Calendar Anomalies in the Indian Stock Market: Evidence from Nifty 50 Monthly Returns (2020–2025)

Author(s)	Dr. RAHUL SAINATH MOHILE
Country	India
Abstract	The study investigates the monthly seasonal patterns which exist in the Indian Stock market from the returns of Nifty 50 index for the period 2020 to 2025. The Previous research on the calendar anomalies suggest that the stock returns may systematically vary across the different months of the year. To study this possibility in the Indian context, monthly return of the Nifty 50 index was analysed using the descriptive statistics and a one way analysis of variance (ANOVA).The results showed variations across months. In particular April, July and November recorded comparatively higher returns whereas January, February and March showed relatively weaker performance during the period of 2020-2025. However the ANOVA results indicate that these variations are not statistically significant at 5% Level. This suggests that strong month of the year effects are not evident in Nifty 50 Index for the period 2020-2025. The findings may reflect the increasing efficiency in the Indian Market, where improved information availability and the greater institutional participation reduce the predictable return patterns in the market. This study adds to the current research on unusual market patterns by showing new evidence from a developing market's point of view.
Keywords	Seasonality; Nifty 50; Calendar Anomalies; Stock Market Returns; Indian Equity Market
Published In	Volume 8, Issue 2, March-April 2026
Published On	2026-03-15

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