Analyzing interconnections between national stock exchange India and global markets using data analytics

Zakir Mujeeb Shaikh, Suguna Ramadass


Financial networks have become increasingly complex and interconnected in the global economy. In this context, the use of data analytics has emerged as a valuable tool for understanding and analyzing the relationships between different financial markets. This paper presents a study using Pearson and partial correlation analysis to explore the interconnections between the National Stock Exchange India (NSEI) and global stock markets. The analysis aims to provide insights into the dynamics and patterns or cross-markets interactions and to identify potential opportunities for investment and risk management that to considering the world’s 43 major indices based on imports and exports. The historical data from 1st January 2008 to 30th June 2022 was obtained from the public domain. In this study, a Python framework was developed to investigate Pearson and partial correlation-based networks in financial markets. The results showed that these two types of networks are significantly different from each other. Furthermore, the study discovered that the NSEI is closely connected to the Singapore market and is integrated with other markets. These findings emphasize the complexities to financial market relationships and have important implications for investors and policymakers.


Financial networks; Global stock markets; National stock exchange India; Partial correlation coefficient; Pearson correlation coefficient

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The Indonesian Journal of Electrical Engineering and Computer Science (IJEECS)
p-ISSN: 2502-4752, e-ISSN: 2502-4760
This journal is published by the Institute of Advanced Engineering and Science (IAES) in collaboration with Intelektual Pustaka Media Utama (IPMU).

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