This study analyses the existence of structural breaks and market anomalies in the Indian stock market during catastrophic periods from 1990 to 2023. We employ OLS dummy variable techniques to identify seasonal anomalies and the Chow breakpoint test to detect structural breaks in the BSE and NSE indices. Our findings reveal a significant December effect in the NSE, while the BSE shows no such significant monthly anomalies. The Chow test results indicate that major crises, including the 1992 security scam, the 2008 global meltdown, the 2009 political regime change, and the 2020-21 pandemic, were significant catalysts for a continuing swing in the level of Indian stock indices.&amp;nbsp;This research contributes to the literature by demonstrating that while market anomalies can exist, structural breaks during catastrophic events are a more significant factor influencing the Indian stock market. Our findings have important practical implications for investors, policymakers, and regulators, highlighting the need to account for both seasonal effects and the impact of systemic crises when analysing market behaviour.© The Author(s) 2025. Published by RITHA Publishing. This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited maintaining attribution to the author(s) and the title of the work, journal citation and URL DOI.Article’s history: Received 27th of August, 2025; Revised 24th of September, 2025; Accepted for publication 30th of September, 2025; Available online: 7th of October, 2025; Published as article in Volume I, Issue 2(2), December, 2025. 

pdf/structural-breaks-and-market-anomalies-in-indian-stock-d5f5kgjc2f0d.pdf

Structural Breaks and Market Anomalies in Indian Stock Markets during Catastrophic Periods

The aim of this study is to examine the impact of the COVID-19 pandemic and other similar global events on the global stock market. The data used covers 16 countries of the world and a series of quarterly data ranging from 1919Q1 to 2020Q2 for major stock market index was used. The Bai and Perron’s multiple structural break approach were adopted. Different number of break dates is noticed across several regions. While selected sample countries in Europe have at least ten break dates under the period of investigation, we observe for US, Canada and Australia, only twelve break dates. Asia and the other bloc of countries report ten and twelve break dates respectively. Notably, one most prominent causes of structural changes in stock markets (with the exclusion of Germany) appears to be from the GFC, which had inverse effects on major market around the world. The most prominent source of structural breaks in the Asian markets appears to be from the 2008-2009 GFC. In addition, we found evidence of structural breaks in several stock markets in the world, resulting from the 2009-2010 Global Pandemic, that is, the H1N1 virus/pigs Swine Flu;2003 SARS;MERS;and EBOLA. In addition, as explained above, events have the tendency of unfolding over time;hence matching exact breaks in stock market data to precise events is very unlikely.

/pdf/structural-breaks-in-global-stock-markets-are-they-caused-by-1jeeorzd.pdf

Structural Breaks in Global Stock Markets: Are They Caused by Pandemics, Protests or Other factors?

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Structural Breaks in Global Stock Markets: Are They Caused by Pandemics, Protests or Other factors?