Abstract
Indian Stock Markets (BSE - NSE) are considered to be one of the most dynamic and emerging stocks market in the world. This piece of empirical work finds evidence on Market Efficiency precisely Weak Form of Market Efficiency and Behavioural Finance. The study uses a Dickey Fuller and Augmented Dickey Fuller model of Random walk to explain S&P CNX Nifty 50 is Weak Form Efficiency on daily basis from 1995 to 2010. Further, the Behavioural Finance section shows evidence on Weak Form Efficiency because of the existence of biases like Momentum Profits and Contrarian Profits. The results for the above mentioned biases are contradictory with the previous researches taken into consideration, i.e. Joshipura (2009) or Jegadeesh and Titman (1993). Finally, the interpretation for Momentum Profits and Contrarian Profits were explained with certain limited assumptions, explanations and news.
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