An Empirical Analysis of Stock Market Performance and Economic Growth: Evidence from India

Granger Causality Test Results

Table 3a: Granger Causality Test Results (Monthly data series with Stationary variables)

Null Hypothesis	Number of Lags	F- Statistics (Probability)	Causal Relation
BSE does not Granger Cause IIP IIP does not Granger Cause BSE NSE does not Granger Cause IIP IIP does not Granger Cause NSE	2 2 2 2	2.54 (0.08)*** 3.65 (0.03)** 2.96 (0.055)*** 2.92 (0.06)***	Bidirectional Relation Bidirectional Relation

Where ‘**’ and ‘***’ indicate that the null hypothesis is rejected at 5 % and 10 % level of significance respectively.
Table 3b: Granger Causality Test Results (Quarterly data series with Stationary Variables)