A Study on the Stock Markets Correlation among Major Global Economies  during the Post-Global Recession Period

Siddhartha Sankar Saha; Rapti Deb

doi:10.36948/ijfmr.2025.v07i03.47904

A Study on the Stock Markets Correlation among Major Global Economies during the Post-Global Recession Period

Author(s)	Prof. Dr. Siddhartha Sankar Saha, Ms. Rapti Deb
Country	India
Abstract	As global financial systems become increasingly interconnected, understanding the linkages between Indian stock indices and international markets has become vital for investors aiming to navigate and capitalize on evolving market dynamics. The study delves into the intricate dynamics among India’s S&P BSE SENSEX and 21 prominent stock indices from Asia, America, and Europe over the period spanning April 20, 2009 to December 30, 2019. Utilizing descriptive statistical analysis of the calculated return series derived from daily adjusted index closing values, alongside the non-parametric Spearman Rank Correlation method, the research provides an exhaustive exploration of global market correlation. The findings reveal weak correlations between the S&P BSE SENSEX and sample global indices, underscoring India’s limited financial integration with international markets and its significant potential for portfolio diversification. In contrast, moderate correlations among American and European indices signal sensible regional association, reflecting shared economic frameworks and suggesting constrained diversification opportunities within these regions. The analysis further highlights heterogeneous financial interdependency, with India’s S&P BSE SENSEX maintaining a distinctive detachment from American and European indices, underscoring unique market dynamics. Asian markets exhibit moderate intra-regional cohesion and selective global linkages, whereas European indices demonstrate robust interdependence, indicative of cohesive economic and financial policies. Notably, China’s SSE emerges as minimally integrated, while select transcontinental relationships, such as between Mexico’s IPC and the Netherlands’ EURONEXT 100, underscore targeted global interdependencies. This nuanced examination sheds light on the structural and regional factors shaping global financial integration.
Keywords	Stock Market Correlation, S&P BSE SENSEX, Asian Markets, American Markets, European Markets, Post-recession
Field	Mathematics > Economy / Commerce
Published In	Volume 7, Issue 3, May-June 2025
Published On	2025-06-14
DOI	https://doi.org/10.36948/ijfmr.2025.v07i03.47904
Short DOI	https://doi.org/g9qp8j

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A Study on the Stock Markets Correlation among Major Global Economies during the Post-Global Recession Period

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