Project Report

On
“OPTIMAL PORTFOLIO CONSTRUCTION USING SHARPE’S
SINGLE INDEX MODEL - A STUDY OF SELECTED STOCKS FROM
NIFTY-50”
Submitted to
Department of Management
Shrimad Rajchandra Institute of
Management And Computer Application

Submitted by
Mahesh B. Patel
(Enrollment no. 201704100710032)
Guided by
Ms. Pranjal Desai
Year
2018-19
 DECLARATION

I, Mahesh B. Patel from Shrimad Rajchandra Institute of Management & Computer

Application, UKA Tarsadia University, hereby declare that the project has been
undertaken as a part of 3rd semester in Quantitative and Computational Finance
Subject of Master of Business Administration (MBA) of UKA Tarsadia University,
Bardoli. I declare that this report has not been submitted to any other university or
institute for any other purposes.

DATE:

Mahesh B. Patel (032) ________________

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 ACKNOWLEDGMENT

I wish to express my sincere thanks to Dr. Krunal Patel, I/c Director of

Department of Management SRIMCA, and Uka Tarsadia University who gave me
opportunity to prepare this Project.And For guiding in right direction & constant
help and support during the project. Last but not least, I thank all those who have
helped me directly or indirectly during this project.

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 TABLE OF CONTENTS

DECLARATION ......................................................................................................................................... 2
ACKNOWLEDGMENT ............................................................................................................................ 3
TABLE OF CONTENTS ........................................................................................................................... 4
1. THEORETICAL FRAMEWORK ....................................................................................................... 6
1.1 INTRODUCTION ............................................................................................................................... 6
1.2 Fundamental Analysis ................................................................................................................... 6
1.3 Technical Analysis ........................................................................................................................... 6
1.4 Quantitative Analysis ..................................................................................................................... 6
1.5 SHARPE SINGLE INDEX MODEL ............................................................................................... 6
1.6 ASSUMPTION OF SHARPE SINGLE INDEX MODEL: ........................................................... 7
1.7 ADVANTAGES OF SHARPE’S SINGLE INDEX MODEL ........................................................ 7
1.8 DISADVANTAGES OF SHARPE SINGLE INDEX MODEL .................................................... 7
2.1 Return .................................................................................................................................................. 8
a). Estimate the return on stock. ...................................................................................................... 8
b). Estimate the return on market. ................................................................................................... 8
2.2. Beta Coefficient: .............................................................................................................................. 8
2.3 Risk-Free Rate of Return (Rf) .................................................................................................... 9
2.4 Excess return to beta ratio for each security ........................................................................ 9
2.7 Proportion for each selected securities .............................................................................. 10
4. RESEARCH METHODOLOGY: ....................................................................................................... 13
4.1 PROBLEM STATEMENT .............................................................................................................. 13
4.2 NEED FOR THE STUDY ................................................................................................................ 13
4.3 OBJECTIVES OF THE STUDY: .................................................................................................... 13
4.4 RESEARCH DESIGN ....................................................................................................................... 13
4.5 SAMPLE SIZE ................................................................................................................................... 13
4.5 SOURCES OF DATA........................................................................................................................ 13
4.6 TOOLS FOR DATA ANALYSIS .................................................................................................... 13
5. DATA ANALYSIS ............................................................................................................................... 14
6. FINDINGS............................................................................................................................................ 19
7. CONCLUSION .................................................................................................................................... 20
7. REFERENCES ..................................................................................................................................... 21

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 LIST OF TABLES

Table 5.1 Ranking of the Stocks Based on Excess Return to Beta Ratio .. ………………..14
Table 5.2 Sample Companies based on their Ranks and Unsystematic Risk…………...15
Table 5.3 Ci of Sample Companies' Stocks …………………………………………………………...15
Table 5.4 Proportion of Investment Proposed…………………………………………………..….16
Table 5.5 Return on Portfolio………………………………………………………………………………17

LIST OF FIGURES

Figure 5.1 Proportion of Investment Proposed…………………………………………………....16

Figure 5.2 Proportion of Investment and Return on portfolio……………………………….18

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1. THEORETICAL FRAMEWORK

1.1 INTRODUCTION

The history of Indian stock Markets is recognised as one of the oldest in Asia. The
evolutions of Indian Stock Market Indian Stock Markets is traced back nearly 200
years ago. Its existence in the market is considered as a most predominant market
due to the globalization and liberalization which happened in the year of 1990‟s.
Though it happened only less than 2% of total population invests in stocks.
Primarily it has been divided into two parts, Primary market and secondary market.
IPO happens in primary market and trading of issued shares will happen in
secondary market. Security analysis and portfolio management will help to
construct the optimum portfolio for the equities market and helps to make the right
decision for investment.
Generally, Security Analysis is broadly classified into three categories:

1.2 Fundamental Analysis

Fundamental Analysis refers to the evaluation of securities with the help of certain
fundamental business factors such as financial statements, current interest rates as
well as competitor’s products and financial market. Financial statements are nothing
but proofs or written records of various financial transactions of an investor or
company. Financial statements are used by financial experts to study and analyze
the profits, liabilities, assets of an organization or an individual.

1.3 Technical Analysis

Technical analysis refers to the analysis of securities and helps the finance
professionals to forecast the price trends through past price trends and market data.

1.4 Quantitative Analysis

Quantitative analysis refers to the analysis of securities using quantitative data.

1.5 SHARPE SINGLE INDEX MODEL

Sharpe’s Model proposes that the relationship between each pair of securities can
indirectly be measured by comparing each security to a common factor ‘market
performance index’ that is shared amongst all the securities.

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1.6 ASSUMPTION OF SHARPE SINGLE INDEX MODEL:

1. The expectations of all investors are homogeneous in nature.

2. A uniform holding period is used in estimating risk and return for each security.
3. The price movements of a security is not only dependent upon the nature of thee
other securities. They are also dependent on the general business and economic
conditions.
4. The indices, to which the returns of each security are correlated, are likely to be
some securities’ market proxy.
5. The random disturbance terms ‘ei’ has an expected value zero (0) and a finite
variance. It is not correlated with the return on market portfolio (Rm) as well as
with the error term (ei) for any other securities

1.7 ADVANTAGES OF SHARPE’S SINGLE INDEX MODEL

1) The model is simple to understand and easy to apply.

2) If one has ‘n’ securities at his disposal, it requires only (3n+2) estimates but
Markowitz’s model requires n(n−1)/ 2 estimates.
3) It provides an estimate of security’s return as well as of the index value.
4) It greatly helps in obtaining the following inputs required for applying the
Markowitz’s model:
i) The expected return on each security
ii) The variance of return on each security
iii) The covariance of return between each pair of securities
5) This provides reason for either the ‘inclusion’ or the ‘exclusion’ of a security in
while constructing an optimal portfolio.

1.8 DISADVANTAGES OF SHARPE SINGLE INDEX MODEL

1) The Single Index Model proposed by William Sharpe does not consider
uncertainty in the market as time progresses; instead the model optimizes for a
single point in time.
2) This model assumes that security prices move together only because of common
co-movement with the market. But there are influences beyond the general business
and market conditions, like industry-oriented factors that also influence movement
of securities together.

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2. CONSTRUCTION OF AN OPTIMAL PORTFOLIO USING SIM
2.1 Return:
The total gain or loss experienced on an investment over a given period of time,
calculated by dividing the asset’s cash distributions during the period, plus change in
value, by its beginning-of-period investment value is termed as return.

a). Estimate the return on stock. The equation to be used

Where,
Pt = current year price
Po = previous year price.

b). Estimate the return on market. The equation to be used

Where,
Pt = current year price
Po = previous year price.

2.2. Beta Coefficient:

Beta coefficient is the relative measure of systematic risk. Beta of an investment is a

measure of the risk arising from exposure to general market movements as opposed
to idiosyncratic factors. The beta of stock following equation to be used

Where,
rs = return on the stock ,
rm = return on the market
Cov (rs,rm) = covariance of the stock and market
Var(rm) = variance of the market.

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2.3 Risk-Free Rate of Return (Rf)

Risk-free rate of return is the return on a security that is free from default risk and is
uncorrelated with returns from anything else in the economy. A 364 day treasury
bill rate.

2.4 Next, find excess return to beta ratio for each security

Where,
Ri = the expected return of stock i
Rf = risk free rate of return
βi = systematic risk of stock i

The securities are ranked according to this ratio.

2.5 Next, find the systematic and unsystematic risks. are computed as under:

Systematic risk = βi2 × Variance of market index

= βi2 × σ2m

Unsystematic risk = Total variance - Systematic risk

e2ei = σi2 - Systematic risk

2.6 As a next step, find the ‘Cut-off rate’ ‘C’i by using following equation:

Where,
σ2ei = unsystematic risk
β = beta value of individual security
σm = market index risk
Ri-Rf = excess return

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The point will be selected as cut off point after which cumulative value of Ci start
declining. Those securities which have value of Ci more or equal to cut off point will
be selected in optimum portfolio.

2.7 The next find proportion for each selected securities will be found by
using the following formula:

Where,
Xi = proportion of investment

σ2ei = unsystematic risk

β = beta value of individual security
Ri-Rf = excess return
C* = cut off point.

All rational investors desires to maximize their return with less risk on his
investment in a portfolio. This means that the needs to construct an efficient
portfolio minimum risk for a given expected return. This can be achieved with the
help of sharpe single index model.

The National Stock Exchange (NSE) is the leading exchange in india and the fourth
largest in the world by equity trading volume in 2015. National Stock Exchange has a
total market capitalization of more than US$ 2.27 trillion making it world's 11th
largest exchange in terms of market capitalization in april 2018. And NSE is the
largest stock exchange in india in terms of total and average daily turnover for
equity shares.
The select 10 companies stock has major contribution to Nifty-50 to increace market
cap.

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3. LITERATURE REVIEW

1. Mr. M Sathyapriya (2016) in their research “Construction of optimal portfolio

using Sharpe’s single index model - a study with reference to Infrastructure and
pharmaceutical sector”. For that, twenty companies from the infrastructure and
pharmaceutical sector was selected for the study. The main objective of the
study keeping Sharpe Model calculation as base, to choose the optimal stocks
and construct a portfolio, thus helping the investors take an appropriate
investment decision. Monthly data for four financial years were used for
constructing the portfolio; i.e. from September 2008 to September 2012. All
calculations have been done using MS Excel. From the analysis it was found that
only five companies were included in the portfolio constructed out of the twenty
companies.

2. Mr. Tanuj Nandan and Nivedita Srivastava (2017) in their research

“Construction of optimal portfolio using Sharpe’s single index model: An
empirical study on Nifty 50 stocks”. For that, Nifty 50 index was selected for the
study. The main objective of the study is to construct an optimal portfolio using
stocks listed in NIFTY 50 and calculate the proportion of investment to be made
in to each of the stock that is included in the optimal portfolio. Weekly data for
five financial years were used for constructing the portfolio; i.e. from 1st August
2010 to 31st July 2015. All calculations have been done using MS Excel. From the
analysis it was found that only twenty four companies were included in the
portfolio constructed out of the fifty companies.

3. Mr. Laxmikanta Giri and Dr. Gayadhar Parhi (2017) in their research
“Optimum portfolio construction using single index model”. For that, fifty
companies from the Nifty 50 Sensex index were selected for the study. The main
objective of the study to construct an optimum portfolio using Single Index Model.
Daily data for one financial year were used for constructing the portfolio; i.e.
from 1st January 2015 to 31st December 2015. All calculations have been done
using MS Excel. From the analysis it was found that only five companies were
included in the portfolio constructed out of the fifty companies.
4. Dr. S. Poornima and Aruna P Ramesh (2017) in their research “Optimal
portfolio construction of selected stocks from NSE using Sharpe’s single index
model”. For that, fifty companies from the Nifty 50 Sensex index were selected
for the study. The main objective of the study to construct an optimal portfolio
empirically using the Sharpe’s Single Index Model and to calculate the cut-off
rate which serves as a bench mark to select stocks to be included in a portfolio.
Monthly data for five financial years were used for constructing the portfolio;
i.e. 2010 to 2015 All calculations have been done using Prowess software. From
the analysis it was found that only eleven companies were included in the
portfolio constructed out of the fifty companies.

5. Mr. Mohith. S., Pavithra. S., Bharadwaj R., and Dr. A. Ananth (2017) in their
research “Application of Sharpe’s single index on the Optimum portfolio
construction in Indian capital market”. For that, NSE Nifty nineteen companies
for F.M.C.G and energy sectors selected for the study. The main objective of the
study is to analyse the risk-return relationships of the sample stocks and
calculate the proportion of money to be invested by investors out of their
investment. Monthly data for five financial years were used for constructing the
portfolio; i.e. from 1st January 2011 to 31st December 2015. All calculations have
been done using MS Excel. From the analysis it was found that only eight
companies were included in the portfolio constructed out of the nineteen
companies.

6. Ms. S. Subashree and Dr. M. Bhoopal (2017) in their research “Construction of

optimal portfolio using Sharpe’s single index model - a study with reference to
banking and automobile sector”. For that, five companies from the banking
sector and 5 companies from the automobile sector was selected for the study.
The main objective of the study to calculate the return and risk of the
constructed optimal portfolio by using Sharpe’s Single Index Model. Monthly
data for one financial year were used for constructing the portfolio; i.e. from 1st
October 2016 to 31st September 2017. All calculations have been done using MS
Excel. From the analysis it was found that only three companies were included
in the portfolio constructed out of the ten companies.

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4. RESEARCH METHODOLOGY:

4.1 PROBLEM STATEMENT

The present study is entitled, “Optimal Portfolio Construction using Sharpe’s Single
Index Model - A Study of Selected Stocks from NIFTY-50”

4.2 NEED FOR THE STUDY

Whole investors are facing some complexities while securities from a combination of
portfolios. They don’t know among those securities which are performing well and
not performing well in the market. So by undertaking this study the researcher can
guide the investors to select a security that satisfies their needs.

4.3 OBJECTIVES OF THE STUDY:

1. To get a practical knowledge as to the idea embedded in Sharpe’s index model;

2. To construct an optimal portfolio empirically using the Sharpe’s Single Index
Model, and
3. To calculate the proportion of investment to be made into each of the stock that is
included in the optimal portfolio.

4.4 RESEARCH DESIGN

This project is based on descriptive research design.

4.5 SAMPLE SIZE

10 companies TCS, Reliance Industries, HDFC Bank, Hindustan Unilever, Bajaj

Finance, Infosys, Housing Development Finance Corp., Kotak Mahindra Bank, State
Bank of India and Asian paints selected in NIFTY-50

4.5 SOURCES OF DATA

This study is purely based on secondary data obtained from the following websites
www.nseindia.com, www.rbi.org.in and www.investing.com. For the period of 1st
August 2013 to 31st August 2018.

4.6 TOOLS FOR DATA ANALYSIS

Tools used for the study was risk and return, beta and Sharpe optimal single index.

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5. DATA ANALYSIS

SR. MEAN
NO COMPANY NAME RETURN(%) Ri - Rf Βi RANK

1 Tata Consultancy Services 17.14 9.66 0.80 12.075 9

2 Reliance Industries 24.89 17.41 1.12 15.55 6
3 HDFC Bank 22.02 14.54 1.05 13.85 7
4 Hindustan Unilever 22.64 15.16 0.67 22.63 2
5 Bajaj Finance 72.55 65.07 1.16 56.09 1
6 Infosys 15.05 7.57 0.56 13.52 8
7 Housing Development
Finance Corporation. 26.60 19.12 1.01 18.93 4
8 Kotak Mahindra Bank 29.36 21.88 1.00 21.88 3
9 State Bank Of India 19.44 11.96 1.76 6.80 10
10 Asian Paints 26.55 19.07 1.08 17.66 5
Table 5.1 Ranking of the Stocks Based on Excess Return to Beta Ratio

Table 5.1 depicts the excess return and to beta ratio. Excess return is the difference
between expected return on the stock and risk free rate of interest. The risk free
rate of interest is calculated to be 7.48% in the study. The excess return on beta ratio
measures the additional return on security per unit of systematic risk. Table 1 shows
that the Bajaj Finance stocks has the highest-excess return to beta ratio of 56.09
while that of state bank of india stock has lowest of 6.80 This ratio provides the
relationship between potential risk and reward from a company's stock. The ranking
of stocks done on the basis of excess return to beta ratio reveals that while the
Hindustan Unilever stock ranks first, the State bank of india stock ranks the last. In
addition to the systematic risk of individual securities, their unsystematic risk as
measured by σei2 is also computed and tabulated in the Table 2. It is the unique risk
affecting the firm due to certain factors affecting only the company issuing such
security. It is an avoidable or controllable risk. The companies are listed in this table
based on their ranks. The excess return is divided by the unsystematic risk σei2 and
multiplied by the beta in order to calculate the ‘ Ci’ values. The Unsystematic risk is
calculated using the following formula: σ2ei =σ2 – β2 σ2m

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SR. Cumulative of
NO COMPANY NAME σ2ei (Ri – Rf/ σ2ei)β (Ri – Rf/ σ2ei)β

1 Bajaj finance 0.0651 1159.46 1159.46

2 Hindustan Unilever 0.0284 357.65 1517.11
3 Kotak Mahindra Bank 0.0188 1163.82 2680.93
4 Housing Development Finance
Corporation. 0.0112 1724.21 4405.14
5 Asian Paints 0.0346 595.25 5000.39
6 Reliance Industries 0.0469 415.76 5416.15
7 HDFC Bank 0.0210 727.00 6143.15
8 Infosys 0.0430 98.59 6241.74
9 Tata Consultancy Services 0.0397 194.66 6436.40
10 State Bank Of India 0.0488 431.34 6867.74
Table 5.2 Sample Companies based on their Ranks and Unsystematic Risk

Table 5.2 reveals that out of ten companies, Bajaj Finance has the highest value of
0.0651 and Housing Development Finance Corporation has the less risk of 0.0112As
a next step the ‘Ci’ was computed and tabulated below:

SR. Cumulative
NO COMPANY NAME β2/σ2 ei of (β2/ σ2ei) Ci
1 Bajaj finance 20.67 20.67 15.37
2 Hindustan Unilever 15.81 36.48 16.62
3 Kotak Mahindra Bank 53.19 89.67 18.58
4 Housing Development Finance Corporation. 91.08 180.75 18.70
5 Asian Paints 33.71 214.46 18.60
6 Reliance Industries 26.75 241.21 18.32
7 HDFC Banks 52.5 293.71 17.65
8 Infosys 7.29 301.00 17.57
9 Tata Consultancy Services 16.12 317.12 17.32
10 State Bank Of India 63.48 380.6 15.79
Table 5.3 Ci of Sample Companies' Stocks

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Table 5.3 represents the Ci of sample companies. The β2/ σ2ei and its cumulative are
necessary for the calculation of Ci. The Ci value goes on increasing from 12.05 to
16.45 and thereafter, starts declining. Therefore, the value of 16.45 is considered as
the 'cut-off point'. The securities which come after the cut-off point will not be
considered for the optimal portfolio construction. The Ci is calculated and tabulated
as under:

SR.
NO COMPANY NAME Ci Zi Xi
1 Bajaj Finance 15.37 725.58 67.13
2 Hindustan Unilever 16.62 141.79 13.12
3 Kotak Mahindra Bank 18.58 175.53 16.24
4 Housing Development Finance Corporation. 18.70 37.88 3.51
Total 1080.78 100
Table 5.4 Proportion of Investment Proposed

Table 5.4 represents the proportion of investment to be made in each security. The
five securities ranking from 1 to 4 are selected for the optimal portfolio. The
percentage of funds to be invested in each security is presented in figure 5.1:

3.51%
BAJAJ FINANCE
16.24%
HINDUSTAN
UNILEVER
KOTAK MAHINDRA
13.12% 67.13 BANK
H.D.F.COR.

5. 1 Proportion of Investment Proposed

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In a sample of ten companies four companies have been selected for the optimal
portfolio construction applying SIM. Once the companies on which investment is to
be made are known it is essential to know the proportion of investment to be made
in each company's security. Figure 5.1 represents the proportion of investment to be
made by the investor to earn maximum returns. The figure shows that 67.13% of
investment may be made in the Bajaj Finanvce (which means majority of the funds is
to be invested on this company's stock), followed by 16.24 % in Kotak Mahindra ltd,
13.12% in Hindustan Uniliver Limited. 3.51% in Housing Development Finance
Corporation. A look at the individual security returns from these stocks as well as
their respective returns on portfolio is also presented below:

Return Return on
COMPANY NAME Xi in (%) Portfolio(%)
Bajaj Finance 67.13 72.55 48.70
Hindustan Unilever 13.12 22.64 2.97
Kotak Mahindra Bank 16.24 29.36 4.77
Housing Development Finance Corporation. 3.51 22.02 0.77
Total 100 57.21
Table 5.5 Return on Portfolio

Table 5.5 represents the proportion of investment, individual security return and
the returns on portfolio. The returns on portfolio are calculated based on the
proportion of investment in each security. The highest return on portfolio is from
the Bajaj Finance company i.e. 48.70% and the lowest is Housing Development
Finance Corporation ltd i.e.0.77%. Total return from the optimal portfolio is 57.21%.
Thus, the inclusion of stocks in a portfolio is beneficial to companies despite the fact
that expected returns from individual stocks is less.

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 140

120

100

80

60

40

20

0
BAJAJ FINANACE HINDUSTAN H.D. F.CORP. Kotak mahindra
UNILEVER bank

PROPOTION OF INVESTMENT RETURN ON PORTFOLIO

5. 2 Proportion of Investment and Return on portfolio

Figure 5.2 depicts the proportion of investment to be made in individual security

and the portfolio returns. Bajaj finance has the highest portfolio return and Housing
Development finance Corporatio has the lowest portfolio return. If the investor
invests on the above constructed portfolio, his total expected portfolio return is
66.62%. Thus, the Sharpe's Single Index Model is useful to investors and helps the
fund managers in deciding about the securities to be included in his portfolio to
derive the best benefits of diversification.

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6. FINDINGS

The findings of the present study are presented below:

1. The Bajaj Finance Limited has the highest return of 72.55% and the Infosys
Limited has the lowest return of 15.05%. If the investor wants to earn a
maximum return without considering the risk aspect then investment can be
made on those securities which yield high returns. Even though the return is
high, the risk involved in the stock return should be considered while taking
investment decisions.
2. The State bank of India has the highest beta value of 1.76 which means that it is
highly volatile. Bajaj Finance(1.16), Reliance industries (1.12), Asian Paints
(1.08) have the beta values greater than 1 which means that they are also
volatile. But, they are less volatile compared to the State Bank Of India.
3. The excess return to beta ratio measures the additional return on a security per
unit of systematic risk. The Bajaj Finance Limited 's stock return has the highest
excess return to beta ratio of 56.09 and that of State Bank of india is the lowest at
6.80. This ratio provides the relationship between potential risk and reward
involved in a security's return.
4. The Bajaj Finance stock return has the highest unsystematic risk σ2ei of 0.651
and that of the Housing Development Finance Corporation Ltd. has the least risk
0.0112. It is the unique risk affecting the firm due to certain factors affecting only
the company issuing such security. It is the avoidable risk.
5. The four securities ranking from 1 to 4 based on the Ci values were identified
along with the proportion of investment to be made. The proportion of the
investment to be made is 67.13% in Bajaj Finance's stock, 16.24% in Kotak
Mahindra Bank, limited stock, 13.12% in Hindustan Uniliever Limited stock, and
3.51% in Housing Development Finance Corporation. This implies that the
majority of funds may be invested on the Bajaj Finance company's stock.

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7. CONCLUSION

Constructing an optimal portfolio is a challenging task for the individual as well as

the institutional investors. This reserch made an attempt to construct an optimum
portfolio using the Sharpe’s Single Index Model. Among the ten sample companies,
only four were selected for optimal portfolio. The final decision of investing should
be made only after considering all the factors affecting the securities. These can be
general economic factors or any other macroeconomic factors which govern the
movement and action of the movement of these securities in the market. Many micro
studies of this kind need to be conducted considering different types of samples. The
results of the present study and such micro level studies have more utility value to
the fund managers of emerging economies like India where the capital markets are
still in their developing stages and many foreign institutional investors are also
interested to invest in the leading stocks traded through the stock exchanges of
these countries.

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7. REFERENCES

1.) Dr. S. Poornima and Aruna.P.Remesh, (2017). Optimal Portfolio Construction Of

Selected Stocks From Nse Using Sharpe’s Single Index Model. IJMR, 12(7), 283-
298
.
2.) Dr. M. Bhoopal, (2017). Construction Of Optimal Portfolio Using Sharpe’s Single Index
Model - A Study With Reference To Banking And Automobile Sectors. Asia Pacific Journal
Of Research, 232-237.

3.) Mr. Mohith. S, (2017). Application Of Single Sharpe Index On The Optimum
Portfolio Construction In Indian Capital Market. International Journal Of Physical
And Social Science, 7(7), 60-72.

4.) Mr. Laxmikanta Giri (2017).Optimum Portfolio Construction Using Single Index.
Intercontinental Journal Of Finance Research, 5(2), 62-69.

5.) Mr. Sathyapriya, M. (2016). Optimum Portfolio Construction Using Sharpe Index
Model With Reference to Infrastructure sector and Pharmaceutical Sector.
International Journal of Scientific and Research Publications, 6(8), 490-496.

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