Macro-Economic Variables and Stock Market: are they Co-integrated? - A Study on NSE India

Keywords: ADF test, Co-integration, Economy, Macroeconomic variables, NSE


The stock market acts as a barometer for the economy. Stock Market Performance and Economic Growth go in hand in hand in the case of the Indian economy. While considering Indian economic growth, the stock market performance plays an essential role. The period of study ranges from 2000 to 2017. The tools used for the study are the ADF unit root test and Johansen co-integration test. The study concludes that Gross domestic product, FDI, Crude oil price, Inflation and Real interest rate have a significant relationship with the NSE stock market for the study period.

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