Impact of Macro-Economic Factors on Sectoral Indices – Evidence from Indian Markets

Naveen R.S. and N. Sivakumar
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Naveen R.S.: Sri Sathya Sai Institute of Higher Learning, India
N. Sivakumar: Sri Sathya Sai Institute of Higher Learning, India

Journal of Applied Management and Investments, 2016, vol. 5, issue 3, 174-182

Abstract: The impact of macro-economic factors on stock returns has been long proven through research studies. This paper extends this idea to understand the impact of macro-economic factors on sectoral indices of the National stock exchange (NSE) of India. The study uses data over a 10 year period. Based on regression models, the study shows that crude oil prices and forex rates have a pervasive significant impact on sectoral indices. Besides, there are several other macro-economic factors which affect specific sectoral indices.

Keywords: sectoral indices; macro-economic factors; National stock exchange (search for similar items in EconPapers)
Date: 2016
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