Macro-economic Variables and Stock Returns: An ...
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Macro-economic Variables and Stock Returns: An ...
Macro-economic Variables and Stock Returns: An Empirical Study in Indian. Context ... Sensex (Bombay Stock Exchange) and Nifty (National Stock Exchange).
Macro-economic Variables and Stock Returns: An Empirical Study in Indian Context Abstract The crave for identifying what moves stocks is ever lasting. There is no dearth of researchers attemptingenormous studies in the area. All studies attempted giving a new stand point to look at the problem. Thisstudy is conducted with the strong proposition that the macro-economic variables affect stock movementsthe most. The principal aim of this study is analyzing the impact of selected macro-economic variables on stock returns. To address the concern, six macro-economic variables are chosen. Money supply, inflation, gold prices, unemployment rate, crude oil prices and exchange rates are chosen with their respective rationale to investigate their impact on stock returns. Sensex (Bombay Stock Exchange) and Nifty (National Stock Exchange) are chosen to represent Indian stock market. Analysis was done by using Pearson’s correlation. Correlation coefficient suggested that money supply, inflation, gold prices and unemployment rates impacted negatively to stock returns and crude oil prices and exchange rates were positively correlated with stock returns. Key words: Correlation, Macro-economic variables, stock returns
