Table 12 Results of runs test for BSE...

Table 12

Results of runs test for BSE broad market indices

	Test value	Cases < test value	Cases ≥ test value	Total cases	Number of runs	Z
SENSEX	0.0648	1,238	1,239	2,477	920	−12.842
AllCap	0.0632	1,238	1,239	2,477	910	−13.244
BSE 100	0.0697	1,238	1,239	2,477	914	−13.083
BSE 200	0.0721	1,238	1,239	2,477	892	−13.967
BSE 500	0.0891	1,235	1,235	2,470	982	−10.224
LargeCap	0.0685	1,235	1,235	2,470	1,016	−8.855
MidCap	0.1168	1,238	1,239	2,477	954	−11.475
SENSEX Next 50	0.1072	1,234	1,234	2,468	992	−9.785
SmallCap	0.1308	1,238	1,239	2,477	916	−13.003

	Test value	Cases < test value	Cases ≥ test value	Total cases	Number of runs	Z
SENSEX	0.0648	1,238	1,239	2,477	920	−12.842
AllCap	0.0632	1,238	1,239	2,477	910	−13.244
BSE 100	0.0697	1,238	1,239	2,477	914	−13.083
BSE 200	0.0721	1,238	1,239	2,477	892	−13.967
BSE 500	0.0891	1,235	1,235	2,470	982	−10.224
LargeCap	0.0685	1,235	1,235	2,470	1,016	−8.855
MidCap	0.1168	1,238	1,239	2,477	954	−11.475
SENSEX Next 50	0.1072	1,234	1,234	2,468	992	−9.785
SmallCap	0.1308	1,238	1,239	2,477	916	−13.003

Note(s): AllCap,All Capitalization; BSE, Bombay Stock Exchange;LargeCap, Large Market Capitalization; MidCap, Mid-Capitalization; S.D., Standard Deviation; SENSEX, Sensitivity Index

Source(s): Compiled from EViews 10

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