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The reflection of crowd behaviour in Indian bourses

Author

Listed:
  • R. Ganesh
  • G. Naresh
  • S. Thiyagarajan

Abstract

Behaviour of investors in stock market continues to be a topic of study for many researchers. When faced with complex situations, investors often rely on mental shortcuts and end up in a biased decision. Of all irrational behaviours, 'herding' is considered as one of the most significant one. The present study aims to identify the presence of herding in Indian stock market during the period 1st April 2005 to 31st March 2015, by taking Sensex as market index and the sectoral indices of BSE. Result shows that there was no indication of herding during the global crisis period of 2007-2008, but market showed the presence of herding during the volatile period of 2011-2012 and to some extent during 2014-2015 period. Overall, the result of the study is an indication of great resilience and rationality of Indian market.

Suggested Citation

  • R. Ganesh & G. Naresh & S. Thiyagarajan, 2017. "The reflection of crowd behaviour in Indian bourses," International Journal of Behavioural Accounting and Finance, Inderscience Enterprises Ltd, vol. 6(2), pages 93-106.
    • Handle: RePEc:ids:ijbeaf:v:6:y:2017:i:2:p:93-106
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