摘要：The traditional finance studies suggest that financial markets move rationally and they are based on economic fundamentals. But psychological factors also influence the investment decisions and the mood of people significantly affects the decisions they make (Saunders, 1993; Hirshleifer Lucey Etzioni, 1988; Romer, 2000). Some economists (Lucey Allen Neely, Tu, Rapach & Zhou, 2014). The market openness and globalization increased the proportion of foreign investors in local stock markets, which could weaken the weather effects in markets. With the development of electronic-trading system, the communication technology, arbitrageurs could make international portfolio strategies, using program trading. This development could also weaken the weather effects and make stock market more efficient.
关键词：Weather Factor;BSE Sensex;S&P CNX Nifty;Descriptive Statistics;Correlation Matrix;Granger Causality Test
