The present study attempted to analyze the relationship between selected macroeconomic variables: interest rate, inflation rate, foreign institutional investments, foreign exchange reserves, gold prices, money supply, and India’s stock market index, that is, the Bombay Stock Exchange from April 2012 – June 2020. Various studies in the well-documented literature have examined the association between macroeconomic variables and the stock market in diverse ways and forms. This paper encapsulated the long-run and short-run dynamics of the relation between the variables, as mentioned above, with the ARDL model’s help. The empirical analysis displayed a strong liaison between India’s stock market and money supply, foreign institutional investment, foreign exchange reserves, wholesale-price index, and call money rate (interest rate). Further, it also showed a negative and significant long-term adjustment coefficient.

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