Testing Semi-Strong Efficiency of Indian Stock Market – Evidence from Union Budget

Sathyanarayana, Sheela; Gargesa, Sudhindra

doi:10.18843/ijms/v6i1(2)/06

International Journal of Management Studies

2019

DOI: 10.18843/ijms/v6i1(2)/06

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Testing Semi-Strong Efficiency of Indian Stock Market – Evidence from Union Budget

Sheela Sathyanarayana¹,

Sudhindra Gargesa²

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2024

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Analyzing the Responses of Defense Sector Stocks to Interim Union Budget Announcement 2024: An Event Study

Goyal

2024

Sachetas

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The interim union budget, the government's primary economic policy document, outlines the intended use of public funds to achieve policy objectives. Industries look forward to it as it can lead to significant changes, and stock markets also react to budget releases to some extent. The paper examines how the NSE's Defense Stocks are affected by the Interim Union Budget. The data was accumulated between 2023 and 2024 from the authorized NSE website. The impact is measured in terms of daily average returns in the pre-and post-budget periods of the top five contributors to the Nifty India Defense index. The statistical tools used include regression analysis and a one-sample t-test. The study found that the impact on defense sector stocks was attributed to factors other than budget announcements. This paper suggests that investors should not consider budget announcements as significant events and should focus on other market factors as well for trading and investing.

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Analyzing the Responses of Defense Sector Stocks to Interim Union Budget Announcement 2024: An Event Study

Goyal

2024

Sachetas

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Testing Semi-Strong Efficiency of Indian Stock Market – Evidence from Union Budget

Cited by 1 publication

References 40 publications

Analyzing the Responses of Defense Sector Stocks to Interim Union Budget Announcement 2024: An Event Study

Analyzing the Responses of Defense Sector Stocks to Interim Union Budget Announcement 2024: An Event Study

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