The Effect of Four Events (NITI Aayog, Demonetization, GST & N-Covid-19) on Indian Stock Market with Special Reference to Sectorial Indices

Study seeks to determine the effects of NITI Aayog, Demonetization, GST and N-Covid-19 on Indian stock market return. Systematic literature review (SLR) method is used to assess the effect, considering 50 journal publications between 2017 to 2022. Automobile, Banking, FMCG, Information Technology, Oil & Gas sectors are cosnidered. Event Study Methodology is followed with pre (-21 days) and post-event window (+21days) analysis. Index values were observed and abnormal returns were calculated for the study period and the impact was evaluated. The findings revealed that indices were significantly impacted by events with negatively yielding in the short run. In long run, markets gradually recovered and stabilized. Further, the analysis highlights that, each of the events affect on various sector is not same. These occurrences may alter investor sentiment, which in turn affects stock prices. Study concludes with the effect and highlighting conclusive effect.