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BSE Index SENSEX 30 Stocks in 1978-79 Base Year (100 points)

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NISM Training in Hyderabad : Base SENSEX 30 Stocks

Stock Market: BSE SENSEX: Technical Analysis Training in Hyderabad

BSE Index SENSEX 30 STOCKS in 1978-79 Base Year (100 Base Points)

  1. Asian Cables  (not in Sensex)
  2. Ballarpur Industries (not in Sensex)
  3. Bombay Burmah (not in Sensex)
  4. Ceat Ltd (not in Sensex)
  5. Century Textiles (not in Sensex)
  6. Crompton Greaves (not in Sensex)
  7. Glaxo Smithkline (not in Sensex)
  8. Grasim (not in Sensex )
  9. GSFC (not in Sensex)
  10. Hindalco
  11. Hindustan Motors (not in Sensex)
  12. HLL
  13. Indian Hotels (not in Sensex)
  14. Indian Organics (not in Sensex)
  15. Indian Rayon (not in Sensex)
  16. ITC
  17. Kirloskar Cummins (not in Sensex)
  18. L&T
  19. M&M
  20. Mukand (not in Sensex)
  21. Nestle (not in Sensex)
  22. Reliance Industries
  23. Scindia Shipping (not in Sensex)
  24. Siemens (not in Sensex)
  25. Tata Motors
  26. Tata Power
  27. Tata Steel
  28. ACC (not in Sensex)
  29. Bombay Dyeing (not in Sensex)
  30. Zenith (not in Sensex)

A.S. CHAKRAVARTHY NCFM ACADEMY Hyderabad is the Best Institute for Stock  Market Course in Hyderabad, Technical Analysis Training course in Hyderabad, NCFM NISM Training in Hyderabad, Ameerpet, Telangana.

Keywords: BSE INDEX, SENSEX, Base year Stocks, Technical Analysis Training in Hyderabad, Stock Market, NISM, AS Chakravarthy NCFM Academy Hyderabad.

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AS Chakravarthy NCFM: Equity Derivatives Exam Model Paper (NISM-8)

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AS Chakravarthy NCFM: Equity Derivatives (NISM-8) Exam Model Paper

Stock Market : AS Chakravarthy NISM NCFM Course in Hyderabad

AS Chakravarthy NCFM Academy Hyderabad, Ameerpet is Pioneer in Training NISM and NCFM Courses, like Capital Market Dealers Module, Equity Derivative Certification Examination (NISM-8), NSE Certification Courses and NISM Certification Courses. The Best Institute for Stock Market Training – NISM & NCFM Courses in Hyderabad.

Equity Derivative Certification Examination (NISM-VIII) Model Test Paper 

 

Q.1 Theta is also referred to as the _________ of the portfolio [1 Mark]

(a) time decay

(b) risk delay

(c) risk decay

(d) time delay

Q.2 All of the following are true regarding futures contracts except [1 Mark]

(a) they are regulated by RBI

(b) they require payment of a performance bond

(c) they are a legally enforceable promise

(d) they are market to market

Q.3 Clearing Members (CMs) and Trading Members (TMs) are required to collect upfront initial margins from all their Trading Members/Constituents. [1 Mark]

(a) FALSE

(b) TRUE

Q.4 All open positions in the index futures contracts are daily settled at the [1 Mark]

(a) mark-to-market settlement price

(b) net settlement price

(c) opening price

(d) closing price

Q.5. An American style call option contract on the Nifty index with a strike price of 3040 expiring on the 30th June 2008 is specified as “30 JUN 2008 3040 CA”. [1 Mark]

(a) FALSE

(b) TRUE

Q.6 Usually, open interest is maximum in the _______ contract. [1 Mark]

(a) more liquid contracts

(b) far month

(c) middle month

(d) near month

Q.7 An equity index comprises of ______. [1 Mark]

(a) basket of stocks

(b) basket of bonds and stocks

(c) basket of tradeable debentures

(d) None of the above

Q.8 Position limits have been specified by _______ at trading member, client, market and FII levels respectively. [1 Mark]

(a) Sub brokers

(b) Brokers

(c) SEBI

(d) RBI

Q.9 An order which is activated when a price crosses a limit is _________ in F&O segment of NSEIL. [1 Mark]

(a) stop loss order

(b) market order

(c) fill or kill order

(d) None of the above

Q.10 Which of the following is not a derivative transaction? [1 Mark]

(a) An investor buying index futures in the hope that the index will go up.

(b) A copper fabricator entering into futures contracts to buy his annual requirements of copper.

(c) A farmer selling his crop at a future date

(d) An exporter selling dollars in the spot market

Q.11 An investor is bearish about ABC Ltd. and sells ten one-month ABC Ltd. futures contracts at Rs.5,00,000. On the last Thursday of the month, ABC Ltd. closes at Rs.510. He makes a _________. (assume one lot = 100) [1 Mark]

(a) Profit of Rs. 10,000

(b) loss of Rs. 10,000

(c) loss of Rs. 5,100

(d) profit of Rs. 5,100

Q.12 The interest rates are usually quoted on :  [1 Mark]

(a) Per annum basis

(b) Per day basis

(c) Per week basis

(d) Per month basis

Q.13 After SPAN has scanned the 16 different scenarios of underlying market price and volatility changes, it selects the ________ loss from among these 16 observations  [1 Mark]

(a) largest

(b) 8th smallest

(c) smallest

(d) average

Q.14 Mr. Ram buys 100 calls on a stock with a strike of Rs.1,200. He pays a premium of Rs.50/call. A month later the stock trades in the market at Rs.1,300. Upon exercise, he will receive __________. [1 Mark]

(a) Rs.10,000

(b) Rs.1,200

(c) Rs.6,000

(d) Rs.1,150

Q.15 There are no Position Limits prescribed for Foreign Institutional Investors (FIIs) in the F&O Segment. [1 Mark]

(a) TRUE

(b) FALSE

Q.16 In the Black-Scholes Option Pricing Model, when S becomes very large a call option is almost certain to be exercised [1 Mark]

(a) FALSE

(b) TRUE

Q.17 Suppose Nifty options trade for 1, 2 and 3 months expiry with strike prices of 1850, 1860, 1870, 1880, 1890, 1900, 1910. How many different options contracts will be tradable? [1 Mark]

(a) 27

(b) 42

(c) 18

(d) 24

Q.18 Prior to Financial Year 2005 – 06, transaction in derivatives were considered as speculative transactions for the purpose of determination of tax liability under the Income-tax Act [1 Mark]

(a) TRUE

(b) FALSE

Q.19 ______ is allotted to the Custodial Participant (CP) by NSCCL. [1 Mark]

(a) A unique CP code

(b) An order identifier

(c) A PIN number

(d) A trade identifier

Q.20 An interest rate is 15% per annum when expressed with annual compounding. What is the equivalent rate with continuous compounding? [1 Mark]

(a) 14%

(b) 14.50%

(c) 13.98%

(d) 14.75%

Q.21 The favorable difference received by buyer/holder on the exercise/expiry date, between the final settlement price as and the strike price, will be recognized as ___________ [1 Mark]

(a) Income

(b) Expense

(c) Cannot say

(d) None

Q.22 The F&O segment of NSE provides trading facilities for the following derivative instruments, except [1 Mark]

(a) Individual warrant options

(b) Index based futures

(c) Index based options

(d) Individual stock options

Q.23 Derivative is defined under SC(R)A to include : A contract which derives its value from the prices, or index of prices, of underlying securities. [1 Mark]

(a) TRUE

(b) FALSE

Q.24 The risk management activities and confirmation of trades through the trading system of NSE is carried out by _______. [1 Mark]

(a) users

(b) trading members

(c) clearing members

(d) participants

Q.25 A dealer sold one January Nifty futures contract for Rs.250,000 on 15th January. Each Nifty futures contract is for delivery of 50 Nifties. On 25th January, the index closed at 5100. How much profit/loss did he make ? [1 Mark]

(a) Profit of Rs. 9000

(b) Loss of Rs. 8000

(c) Loss of Rs. 9500

(d) Loss of Rs. 5000

Q.26 Manoj owns five hundred shares of ABC Ltd. Around budget time, he gets uncomfortable with the price movements. Which of the following will give him the hedge he desires (assuming that one futures contract = 100 shares) ? [1 Mark]

(a) Buy 5 ABC Ltd.futures contracts

(b) Sell 5 ABC Ltd.futures contracts

(c) Sell 10 ABC Ltd.futures contracts

(d) Buy 10 ABC Ltd.futures contracts

Q.27 An investor is bearish about Tata Motors and sells ten one-month ABC Ltd. Futures contracts at Rs.6,06,000. On the last Thursday of the month, Tata Motors closes at Rs.600. He makes a _________. (assume one lot = 100) [1 Mark]

(a) Profit of Rs. 6,000

(b) Loss of Rs. 6,000

(c) Profit of Rs. 8,000

(d) Loss of Rs. 8,000

Q.28 The beta of Jet Airways is 1.3. A person has a long Jet Airways position of Rs. 200,000 coupled with a short Nifty position of Rs.100,000. Which of the following is TRUE? [1 Mark]

(a) He is bullish on Nifty and bearish on Jet Airways

(b) He has a partial hedge against fluctuations of Nifty

(c) He is bearish on Nifty as well as on Jet Airways

(d) He has a complete hedge against fluctuations of Nifty

Q.29 Suppose a stock option contract trades for 1, 2 and 3 months expiry with strike prices of 85, 90, 95, 100, 105, 110, 115. How many different options contracts will be tradable? [1 Mark]

(a) 18

(b) 32

(c) 21

(d) 42

Q.30 The bull spread can be created by only buying and selling [1 Mark]

(a) basket option

(b) futures

(c) warrant

(d) options

Q.31 A stock broker means a member of_______. [1 Mark]

(a) SEBI

(b) any exchange

(c) a recognized stock exchange

(d) any stock exchange

Q.32 Ashish is bullish about HLL which trades in the spot market at Rs.210. He buys 10 three-month call option contracts on HLL with a strike of 230 at a premium of Rs.1.05 per call. Three months later, HLL closes at Rs. 250. Assuming 1 contract = 100 shares, his profit on the position is ____. [1 Mark]

(a) Rs.18,950

(b) Rs.19,500

(c) Rs.10,000

(d) Rs.20,000

Q.33 A January month Nifty Futures contract will expire on the last _____ of January [1 Mark]

(a) Monday

(b) Thursday

(c) Tuesday

(d) Wednesday

Q.34 Which of the following are the most liquid stocks? [1 Mark]

(a) All Infotech stocks

(b) Stocks listed/permitted to trade at the NSE

(c) Stocks in the Nifty Index

(d) Stocks in the CNX Nifty Junior Index

Q.35 In the books of the buyer/holder of the option, the premium paid would be ___________ to ‘Equity Index Option Premium Account’ or ‘Equity Stock Option Premium Account’, as the case may be. [1 Mark]

(a) Debited

(b) Credited

(c) Depends

(d) None

Q.36 Greek letter measures a dimension to_______________ in an option position.  [1 Mark]

(a) the risk

(b) the premium

(c) the relationship

(d) None

Q.37 An option which gives the holder the right to sell a stock at a specified price at some time in the future is called a ___________. [1 Mark]

(a) Naked option

(b) Call option

(c) Out-of-the-money option

(d) Put option

Q.38 Trading member Shantilal took proprietary purchase in a March 2000 contract. He bought 1500 units @Rs.1200 and sold 1400 units @ Rs. 1220. The end of day settlement price was Rs. 1221. What is the outstanding position on which initial margin will be calculated? [1 Mark]

(a) 300 units

(b) 200 units

(c) 100 units

(d) 500 units

Q.39 In which year, foreign currency futures based on new floating exchange rate system were introduced at the Chicago Mercantile Exchange [1 Mark]

(a) 1970

(b) 1975

(c) 1972

(d) 1974

Q.40 The units of price quotation and minimum price change are not standardized item in a Futures Contract. [1 Mark]

(a) TRUE

(b) FALSE

Q.41 With the introduction of derivatives the underlying cash market witnesses _______ [1 Mark]

(a) lower volumes

(b) sometimes higher, sometimes lower

(c) higher volumes

(d) volumes same as before

Q.42 Clearing members need not collect initial margins from the trading members [1 Mark]

(a) FALSE

(b) TRUE

Q.43 Which risk estimation methodology is used for measuring initial margins for futures/ options Market? [1 Mark]

(a) Value At Risk

(b) Law of probability

(c) Standard Deviation

(d) None of the above

Q.44 The value of a call option ___________ with a decrease in the spot price. [1 Mark]

(a) increases

(b) does not change

(c) decreases

(d) increases or decreases

Q.45 Any person or persons acting in concert who together own ______% or more of the open interest in index derivatives are required to disclose the same to the clearing corporation. [1 Mark]

(a) 35

(b) 15

(c) 5

(d) 1

Q.46 NSE trades Nifty, CNX IT, BANK Nifty, Nifty Midcap 50 and Mini Nifty futures contracts having all the expiry cycles, except. [1 Mark]

(a) Two-month expiry cycles

(b) Four month expiry cycles

(c) Three-month expiry cycles

(d) One-month expiry cycles

Q.47 An investor owns one thousand shares of Reliance. Around budget time, he gets uncomfortable with the price movements. One contract on Reliance is equivalent to 100 shares. Which of the following will give him the hedge he desires? [1 Mark]

(a) Buy 5 Reliance futures contracts

(b) Sell 10 Reliance futures contracts

(c) Sell 5 Reliance futures contracts

(d) Buy 10 Reliance futures contracts

Q.48 Spot Price = Rs. 100. Call Option Strike Price = Rs. 98. Premium = Rs. 4. An investor buys the Option contract. On Expiry of the Option the Spot price is Rs. 108. Net profit for the Buyer of the Option is ___. [1 Mark]

(a) Rs. 6

(b) Rs. 5

(c) Rs. 2

(d) Rs. 4

Q.49 In the NEAT F&O system, the hierarchy amongst users comprises of _______. [1 Mark]

(a) branch manager, dealer, corporate manager

(b) corporate manager, branch manager, dealer

(c) dealer, corporate manager, branch manager

(d) corporate manager, dealer, branch manager

Q.50 The open position for the proprietary trades will be on a _______ [1 Mark]

(a) net basis

(b) gross basis

Q.51 The minimum networth for clearing members of the derivatives clearing corporation/ house shall be __________ [1 Mark]

(a) Rs.300 Lakh

(b) Rs.250 Lakh

(c) Rs.500 Lakh

(d) None of the above

Q.52 The Black-Scholes option pricing model was developed in _____. [1 Mark]

(a) 1923

(b) 1973

(c) 1887

(d) 1987

Q.53 In the case of index futures contracts, the daily settlement price is the ______. [1 Mark]

(a) closing price of futures contract

(b) opening price of futures contract

(c) closing spot index value

(d) opening spot index value

Q.54 Premium Margin is levied at ________ level. [1 Mark]

(a) client

(b) clearing member

(c) broker

(d) trading member

Q.55 In the Black-Scholes Option Pricing Model, as S becomes very large, both N(d1) and N(d2) are both close to 1.0. [1 Mark]

(a) FALSE

(b) TRUE

Q.56 To operate in the derivative segment of NSE, the dealer/broker and sales persons are required to pass _________ examination. [1 Mark]

(a) Certified Financial Analyst

(b) MBA (Finance)

(c) NCFM

(d) Chartered Accountancy

Q.57 The NEAT F&O trading system ____________. [1 Mark]

(a) allows one to enter spread trades

(b) does not allow spread trades

(c) allows only a single order placement at a time

(d) None of the above

Q.58 Margins levied on a member in respect of options contracts are Initial Margin, Premium Margin and Assignment Margin [1 Mark]

(a) TRUE

(b) FALSE

Q.59 American option are frequently deduced from those of its European counterpart [1 Mark]

(a) FALSE

(b) TRUE

Q.60 Which of the following is closest to the forward price of a share price if Cash Price = Rs.750, Futures Contract Maturity = 1 year from date, Market Interest rate = 12% and dividend expected is 6%? [1 Mark]

(a) Rs. 795

(b) Rs. 705

(c) Rs. 845

(d) None of these

 

Q61.    You are a speculator. You predict the market will go up in the near future and want to take advantage of it. You would.  [1 Mark]

a) Buy Nifty futures

b) Sell securities in the cash market.

c) Sell Nifty futures

d) None of the above.

 

Q62. A bull spread is created by        [1 Mark]

a) Buying a call and a put

b) Buying two calls

c) Buying a call and selling a call

d) Selling two calls

 

Q63. Which of the below listed factors does not affect the price of an option on a stock? [1 Mark]

a) Stock price

b) Volatility

c) Dividend

d) Liquidity of stock in the underlying cash market

 

Q64. Trading member Shantilal took proprietary purchase in a March 2000 contract. He bought 1500 units @Rs.1200 and sold 1400 @ Rs. 1220. The end of day Settlement  price was Rs. 1221. What is the outstanding position on which initial margin will be calculated? [1 Mark]

a) 300 units

b) 200 units

c) 100 units

d)  500 units

Q65. Initial margin is collected to_______                                        [1 Mark]

a) make good losses on the outstanding position

b) make good daily losses

c) safeguard against potential losses on out standing positions

d) none of the above

 

Q66. The Neat F & O trading system ________                    [1 Mark]

a) Allows one to enter combination trades

b) does not allow combination trades

c) allows only a single order placement at a time

d) None of the above.

 

Q67. Daily Mark to Market settlement of futures takes place on _____ basis.          [1 Mark]

a) T+0

b) T+3

c) T+5

d) T+1

 

Q68. Immediate or cancel is an order which will automatically ____ in F & O segment of NSEIL.                                                                                                               [1 Mark]

a) Be matched because it being a preferential order

b) be cancelled if it is not matched

c) Get stored in the system for matching, immediately and in its entirely. If not executed immediately

d) cancel the unmatched portion of the Order quantity.

 

Q69.    Futures on individual stocks are allowed                                           [1 Mark]

a) On all stocks listed on the stock exchange

b) On few selected stocks only

c) On all stocks listed on all stock exchanges in India.

d) On all stocks where price is more than Rs. 100 per share.

 

Q70.    If  someone is ‘bearish’ in the market ?                                                          [1 Mark]

a) He expects the market to rise.

b) He expects the market to fall.

c) He expects the market to move sideways.

d) He expects the market to close.

 

Q71. The value of derivative instrument                                                                    [1 Mark]

a) Is fixed

b) Is reset at fixed internals

c) Depends on the value of an underlying asset.

d) None of the above.

 

Q72.  Futures contracts can be reversed with any member of the derivatives segment of the exchange.                             [1 Mark]

a) True

b) Cannot be reversed

c) Cannot be reversed for the next one month.

d) False

 

Q73. A call option at a strike of Rs. 176 is selling at a premium of Rs.18,. At what price will it break even for the buyer of the option?. [1 Mark]

a) 196

b) 187

c) 204

d) 194

 

Q74. At the point of entering into the future contract                         [1 Mark]

a) Both the buyer and the seller pay initial margin to the exchange

b) The buyer alone pays initial margin to the exchange.

c) The seller alone pays initial margin to the exchange.

d) No margin is playable to the exchange by the buyer of the seller.

 

Q75. If you have bought a futures contract and the price drops, you will be making a profit. [1 Mark]

a) True

b) False

 

Q76. If the price of the underlying asset rises sharply after the initiation of a futures contract [1 Mark]

a) The long position becomes profitable

b) The long position becomes unprofitable

c) The short position becomes profitable

d) None of the above.

 

Q77. You can buy stock futures in India regardless of whether you own the shares or not. [1 Mark]

a) True

b) False

 

Q78. A fund manager is bullish on the market. What should be his course of action? [1 Mark]

a) Buy the index future

b) Sell the index future

c) Sell his entire portfolio

d) None of the above.

 

Q79. In case of futures, the initial margin is paid only by the seller and not the buyer. [1 Mark]

a) True

b) False

c) True only in Mumbai

d) True only in Delhi.

 

Q80.  A derivative exchange faces                                                                 [1 Mark]

a) Legal risk

b) Operational risk

c) Liquidity risk.

d) All of the above.

 

Q81. The securities which are not delivered in the clearing house during pay-in, are purchased by the clearing house from the market. The process is known as                     [1 Mark]

a) Close-out

b) Penalty

c) Auction

d) Upla badla

 

Q82. If the annual risk-free rate is 10% then the ‘r’ used in the Black-Scholes formula should be                                                                                                         [1 Mark]

a) 0. 095

b) 0.12

c) 12

d) none of the above

 

 

Q83. A stock option is an example of a                                                                      [1 Mark]

a) Commodity

b) Derivative Instrument

c) Money market instrument

d) Foreign Exchange contract

 

Q84. Intrinsic value of an option cannot be negative.            [1 Mark]

a) True

b) False

c) True only in Mumbai

d) True only in Delhi

 

Q85. Market makers add                                                                                            [1 Mark]

a) Speculation to the market.

b) Liquidity to the market.

c) Fluctuation to the market.

d) Nothing to the market.

 

Q86. With decrease in strike price, the premium on Call decreases.              [1 Mark]

a) True

b) False

c) True only in USA

d) True only

 

Q87.    Time value and intrinsic value together comprise option premium.                [1 Mark]

a) True

b) False

 

Q88.  The buyer of an option can lose not more than the option premium paid        [1 Mark]

a) True

b) False

c) True only in USA

d) True only in Japan

 

Q89. The bid is the price at which market maker is prepared.                                    [1 Mark]

a) To buy.

b) To sell

c) To remain idle

d) None of the above.

 

Q90. A stock broker means a member of ____________                                          [1 Mark]

a) SEBI

b) Any exchange

c) Any stock exchange

d) A recognized stock exchange

 

Q91. An investor is bearish about ABC Ltd. and sells ten one-month ABC Ltd. Futures contracts at Rs.5,00,000. On the last Thursday of the month, ABC Ltd. closes at Rs.510. He makes a _________. (assume one lot = 100)                          [1 Mark]

a) Profit of Rs. 10,000

b) loss of Rs. 10,000

c) loss of Rs. 5,100

d) profit of Rs. 5,100

 

Q92.  Mark-to-market margins will be collected on a :                                              [1 Mark]

a) Weekly basis

b) Every 2 days

c) Every 3 days

d) Daily basis

 

Q93. Who will be eligible for clearing trades in stock futures?                                  [1 Mark]

a) All Indian citizens

b) All members of the BSE

c) Only members who are registered with the derivatives segments as Clearing Members

d) all of the above.

 

Q94. The daily settlement price for Index futures shall be decided by                     [1 Mark]

a) SEBI

b) the Reserve Bank of India.

c) The clearing corporation / house

d) none of the above.

 

Q95. Initial margin of the previous day must be paid                                                [1 Mark]

a) By the end of the day.

b) Before beginning of the next trading day.

c) During banking hours next day.

d) None of the above.

 

Q96. Initial margin is set up taking into account the volatility of the underlying market. Generally higher the volatility, higher is the initial margin.                                                 [1 Mark]

a) True

b) False

 

Q97. Value-at-risk is calculated on the basis of                                                         [1 Mark]

a) Historical Volatility

b) Perfect market prices.

c) Equilibrium market prices.

d) None of the above.

 

Q98. The value of an option ______ with increase in volatility                                 [1 Mark]

a) decreases

b) increases

c) does not change

d) increases or decreases

 

Q99. The beta of A.S.STEELS is 1.3. A person has a long A.S.STEELS position of Rs. 200,000 coupled with a short Nifty position of Rs.100,000. Which of the following is TRUE?  [1 Mark]

(a) He is bullish on Nifty and bearish on A.S.STEELS

(b)He has a partial hedge against fluctuations of Nifty

(c) He is bearish on Nifty as well as on A.S.STEELS

(d) He has a complete hedge against fluctuations of Nifty

 

Q100. Who are the participants in the derivatives market?                                        [1 Mark]

a) Hedgers

b) Speculators

c) Arbitrageurs

d) All of the above

 

 

Question No. Answers

1 A 21 A 41 C 61 A 81 C
2 A 22 A 42 A 62 C 82 A
3 B 23 A 43 A 63 D 83 B
4 A 24 C 44 C 64 C 84 A
5 B 25 D 45 B 65 C 85 B
6 D 26 B 46 B 66 A 86 B
7 A 27 A 47 B 67 D 87 A
8 C 28 B 48 A 68 D 88 A
9 A 29 D 49 B 69 B 89 A
10 D 30 D 50 A 70 B 90 D
11 B 31 C 51 A 71 C 91 B
12 A 32 A 52 B 72 A 92 D
13 A 33 B 53 A 73 D 93 C
14 A 34 C 54 A 74 A 94 C
15 B 35 A 55 B 75 B 95 B
16 B 36 A 56 C 76 A 96 A
17 B 37 D 57 A 77 A 97 A
18 A 38 C 58 A 78 A 98 B
19 A 39 C 59 B 79 B 99 B
20 C 40 B 60 A 80 D 100 D

 

Source: www.nseindia.com

 

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Introduction of Future Market : Types of Derivatives : AS Chakravarthy

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Introduction of Future Market : Types of Derivatives : AS Chakravarthy

Stock Market : Technical Analysis Training Hyderabad: AS Chakravarthy

A future Market contract is an agreement between two parties to buy or sell an asset at a certain time in the future at a certain price. But unlike forward contracts, the futures contracts are standardized and exchange traded. To facilitate liquidity in the futures contracts, the exchange specifies certain standard features of the contract. It is a standardized contract with standard underlying instrument, a standard quantity and quality of the underlying instrument that can be delivered, (or which can be used for reference purposes in settlement) and a standard timing of such settlement. A futures contract may be offset prior to maturity by entering into an equal and opposite transaction.

The standardized items in a futures contract are:

  • Quantity of the underlying
  • Quality of the underlying
  • The date and the month of delivery
  • The units of price quotation and minimum price change
  • Location of settlement

Types of Derivatives

Here we define some of the more popularly used derivative contracts. Some of these, namely futures and options will be discussed in more details at a later stage.

Forwards: A forward contract is an agreement between two entities to buy or sell the underlying asset at a future date, at today’s pre-agreed price.

Futures: A futures contract is an agreement between two parties to buy or sell the underlying asset at a future date at today’s future price. Futures contracts differ from forward contracts in the sense that they are standardised and exchange traded.

Options: There are two types of options – call and put. A Call option gives the buyer the right but not the obligation to buy a given quantity of the underlying asset, at a given price on or before a given future date. A Put option gives the buyer the right, but not the obligation to sell a given quantity of the underlying asset at a given price on or before a given date.

Warrants: Options generally have lives of up to one year, the majority of options traded on options exchanges having a maximum maturity of nine months. Longer-dated options are called warrants and are generally traded over-the-counter.

Baskets: Basket options are options on portfolios of underlying assets. The underlying asset is usually a weighted average of a basket of assets. Equity index options are a form of basket options.

Swaps: Swaps are private agreements between two parties to exchange cash flows in the future according to a prearranged formula. They can be regarded as portfolios of forward contracts.

The two commonly used swaps are:

  • Interest rate swaps: These entail swapping only the interest related cash flows between the parties in the same currency.
  • Currency swaps: These entail swapping both principal and interest between the parties, with the cash flows in one direction being in a different currency than those in the opposite direction.

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AS Chakravarthy NCFM Training in Hyderabad: NIFTY 50-Index Options

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AS Chakravarthy NCFM Training in Hyderabad: NIFTY 50-Index Options

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NIFTY 50  Index Option Contract Specification: NIFTY 50 is the National Stock Exchange’s Index and it is constructed by India Index Services and Products Limited (IISL), its fully owned by NSE at present.

 

Underlying index NIFTY 50
Exchange of trading National Stock Exchange of India Limited
Security descriptor OPTIDX
Contract size Permitted lot size shall be 75

(minimum value Rs.5 lakh)

Price steps Re. 0.05
Price bands A contract specific price range based on its delta value and is computed and updated on a daily basis.
Trading cycle Trading cycle The options contracts will have a maximum of three month trading cycle – the near month (one), the next month (two) and the far month (three). New contract will be introduced on the next trading day following the expiry of near month contract. Also, long term options have 3 quarterly and 5 half yearly expiries
Expiry day The last Thursday of the expiry month or the previous trading day if the last Thursday is a trading holiday.
Settlement basis Cash settlement on T+1 basis.
Style of Option European
Strike Price Interval Depending on  the  Index level
Daily Settlement Price Not Applicable
Final Settlement Price Closing Value of  the index on  the  last trading day.

 

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AS Chakravarthy NCFM Course in Hyderabad: Stock Futures Contract

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AS Chakravarthy : NCFM Course in Hyderabad: Stock Futures Contract

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Contract specification of Stock Futures Contract

Underlying Individual Securities
Exchange of trading National Stock Exchange of India Limited
Security descriptor FUTSTK
Contract size As specified by the exchange

(minimum value Rs.5 lakh)

Price steps Re. 0.05
Price bands Operating range of 20% of the base price
Trading cycle The futures contracts will have a maximum of three month trading cycle – the near month (one), the next month (two) and the far month (three). New contract will be introduced on the next trading day following the expiry of near month contract.
Expiry day The last Thursday of the expiry month or the previous trading day if the last Thursday is a trading holiday.
Settlement basis Mark to market and final settlement will be cash settled on T+1 basis.
Settlement price Daily settlement price will be the closing price of the futures contracts for the trading day and the final settlement price shall be the closing price of the underlying security on the last trading day.

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Stock Market : NCFM Course in Hyderabad: Stock Options Contract

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Stock Market : NISM Course in Hyderabad: Stock Options Contract

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Contract specification of Stock Options Contract

Underlying Individual Securities available for trading in Cash Market
Exchange of trading National Stock Exchange of India Limited
Security descriptor OPTSTK
Style of Option European
Strike Price Interval As specified by  the  Exchange
Contract size As Specified by the Exchange

(minimum value Rs.5 lakh)

Price steps Re. 0.05
Price bands Not Applicable
Trading cycle The options contracts will have a maximum of three month trading cycle – the near month (one), the next month (two) and the far month (three). New contract will be introduced on the next trading day following the expiry of near month contract.
Expiry day The last Thursday of the expiry month or the previous trading day if the last Thursday is a trading holiday.
Settlement basis Daily Settlement on T+1 basis and final option exercise settlement on T+1 basis.
Daily Settlement Price Premium value (net)
Final Settlement Price Closing Price of underlying security on the  last trading day of the option contract.

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Derivative Participants : NCFM Stock Market Course in Hyderabad

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AS Chakravarthy stock market course hyderabad: Derivative Participants

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Derivative contracts are of different types. The most common ones are forwards, futures, options and swaps. Derivative Market Participants who trade in the derivatives market can be classified under the following three broad categories: hedgers, speculators, and arbitragers.

  1. Hedgers: The farmer’s example that we discussed about was a case of hedging. Hedgers face risk associated with the price of an asset. They use the futures or options markets to reduce or eliminate this risk.
  2. Speculators: Speculators are participants who wish to bet on future movements in the price of an asset. Futures and options contracts can give them leverage; that is, by putting in small amounts of money upfront, they can take large positions on the market. As a result of this leveraged speculative position, they increase the potential for large gains as well as large losses.
  3. Arbitragers: Arbitragers work at making profits by taking advantage of discrepancy between prices of the same product across different markets. If, for example, they see the futures price of an asset getting out of line with the cash price, they would take offsetting positions in the two markets to lock in the profit.

Whether the underlying asset is a commodity or a financial asset, derivatives market performs a number of economic functions.

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AS Chakravarthy NCFM Course in Hyderabad : Forwards and Futures

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Stock Market : NCFM Course in Hyderabad : Forwards and Futures

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Forward contracts are often confused with futures contracts. The confusion is primarily because both serve essentially the same economic functions of allocating risk in the presence of future price uncertainty. However futures are a significant improvement over the forward contracts as they eliminate counterpart risk and offer more liquidity. Below Table lists the distinction between the forwards and futures contracts

 

Futures Forwards
Trade on an organized exchange OTC in nature
Standardized contract terms Customized contract terms
More liquid Less liquid
Requires margin payments No margin payment
Follows daily settlement Settlement happens at end of period

 

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Forward Contracts : Stock Market : NCFM Course in Hyderabad

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AS Chakravarthy Stock Market Course in Hyderabad: Forward Contracts

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A forward contract is an agreement to buy or sell an asset on a specified date for a specified price. One of the parties to the contract assumes a long position and agrees to buy the underlying asset on a certain specified future date for a certain specified price. The other party assumes a short position and agrees to sell the asset on the same date for the same price. Other contract details like delivery date, price and quantity are negotiated bilaterally by the parties to the contract. The forward contracts are normally traded outside the exchanges.

The salient features of forward contracts are as given below:

  • They are bilateral contracts and hence exposed to counter-party risk.
  • Each contract is custom designed, and hence is unique in terms of contract size, expiration date and the asset type and quality.
  • The contract price is generally not available in public domain.
  • On the expiration date, the contract has to be settled by delivery of the asset.
  • If the party wishes to reverse the contract, it has to compulsorily go to the same counter-party, which often results in high prices being charged.

Limitations of forward markets

 Forward markets world-wide are posed by several problems:

  • Lack of centralization of trading,
  • Illiquidity and
  • Counter party risk

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Futures Market Terminology : Stock Market: NISM Course in Hyderabad

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Futures Market Terminology : Stock Market: NISM Course in Hyderabad

Derivatives divided in to Futures , Options and Swaps. In Future market we generally used the following Futures Market Terminology as below:

  •  Spot price: The price at which an underlying asset trades in the spot market.
  • Futures price: The price that is agreed upon at the time of the contract for the delivery of an asset at a specific future date.
  • Contract cycle: It is the period over which a contract trades. The index futures contracts on the NSE have one-month, two-month and three-month expiry cycles which expire on the last Thursday of the month. Thus a January expiration contract expires on the last Thursday of January and a February expiration contract ceases trading on the last Thursday of February. On the Friday following the last Thursday, a new contract having a three-month expiry is introduced for trading.
  • Expiry date: is the date on which the final settlement of the contract takes place.
  • Contract size: The amount of asset that has to be delivered under one contract. This is also called as the lot size.
  • Basis: Basis is defined as the futures price minus the spot price. There will be a different basis for each delivery month for each contract. In a normal market, basis will be positive. This reflects that futures prices normally exceed spot prices.
  • Cost of carry: Measures the storage cost plus the interest that is paid to finance the asset less the income earned on the asset.
  • Initial margin: The amount that must be deposited in the margin account at the time a futures contract is first entered into is known as initial margin.
  • Marking-to-market: In the futures market, at the end of each trading day, the margin account is adjusted to reflect the investor’s gain or loss depending upon the futures closing price. This is called marking-to-market.
  • Maintenance margin: Investors are required to place margins with their trading members before they are allowed to trade. If the balance in the margin account falls below the maintenance margin, the investor receives a margin call and is expected to top up the margin account to the initial margin level before trading commences on the next day.

 

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Option Market Terminology : Stock Market: NISM Course in Hyderabad

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Share Market : Option Market Terminology : NISM Course in Hyderabad

Stock Market Training Courses in Hyderabad

Derivatives divided in to Futures , Options and Swaps. In Option market we generally used the following Option Market Terminology as below:

Options are the most recent and evolved derivative contracts. They have non-linear or asymmetrical profit profiles making them fundamentally very different from futures and forward contracts. Options have allowed both theoreticians as well as practitioner’s to explore wide range of possibilities for engineering different and sometimes exotic pay off profiles. Option contracts help a hedger reduce his risk with a much wider variety of strategies.

An option gives the holder of the option the right to do something in future. The holder does not have to exercise this right. In contrast, in a forward or futures contract, the two parties have committed themselves or are obligated to meet their commitments as specified in the contract. Whereas it costs nothing (except margin requirements) to enter into a futures contract, the purchase of an option requires an up-front payment. This chapter first introduces key terms which will enable the reader understand option terminology. Afterwards futures have been compared with options and then payoff profiles of option contracts have been defined diagrammatically. Readers can create these payoff profiles using payoff tables. They can also use basic spreadsheet software such as MS-Excel to create these profiles.

Option Market Terminology:

  • Index options: Have the index as the underlying. They can be European or American. They are also cash settled.
  • Stock options: They are options on individual stocks and give the holder the right to buy or sell shares at the specified price. They can be European or American.
  • Buyer of an option: The buyer of an option is the one who by paying the option premium buys the right but not the obligation to exercise his option on the seller/ writer.
  • Writer of an option: The writer of a call/put option is the one who receives the option premium and is thereby obliged to sell/buy the asset if the buyer exercises on him. There are two basic types of options, call options and put options.
  • Call option: It gives the holder the right but not the obligation to buy an asset by a certain date for a certain price.
  • Put option: It gives the holder the right but not the obligation to sell an asset by a certain date for a certain price.
  • Option price/premium: It is the price which the option buyer pays to the option seller. It is also referred to as the option premium.
  • Expiration date: The date specified in the options contract is known as the expiration date, the exercise date, the strike date or the maturity.
  • Strike price: The price specified in the options contract is known as the strike price or the exercise price.
  • American options: These can be exercised at any time up to the expiration date.
  • European options: These can be exercised only on the expiration date itself. European options are easier to analyze than American options and properties of an American option are frequently deduced from those of its European counterpart.
  • In-the-money option: An in-the-money (ITM) option would lead to a positive cash flow to the holder if it were exercised immediately. A call option on the index is said to be in-the-money when the current index stands at a level higher than the strike price (i.e. spot price > strike price). If the index is much higher than the strike price, the call is said to be deep ITM. In the case of a put, the put is ITM if the index is below the strike price.
  • At-the-money option: An at-the-money (ATM) option would lead to zero cash flow if it were exercised immediately. An option on the index is at-the-money when the current index equals the strike price (i.e. spot price = strike price).
  • Out-of-the-money option: An out-of-the-money (OTM) option would lead to a negative cash flow if it were exercised immediately. A call option on the index is out-of-the money when the current index stands at a level which is less than the strike price (i.e. spot price < strike price). If the index is much lower than the strike price, the call is said to be deep OTM. In the case of a put, the put is OTM if the index is above the strike price.
  • Intrinsic value of an option: The option premium has two components – intrinsic value and time value. Intrinsic value of an option at a given time is the amount the holder of the option will get if he exercises the option at that time. The intrinsic value of a call is Max [0, (St — K)] which means that the intrinsic value of a call is the greater of 0 or (St — K). Similarly, the intrinsic value of a put is Max [0, K — St], i.e. the greater of 0 or (K — St). K is the strike price and St is the spot price.
  • Time value of an option: The time value of an option is the difference between its premium and its intrinsic value. Both calls and puts have time value. The longer the time to expiration, the greater is an option’s time value, all else equal. At expiration, an option should have no time value.

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Purpose and Benefits of Derivatives: Stock Market Course in Hyderabad

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Purpose and Benefits of Derivatives: Stock Market Course in Hyderabad

Stock Market : NISM NCFM Coaching in Hyderabad

“Derivative” concept was first introduced in Chicago Board of Trade in 1848. After 152 years, from 2000 year on wards this concept was introduced in India.

Why Derivative concept was introduced worldwide?

The main Purpose and benefits of derivatives instruments are described below:

The financial markets are very risky markets as unexpected incidents also influence the market. To ensure, these unexpected incidents risk, this concepts was introduced as a “Hedging” product. The main purpose of derivative markets is:

  • Changes in equity markets around the world.
  • Currency exchange rate shifts.
  • Changes in interest rates around the world.
  • Changes in global supply and demand for commodities such as agricultural products, precious and industrial metals and energy products such as oil and natural gas.

“Derivatives are financial instruments. These represent the value the asset such as Equity, Bullion, Currency, Commodity etc. So when you invest in derivatives, you actually place a bet on whether the value of the asset represented will increase or decrease by a certain percentage and within a set period of time. Therefore, derivatives are merely contracts or bets that get their value from existing or future prices of underlying securities. In derivatives, you are essentially buying a promise from the original owner of the asset to transfer ownership of the asset rather than the asset itself.

The benefits of derivative instruments are described below,

  1. Price Discovery

Futures market prices of the assets depend on a continuous flow of information from around the world. A broad range of factors (such as climatic conditions, political situations, debt default, refugee displacement, environmental condition etc.) can influence the demand and supply of assets and thus the current and future prices of the underlying asset on which the derivative contract is based, changes the price as per the kind of information. This process is known as “Price Discovery”.

  1. Risk Management

Risk management is the process of identifying the desired (future) level of risk, identifying the actual (Present) level of risk and altering the latter to equal the former. This process is widely termed as hedging and speculation. “Hedging” is defined as a strategy for reducing the risk in holding a market position while “Speculation”is taking a position in the way the markets will move.

  1. They improve Market efficiency for the Underlying Asset.

For example, investors who want exposure to the NIFTY 50 can buy an NIFTY Bees stock index fund or replicate the fund by buying NIFTY 50 futures and investing in risk-free bonds. Either of these methods will give them exposure to the index without the expense of purchasing all the underlying assets in the NIFTY 50 Stocks.

  1. Derivatives help to reduce “Market Transaction” costs.

Because derivatives are a form of insurance or risk management, the cost of trading in them has to be low or investors will not find it economically sound to purchase such “insurance” for their positions.

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