Seasonality and seasonal variations are common phenomena associated with the stock markets and the Indian stock market is no exception to them. An interesting anomaly in seasonality is the day-of-the-week effect, which this paper tries to unravel. Many researchers have investigated the effects of seasonal fluctuations such as month-of-the-year, day-of-the-month, and day-of-the-week. 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 day-of-the-week effect in the Indian stock market.
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Daliwala et al. (2024) studied this question.
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