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Macroeconomic Factors and Performance of Indian Stock Market

Jagan Gaur and Mihir Dash
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Jagan Gaur: Grant Thornton, India
Mihir Dash: Alliance University, India

Journal of Applied Management and Investments, 2015, vol. 4, issue 1, 11-15

Abstract: With the global financial crisis, the Indian economy is witnessing a downturn, with an overall weakening of its macroeconomic indicators. In particular, performance of the economy as a whole and the performance of the stock market are expected to be closely inter-linked; fundamental analysis proposes that knowledge of economic conditions and macroeconomic factors would enable investors to anticipate/predict stock market performance. This study examines the impact of selected macroeconomic factors on stock market performance in India using the Granger causality test. The results of the study showed that the only macroeconomic factor which had a significant causal effect on the performance of Indian stock markets was movements in net FIIs.

Keywords: macroeconomic factors; fundamental analysis; Granger causality test; net FIIs (search for similar items in EconPapers)
Date: 2015
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