Macroeconomic Variables and Indian Stock Market:A Relationship Analysis

Authors

  • Saluja HS Management Department, Maharaja Ranjit Singh Group of Institutions, Devi Ahilya Vishwavidyalaya, Indore, India

DOI:

https://doi.org/10.26438/ijcse/v6si9.98101

Keywords:

Macroeconomic Variables, Indian Stock Market, SENSEX Index, Bombay Stock Exchange

Abstract

The Indian Stock Market showed a tremendous growth during last two decades. The SENSEX Index of Bombay Stock Exchange had reached to 38000 level points in August, 2018 which is its life time high level. It raises empirical questions regarding the fundamental connection between stock price and key macroeconomic indicators. The present study is an attempt to find the impact of macroeconomic variables on Indian Stock Market, with respect to SENSEX Index of Bombay Stock Exchange. The macroeconomic variables considered for the purpose of the study include Foreign Institutional Investors, Domestic Institutional Investors, Exchange Rates, Interest Rates and Inflation etc. The monthly closing values were taken for analysis for the period from January 2012 to August 2018. The Regression Analysis, Co-relation Analysis and Granger Causality Test will be applied to examine the relations between the selected variables.

References

[1] Srivastava, A., “Relevance of Macro Economic factors for the Indian Stock Market, Decision, Vol. 37. pp. 69-89, 2010.

[2] Kalra R., “Impact of Macroeconomic Variables on Indian Stock Market”, IUP Journal of Financial Risk Management, Vol. IX, pp. 43-54, 2012.

[3] Giri A. K. and Joshi, Pooja, “The Impact of Macroeconomic Indicators on Indian Stock Prices: An Empirical Analysis, Vol. 12(1), pp. 61-78, 2017.

[4] Garg, Keshav and Kalra Rosy, “Impact of Macroeconomic Factors on Indian Stock Market”, Parikalpana - KIIT Journal of Management, Vol. 14(I), pp. 134-145, 2018.

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Published

2025-11-17
CITATION
DOI: 10.26438/ijcse/v6si9.98101
Published: 2025-11-17

How to Cite

[1]
H. Saluja, “Macroeconomic Variables and Indian Stock Market:A Relationship Analysis”, Int. J. Comp. Sci. Eng., vol. 6, no. 9, pp. 98–101, Nov. 2025.

Issue

Vol. 6 No. 9 (2018): IJCSE Special Issue November Edition

Section

Research Article

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