Abstract
Anomalies in stock markets have been studied with varied approaches worldwide, and mixed outcomes exist. The present study has investigated the financial year and calendar year effect for indices from Indian markets. Sectoral indices from Indian markets have been incorporated in this study on the basis of their weightage in the stock market. Data from 2011 to 2023 have been engaged with historical prices of these indices taken from the stock exchange websites. The analysis has been carried out using the ordinary least squares regression method and the independent sample t-test. Weak anomalies have been documented in the case of the financial services sector. Therefore, the findings indicate rare possibilities for investors to gauge abnormal returns with strategies related to anomalies. With increasing transparency in the online trading mechanism, such possibilities cease to exist for investors. Moreover, market dynamics have transformed on account of several shocks such as COVID-19, Omicron, Russia–Ukraine, Visa-related international issues in the world over economies and financial markets. Investors and markets have become more cautious and look out for a precautionary approach while dealing in stock market trading.
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