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Table 3 Analysis showing relationship of FIIs and DIIs with stock market returns.

From: A cause and effect relationship between FIIs, DIIs and stock market returns in India: pre- and post-demonetization analysis

 

Pre-demonetization

Post-demonetization

LFIIGP

LFIIGS

LDIIGP

LDIIGS

LFIIGP

LFIIGS

LDIIGP

LDIIGS

LNIR

        

 Correlation

− 0.015

− 0.132

− 0.082

− 0.032

0.048

0.009

0.06

0.002

 Sig. (two-tailed)

0.778

0.014**

0.126

0.546

0.374

0.858

0.265

0.97

LNAIR

        

 Correlation

0.003

− 0.096

− 0.072

− 0.032

0.006

− 0.026

− 0.024

− 0.068

 Sig. (two-tailed)

0.954

0.074*

0.179

0.547

0.919

0.635

0.653

0.208

LNFSIR

        

 Correlation

0.008

− 0.097

− 0.058

− 0.024

0.077

0.042

0.103

0.037

 Sig. (two-tailed)

0.888

0.072*

0.282

0.657

0.157

0.44

0.057*

0.493

LNFMCGIR

        

 Correlation

− 0.021

− 0.107

− 0.079

0.002

− 0.013

− 0.04

− 0.011

− 0.041

 Sig. (two-tailed)

0.704

0.049**

0.146

0.974

0.809

0.464

0.835

0.45

LNITIR

        

 Correlation

− 0.042

− 0.118

− 0.084

− 0.036

0.072

0.052

0.018

0.008

Sig.(two-tailed)

0.443

0.029**

0.122

0.502

0.187

0.335

0.744

0.881

LNMEDIR

        

 Correlation

− 0.095

− 0.185

− 0.15

− 0.098

− 0.028

− 0.036

− 0.029

− 0.073

 Sig. (two-tailed)

0.079*

0.001***

0.005***

0.070*

0.606

0.505

0.592

0.18

LNMETIR

        

 Correlation

0.001

− 0.078

− 0.058

− 0.033

− 0.016

− 0.032

0.014

− 0.056

 Sig. (two-tailed)

0.988

0.151

0.285

0.546

0.771

0.554

0.791

0.299

LNPHIR

        

 Correlation

− 0.074

− 0.142

− 0.137

− 0.073

− 0.072

− 0.126

− 0.069

− 0.09

 Sig. (two-tailed)

0.174

0.009***

0.011**

0.179

0.187

0.020**

0.2

0.096*

LNPSUBIR

        

 Correlation

− 0.039

− 0.097

− 0.055

− 0.071

0.081

0.054

0.124

0.054

 Sig. (two-tailed)

0.476

0.072*

0.309

0.187

0.134

0.318

0.021**

0.321

LNPVTBIR

        

 Correlation

− 0.006

− 0.104

− 0.068

− 0.049

0.082

0.063

0.108

0.047

 Sig. (two-tailed)

0.906

0.055*

0.208

0.365

0.129

0.247

0.046**

0.389

LNRIR

        

 Correlation

− 0.068

− 0.133

− 0.152

− 0.104

− 0.024

− 0.053

− 0.049

− 0.04

 Sig. (two-tailed)

0.209

0.014**

0.005***

0.055*

0.657

0.328

0.37

0.46

  1. *10% level of significance, **5% level of significance, ***1% level of significance
  2. LFIIGP FII Gross Purchase, LFIIGS FII Gross Sales, LDIIGP DII Gross Purchase, LDIIGS DII Gross Sales, LNIR Nifty 50 Index Returns, LNAIR Nifty Auto Index Returns, LNFSIR Nifty Financial Services Index Returns, LNFMCGIR Nifty FMCG Index Returns, LNITIR Nifty IT Index Returns, LNMEDIR Nifty Media Index Returns, LNMETIR Nifty Metal Index Returns, LNPHIR Nifty Pharma Index Returns, LNPSUBIR Nifty PSU Bank Index Returns, LNPVTBIR Nifty Private Bank Index Returns, LNRIR Nifty Realty Index Returns