ADF test results
| Variables | Level | First difference | Result | ||
|---|---|---|---|---|---|
| I | IT | I | IT | ||
| NIFTY | −0.878433 (0.7939) | −3.062932 (0.1177) | −12.21566 (0.0000) | −12.16338 (0.0000) | I(1) |
| Oil price | −2.184989 (0.2124) | −1.912716 (0.6448) | −9.811534 (0.0000) | −9.859674 (0.0000) | I(1) |
| CPI | 3.551474 (1.0000) | −2.309360 (0.4268) | −2.597763 (0.0549) | −8.574196 (0.0000) | I(1) |
| Variables | Level | First difference | Result | ||
|---|---|---|---|---|---|
| I | IT | I | IT | ||
| NIFTY | −0.878433 (0.7939) | −3.062932 (0.1177) | −12.21566 (0.0000) | −12.16338 (0.0000) | I(1) |
| Oil price | −2.184989 (0.2124) | −1.912716 (0.6448) | −9.811534 (0.0000) | −9.859674 (0.0000) | I(1) |
| CPI | 3.551474 (1.0000) | −2.309360 (0.4268) | −2.597763 (0.0549) | −8.574196 (0.0000) | I(1) |
Note(s): (a) MacKinnon (1996) one-sided p-values; I(1) = Stationary at order one; I = Intercept and IT = Intercept and Trend
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