Publication Type:

Conference Paper


2017 International Conference on Data Management, Analytics and Innovation (ICDMAI) (2017)


Business, economic indicators, exchange rate, GDP growth rate, GDP growth rate of India, GDP growth rate of USA, Indexes, Indian economy, Indian stock return, inflation (monetary), Inflation rate of India, Inflation rate of USA, Interest rate of India, Interest rate of USA, macro economic variables, macroeconomics, oils, Regression analysis, Regression model, S&P CNX NIFTY, S&P CNX Nifty Return, share prices, Stock market, stock markets


The stock market is referred as the barometer of Indian economy; it is the indicator of the country's economic condition.
Many studies have established the relationship between Indian stock returns and macro economic variables such as gold
price, oil price, exchange rate, etc. This study investigates the relationship between the Indian stock returns and the Macro
economic variables viz interest rate of India, interest rate of USA, inflation rate of India, inflation rate of USA, GDP growth
rate of India and GDP growth rate of USA. Quarterly data was collected for a period from January, 2000 to December, 2015
for all the macro economic variables. Regression Model was used to analyze the data, the variables were tested for
stationarity, serial correlation, heteroscedasticity and normality. The study found that the GDP growth rate of India and USA
are the significant predictors of S&P CNX Nifty return

Cite this Research Publication

B. Nikita, Dr. P. Balasubramanian, and Yermal, L., “Impact of Key Macroeconomic Variables of India and USA on Movement of the Indian Stock Return in Case of S & P CNX Nifty”, in 2017 International Conference on Data Management, Analytics and Innovation (ICDMAI), 2017.