Chaudhuri S. K. (1991) studied the weak form market efficiency using the serial correlation test

and run tests and concluded that Indian capital market is not efficient in its weak form. This

study used daily price quotations for 93 actively traded shares in the Indian stock market for the

period January 1988 to April 1990. Poshakwale Sunil (1996) using serial correlation, run test,

KS test tried to collect evidence for weak form of market efficieny for Bambay Stock exchange.

He found that Indian capital market do not follow the weak form EMH. This study covered for

the period of 1987 to 1994.

Bhanu Pant and T. R. Bishnoi (2002) the behavior of daily and weekly returns of five Indian

stock market indices for random walk during April-1996 to June-2001. They have tested the

indices for normality, autocorrelation using Q-statistic and Dickey-Fuller test and analyzed

variance ratio using homoscedastic and heteroscedastic test estimates. Their results support that

Indian stock market indices do not follow random walk. Rakesh Gupta and Parikshit K. Basu

(2007) tested the weak form efficiency in the framework of random walk hypothesis for the two

major equity markets in India viz, BSE and NSE for the period 1991 to 2006. The results

suggested that the series do not follow random walk model and there is an evidence of

autocorrelation in both markets which rejected the weak form efficiency hypothesis.

Ashutosh Verma (2005) found evidence for that the Indian capital market is weak form efficient.

This study was carried out on Bombay stock exchange for the period of 1996 to 2001 using serial

correlation test. P K Mishra and B B Pradhan (2009) tested the efficiency of Indian capital

market in its weak form by employing the unit root test. The study provides the evidence of weak

form inefficiency of Indian capital market over the sample period. This study used the daily

stock returns data computed from daily closing stock price index of Bombay Stock Exchange

(BSE), i.e., Sensex for the time span covering March 2001 to March 2009.

Saif Sadiqui and P.K.Gupta (2010) attempted to seek evidence for the weak form efficient

market hypothesis using the daily data for stock indices of the National Stock Exchange for the

period of 1 January 2000 to 31 October 2008. They used non-parametric tests like Kolmogrov –

Smirnov normality test and run test and parametric tests like auto-correlation test, auto-

regression and ARIMA model to test weak-form efficiency. The results suggested that the

market under study do not exhibit weak form efficiency.