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Sectoral herding behaviour in the Indian financial market

Author

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  • Veena Madaan
  • Monica Shrivastava

Abstract

This paper estimates the herding behaviour at the sector level in the Indian equity market. The CSSD and CSAD model were used to detect the herding for the period after global financial crisis in the equity market. Further, the asymmetry of the same was examined during upturn downturn market, high and low trading volume, and conditional volatility phase of the market. The CSSD model indicated no herding but CSAD model revealed the existence of herding in some sectors in the Indian stock market. Additionally, the cement and service sectors indicated herding irrespective of rising or falling market, trading volume, and conditional volatility. The outcome will be helpful for policymakers to design strict guidelines to provide a protected environment for investors. This study investigated the trading pattern at the sectoral level up until the year 2019, while most of the studies have covered up to the year 2015.

Suggested Citation

  • Veena Madaan & Monica Shrivastava, 2022. "Sectoral herding behaviour in the Indian financial market," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 26(2), pages 185-213.
    • Handle: RePEc:ids:gbusec:v:26:y:2022:i:2:p:185-213
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