Turn of the Month Effect in Indian Metal Sector with Special Reference to BSE Metal Index
Journal Title: Bonfring International Journal of Industrial Engineering and Management Science - Year 2016, Vol 6, Issue 1
Abstract
This study investigates the existence of a Turn of the Month Effect in India's Metal sector. The study uses the daily return data of the Bombay Stock Exchanges (BSE) Metal Index for the period ranging between April 2004 and March 2015. The collected data have been analysed by making use of descriptive statistics and paired 't" test. The outcomes confirm the presence of seasonality in stock returns and the Turn of the Month Effect. The findings are also reliable with the Turn of the Month Effect which exists in the BSE Metal index. The results of the study imply that the stock market in India, especially in the Metal sector is inefficient, and hence, Indian investors are advised to buy Metal sector scripts during the rest of the month and sell them at the first half of the month period which will yield better returns.
Authors and Affiliations
J. Sudarvel , Dr. R. Velmurugan
Keywords
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