It has been well documented that the investment strategies appropriate for an efficient stock market would be significantly different from the strategies appropriate for an inefficient market. The market, in practice, does not have a reputation of being an efficient and reliable price-setter. This book is about how effective the Indian stock market is in setting prices which reflect the worth of the securities traded. The Indian stock market has been attracting considerable attention in recent years, especially after the liberalisation of the economy in the early 1990s. Wide ranging financial reform measures have been implemented since then, to make the financial system more efficient. This work used the market index data of the BSE and the NSE, as well as the individual share price data of 57 major shares. The runs test, the serial correlation test, and the variance ratio test were used to test the efficiency of India's stock market. With its comprehensive literature review and...

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