Seasonality and seasonal variations are in any commodity market and India is also privy to it. Seasonality is an anomaly. Day of the week effect is an anomaly, which this paper tries to unravel. Many researchers have investigated the effects of seasonal fluctuations such as, , the day-of-the-week, day-of-the-month, and month-of-the-year effects. Historical evidence suggests that these anomalies are prevalent in the market and if properly studied investors can take advantage of the market and try to beat the Efficient Market Hypothesis (EMH). This paper attempts to understand the effect of day-of-the-week on the Indian stock market.
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Noel Daliwala (2024) studied this question.
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