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Day of the week effect in the Indian stock market

Author

Listed:
  • Rajesh Elangovan
  • Francis Gnanasekar
  • Satyanarayana Parayitam

Abstract

The objective of the present study is to examine the day-of-the week effects in the Indian stock market. For analysis, we selected the BSE Ltd and NSE benchmark indices namely S%P BSE SENSEX and NSE Nifty 50 in this research. The sample included from 1st April 2011 to 31st March 2021, which consists of ten years. The findings reveal that the values of coefficients of Wednesday are positively significant for S%P BSE SENSEX and NSE Nifty 50 Indices. The results from the study suggest that it would be beneficial for the investors to sell shares on Wednesdays and buy shares on other trading days. The results from the present study would be beneficial to individual investors, institutional investors, investment brokers, and administrators in companies.

Suggested Citation

  • Rajesh Elangovan & Francis Gnanasekar & Satyanarayana Parayitam, 2023. "Day of the week effect in the Indian stock market," International Journal of Accounting and Finance, Inderscience Enterprises Ltd, vol. 11(3), pages 181-201.
    • Handle: RePEc:ids:intjaf:v:11:y:2023:i:3:p:181-201
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