The present study uses monthly and quarterly data for the time span of April, 1996 to March, 2009. The collected data are seasonally adjusted to correct seasonal variations and then converted into natural logarithms (ln) for all the variables. The required data on Index of Industrial Production (IIP) and Real Gross Domestic Production (RGDP) are collected from RBI (Reserve Bank of India)’s publication of ‘Handbook of Statistics on Indian Economy, 2009-10. Data on indices of BSE-SENSEX and NSE- S&P CNX Nifty are collected from BSE (Bombay Stock Exchange) and NSE (National Stock Exchange) official websites.
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