Kanwal Nayan Kapil


The study aims to understand the lunar phases and its impact on stock return, examining moon related mood swings and investment behaviour. Focus is directed to empirically test the impact of moon phase on stock market return, wherein moon phases are taken as 15 day cycle of new moon and full moon. Stock return was calculated on Stock market index namely BSE Sensex and NSE -Nifty 50 in India. Study confirms that lunar cycle has deep impact on stock market returns for BSE as well as NSE in Indian context. Stock market Investment behaviour specifically, the rate of return on stocks during the 15 days cycle for new moon period exhibit four times the stock market returns as experienced during the 15 days cycle for full moon period.

JEL classification: G4, G1, G14, G40, G41.

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