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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