Macroeconomic Factors as a Predictor of Stock Market: Empirical Evidences from India, U.S. and U.K.
Krishnaveer Singh1, Aruna Dhamija2
1Mr. Krishnaveer Singh, Assistant Professor, Institute of Business Management, India.
2Dr. Aruna Dhamija, Professor, Institute of Business Management, India.
Manuscript received on 21 September 2019 | Revised Manuscript received on 06 October 2019 | Manuscript Published on 11 October 2019 | PP: 743-751 | Volume-8 Issue-2S10 September 2019 | Retrieval Number: B11330982S1019/2019©BEIESP | DOI: 10.35940/ijrte.B1133.0982S1019
Open Access | Editorial and Publishing Policies | Cite | Mendeley | Indexing and Abstracting
© 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: The study investigated the impact of Macroeconomic variables such as: Gross Domestic Product (GDP), The Index of Industrial Production (IIP), Consumer Price Index (CPI), Foreign-exchange reserves (also called forex reserves or FX reserves), International Crude Price (CP) on selected stock market, namely Indian Stock Market (S&P BSE SENSEX (BSE 30) index, S&P CNX Nifty index (NIFTY 50), London Stock Exchange (Financial Times Stock Exchange 100 Index (FTSE 100) and New York Stock Exchange Dow Jones Industrial Average (Dow 30). The data sets of all variables have been considered from April, 2001 to March, 2018 on a monthly basis. The study reveals long run relationship among the variables and the results of Granger Causality test reveals unidirectional, bilateral relation (Feedback) and exogeneity (Independence) among the variables.
Keywords: FDI, RBI.
Scope of the Article: Marketing and Social Sciences