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Market anomalies refer to patterns in stock returns that deviate from the predictions of traditional financial theories such as Efficient Market hypothesis which assumes investors as rational thinker and price fully reflects all available information in market. There are different types of market anomalies which are resulted due to changes in economic policies, market factors or psychological factors of individual investors. This study explores January effect, Holiday effect and Weekend effect in Indian stock market. Small cap Nifty index were used for analyzing January effect while Nifty 50 index was used for Holiday and weekend effect for 5 years from 2020 to 2024. The study applies statistical tools paired t-test through SPSS, to identify and evaluate result. The findings suggest that on an average we can find January effect, Weekend effect and Holiday effect. While applying paired t-test we found that results differ as p value is more that 0.05 at 95% confidence level in each effect which shows no strong evidence of persistence of January effect, Weekend effect or Holiday effect in Nifty stock market in India.
Keywords:
Market anomalies, Nifty 50, January effect, Weekend effect, Holiday effect.
Cite Article:
"Market Anomalies and Individual Investors Reactions : A study of Calendar Anomalies in India", International Journal of Science & Engineering Development Research (www.ijrti.org), ISSN:2455-2631, Vol.10, Issue 8, page no.a689-a695, August-2025, Available :http://www.ijrti.org/papers/IJRTI2508084.pdf
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ISSN:
2456-3315 | IMPACT FACTOR: 8.14 Calculated By Google Scholar| ESTD YEAR: 2016
An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.14 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator