IS THERE ANY MUHURAT TRADING EFFECT: AN EMPIRICAL NOTE FROM THE TEXTILE AND APPAREL INDUSTRIES OF INDIA
Author:
Gaurav Kumar, Bhartendu Singh
This is an open access article distributed under the Creative Commons Attribution License CC BY 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited
This study examined the Muhurat Trading effect on select top five companies of Textiles and Apparel Industries of India from 1st January 2013 to 31st December 2022. In this paper, the differences in mean returns on Muhurat Trading day to pre-Muhurat Trading, post-Muhurat Trading, and regular Trading day have been examined by using the non-parametric Mann-Whitney U test. We found Muhurat Trading days mean returns five to fifteen times higher than regular trading day mean returns for the select companies but It was statistically significant (at 0.01 and 0.05 levels of significance) only for Trident Ltd and Welspun India Ltd. Similarly, we also found superior positive returns on Muhurat Trading in comparison to pre-Muhurat Trading as well as post-Muhurat Trading day returns but statistically insignificant.
| Pages | 21-26 |
| Year | 2024 |
| Issue | 1 |
| Volume | 2 |
