DO THE TREASURY BILLS EFFECTS THE MARKET CAPITALIZATION SEGMENTS OF STOCK MARKET: EVIDENCE FROM INDIA

This article investigates about the effect of Treasury Bills (T-Bills) on the market capitalization segments of stock market in India. The monthly data is observed from the period of April 2012 to March 2022 and employed Johansen’s Cointegration test on T-Bills and Indian stock market’s market capitalization segments (BSE LargeCap, BSE MidCap, & BSE SmallCap indices). The result shows that there is an existence of long-run relationship between the T-Bills and segments of market capitalization of Indian stock market.