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INTERNATIONAL JOURNAL OF ADVANCED RESEARCH IN COMMERCE, MANAGEMENT & SOCIAL SCIENCE (IJARCMSS) [ Vol. 9 | No. 1 (II) | January - March, 2026 ]

An Empirical Study of Causality Relationship between Crude Oil Prices and Thematic Indices of National Stock Exchange of India

Srishti Bansal & Dr. Sawinder Kaur

The objective of this study is to examine the causal relationship between crude oil prices and Thematic Indices of NSE of India. The spot price of Brent crude oil is used as a proxy for crude oil prices. The Thematic Indices have been selected for the purpose of the study are: Nifty 100 ESG, Nifty 500 Shariah Index, Nifty Housing Index, Nifty Services Sector Index and Nifty India Manufacturing Index. Data has been collected for the time period from April1, 2009 to September 30, 2025 i.e. the period of post subprime lending financial crisis. But the data of Nifty 100 ESG has been taken from January1, 2011 due to availability of data. Daily closing prices of the variables have been considered. Granger Causality Test have been applied to check the causality between the variables. The study concludes that there is no causality between crude oil prices and selected Thematic Indices of NSE of India.

Bansal, S. & Kaur, S. (2026). An Empirical Study of Causality Relationship between Crude Oil Prices and Thematic Indices of National Stock Exchange of India. International Journal of Advanced Research in Commerce, Management & Social Science, 09(01(II)), 244–250. 10.62823/IJARCMSS/9.1(II).8761
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DOI:

Article DOI: 10.62823/IJARCMSS/9.1(II).8761

DOI URL: 10.62823/IJARCMSS/9.1(II).8761

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