Day Of The Week Effect: Empirical Evidence From Indian Stock Market

Mohit Gupta and Navdeep Aggarwal

Paradigm, 2004, vol. 8, issue 2, 9-13

Abstract: Day of the Week effect is a phenomenon which has been observed in most of developed and developing markets of the world. The results of many significant study show that this effect is observed on Monday, Tuesday and Friday in most of markets. The study aimed to empirically examine the day of week anomaly in Indian stock markets. National Stock Exchange of India's Nifty index data reveled that day of week effect is very well prevalent in India and Wednesday is the day when the returns were found to be significantly different from others. In the absence of any plausible explanations for this, authors relate this observation to unique psychology of Indian investors who see Wednesday as most optimistic day.

Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:sae:padigm:v:8:y:2004:i:2:p:9-13

DOI: 10.1177/0971890720040202

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