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Research Paper | Economics | Volume 15 Issue 3, March 2026 | Pages: 463 - 470 | India
Calendar Anomalies and Seasonality in Indian Equity Markets: Implications for Inclusive Enterprise and Investor Empowerment
Abstract: Financial markets play a pivotal role in supporting enterprise expansion and economic development; however, return-generating mechanisms are often influenced by systematic temporal patterns that challenge the assumption of full market efficiency. This study investigates the existence and changing relevance of selected calendar-based anomalies, namely the day-of-the-week effect, month-of-the-year effect, and holiday effect, within the Indian equity market, focusing on a set of listed companies. Using exclusively secondary data, the research applies econometric and time-series techniques to evaluate return behavior across multiple trading periods and market phases. The analysis reveals that while advancements in market structure, regulation, and information dissemination have weakened several traditional anomalies, certain seasonal patterns continue to exert measurable influence on stock returns. These residual effects hold strategic relevance for both individual and institutional investors and shape portfolio decision-making across short-term and long-term horizons. The findings underscore the importance of investor awareness, financial literacy, and policy interventions aimed at minimizing informational asymmetries and structural inefficiencies. By promoting transparency and informed participation, equity markets can evolve into more inclusive and resilient systems that support enterprise growth and equitable wealth creation in emerging economies such as India, thereby reinforcing the broader agenda of empowerment, equity, and enterprise.
Keywords: Calendar anomalies, Seasonality, Equity markets, Investor empowerment, financial inclusion
How to Cite?: Vinay Munde, Dr. Mahesh Kumar, Dr. Anil Nagtilak, "Calendar Anomalies and Seasonality in Indian Equity Markets: Implications for Inclusive Enterprise and Investor Empowerment", Volume 15 Issue 3, March 2026, International Journal of Science and Research (IJSR), Pages: 463-470, https://www.ijsr.net/getabstract.php?paperid=SR26302114101, DOI: https://dx.dx.doi.org/10.21275/SR26302114101