Abstract
Due to liberalisation and globalisation policies of Indian government in 1991, Indian capital market has undergone tremendous changes. Indian capital market has proved to be a key driver of modern market-based economy and has acted as the major source of raising resources for Indian corporates, leading to financial development and economic growth of India. Macroeconomic variables play a vital role in framing government policy decisions. The present study attempts to evaluate the impact of macroeconomic variables on the performance of the Indian stock market during the study period 1993-94 to 2018-2019. Gross Domestic Product, Broad Money, Crude oil Price, Current deficit and Foreign Exchange Reserve have been used as Macroeconomic Indicators whereas; Sensex and Nifty have been used as Stock Market performance to study the research objectives. Step-wise Backward Elimination Method of Multiple Regression Analysis has been used. It is found that GDP and FER are the significant variables in explaining the variations of Sensex whereas FER, CD and COP are the significant variables contributing to the variations of NSE Nifty
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