CHAPTER: 6
DATA ANALYSIS
6.1 CAPM Analysis of Reliance Industries of 2020:
Closing Reliance
Month Sensex rm Closing ri Beta rf CAPM
January, 2020 40723.49 -0.06 1272.36 -0.06 0.9 0.0675 -0.05
February, 2020 38297.29 -0.23 1197.55 -0.16 0.9 0.0675 -0.20
March, 2020 29468.49 0.14 1003.85 0.32 0.9 0.0675 0.14
April, 2020 33717.62 -0.04 1321.35 0.01 0.9 0.0675 -0.03
May, 2020 32424.1 0.08 1332.42 0.16 0.9 0.0675 0.08
June, 2020 34915.8 0.08 1550.51 0.21 1.0 0.0675 0.08
July, 2020 37606.89 0.03 1880.8 0.01 1.0 0.0675 0.03
August, 2020 38628.29 -0.01 1900.87 0.07 1.0 0.0675 -0.01
September, 2020 38067.93 0.04 2041.25 -0.08 1.0 0.0675 0.04
October, 2020 39614.07 0.11 1876.94 -0.06 1.0 0.0675 0.12
November, 2020 44149.72 0.08 1763.02 0.03 1.0 0.0675 0.08
December, 2020 47751.33 -1.00 1813.72 -1.00 1.0 0.0675 -0.98
0.40
0.20
0.00
1 2 3 4 5 6 7 8 9 10 11 12
-0.20
-0.40
-0.60
-0.80
-1.00
-1.20
There is massive change in prices from January, 2020 to December, 2020. Percentage rise in
price is 42.55%. In this year 2020 Reliance Industries has outperformed the market.
6.2 CAPM Analysis of Reliance Industries of 2021:
Closing Reliance
Month Sensex rm Closing ri Beta rf CAPM
January, 2021 46285.77 0.06 1682.76 0.13 1.0 0.0675 0.06
February, 2021 49099.99 0.01 1905.53 -0.04 1.0 0.0675 0.01
March, 2021 49509.15 -0.01 1829.98 0.00 1.0 0.0675 -0.01
April, 2021 48782.36 0.07 1822.12 0.08 1.0 0.0675 0.07
May, 2021 51967.44 0.01 1973.60 -0.02 1.0 0.0675 0.01
June, 2021 52482.71 0.00 1928.24 -0.03 1.0 0.0675 0.00
July, 2021 52586.84 0.09 1865.88 0.11 1.0 0.0675 0.09
August, 2021 57552.39 0.03 2070.18 0.12 1.0 0.0675 0.03
September, 2021 59123.36 0.00 2309.55 0.01 1.0 0.0675 0.00
October, 2021 59306.93 -0.04 2325.13 -0.05 1.0 0.0675 -0.04
November, 2021 57064.87 0.02 2205.17 -0.02 1.0 0.0675 0.02
December, 2021 58253.82 -1.00 2171.02 -1.00 1.0 0.0675 -0.95
0.20
0.00
1 2 3 4 5 6 7 8 9 10 11 12
-0.20
-0.40
-0.60
-0.80
-1.00
-1.20
Consequently for second Reliance have good price hikes in 2021. Percentage rise in price is
29.02%. In 2021, Reliance had outperformed the market.
6.3 CAPM Analysis of Reliance Industries of 2022:
Closing Reliance
Month Sensex rm Closing ri Beta rf CAPM
January, 2022 58014.17 -0.03 2187.94 -0.01 1.0 0.0675 -0.03
February, 2022 56247.28 0.04 2163.14 0.12 1.0 0.0675 0.04
March, 2022 58568.51 -0.03 2415.43 0.06 1.0 0.0675 -0.02
April, 2022 57060.87 -0.03 2557.9 -0.06 1.0 0.0675 -0.03
May, 2022 55566.41 -0.05 2413.51 -0.01 1.0 0.0675 -0.05
June, 2022 53018.94 0.09 2379.59 -0.03 1.0 0.0675 0.09
July, 2022 57570.25 0.03 2300.56 0.05 1.0 0.0675 0.03
August, 2022 59537.07 -0.04 2418.37 -0.10 1.0 0.0675 -0.04
September, 2022 57426.92 0.06 2186.94 0.07 1.0 0.0675 0.06
October, 2022 60746.59 0.04 2345 0.07 1.0 0.0675 0.04
November, 2022 63099.65 -0.04 2512.16 -0.07 1.0 0.0675 -0.04
December, 2022 60840.74 -1.00 2342.79 -1.00 1.0 0.0675 -1.00
0.20
0.00
1 2 3 4 5 6 7 8 9 10 11 12
-0.20
-0.40
-0.60
-0.80
-1.00
-1.20
Sensex grows 4.87 % Where as Reliance grows 7.07%, we can say that reliance outperformed
the market in the year 2022. But from past data reliance growth is declining from 2020 till
2022.
6.4 CAPM Analysis of Reliance Industries of 2023:
Closing Reliance
Month Sensex rm Closing ri Beta rf CAPM
January, 2023 59549.9 -0.01 2164.96 -0.01 1.0 0.0675 -0.01
February, 2023 58962.12 0.00 2136.17 0.00 1.0 0.0675 0.00
March, 2023 58997.52 0.04 2143.98 0.04 1.0 0.0675 0.04
April, 2023 61112.44 0.02 2226.26 0.02 1.0 0.0675 0.02
May, 2023 62622.24 0.03 2271.69 0.03 1.0 0.0675 0.03
June, 2023 64718.56 0.03 2345.59 0.08 1.0 0.0675 0.03
July, 2023 66527.67 -0.03 2540.28 -0.06 1.0 0.0675 -0.03
August, 2023 64831.41 0.02 2398.53 -0.02 1.0 0.0675 0.02
September, 2023 65828.41 -0.03 2345 -0.02 1.0 0.0675 -0.03
October, 2023 63874.93 0.05 2287.9 0.04 1.0 0.0675 0.05
November, 2023 66988.44 0.08 2377.45 0.09 1.0 0.0675 0.08
December, 2023 72240.26 -1.00 2584.95 -1.00 1.0 0.0675 -1.00
0.20
0.00
1 2 3 4 5 6 7 8 9 10 11 12
-0.20
-0.40
-0.60
-0.80
-1.00
-1.20
Sensex grows 21.31% where as Reliance grows 19.39%, we can say that reliance under-
performed the market in the year 2023. But company has grown from last year 2022.
6.5 CAPM Analysis of TCS of 2020:
Closing TCS
Month Sensex rm Closing ri Beta rf CAPM
January, 2020 40723.49 -0.06 1917.64 -0.04 1.0 0.0675 -0.06
February, 2020 38297.29 -0.23 1849.06 -0.09 1.0 0.0675 -0.23
March, 2020 29468.49 0.14 1688.16 0.11 1.0 0.0675 0.14
April, 2020 33717.62 -0.04 1875.88 -0.02 1.0 0.0675 -0.04
May, 2020 32424.1 0.08 1836.68 0.06 1.0 0.0675 0.08
June, 2020 34915.8 0.08 1938.93 0.10 1.0 0.0675 0.08
July, 2020 37606.89 0.03 2130.72 -0.01 1.0 0.0675 0.03
August, 2020 38628.29 -0.01 2112.89 0.10 1.0 0.0675 -0.01
September, 2020 38067.93 0.04 2332.91 0.07 1.0 0.0675 0.04
October, 2020 39614.07 0.11 2494.42 0.01 1.0 0.0675 0.12
November, 2020 44149.72 0.08 2518.97 0.07 1.0 0.0675 0.08
December, 2020 47751.33 -1.00 2691.09 -1.00 1.0 0.0675 -0.98
0.40
0.20
0.00
1 2 3 4 5 6 7 8 9 10 11 12
-0.20
-0.40
-0.60
-0.80
-1.00
-1.20
Sensex grows 17.25% where as TCS grows 37.2%, we can say that reliance outperformed the
market in the year 2020.
6.6 CAPM Analysis of TCS of 2021:
Closing TCS
Month Sensex rm Closing ri Beta rf CAPM
January, 2021 46285.77 0.06 2924.79 -0.07 0.9 6.75 0.58
February, 2021 49099.99 0.01 2725.93 0.10 0.9 6.75 0.53
March, 2021 49509.15 -0.01 2992.98 -0.04 0.9 6.75 0.43
April, 2021 48782.36 0.07 2859.05 0.04 0.9 6.75 0.51
May, 2021 51967.44 0.01 2975.37 0.06 0.9 6.75 0.50
June, 2021 52482.71 0.00 3166.53 -0.09 0.9 6.75 0.45
July, 2021 52586.84 0.09 2887.78 0.24 0.9 6.75 0.54
August, 2021 57552.39 0.03 3591.44 0.00 1.0 6.75 0.14
September,
2021 59123.36 0.00 3581.1 -0.10 1.0 6.75 0.13
October, 2021 59306.93 -0.04 3222.76 0.04 1.0 6.75 0.10
November,
2021 57064.87 0.02 3353.82 0.06 1.0 6.75 0.07
December,
2021 58253.82 -1.00 3552.62 -1.00 1.0 6.75 -1.13
1.00
0.50
0.00
1 2 3 4 5 6 7 8 9 10 11 12
-0.50
-1.00
-1.50
Sensex grows 25.85% where as TCS grows 37.2%, we can say that reliance outperformed the
market in the year 2021.
6.7 CAPM Analysis of TCS of 2022:
TCS
Month Closing Sensex rm Closing ri Beta rf CAPM
January, 2022 58014.17 -0.03 3550.63 -0.05 1.01 6.75 -0.09
February, 2022 56247.28 0.04 3383.56 0.05 1.01 6.75 -0.01
March, 2022 58568.51 -0.03 3560.39 -0.05 1.01 6.75 -0.11
April, 2022 57060.87 -0.03 3376.42 -0.05 1.01 6.75 -0.11
May, 2022 55566.41 -0.05 3202.82 -0.02 1.01 6.75 -0.12
June, 2022 53018.94 0.09 3131.19 0.01 1.02 6.75 -0.03
July, 2022 57570.25 0.03 3164.54 -0.02 1.00 6.75 0.03
August, 2022 59537.07 -0.04 3085.69 -0.06 1.00 6.75 -0.02
September, 2022 57426.92 0.06 2887.17 0.06 1.00 6.75 0.06
October, 2022 60746.59 0.04 3068.4 0.06 1.00 6.75 0.03
November, 2022 63099.65 -0.04 3266.76 -0.04 1.01 6.75 -0.13
December, 2022 60840.74 -1.00 3137.56 -1.00 1.01 6.75 -1.06
0.20
0.00
1 2 3 4 5 6 7 8 9 10 11 12
-0.20
-0.40
-0.60
-0.80
-1.00
-1.20
Sensex grows 4.87% where as TCS grows -11.63%, we can say that reliance massively
under-performed the market in the year 2022. Loss has been registered in this year.
6.8 CAPM Analysis of TCS of 2023:
Closing TCS
Month Sensex rm Closing ri Beta rf CAPM
January, 2023 59549.9 -0.01 3235.83 0.01 1.00 6.75 0.00
February, 2023 58962.12 0.00 3256.31 -0.03 1.00 6.75 0.00
March, 2023 58997.52 0.04 3151.19 0.00 1.00 6.75 0.05
April, 2023 61112.44 0.02 3164.31 0.02 1.00 6.75 0.06
May, 2023 62622.24 0.03 3233.36 0.00 0.99 6.75 0.07
June, 2023 64718.56 0.03 3245.89 0.04 0.99 6.75 0.09
July, 2023 66527.67 -0.03 3388.07 -0.02 0.99 6.75 0.03
August, 2023 64831.41 0.02 3332.69 0.05 0.99 6.75 0.08
September, 2023 65828.41 -0.03 3503.26 -0.05 1.00 6.75 0.00
October, 2023 63874.93 0.05 3344.56 0.04 0.99 6.75 0.14
November, 2023 66988.44 0.08 3471.51 0.09 0.99 6.75 0.18
December, 2023 72240.26 -1.00 3775.9 -1.00 0.97 6.75 -0.80
0.40
0.20
0.00
1 2 3 4 5 6 7 8 9 10 11 12
-0.20
-0.40
-0.60
-0.80
-1.00
-1.20
Sensex grows 21.31% where as TCS grows 16.69%, we can say that TCS had under-
performed the market in the year 2023.
6.9 CAPM Analysis of HDFC BANK of 2020:
Closing HDFC
Month Sensex rm Closing ri Beta rf CAPM
January, 2020 40723.49 -0.06 1226.3 -0.04 0.95 0.0675 -0.05
February, 2020 38297.29 -0.23 1177.65 -0.27 0.95 0.0675 -0.22
March, 2020 29468.49 0.14 861.9 0.16 0.96 0.0675 0.14
April, 2020 33717.62 -0.04 1001.8 -0.05 0.96 0.0675 -0.03
May, 2020 32424.1 0.08 951.65 0.12 0.96 0.0675 0.08
June, 2020 34915.8 0.08 1065.85 -0.03 0.96 0.0675 0.08
July, 2020 37606.89 0.03 1032.8 0.08 0.96 0.0675 0.03
August, 2020 38628.29 -0.01 1115.85 -0.03 0.96 0.0675 -0.01
September, 2020 38067.93 0.04 1078.6 0.10 0.96 0.0675 0.04
October, 2020 39614.07 0.11 1183.55 0.22 0.97 0.0675 0.11
November, 2020 44149.72 0.08 1440.85 0.00 1.01 0.0675 0.08
December, 2020 47751.33 -1.00 1436.3 -1.00 1.00 0.0675 -1.00
0.40
0.20
0.00
1 2 3 4 5 6 7 8 9 10 11 12
-0.20
-0.40
-0.60
-0.80
-1.00
-1.20
Sensex grows 17.25% where as HDFC Bank grows 17.12%, we can say that HDFC Bank has
not perform as return of Sensex and Hdfc bank are almost same.
6.10 CAPM Analysis of HDFC BANK of 2021:
Closing HDFC
Month Sensex rm Closing Ri Beta rf CAPM
January, 2021 46285.77 0.06 1390.5 0.10 1.00 0.0675 0.06
February, 2021 49099.99 0.01 1534.4 -0.03 1.01 0.0675 0.01
March, 2021 49509.15 -0.01 1493.65 -0.05 1.01 0.0675 -0.02
April, 2021 48782.36 0.06 1412.3 0.07 1.01 0.0675 0.06
May, 2021 51937.44 0.01 1515.85 -0.01 1.01 0.0675 0.01
June, 2021 52482.71 0.00 1497.9 -0.05 1.01 0.0675 0.00
July, 2021 52586.84 0.09 1426.45 0.11 1.01 0.0675 0.09
August, 2021 57552.39 0.03 1581.4 0.01 1.02 0.0675 0.03
September,
2021 59126.36 0.00 1594.95 -0.01 1.02 0.0675 0.00
October, 2021 59306.93 -0.04 1582.85 -0.06 1.02 0.0675 -0.04
November, 2021 57064.87 0.02 1493.55 -0.01 1.01 0.0675 0.02
December, 2021 58253.82 -1.00 1479.4 -1.00 1.00 0.0675 -1.00
0.20
0.00
1 2 3 4 5 6 7 8 9 10 11 12
-0.20
-0.40
-0.60
-0.80
-1.00
-1.20
Sensex grows 25.85% where as TCS grows 6.39%, we can say that HDFC Bank has under-
performed the market in the year 2021.
6.11 CAPM Analysis of HDFC BANK of 2022:
Closing HDFC
Month Sensex rm Closing ri Beta rf CAPM
January, 2022 58014.17 -0.03 1485.7 -0.04 0.99 0.0675 -0.03
February, 2022 56247.28 0.04 1426.25 0.03 0.99 0.0675 0.04
March, 2022 58568.51 -0.03 1470.35 -0.06 0.99 0.0675 -0.02
April, 2022 57060.87 -0.03 1384.6 0.00 0.99 0.0675 -0.03
May, 2022 55566.41 -0.05 1388.95 -0.03 0.99 0.0675 -0.04
June, 2022 53018.94 0.09 1348 0.06 0.99 0.0675 0.09
July, 2022 57570.25 0.03 1434.2 0.04 0.98 0.0675 0.03
August, 2022 59537.07 -0.04 1486.1 -0.04 0.98 0.0675 -0.03
September, 2022 57426.92 0.06 1421.35 0.05 0.98 0.0675 0.06
October, 2022 60746.59 0.04 1496.7 0.07 0.98 0.0675 0.04
November, 2022 63099.65 -0.04 1608.45 0.01 0.99 0.0675 -0.04
0.20
0.00
1 2 3 4 5 6 7 8 9 10 11 12
-0.20
-0.40
-0.60
-0.80
-1.00
-1.20
Sensex grows 4.87% where as HDFC Bank grows 8.26%, we can say that HDFC Bank
outperformed the market in the year 2022.
6.12 CAPM Analysis of HDFC BANK of 2023:
Closing HDFC
Month Sensex rm Closing ri Beta rf CAPM
January, 2023 59549.9 -0.01 1603.5 0.00 1.00 0.0675 -0.01
February, 2023 58962.12 0.00 1599.6 0.01 1.00 0.0675 0.00
March, 2023 58997.52 0.04 1609.55 0.05 1.00 0.0675 0.04
April, 2023 61112.44 0.02 1687.6 -0.05 1.01 0.0675 0.02
May, 2023 62622.24 0.03 1610.85 0.06 1.00 0.0675 0.03
June, 2023 64718.56 0.03 1701.4 -0.03 1.01 0.0675 0.03
July, 2023 66527.67 -0.03 1651.2 -0.05 1.00 0.0675 -0.03
August, 2023 64831.41 0.02 1571.45 -0.03 1.00 0.0675 0.02
September,
2023 65828.41 -0.03 1526.3 -0.03 0.97 0.0675 -0.03
October, 2023 63874.93 0.05 1476.5 0.06 0.96 0.0675 0.05
November,
2023 66988.44 0.08 1558.8 0.10 0.97 0.0675 0.08
December, 2023 72240.26 -1.00 1709.25 -1.00 0.99 0.0675 -0.98
0.20
0.00
1 2 3 4 5 6 7 8 9 10 11 12
-0.20
-0.40
-0.60
-0.80
-1.00
-1.20
Sensex grows 21.31% where as HDFC Bank grows 6.59%, we can say that HDFC Bank had
massively under-performed the market in the year 2023.
6.13 CAPM Analysis of ICICI BANK of 2020:
Closing
Month Sensex rm ICICI Closing ri Beta rf CAPM
January, 2020 40723.49 -0.06 525.55 -0.06 0.91 0.0675 -0.05
February, 2020 38297.29 -0.23 496.05 -0.35 0.91 0.0675 -0.20
March, 2020 29468.49 0.14 324.5 0.17 0.93 0.0675 0.14
April, 2020 33717.62 -0.04 379.9 -0.13 0.94 0.0675 -0.03
May, 2020 32424.1 0.08 332.1 0.06 0.94 0.0675 0.08
June, 2020 34915.8 0.08 351.45 -0.01 0.93 0.0675 0.08
July, 2020 37606.89 0.03 346.9 0.14 0.93 0.0675 0.03
August, 2020 38628.29 -0.01 395 -0.10 0.94 0.0675 -0.01
September, 2020 38067.93 0.04 354.9 0.11 0.95 0.0675 0.04
October, 2020 39614.07 0.11 392.55 0.20 0.95 0.0675 0.11
November, 2020 44149.72 0.08 472.8 0.13 0.96 0.0675 0.08
December, 2020 47751.33 -1.00 534.8 -1.00 0.97 0.0675 -0.97
0.40
0.20
0.00
1 2 3 4 5 6 7 8 9 10 11 12
-0.20
-0.40
-0.60
-0.80
-1.00
-1.20
Sensex grows 17.25% where as ICICI Bank grows 1.76%, we can say that ICICI Bank has
not shown the growth in the year 2020.
6.14 CAPM Analysis of ICICI BANK of 2021:
Closing ICICI
Month Sensex rm Closing ri Beta rf CAPM
January, 2021 46285.77 0.06 537 0.11 0.95 0.0675 0.06
February, 2021 49099.99 0.01 597.6 -0.03 0.95 0.0675 0.01
March, 2021 49509.15 -0.01 581.25 0.03 0.95 0.0675 -0.01
April, 2021 48782.36 0.06 600.4 0.10 0.95 0.0675 0.06
May, 2021 51937.44 0.01 662.2 -0.05 0.96 0.0675 0.01
June, 2021 52482.71 0.00 630.85 0.08 0.96 0.0675 0.00
July, 2021 52586.84 0.09 682.7 0.05 0.98 0.0675 0.09
August, 2021 57552.39 0.03 718.85 -0.03 0.96 0.0675 0.03
September,
2021 59126.36 0.00 700.8 0.14 0.95 0.0675 0.01
October, 2021 59306.93 -0.04 802.3 -0.11 1.00 0.0675 -0.04
November, 2021 57064.87 0.02 714.3 0.04 0.97 0.0675 0.02
December, 2021 58253.82 -1.00 740.25 -1.00 0.97 0.0675 -0.96
0.40
0.20
0.00
1 2 3 4 5 6 7 8 9 10 11 12
-0.20
-0.40
-0.60
-0.80
-1.00
-1.20
Sensex grows 25.85% where as ICICI Bank grows 37.84%, we can say that ICICI Bank has
outperformed the market in the year 2021.
6.15 CAPM Analysis of ICICI BANK of 2022:
Closing ICICI
Month Sensex rm Closing ri Beta rf CAPM
January, 2022 58014.17 -0.03 789.25 -0.06 0.97 0.0675 -0.03
February, 2022 56247.28 0.04 742.45 -0.02 0.97 0.0675 0.04
March, 2022 58568.51 -0.03 730.25 0.02 0.97 0.0675 -0.02
April, 2022 57060.87 -0.03 743.55 0.01 0.97 0.0675 -0.02
May, 2022 55566.41 -0.05 751.5 -0.06 0.97 0.0675 -0.04
June, 2022 53018.94 0.09 706.85 0.16 0.97 0.0675 0.09
July, 2022 57570.25 0.03 818.5 0.08 0.98 0.0675 0.03
August, 2022 59537.07 -0.04 887.6 -0.03 0.99 0.0675 -0.03
September, 2022 57426.92 0.06 862.8 0.05 0.99 0.0675 0.06
October, 2022 60746.59 0.04 908.55 0.05 0.99 0.0675 0.04
November, 2022 63099.65 -0.04 953.4 -0.07 0.99 0.0675 -0.03
December, 2022 60840.74 -1.00 890.95 -1.00 0.99 0.0675 -0.99
0.40
0.20
0.00
1 2 3 4 5 6 7 8 9 10 11 12
-0.20
-0.40
-0.60
-0.80
-1.00
-1.20
Sensex grows 4.87% where as ICICI Bank grows 12.88%, we can say that ICICI Bank
outperformed the market in the year 2022.
Closing ICICI
Month Sensex rm Closing ri Beta rf CAPM
January, 2023 59549.9 -0.01 831.65 0.03 1.00 0.0675 -0.01
February, 2023 58962.12 0.00 854.65 0.03 1.00 0.0675 0.00
March, 2023 58997.52 0.04 877.2 0.05 1.00 0.0675 0.04
April, 2023 61112.44 0.02 917.7 0.03 1.01 0.0675 0.02
May, 2023 62622.24 0.03 948.45 -0.01 1.01 0.0675 0.03
June, 2023 64718.56 0.03 934.35 0.07 1.00 0.0675 0.03
July, 2023 66527.67 -0.03 995.35 -0.04 1.02 0.0675 -0.03
August, 2023 64831.41 0.02 958.2 -0.01 1.02 0.0675 0.01
September, 2023 65828.41 -0.03 952.05 -0.04 1.01 0.0675 -0.03
October, 2023 63874.93 0.05 915.4 0.02 1.00 0.0675 0.05
November, 2023 66988.44 0.08 935.2 0.07 1.00 0.0675 0.08
December, 2023 72240.26 -1.00 996.45 -1.00 1.00 0.0675 -1.00
6.16 CAPM Analysis of ICICI BANK of 2023:
0.20
0.00
1 2 3 4 5 6 7 8 9 10 11 12
-0.20
-0.40
-0.60
-0.80
-1.00
-1.20
Sensex grows 21.31% where as ICICI Bank grows 19.81%, we can say that ICICI Bank has
under-performed the market in the year 2023.
6.17 CAPM Analysis of INFOSYS of 2020:
Closing
Month Sensex rm INFOSYS ri Beta rf CAPM
January, 2020 40723.49 -0.06 775.95 -0.06 0.93 0.0675 -0.05
February, 2020 38297.29 -0.23 731.7 -0.12 0.93 0.0675 -0.21
March, 2020 29468.49 0.14 641.5 0.12 0.92 0.0675 0.14
April, 2020 33717.62 -0.04 715.5 -0.03 0.91 0.0675 -0.03
May, 2020 32424.1 0.08 691 0.07 0.91 0.0675 0.08
June, 2020 34915.8 0.08 735.95 0.31 0.90 0.0675 0.08
July, 2020 37606.89 0.03 966 -0.04 0.98 0.0675 0.03
August, 2020 38628.29 -0.01 928.6 0.09 0.98 0.0675 -0.01
September, 2020 38067.93 0.04 1008.25 0.05 0.98 0.0675 0.04
October, 2020 39614.07 0.11 1060.6 0.04 0.98 0.0675 0.11
November, 2020 44149.72 0.08 1100 0.14 0.98 0.0675 0.08
December, 2020 47751.33 -1.00 1255.8 -1.00 0.96 0.0675 -0.96
0.40
0.20
0.00
1 2 3 4 5 6 7 8 9 10 11 12
-0.20
-0.40
-0.60
-0.80
-1.00
-1.20
Sensex grows 17.25% where as INFOSYS grows 61.84%, we can say that INFOSYS has
massively outperformed the market in the year 2020.
6.18 CAPM Analysis of INFOSYS of 2021:
Closing
Month Sensex rm INFOSYS ri Beta rf CAPM
January, 2021 46285.77 0.06 1239.05 0.01 0.96 0.0675 0.06
February, 2021 49099.99 0.01 1253.3 0.09 0.96 0.0675 0.01
March, 2021 49509.15 -0.01 1368.05 -0.01 0.96 0.0675 -0.01
April, 2021 48782.36 0.06 1354.35 0.03 0.96 0.0675 0.06
May, 2021 51937.44 0.01 1393.75 0.13 0.96 0.0675 0.01
June, 2021 52482.71 0.00 1580.8 0.02 0.98 0.0675 0.00
July, 2021 52586.84 0.09 1610.5 0.06 0.98 0.0675 0.09
August, 2021 57552.39 0.03 1706.45 -0.02 0.97 0.0675 0.03
September, 2021 59126.36 0.00 1675.2 0.00 0.95 0.0675 0.01
October, 2021 59306.93 -0.04 1667.75 0.03 0.93 0.0675 -0.03
November, 2021 57064.87 0.02 1712.65 0.10 0.94 0.0675 0.02
December, 2021 58253.82 -1.00 1887.75 -1.00 0.94 0.0675 -0.93
0.40
0.20
0.00
1 2 3 4 5 6 7 8 9 10 11 12
-0.20
-0.40
-0.60
-0.80
-1.00
-1.20
Sensex grows 25.85% where as INFOSYS grows 52.35%, we can say that INFOSYS has
massively outperformed the market in the year 2021.
6.19 CAPM Analysis of INFOSYS of 2022:
Closing
Month Sensex rm INFOSYS ri Beta rf CAPM
January, 2022 58014.17 -0.03 1736.2 -0.01 0.93 0.0675 -0.02
February, 2022 56247.28 0.04 1715.6 0.11 0.93 0.0675 0.04
March, 2022 58568.51 -0.03 1906.85 -0.21 0.95 0.0675 -0.02
April, 2022 57060.87 -0.03 1503.6 -0.03 0.96 0.0675 -0.02
May, 2022 55566.41 -0.05 1461.9 0.06 0.97 0.0675 -0.04
June, 2022 53018.94 0.09 1549.7 -0.04 0.99 0.0675 0.09
July, 2022 57570.25 0.03 1492.95 -0.05 0.97 0.0675 0.04
August, 2022 59537.07 -0.04 1413.45 0.09 0.97 0.0675 -0.03
September, 2022 57426.92 0.06 1537.65 0.06 1.02 0.0675 0.06
October, 2022 60746.59 0.04 1634.95 -0.08 1.02 0.0675 0.04
November, 2022 63099.65 -0.04 1508.2 0.02 1.00 0.0675 -0.04
December, 2022 60840.74 -1.00 1533.75 -1.00 1.02 0.0675 -1.02
0.20
0.00
1 2 3 4 5 6 7 8 9 10 11 12
-0.20
-0.40
-0.60
-0.80
-1.00
-1.20
Sensex grows 4.87% where as INFOSYS grows -11.66%, we can say that INFOSYS under-
performed the market in the year 2022.
Closing
Month Sensex rm INFOSYS ri Beta rf CAPM
January, 2023 59549.9 -0.01 1487.55 -0.04 0.98 0.0675 -0.01
February, 2023 58962.12 0.00 1427.95 -0.12 0.98 0.0675 0.00
March, 2023 58997.52 0.04 1252.75 0.05 0.99 0.0675 0.04
April, 2023 61112.44 0.02 1318.3 0.01 0.99 0.0675 0.03
May, 2023 62622.24 0.03 1335.5 0.02 0.99 0.0675 0.03
June, 2023 64718.56 0.03 1355.7 0.06 0.98 0.0675 0.03
July, 2023 66527.67 -0.03 1435.45 0.00 0.99 0.0675 -0.02
August, 2023 64831.41 0.02 1435.45 -0.05 0.99 0.0675 0.02
September, 2023 65828.41 -0.03 1368.4 0.06 0.98 0.0675 -0.03
October, 2023 63874.93 0.05 1455.15 0.06 1.02 0.0675 0.05
November, 2023 66988.44 0.08 1542.9 0.01 1.07 0.0675 0.08
December, 2023 72240.26 -1.00 1562.1 -1.00 #DIV/0! 0.0675 #DIV/0!
6.20 CAPM Analysis of INFOSYS of 2023:
0.20
0.00
1 2 3 4 5 6 7 8 9 10 11 12
-0.20
-0.40
-0.60
-0.80
-1.00
-1.20
Sensex grows 21.31% where as ICICI Bank grows 5.01%, we can say that ICICI Bank has
under-performed the market in the year 2023.