An Empirical Note on Delhi Weather Effects in the Indian Stock Market
Chinnadurai Kathiravan1, Murugesan Selvam2, Marxia Oli. Sigo3, Indulekha K4
1Chinnadurai Kathiravan, Ph.D. Research Scholar in Management, Department of Commerce and Financial Studies, Bharathidasan University, Tiruchirappalli, Tamil Nadu, India.
2Murugesan Selvam, Dean, Faculty of Management, Chair, School of Business Studies, Professor and Head, Department of Commerce and Financial Studies, Bharathidasan University, Tiruchirappalli, Tamil Nadu, India.
3Marxia Oli. Sigo, National Institute of Technology, Sikkim.
4Indulekha K, Ph.D Research Scholar, PG and Research Department of Commerce, Maharaja’s College, Ernakulam, Kerala.
Manuscript received on November 15, 2019. | Revised Manuscript received on November 23, 2019. | Manuscript published on November 30, 2019. | PP: 1203-1208 | Volume-8 Issue-4, November 2019. | Retrieval Number: C4727098319/2019©BEIESP | DOI: 10.35940/ijrte.C4727.118419
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: This research paper investigates the dynamic linkage, between three weather factors and two top stock Indices in India, namely, BSE SENSEX and NSE NIFTY. In order to study the weather factor on stock indices, daily weather data of Delhi and daily closing stock price of BSE SENSEX and NSE NIFTY, from January 1st 2001 to 31st December 2017, were collected and analyzed. The study found that the Delhi weather namely humidity influence BSE Sensex returns. The investing community may note the findings, for making intelligent investment decisions. The findings would be useful to investors, speculators and officials managing the Indian Securities Exchanges. This is the first empirical study testing the relationship between stock market returns and weather factors in the City of Delhi in India.
Keywords: Weather Factor, BSE SENSEX, S&P CNX NIFTY, Descriptive Statistics, Unit Root Test, and Granger Causality Test.
Scope of the Article: Marketing and Social Sciences.