International Journal For Multidisciplinary Research

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Factors Affecting the Indian Stock Market

Author(s) Samridhi Narula, Saqib Khan
Country India
Abstract One of the important contributions of this study is that in India, very little/almost no work has been done to understand the factors affecting the stock market prices after the recent recession. The present study examines the relationship between stock prices and a set of macroeconomic variables to examine if there is any specific variable which has the most influence on the stock market of India. The study aims to find out the factors affecting the Indian stock market by using correlation and regression analysis. To investigate the correlation between SENSEX, Consumer Price Index (CPI) which is a proxy of inflation, Foreign Institutional Investment (FII), Exchange Rate, NASDAQ index, Gold prices, Index of Industrial Production (IIP) in India from the period 2018 to 2021. The results show that the highest correlation exists between SENSEX and NASDAQ followed by NASDAQ and Gold prices. Furthermore, SENSEX is positively related to all of the selected variables. To assess the impact of each variable on SENSEX returns, SENSEX is taken as a dependent variable and all other variables are taken as independent variables in the regression analysis. The regression outputs of only NASDAQ and Gold are statistically significant at 5% level. Granger Causality suggests no bidirectional relationship among any of the variables. However, there exists a unidirectional relationship between some of the variables.
Keywords CPI, IIP, SENSEX, NASDAQ, Gold, FII, Exchange Rate, Stock Market, Sher Bazaar
Field Sociology > Economics
Published In Volume 4, Issue 4, July-August 2022
Published On 2022-08-12
Cite This Factors Affecting the Indian Stock Market - Samridhi Narula, Saqib Khan - IJFMR Volume 4, Issue 4, July-August 2022. DOI 10.36948/ijfmr.2022.v04i04.038
DOI https://doi.org/10.36948/ijfmr.2022.v04i04.038
Short DOI https://doi.org/10/gqpmmj
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