Indian Stock Returns And Macroeconomics
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Indian Stock Returns And Macroeconomics
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Author : Shivi Suhag
language : en
Publisher:
Release Date : 2023-07-06
Indian Stock Returns And Macroeconomics written by Shivi Suhag and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-07-06 with Business & Economics categories.
Indian stock returns refer to the performance or profitability of the Indian stock market over a certain period. It is a measure of the gains or losses an investor realizes from investing in Indian stocks. Stock returns can be calculated by comparing the current price of a stock with its purchase price, including any dividends received during the holding period.Macroeconomics, on the other hand, is a branch of economics that deals with the overall performance and behavior of the economy as a whole. It focuses on studying aggregates such as GDP (Gross Domestic Product), inflation, unemployment, interest rates, and other macroeconomic indicators to understand the functioning of the economy and make policy recommendations.The relationship between stock returns and macroeconomics is complex and intertwined. Macroeconomic factors play a significant role in influencing stock market performance. Here are some key macroeconomic variables that impact Indian stock returns: 1. GDP Growth: High GDP growth is generally associated with increased corporate profits and positive investor sentiment, leading to higher stock returns. Conversely, low or negative GDP growth can dampen investor confidence and result in lower stock returns.2. Inflation: Inflation refers to the general increase in prices of goods and services over time. Moderate inflation can be conducive to stock market performance as it indicates a growing economy. However, high inflation can erode purchasing power and negatively impact corporate profitability, leading to lower stock returns.3. Interest Rates: Changes in interest rates have a direct impact on the cost of borrowing and the attractiveness of different investment options. Lower interest rates generally favor stock market investments as they make equities more attractive relative to fixed-income securities. Conversely, higher interest rates may reduce stock market returns as investors shift towards safer fixed-income investments.4. Monetary Policy: The policies implemented by the Reserve Bank of India (RBI), such as adjustments to the repo rate or cash reserve ratio, can influence liquidity and credit conditions in the economy. Accommodative monetary policy measures can stimulate economic growth and boost stock returns, while tight monetary policy can have the opposite effect.5. Fiscal Policy: Government spending, taxation, and fiscal deficit also impact the stock market. Expansionary fiscal policies, such as increased government spending, can stimulate economic activity and have a positive effect on stock returns. Conversely, contractionary fiscal policies may dampen investor sentiment and lead to lower stock returns.It's important to note that stock market returns are also influenced by company-specific factors, market sentiment, investor behavior, and other variables apart from macroeconomic factors. Therefore, analyzing Indian stock returns requires considering a wide range of factors, including both macroeconomic indicators and specific market dynamics.
Effect Of Select Macro Economic Variables On Stock Returns In India
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Author : P. Sireesha
language : en
Publisher:
Release Date : 2015
Effect Of Select Macro Economic Variables On Stock Returns In India written by P. Sireesha and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
This paper attempts to investigate the impact of select macroeconomic factors upon the movements of the Indian stock market index, Nifty along with gold and silver prices by using linear regression technique. The behavior of nominal and real returns at various levels of inflation, GDP, IIP and Money Supply is studied. The interdependence of the returns on stock, gold and silver is also identified.
Equity Markets In India
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Author : Shveta Singh
language : en
Publisher: Springer
Release Date : 2016-05-06
Equity Markets In India written by Shveta Singh and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-05-06 with Business & Economics categories.
The book presents a comprehensive view of the Indian equity markets over the past two decades (1994-2014). Equity markets constitute the most important segment of stock exchanges; in fact, the status of equity returns is, by and large, considered as a barometer of the state of a country’s economy. Returns earned by the equity investors on their funds invested in equity markets have become a decisive factor in the growth of such markets. In this context, the book discusses all the major aspects of equity returns and also conducts a dis-aggregative analysis based on underlying factors like age, size, ownership structure, industry affiliation/sector, among others, to explain the factors affecting returns and risk. While on the one hand the study ascertains the market rates of return (earned) on equities from the investors’ perspective (by including both the capital gains and the dividend income), it also shows how to compute the rates of returns on equities from the corporate perspective (that is, rate of return earned on equity funds). It further assesses the required/expected rate of return and examines the volatility in stock returns, with a focus on its behaviour during the period of the study. It deepens investors’ understanding of equity investment, helping them to make more-informed investments. While of interest to the investor community, this book also contributes significantly to the existing literature on market returns and is a valuable reference resource for academics, researchers and market participants, financial institutions and other intermediaries, regulators and policy makers.
Impact Of Macroeconomic Variables On Stock Market In India
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Author : Sanjay Kumar Das
language : en
Publisher: LAP Lambert Academic Publishing
Release Date : 2021-01-25
Impact Of Macroeconomic Variables On Stock Market In India written by Sanjay Kumar Das and has been published by LAP Lambert Academic Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-01-25 with categories.
Stock market returns depend on the changes in the stock market index. In India, S&P BSE Sensex is considered as the pulse of the stock market. S&P BSE Sensex is the sensitive index of Bombay Stock Exchange (BSE), which is a value- weighted index, composed of 30 largest and most actively traded stocks. There have been limited studies on the linkage between the macro economy and stock prices in India. The purpose of this study is to investigate this linkage between macroeconomic variables and stock market returns with reference to S&P BSE Sensex as well as the linkage between macroeconomic variables and S&P BSE sectoral indices. The study also investigates the linkage between exchange rate and volatility of S&P BSE Sensex Returns.
Macroeconomic Variables And Security Prices In India During The Liberalized Period
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Author : Tarak Nath Sahu
language : en
Publisher: Springer
Release Date : 2016-01-01
Macroeconomic Variables And Security Prices In India During The Liberalized Period written by Tarak Nath Sahu and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-01-01 with Business & Economics categories.
The liberalization and globalization of the Indian economy has made India more vulnerable to macro issues. This book provides a comprehensive analysis of the dynamic relationship between macroeconomic variables and stock prices in India. The research findings and policy implications discussed here may also be relevant for other emerging economies.
Do Macroeconomic Variables Impact The Indian Stock Market
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Author : Khalid Ul Islam
language : en
Publisher:
Release Date : 2019
Do Macroeconomic Variables Impact The Indian Stock Market written by Khalid Ul Islam and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
This paper is intended to study the impact of various macroeconomic variables on Indian stock market. Based on the Arbitrage Pricing Theory (APT) propounded by Ross in 1976 and various other studies, a number of macroeconomic variables including, inflation, industrial production, exchange rate, money supply, interest rate, and oil price have been identified to have a significant impact on the stock market. We have applied the multivariate extension of the classical linear regression model computed on Ordinary Least Squares method and Granger Causality test to re-establish the relationship between macroeconomic variables and stock returns over a period of 10 years from 2005 to 2015 using monthly observations. The results of this study show that only exchange rate has a significant negative impact on stock returns. The other macroeconomic variables are not significantly affecting stock returns; however, their impact is in accordance with the economic theory. The Granger Causality test reveals absence of any causal relationship between stock returns and macroeconomic variables, except in case of oil prices, where we find a unidirectional causal relationship running from stock returns to oil prices. However, the Granger Causality results should not be taken in the conventional meaning of causality, but results merely identifying precedence.
The Effect Of Macro Economic Factors On Stock Return Volatility At Nse
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Author : Tobias Olweny
language : en
Publisher: LAP Lambert Academic Publishing
Release Date : 2012-06
The Effect Of Macro Economic Factors On Stock Return Volatility At Nse written by Tobias Olweny and has been published by LAP Lambert Academic Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-06 with categories.
This book provides a wider scope on the effect of NSE index, Foreign exchange rate, and Interest rate and Inflation rate in determining macroeconomic environment affecting stock return volatility on Nairobi Stock Exchange. Secondary data from NSE, Central Bank of Kenya (CBK) and Kenya National Bureau of Statistics (KNBS) were employed in the study. The results of the study have been presented in five chapters each handling introduction, literature review, study design and summary of the study findings and conclusion. The major investigations presented in the study were mainly concentrated around the selected variables. The finding of this research provides robust understanding by policy makers, policy analysts, investors, and academics of the dynamics of the stock returns in Kenya particularly, with regard to leverage and impact of news. The study recommends the government and the regulator to come up with policies that will help stabilize Foreign exchange rate, Interest rate and Inflation rate fluctuation thus creating investor confidence in the securities market.
Indian Stock Market
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Author : Gourishankar S. Hiremath
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-10-28
Indian Stock Market written by Gourishankar S. Hiremath and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-28 with Business & Economics categories.
India is one of the major emerging economies of the world and has witnessed tremendous economic growth over the last decades. The reforms in the financial sector were introduced to infuse energy and vibrancy into the process of economic growth. The Indian stock market now has the largest number of listed companies in the world. The phenomenal growth of the Indian equity market and its growing importance in the economy is indicated by the extent of market capitalization and the increasing integration of the Indian economy with the global economy. Various schools of thought explain the behaviour of stock returns. The Efficient Market Theory is the most important theory of the School of Neoclassical Finance based on rational expectation and no-trade argument. The book investigates the growth and efficiency of the Indian stock market in the theoretical framework of the Efficiency Market Hypothesis (EMH). The main objective of the present study is to examine the returns behaviour in the Indian equity market in the changed market environment. A detailed and rigorous analysis, made with the help of the sophisticated time series econometric models, is one of the key elements of this volume. The analysis empirically tests the random walk hypothesis and focuses on issues like nonlinear dynamics, structural breaks and long memory. It uses new and disaggregated data on recent reforms and changes in the market microstructure. The data on various indices including sectoral indices help in measuring the relative efficiency of the market and understanding how liquidity and market capitalization affect the efficiency of the market.
Stock Market Performance Macro Economic Variables An Empirical Study Of Stock Market
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Author : Arnav V
language : en
Publisher: Arnav
Release Date : 2022-12-23
Stock Market Performance Macro Economic Variables An Empirical Study Of Stock Market written by Arnav V and has been published by Arnav this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-12-23 with categories.
Owing to the ever-increasing importance of the financial markets, particularly the stock markets, in the economic development, especially of capital seeking developing nations, a plethora of studies have been conducted to examine the factors determining and influencing the stock market variables such as stock returns, market capitalisation, and turnover, amongst others. The present study examines the impact and role of macroeconomic variables on the stock market performance of an important developing country, viz., India. This relationship is examined from the framework of three main research objectives of investigating the relationship between macroeconomic variables and Indian stock market performance; modelling the crash of Indian stock market during the global financial crisis of 2007 - 2009 using the domestic and international macroeconomic variables, and predicting the movements in stock market variables using macroeconomic variables.
Momentum Trading On The Indian Stock Market
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Author : Gagari Chakrabarti
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-03-27
Momentum Trading On The Indian Stock Market written by Gagari Chakrabarti and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-27 with Business & Economics categories.
This study is an exploration of the Indian stock market, focusing on the possible presence of momentum trading. One thing, however, should be noted. While it is true that momentum trading, which tends to generate speculative bubbles, may result in a financial market crash, its nature in contrast might depend on the nature of the economy itself. The study, while exploring the presence and nature of momentum trading on the Indian stock market in recent years, seeks to relate it to significant structural breaks in the Indian or global economy. To be precise, it outlines a potential correlation between the instability in the stock market and the speculative trading on the market, exploring the question of whether it is human psychology that drives financial markets. In the process, the choice of a significant structural break has been obvious: the global financial meltdown of 2007-2008 – a crisis that has often been referred to as the worst ever since the crash of 1929. While analyzing the nature of momentum trading on the Indian stock market with regard to the financial crisis of 2007-08, the study takes into account two major representatives of the market, the BSE (Bombay Stock Index) and NSE (National Stock Index), for the period 2005 to 2012. This study seeks to answer a few important questions. First of all, it tries to unveil the underlying structure of the market. In doing so, it examines the following issues: (i) What was the latent structure of the Indian stock market leading up to the crisis of 2007-08? Does the structure offer insights into designing profitable trading strategies? (ii) Is it possible to construct a profitable portfolio on the Indian stock market? (iii) Is there any profitable trading strategy on the Indian stock market? While exploring these issues, the study delves deeper, breaking the whole period down into two sub-periods, before the crisis of 2008 and after the crisis. The purpose of this division is to determine whether there has been any discernible change in the market structure since the shock.
