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A common claim says domestic institutions lift the index on the last day of a quarter to flatter reported values, and the index falls back the next day. On the 23 quarter-ends from December 2020 to June 2026, NIFTY closed lower more often than higher on the quarter-end day, and the next day was more often up than down. AION Analytics research note, series: Tested Market Claims. Canonical version: https://aionanalytics.in/research/notes/quarter-end-window-dressing-test Supplementary files: the analysis script, the summary tables and the classified dates, so the test can be rerun on any copy of the NIFTY 50 index data. See README.txt.
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Lokesh Gupta (2026) studied this question.
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