CAUSAL LINKAGE BETWEEN STOCK MARKETS: INTERNATIONAL EVIDENCE

The purpose of the study is to analyse the causal linkage between Indian stock market and stock indices of BRCS (Brazil, Russia, China and South Africa) countries. The results obtained by the econometric tools provide convincing evidence that in the long run, the investors will not have diversification opportunities in BRICS countries. But in the short run, investors can reap profits by diversifying in the stock exchanges of BRICS.