Nifty Bank Index Daily Returns Analysis

The analysis of Nifty Bank Index daily returns for the period from January 2006 to December 2015 is presented in Table – 4.7. This table explain that the mean returns of Nifty Bank Index earned positive result for all trading days of the week in the year 2009. The returns were high (0.636) on Tuesday in 2012 and low return of (-.712) on Thursday in 2008. The Negative Monday returns were recorded in 2006, 2008,2011,2012,2013 and 2015. Negative Friday returns were recorded for only two years i.e., in 2008 and 2011. Maximum return was recorded in Monday in the year 2009 and minimum return was recorded day is also Monday in the year 2009. This shows some significance to the Monday’s return distribution. High standard deviations are seen in the …show more content…
From the table it is understood that the Nifty Financial Services Index return records the Highest mean return of (.6328) on Tuesday in 2012. The high negative return (-.7487) was registered on Thursday in 2008. This gives idea for the investor of buying shares on Thursday and making profit on Tuesday. IT was in the year 2009, all trading days are registered with positive returns. The remaining year of the study period has both positive and negative mean return for all trading days of the week. In the year 2008, Wednesday mean return is in positive and rest of other days are in negative. The negative Monday return was recorded in the year 2006,2008,2011,2012 and 2015. From the table it was found that negative return on Monday and Friday are recorded in the year 2008 and 2011. Consecutive negative returns for three days are recorded in the year 2015 i.e., return of Monday, Tuesday and Wednesday are in …show more content…
This table reveals the fat about the daily returns of mean standard deviation, maximum, minimum and normality test. The highest mean return of (.103) was recorded on Friday and lowest mean return (-.0167) was recorded on Tuesday. Highest single day positive return (17.8) was recorded on Monday and lowest (-12.60) was recorded on Friday. The highest value of standard deviation (2.294) was recorded on Wednesday. Monday volatility is higher than other trading days of the week. This is due to the transmission of news happened in trading holidays of Saturday and Sunday. The return distribution was positively skewed on Monday and Wednesday. The same was negatively skewed on rest of the days. Kurtosis distribution was leptokurtic for all days of the week and the highest is (9.647) was recorded on Monday. Shapiro - Wilk Test revels that return was asymmetric and it did not confirm the return series was normally distribution during the study