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Asset Returns in the Indian Stock Market and its Linkages with Macroeconomic Fundamentals

A. Kanakaraj Consultant principal, Risques liés aux produits de base, Hewlett Packard.
B. Karan Singh Consultant, Indian Council for Research on International Economic Relations (ICRIER), New Delhi, Inde.

In this paper, we analyze the relation between stock prices and the macro economy in the Indian context. We try and answer whether the recent stock market boom can be explained in terms of macroeconomic fundamentals. We find that there is a strong connection between the recent macroeconomic indicators’ performance and the stock market in India.

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