Causal Interactions between Macroeconomic Variables and Stock Market Returns in India with Special Reference to NSE

Stock market is one of the main variables of economic development of any economy, on the other hand, variations in stock market are also caused by the fluctuations in the various macroeconomic indicators. These stock market variations influence the behaviour of investors; so, the modeling of stock market returns and macroeconomic indicators is one of the key areas of financial researches. The present paper intends at identifying causal interactions between stock market returns and various macroeconomic variables