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Research Article 


AN EMPIRICAL STUDY OF CORRELATION BETWEEN THE MACRO-ECONOMIC INDICATORS AND STOCK MARKET PERFORMANCE IN INDIA

Kawerinder Singh Sidhu,Prof (Dr) Pradeep Suri.

Abstract
In this paper, we have tried to figure out whether we have any relationship between the stock market indices and ten (10) major macro-economic indicators of Indian economy. SENSEX values of Bombay Stock Exchange are taken as performance indicator of Stocks in Indian share market. And Forex Reserve, Foreign Direct Investments, Call Money Rate, Index of Industrial Production, Foreign Portfolio Investments, Consumer Price Index, Inflation rate, Crude oil price, Gold Price and Exchange Rate are taken as major macro-economic indicators. In this study, we have adopted various tests like Regression analysis, Augmented Dickey-Fuller Test (ADF) and Granger causality test before coming on to any conclusion. Our finding suggests that Exchange rate, Inflation rate and Index of Industrial Production do have unidirectional relationship with the SENSEX whereas the other seven factors do not have any relationship with the performance of SENSEX.

Key words: Macro-Economic indicators, Stock Market, BSE SENSEX, Granger causality test, Multiple Regression


 
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How to Cite this Article
Pubmed Style

Kawerinder Singh Sidhu ,Prof (Dr) Pradeep Suri. AN EMPIRICAL STUDY OF CORRELATION BETWEEN THE MACRO-ECONOMIC INDICATORS AND STOCK MARKET PERFORMANCE IN INDIA. JCR. 2020; 7(19): 8662-8677. doi:10.31838/jcr.07.19.975

Web Style

Kawerinder Singh Sidhu ,Prof (Dr) Pradeep Suri. AN EMPIRICAL STUDY OF CORRELATION BETWEEN THE MACRO-ECONOMIC INDICATORS AND STOCK MARKET PERFORMANCE IN INDIA. http://www.jcreview.com/?mno=138141 [Access: January 05, 2021]. doi:10.31838/jcr.07.19.975

AMA (American Medical Association) Style

Kawerinder Singh Sidhu ,Prof (Dr) Pradeep Suri. AN EMPIRICAL STUDY OF CORRELATION BETWEEN THE MACRO-ECONOMIC INDICATORS AND STOCK MARKET PERFORMANCE IN INDIA. JCR. 2020; 7(19): 8662-8677. doi:10.31838/jcr.07.19.975


Vancouver/ICMJE Style

Kawerinder Singh Sidhu ,Prof (Dr) Pradeep Suri. AN EMPIRICAL STUDY OF CORRELATION BETWEEN THE MACRO-ECONOMIC INDICATORS AND STOCK MARKET PERFORMANCE IN INDIA. JCR. (2020), [cited January 05, 2021]; 7(19): 8662-8677. doi:10.31838/jcr.07.19.975


Harvard Style

Kawerinder Singh Sidhu ,Prof (Dr) Pradeep Suri (2020) AN EMPIRICAL STUDY OF CORRELATION BETWEEN THE MACRO-ECONOMIC INDICATORS AND STOCK MARKET PERFORMANCE IN INDIA. JCR, 7 (19), 8662-8677. doi:10.31838/jcr.07.19.975


Turabian Style

Kawerinder Singh Sidhu ,Prof (Dr) Pradeep Suri. 2020. AN EMPIRICAL STUDY OF CORRELATION BETWEEN THE MACRO-ECONOMIC INDICATORS AND STOCK MARKET PERFORMANCE IN INDIA. Journal of Critical Reviews, 7 (19), 8662-8677. doi:10.31838/jcr.07.19.975


Chicago Style

Kawerinder Singh Sidhu ,Prof (Dr) Pradeep Suri. "AN EMPIRICAL STUDY OF CORRELATION BETWEEN THE MACRO-ECONOMIC INDICATORS AND STOCK MARKET PERFORMANCE IN INDIA." Journal of Critical Reviews 7 (2020), 8662-8677. doi:10.31838/jcr.07.19.975


MLA (The Modern Language Association) Style

Kawerinder Singh Sidhu ,Prof (Dr) Pradeep Suri. "AN EMPIRICAL STUDY OF CORRELATION BETWEEN THE MACRO-ECONOMIC INDICATORS AND STOCK MARKET PERFORMANCE IN INDIA." Journal of Critical Reviews 7.19 (2020), 8662-8677. Print. doi:10.31838/jcr.07.19.975


APA (American Psychological Association) Style

Kawerinder Singh Sidhu ,Prof (Dr) Pradeep Suri (2020) AN EMPIRICAL STUDY OF CORRELATION BETWEEN THE MACRO-ECONOMIC INDICATORS AND STOCK MARKET PERFORMANCE IN INDIA. Journal of Critical Reviews, 7 (19), 8662-8677. doi:10.31838/jcr.07.19.975


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