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Published in:   Vol. 6 Issue 2 Date of Publication:   December 2017

Day of the Week Effect on NSE with Respect to Pharma, Bank, Steel and IT Sector

Shree Aathithyan.M,Rajiv Prasad

Page(s):   41-44 ISSN:   2278-2397
DOI:   10.20894/IJCNES.103.006.002.002 Publisher:   Integrated Intelligent Research (IIR)

The main objective of this study is to check the presence of seasonality in stock prices of Indian companies, especially companies of pharma, bank, steel and IT sector. The study is conducted for a period from Jan 01 2010 to Dec 31 2015. The daily closing prices of companies in above mentioned sectors have been taken from Prowess. Using Kruskal Wallis rank test and multiple regression technique the data is analyzed. In this study, seasonality was observed in one company from Pharma and four companies from IT sector. The banking and steel sector stocks as well as a majority of pharma stocks did not show seasonality. These findings on day of the week effects along with its variation within a fortnight suggest that differences in returns exist, but only in some sectors and not in others. These results seem to suggest a more thorough research across all the sectors of Indian stock market in order to unearth more of such seasonality across different days of the week in order to unearth insights on where to focus the short term investment interests.