An Empirical Study on Efficient Market Hypothesis of Indian Capital Market NSE Sectorial Indices
Journal: International Journal of Trend in Scientific Research and Development (Vol.Spec, No. FI)Publication Date: 2019-03-01
Authors : Ms Pooja Yadav C.A. D.S. Patil;
Page : 222-225
Keywords : Equality; Diversity and Inclusion; Auto correlation tests; run test; Random walk Hypothesis (RWH); 7 NSE Sectorial Indices viz. Pharma; Bank; IT; Financial Services; FMCG; Auto; MNC;
Abstract
As long as financial markets are concerned, for many year’s economists, statisticians and financial analyst have been interested in developing and testing models of stock price behaviour and their forecast. This study examines whether the Indian stock market is efficient, if the stock returns follow a random walk. The study employs daily closing prices of NSE Sectorial Indices for a time period of 1 April, 2008 to 31 March, 2018. The existence of random walk for NSE Sectorial Indices has been examined through auto correlation, run test and finds that the Indian stock market was not efficient in the weak form during the testing period. The results suggest that the stock prices in Indian do not reflect all the information in the past stock prices and abnormal returns can be achieved by investors through exploiting the market inefficiency. Ms Pooja Yadav | C.A. Dr. D.S. Patil "An Empirical Study on Efficient Market Hypothesis of Indian Capital Market (NSE Sectorial Indices)" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Special Issue | Fostering Innovation, Integration and Inclusion Through Interdisciplinary Practices in Management , March 2019, URL: https://www.ijtsrd.com/papers/ijtsrd23108.pdf
Other Latest Articles
- A Study on use of Search Engine Optimization with Reference to Sarvana Paints, Kolhapur
- An Empirical Assessment of Capital Asset Pricing Model with Reference to National Stock Exchange
- An Empirical Analysis of Factors Affecting on Preference for Cashew in Nipani
- Review on “Android Application for Faculties of Higher and Technical Educationâ€
- Cloud Computing in Academic Libraries A Review
Last modified: 2019-06-13 22:04:50