Abstract
The Indian stock market during the Covid-19 pandemic performed quite well in comparison to that of the pre-Covid period. Based on daily data from Bombay Stock Exchange, it was observed that the S&P BSE Sensex has grown by 85.5% from 1st April 2020 to 30th June 2021, while during a 9-year period from March 2011 to March 2020, the Index has grown by 59% only. To investigate further regarding this exceptional growth of stock market despite the Covid-19 pandemic, the advance-decline ratio (ADR) was also analyzed for the similar period. It was noticed that the daily average of ADR was 1.20 during the Covid-19 while it was only 1.03 during the last 9 years prior to the pandemic. The present study is focused on the impact of ADR on stock market return during Covid-19 as well as prior to the pandemic using regression analysis and to investigate the stock market response to overbought and oversold scenarios during Covid-19 pandemic.
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