STOCK MARKET REACTION TO THE UNION BUDGET ANNOUNCEMENT IN INDIA: AN EVENT STUDY APPROACH

Beating the market is impossible, according to efficient hypothesis (EMH), because existing share prices always encompass and represent all relevant information. An builds boldness of investors. It states that no individual investor can attain abnormal returns on announcement any information exchange quickly adjusts itself new The main purpose this study investigate impact union budget 1st Feb 2022 by Indias Finance Minister, Nirmala Sitharaman S&P BSE Sensex stocks considering 500 as a proxy applying event technique. According research, introduction Union Budget had positive security returns. KEYWORDS: Budget, Event Study, EMH, Abnormal Return, Proxy Market