IDEAS home Printed from https://ideas.repec.org/a/pal/ijodag/v22y2025i2d10.1057_s41310-024-00250-7.html
   My bibliography  Save this article

COVID-19 and persistence in the stock market: a study on a leading emerging market

Author

Listed:
  • Anindita Bhattacharjee

    (Symbiosis International (Deemed University))

  • Monomita Nandy

    (Brunel Business School)

  • Suman Lodh

    (Kingston University London, Kingston Business School)

Abstract

In this study, we examine how sectors of the National Stock Exchange from India respond to the uncertainties introduced by the COVID-19 pandemic. By examining the synchronization between the sector-specific and overall market index (NIFTY 50) reaction to COVID-19, we contribute to the inconclusive ongoing academic literature regarding the impact of COVID-19 on the stock market, especially in the context of persistence in an emerging market. To analyze the persistence of sectoral indices, we apply multifractal detrended fluctuation analysis (MFDFA). We use the generalized Hurst exponent and singularity spectrum as indicators for persistence and spectral width as a measure of volatility. Our analysis shows that the sample sectoral indices are persistent before and after the announcement of COVID-19; however, volatility in some sectors reduces post-announcement of COVID-19. The findings will enrich the academic literature on the relationship between sector-specific and overall market indexes. In practice, the paper will guide investors to organize their portfolios, especially during future economic uncertainty.

Suggested Citation

  • Anindita Bhattacharjee & Monomita Nandy & Suman Lodh, 2025. "COVID-19 and persistence in the stock market: a study on a leading emerging market," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 22(2), pages 520-531, June.
    • Handle: RePEc:pal:ijodag:v:22:y:2025:i:2:d:10.1057_s41310-024-00250-7
    DOI: 10.1057/s41310-024-00250-7
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1057/s41310-024-00250-7
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1057/s41310-024-00250-7?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:ijodag:v:22:y:2025:i:2:d:10.1057_s41310-024-00250-7. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.