Prior literature available on the efficient market hypothesis (EMH) over the last few decades is quite indecisive as some studies supported the efficient market hypothesis, and other studies harshly rejected it. The present study aims at testing of weak form of Efficient Market Hypothesis confined to Indian context only. For examining the presence of the weak-form market efficiency in the Indian stock market, 5 BSE market indices and 5 NSE market indices were chosen where closing price of all the indices were studies for the purpose of analysis. The tools used in present study are: (1) Descriptive statistics, (2) Runs test, (3) Unit root test to check the stationarity of time series, (4) ACF and PCAF and. The empirical findings of the study shows that The Indian stock market was found to be weak form efficient, which confirmed that the historical information had no impact on the current prices and could not be used for predicting the future prices. The findings from this study provide a few lines for future research. One of the major research implications is that this anomalies in the statistical results that have come by different academicians in the finance area need to be explained by future researchers. Another practical implication is that the investment brokers and retail investors should exercise caution before selecting their investment portfolios. Another important implication is to understand that financial literacy plays a vital role in investment decisions. Therefore, in addition to the technical analysis of the stock market, the analysts need to consider the level of financial literacy, information access, and subjective market efficiency of the Indian stock market before taking any investment decisions.

KEYWORDS: Efficient Market Hypothesis, Unit Root, ADF Test, Autocorrelation, Indian Stock Market, Market Returns.