706
38.52013 109.7398 7.491432
137.0602 63.51367 86.83966
315.767 311.9333 204.4024
75.09987 160.3612 68.71213
523.9598 80.55243 109.3421
249.9053 133.0478 112.3385
106.7954 1.54407 20.09947
220.8838 68.66154 195.7091
146.6835 15.48229 78.26472
120.5422 40.21904 28.04437
23.38767 29.42464 210.1347
5.124555 128.5073 149.8253
159.2593 4.032027 17.18317
53.7891 52.2829 58.50914
70.6525 135.7682 6.285209
64.77175 6.305288 61.02889
51.75824 38.80802 83.63622
60.12526 83.41426 24.43062
102.7917 130.7526 99.16967
93.22183 29.71352 35.18556
16.66667 135.6238 3.611076
37.83102 26.96466 67.4341
76.45875 47.27864 52.06777
59.1133 22.48626 61.33747
224.1648 167.8593 103.3469
91.35802 79.71315 5.754108
262.7561 10.35467 22.33112
7.519709 206.1899 164.1163
83.29571 25.36889 54.68252
275.6419 170.0319 127.9539
123.7344 182.5111 29.42921
408.0067 101.1019 69.61273
206.91 210.7233 83.3858
393.7662 213.0508 142.3733
983.6066 139.8222 106.3043
82.71028 189.3163 109.0726

11. 376.4964 48.534 37.54703
62.70619 156.3991 49.55417
51.99182 21.05992 76.482
127.3163 56.73519 116.7201
125.6471 0.580131 78.4909
19.10275 156.9493 38.56888
2.944998 67.68438 26.62325
125.9531 2.018803 13.20836
73.7555 53.72208 74.55585
443.5993 192.4895 115.4401
321.8824 40.17359 28.46176
59.64804 38.86329 83.65252
354.0984 92.17679 0.404337
208.3529 135.0513 100.983
50.69663 44.50504 17.79455
203.3595 268.5013 208.7857
139.5 33.22013 16.38919
123.3645 54.23995 18.93018
7.22076 26.63336 6.266059
101.2397 181.4401 44.68679
205.1613 127.7689 196.5021
401.7223 109.1055 45.77415
468.8623 261.7011 117.5358
34.03636 112.7202 53.56235
36.88156 292.9615 172.7369
308.7653 168.7453 54.70176
364.1278 184.1584 151.7878
21 166.7662 93.46395
165.5761 37.77706 54.1607
207.5294 55.16396 96.14444
59.25926 74.60938 24.82123
45.6057 57.99257 56.68038
12.96519 55.31915 49.53578
26.76056 202.6943 124.5533
11.37441 111.9335 14.63946
59.45946 61.07527 56.34277
117.0732 117.0732 64.69913
14.45783 218.5328 112.1951
50.76923 339.8844 33.82582
0.00001 74.36096 61.63209
184.5403 29.52381 47.85977
29 130.6931 13.13428
55.32591 156.8972 74.37233
17.41935 302.8543 18.52604
0.00001 52.29885 9.108373
19.67213 277.3585 117.6047
21.01751 273.7147 76.22695

12. 40.34483 102.5166 159.3167
21.05263 81.471 21.36366
16 159.6154 37.96372
98.07692 289.6049 61.64911
0.00001 105.5556 45.48323
23.52941 189.2802 23.98537
0.00001 438.484 180.4351
206.8966 114.3161 17.75899
44.16712 82.89746 52.72189
RELIANCE TAJGVK TATAMOTORS Nifty
8174.681 10961.02 14401.98 8717.771
6919.096 10365.14 10007.24 8609.706
4324.72 9369.262 6459.132 5363.69
3747.586 5838.359 6382.629 4660.694
11392.54 17971.32 18390.9 12693.69
14664.88 9952.664 12025.62 9527.845
9952.664 46718.92 18177.83 12678.21
12025.62 18177.83 29362.57 13119.11
9527.845 12678.21 13119.11 9868.198

13. Markowitz
85
80
75
70
65
Markowitz
60
55
50
45
40
63.00 83.00 103.00 123.00 143.00 163.00 183.00 203.00

14. Std Dev Return (GM) Weighted Covarience Matrix
ACC 135.5373 68.62 ACC BPCL
BPCL 169.4203 69.24 1.00 0.00 0.00
DRREDDY 142.4762 66.78 ACC 0.00 0.00 0.00
HUL 100.3933 58.08 BPCL 0.00 0.00 0.00
ICICIBANK 175.4526 78.18 DRREDDY 0.00 0.00 0.00
RELIANCE 121.0986 61.51 HUL 0.00 0.00 0.00
TAJGVK 216.1456 44.17 ICICIBANK 0.02 0.00 0.00
TATAMOTORS 171.3551 82.90 RELIANCE 0.00 0.00 0.00
Nifty 99.3388 52.72 TAJGVK 0.96 0.00 0.00
TATAMOTORS 0.02 0.00 0.00
Return 45.50
ACC BPCL
RF Return 5.00 0.00 0.00
0.00 0.00
0.00 0.00
W PortfolioW risk free Std Dev Return Wt Optimal 0.00 0.00
0 1 0.00 5.00 Portfolio 55.61 0.00 0.00
0.1 0.9 8.49 10.90 0.00 0.00
0.2 0.8 16.97 16.80 0.00 0.00
0.3 0.7 25.46 22.70 0.00 0.00
0.4 0.6 33.95 28.60 0.00 0.00
0.5 0.5 42.44 34.50 0.00 0.00
0.6 0.4 50.92 40.40 0.00 0.00
0.7 0.3 59.41 46.30 0.00 0.00
0.8 0.2 67.90 52.20 0.00 0.00
0.9 0.1 76.39 58.10 0.00 0.00
1 0 84.87 64.00 0.00 0.00
1.1 -0.1 93.36 69.90 0.00 0.00
1.2 -0.2 101.85 75.80 0.00 0.00
1.3 -0.3 110.34 81.70 0.00 0.00
1.4 -0.4 118.82 87.60 0.02 0.00
1.5 -0.5 127.31 93.50 0.06 0.01
1.6 -0.6 135.80 99.40 0.10 0.03
1.7 -0.7 144.29 105.30 0.12 0.04
1.8 -0.8 152.77 111.20 0.14 0.05
1.9 -0.9 161.26 117.10 0.16 0.06
2 -1 169.75 123.00 0.16 0.07
0.16 0.08
0.17 0.08
0.17 0.09
0.16 0.10
0.16 0.11
0.15 0.11

15. 0.14 0.12
0.13 0.13
0.09 0.12
0.04 0.11
0.00 0.10
0.00 0.08
0.00 0.05
0.00 0.02
0.00 0.00
0.00 0.00
0.00 0.00

17. Weighted Covarience Matrix
PORTFOLIO PORTFOLIO PORTFOLIO
DRREDDY HUL ICICIBANK RELIANCE TAJGVK TATAMOTORS VAR SD RETURN
0.00 0.00 0.02 0.00 0.96 0.02 44674.85 211.3643 45.5
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 -0.01 0.00
0.00 0.00 8.99 0.00 295.90 6.10
0.00 0.00 0.00 0.00 0.00 0.00
0.00 -0.01 295.90 0.00 43370.93 339.94
0.00 0.00 6.10 0.00 339.94 11.06
PORTFOLIO PORTFOLIO PORTFOLIO
DRREDDY HUL ICICIBANK RELIANCE TAJGVK TATAMOTORS
VAR SD RETURN
0.00 0.00 0.00 0.00 1.00 0.00 46642.95 215.97 44.18
0.00 0.02 0.00 0.00 0.98 0.00 44788.52 211.63 44.5
0.00 0.06 0.00 0.00 0.94 0.00 41986.36 204.91 45
0.00 0.10 0.00 0.00 0.90 0.00 39300.47 198.24 45.5
0.00 0.08 0.01 0.00 0.90 0.01 39281.21 198.19 46
0.00 0.06 0.02 0.00 0.89 0.03 39277.66 198.19 47
0.00 0.00 0.06 0.00 0.89 0.05 41052.71 202.61 48
0.00 0.00 0.08 0.00 0.87 0.05 39643.22 199.11 49
0.00 0.42 0.00 0.00 0.58 0.00 20373.40 142.74 50
0.00 0.39 0.02 0.00 0.57 0.02 20281.74 142.41 51
0.00 0.37 0.03 0.00 0.56 0.04 20236.71 142.26 52
0.00 0.34 0.05 0.00 0.55 0.06 20238.30 142.26 53
0.00 0.65 0.00 0.04 0.30 0.00 11429.08 106.91 54
0.00 0.65 0.00 0.10 0.25 0.00 10144.04 100.72 55
0.00 0.64 0.00 0.17 0.19 0.00 9134.08 95.57 56
0.02 0.63 0.00 0.21 0.14 0.00 8386.67 91.58 57
0.03 0.62 0.01 0.20 0.12 0.02 8200.66 90.56 58
0.10 0.58 0.00 0.26 0.06 0.00 7413.51 86.10 59
0.14 0.55 0.00 0.27 0.03 0.00 7162.08 84.63 60
0.16 0.51 0.00 0.26 0.00 0.00 7012.40 83.74 61
0.18 0.45 0.01 0.23 0.00 0.00 6974.19 83.51 62
0.20 0.41 0.04 0.19 0.00 0.00 7043.22 83.92 63
0.21 0.36 0.07 0.16 0.00 0.00 7203.63 84.87 64
0.22 0.33 0.10 0.12 0.00 0.01 7453.05 86.33 65
0.23 0.30 0.11 0.10 0.00 0.04 7767.50 88.13 66
0.24 0.27 0.12 0.07 0.00 0.07 8140.68 90.23 67
0.25 0.24 0.13 0.04 0.00 0.10 8572.60 92.59 68
0.25 0.21 0.14 0.01 0.00 0.13 9063.26 95.20 69
0.26 0.17 0.14 0.00 0.00 0.16 9617.72 98.07 70
0.27 0.13 0.15 0.00 0.00 0.19 10250.55 101.25 71
0.27 0.08 0.15 0.00 0.00 0.23 10962.67 104.70 72

18. 0.28 0.04 0.16 0.00 0.00 0.26 11754.07 108.42 73
0.28 0.00 0.16 0.00 0.00 0.30 12625.67 112.36 74
0.26 0.00 0.17 0.00 0.00 0.36 13626.34 116.73 75
0.24 0.00 0.18 0.00 0.00 0.43 14783.94 121.59 76
0.23 0.00 0.18 0.00 0.00 0.49 16098.46 126.88 77
0.18 0.00 0.19 0.00 0.00 0.55 17609.27 132.70 78
0.14 0.00 0.20 0.00 0.00 0.61 19354.62 139.12 79
0.10 0.00 0.21 0.00 0.00 0.67 21334.49 146.06 80
0.06 0.00 0.21 0.00 0.00 0.73 23549.59 153.46 81
0.00 0.00 0.19 0.00 0.00 0.81 26036.25 161.36 82
0.00 0.00 0.00 0.00 0.00 1.00 29327.96 171.25 82.89

20. Efficient Portfolio Treynor
Sharpe Index
Portfolio Beta Measure
0.18 1.28 30.51
0.19 1.27 31.22
0.20 1.24 32.36
0.20 1.21 33.56
0.21 1.22 33.67
0.21 1.24 33.89
0.21 1.29 33.41
0.22 1.29 34.18
0.32 0.94 47.66
0.32 0.97 47.63
0.33 0.99 47.59
0.34 1.01 47.56
0.46 0.74 66.25
0.50 0.72 69.06
0.53 0.71 72.00
0.57 0.69 75.15
0.59 0.69 76.29
0.63 0.66 82.14
0.65 0.65 85.12
0.67 0.64 87.37
0.68 0.66 86.54
0.69 0.68 85.13
0.70 Yes 0.70 83.81
0.69 0.73 82.55
0.69 0.75 81.31
0.69 0.77 80.16
0.68 0.80 79.07
0.67 0.82 78.04
0.66 0.85 76.41
0.65 0.88 74.63
0.64 0.92 72.97

21. 0.63 0.95 71.44
0.61 0.99 69.97
0.60 1.02 68.41
0.58 1.06 66.96
0.57 1.10 65.60
0.55 1.14 63.92
0.53 1.19 62.36
0.51 1.23 60.92
0.50 1.28 59.55
0.48 1.32 58.28
0.45 1.33 58.59

22. 90
85
80
2
4
75
6
8
70 10
12
14
65
16
18
60 20
22
24
55
26
Markowitz
50 CAL
45
40
45 50 55 60 65 70 75 80 85 90 95 100 105 110 115 120 125

23. Risk Aversion (A) = 1.25
Utility 2 4 6 8 10 12 14 16
Rate SD SD SD SD SD SD SD SD
44.18 82.15108 80.1798 78.15881 76.08416 73.95133 71.75514 69.48957 67.1476
44.5 82.46211 80.49845 78.48567 76.41989 74.2967 72.11102 69.857 67.52777
45 82.94577 80.99383 78.99367 76.94154 74.83315 72.66361 70.42727 68.11755
45.5 83.42661 81.4862 79.49843 77.45967 75.36577 73.21202 70.99296 68.70226
46 83.90471 81.97561 80 77.97436 75.89466 73.75636 71.55418 69.28203
47 84.85281 82.94577 80.99383 78.99367 76.94154 74.83315 72.66361 70.42727
48 85.79044 83.90471 81.97561 80 77.97436 75.89466 73.75636 71.55418
49 86.71793 84.85281 82.94577 80.99383 78.99367 76.94154 74.83315 72.66361
50 87.63561 85.79044 83.90471 81.97561 80 77.97435 75.89466 73.75636
51 88.54378 86.71793 84.85281 82.94577 80.99383 78.99367 76.94154 74.83315
52 89.44272 87.63561 85.79044 83.90471 81.97561 80 77.97435 75.89466
53 90.33272 88.54378 86.71793 84.85281 82.94577 80.99383 78.99367 76.94154
54 91.21403 89.44272 87.63561 85.79044 83.90471 81.97561 80 77.97435
55 92.08692 90.33272 88.54378 86.71793 84.85281 82.94577 80.99383 78.99367
56 92.9516 91.21403 89.44272 87.63561 85.79044 83.90471 81.97561 80
57 93.80832 92.08692 90.33272 88.54377 86.71793 84.85281 82.94577 80.99383
58 94.65728 92.9516 91.21403 89.44272 87.63561 85.79044 83.90471 81.97561
59 95.49869 93.80832 92.08692 90.33272 88.54378 86.71793 84.85281 82.94577
60 96.33276 94.65728 92.9516 91.21403 89.44272 87.63561 85.79044 83.90471
61 97.15966 95.49869 93.80832 92.08692 90.33272 88.54377 86.71793 84.85281
62 97.97959 96.33276 94.65728 92.9516 91.21403 89.44272 87.63561 85.79044
63 98.79271 97.15966 95.49869 93.80832 92.08692 90.33272 88.54377 86.71793
64 99.5992 97.97959 96.33276 94.65728 92.9516 91.21403 89.44272 87.63561
65 100.3992 98.79271 97.15966 95.49869 93.80832 92.08692 90.33272 88.54377
66 101.1929 99.5992 97.97959 96.33276 94.65728 92.9516 91.21403 89.44272
67 101.9804 100.3992 98.79271 97.15966 95.49869 93.80832 92.08692 90.33272
68 102.7619 101.1929 99.5992 97.97959 96.33276 94.65728 92.9516 91.21403
69 103.5374 101.9804 100.3992 98.79271 97.15966 95.49869 93.80832 92.08692
70 104.3072 102.7619 101.1929 99.5992 97.97959 96.33276 94.65728 92.9516
71 105.0714 103.5374 101.9804 100.3992 98.79271 97.15966 95.49869 93.80832
72 105.8301 104.3072 102.7619 101.1929 99.5992 97.97959 96.33276 94.65728
73 106.5833 105.0714 103.5374 101.9804 100.3992 98.79271 97.15966 95.49869
74 107.3313 105.8301 104.3072 102.7619 101.1929 99.5992 97.97959 96.33276
75 108.074 106.5833 105.0714 103.5374 101.9804 100.3992 98.79271 97.15966
76 108.8118 107.3313 105.8301 104.3072 102.7619 101.1929 99.5992 97.97959
77 109.5445 108.074 106.5833 105.0714 103.5374 101.9804 100.3992 98.79271
78 110.2724 108.8118 107.3313 105.8301 104.3072 102.7619 101.1929 99.5992
79 110.9955 109.5445 108.074 106.5833 105.0714 103.5374 101.9804 100.3992
80 111.7139 110.2724 108.8118 107.3313 105.8301 104.3072 102.7619 101.1929
81 112.4278 110.9955 109.5445 108.074 106.5833 105.0714 103.5374 101.9804
82 113.1371 111.7139 110.2724 108.8118 107.3313 105.8301 104.3072 102.7619
82.89 113.7647 112.3495 110.9162 109.4641 107.9926 106.5007 104.9876 103.4524

24. 18 20 22 24 26
SD SD SD SD SD
64.72094 62.19968 59.5718 56.82253 53.93329
65.11528 62.6099 60 57.27128 54.40588
65.72671 63.24555 60.663 57.96551 55.1362
66.3325 63.87488 61.31884 58.65151 55.85696
66.9328 64.49806 61.96773 59.32959 56.56854
68.11755 65.72671 63.24555 60.663 57.96551
69.28203 66.9328 64.49806 61.96773 59.32959
70.42727 68.11755 65.72671 63.24555 60.663
71.55418 69.28203 66.9328 64.49806 61.96773
72.66361 70.42727 68.11755 65.72671 63.24555
73.75636 71.55418 69.28203 66.9328 64.49806
74.83315 72.66361 70.42727 68.11755 65.72671
75.89466 73.75636 71.55418 69.28203 66.9328
76.94154 74.83315 72.66361 70.42727 68.11755
77.97436 75.89466 73.75636 71.55418 69.28203
78.99367 76.94154 74.83315 72.66361 70.42727
80 77.97436 75.89466 73.75636 71.55418
80.99383 78.99367 76.94154 74.83315 72.66361
81.97561 80 77.97435 75.89466 73.75636
82.94577 80.99383 78.99367 76.94154 74.83315
83.90471 81.97561 80 77.97435 75.89466
84.85281 82.94577 80.99383 78.99367 76.94154
85.79044 83.90471 81.97561 80 77.97435
86.71793 84.85281 82.94577 80.99383 78.99367
87.63561 85.79044 83.90471 81.97561 80
88.54377 86.71793 84.85281 82.94577 80.99383
89.44272 87.63561 85.79044 83.90471 81.97561
90.33272 88.54377 86.71793 84.85281 82.94577
91.21403 89.44272 87.63561 85.79044 83.90471
92.08692 90.33272 88.54377 86.71793 84.85281
92.9516 91.21403 89.44272 87.63561 85.79044
93.80832 92.08692 90.33272 88.54377 86.71793
94.65728 92.9516 91.21403 89.44272 87.63561
95.49869 93.80832 92.08692 90.33272 88.54377
96.33276 94.65728 92.9516 91.21403 89.44272
97.15966 95.49869 93.80832 92.08692 90.33272
97.97959 96.33276 94.65728 92.9516 91.21403
98.79271 97.15966 95.49869 93.80832 92.08692
99.5992 97.97959 96.33276 94.65728 92.9516
100.3992 98.79271 97.15966 95.49869 93.80832
101.1929 99.5992 97.97959 96.33276 94.65728
101.8941 100.3115 98.7036 97.06905 95.4065