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This article examines the links between the Indian NIFTY 50 (National Stock Exchange Fifty) and other emerging and established global stock markets, such as the Jakarta Price, the KOSPI Price, and the MOEX Price. The financial markets of different countries have become more interdependent because of globalization. Understanding these connections allows investors and policymakers to understand the level of reliance and integration between the Nifty 50 and other global markets. An empirical investigation was undertaken to ascertain the cointegration and causation between macroeconomic variables and the Sensex, employing Johansen’s cointegration (J_C) and Granger causality (G_C) methodologies. An empirical study was conducted using monthly data points collected during one year spanning 2022–2023. Empirical results from the cointegration technique show that there are no cointegrating equations between macroeconomic variables. G_C results show a one-way relationship between the Nifty 50 and the Jakarta price, as well as the KOSPI and MOEX prices.

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Nexus Between Indian NIFTY 50 and Other Major Emerging Markets

  • 会议论文

  • 发表日期：

    2026年

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  • Himanshu Goel,
  • Shrajal Gupta,
  • Dharmendra Singh,
  • Rakesh Kumar Phanden

摘要

This article examines the links between the Indian NIFTY 50 (National Stock Exchange Fifty) and other emerging and established global stock markets, such as the Jakarta Price, the KOSPI Price, and the MOEX Price. The financial markets of different countries have become more interdependent because of globalization. Understanding these connections allows investors and policymakers to understand the level of reliance and integration between the Nifty 50 and other global markets. An empirical investigation was undertaken to ascertain the cointegration and causation between macroeconomic variables and the Sensex, employing Johansen’s cointegration (J_C) and Granger causality (G_C) methodologies. An empirical study was conducted using monthly data points collected during one year spanning 2022–2023. Empirical results from the cointegration technique show that there are no cointegrating equations between macroeconomic variables. G_C results show a one-way relationship between the Nifty 50 and the Jakarta price, as well as the KOSPI and MOEX prices.