• Mr. Nemani Satish
• Dr. Bheemanagouda

This study examines the presence of the Day-of-the-Week (DOW) effectone of the most documented seasonal anomaliesin the Indian equity market using data from five major NIFTY indices: NIFTY 50, NIFTY 100, NIFTY 500, NIFTY MIDCAP 150, and NIFTY SMALLCAP 250. Employing daily return data from April 1, 2010, to March 31, 2024, we apply statistical and econometric tools such as descriptive statistics, ANOVA, Kruskal-Wallis, and regression analysis to test for variations in returns across weekdays. The results indicate no significant DOW effect across all indices, confirming market efficiency in the Indian context. This study contributes to the body of behavioural finance by reinforcing the diminishing relevance of calendar anomalies in evolving emerging markets.

Day-of-the-Week Effect, Calendar Anomalies, NIFTY Indices, Indian Stock Market, Market Efficiency

"INVESTIGATING THE DAY-OF-THE-WEEK EFFECT IN THE INDIAN EQUITY MARKET: EVIDENCE FROM NIFTY INDICES", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.12, Issue 7, page no.74-79, July-2025, Available :http://www.jetir.org/papers/JETIRGZ06016.pdf

"INVESTIGATING THE DAY-OF-THE-WEEK EFFECT IN THE INDIAN EQUITY MARKET: EVIDENCE FROM NIFTY INDICES", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.12, Issue 7, page no. pp74-79, July-2025, Available at : http://www.jetir.org/papers/JETIRGZ06016.pdf