Table 2 Multiple and individual VR tests for return series

S1

S&P BSE Sensex

23.4127^a

−23.4127^a

{0.55133}

−20.04238^a

{0.28145}

−15.40392^a

{0.1268}

−11.06920^a

{0.06629}

[0.000]

(553.1)

[0.000]

[0.000]

[0.000]

[0.000]

S&P BSE IT

23.6171^a

−23.61714^a

{0.54741}

−20.58047^a

{0.26215}

−15.46046^a

{0.1236}

−11.10457^a

{0.0633}

[0.000]

(565.69)

[0.000]

[0.000]

[0.000]

[0.000]

S2

S&P BSE Sensex

10.972^a

−10.97203^a

{0.55173}

−10.08047^a

{0.28207}

−8.312745^a

{0.12746}

−6.25343^a

{0.06702}

[0.000]

[0.000]

[0.000]

[0.000]

[0.000]

S&P BSE IT

12.08156^a

−12.08156^a

{0.54781}

−11.38681^a

{0.26273}

−9.299124^a

{0.12424}

−7.149689^a

{0.06401}

[0.000]

[0.000]

[0.000]

[0.000]

[0.000]

S3

S&P BSE Sensex

21.9464^a

−21.94642^a

{0.57943}

−18.67128^a

{0.3306}

−14.07391^a

{0.2022}

−10.20897^a

{0.13885}

[0.000]

(484.9)

[0.000]

[0.000]

[0.000]

[0.000]

S&P BSE IT

22.2004^a

−22.20039^a

{0.57456}

−18.99003^a

{0.31917}

−14.14508^a

{0.19816}

−10.09348^a

{0.14859}

[0.000]

(497.16)

[0.000]

[0.000]

[0.000]

[0.000]

S4

S&P BSE Sensex

23.1982^a

−23.19816^a

{0.55544}

−19.68314^a

{0.29433}

−14.98143^a

{0.15075}

−10.75246^a

{0.09301}

[0.000]

(541.65)

[0.000]

[0.000]

[0.000]

[0.000]

S&P BSE IT

23.3137^a

−23.31373^a

{0.55323}

−20.055^a

{0.28099}

−15.03291^a

{0.14784}

−10.77041^a

{0.09149}

[0.000]

(548.97)

[0.000]

[0.000]

[0.000]

[0.000]

S5

S&P BSE Sensex

14.7368^a

−14.73678^a

{0.71759}

−12.86565^a

{0.53874}

−9.442364^a

{0.46475}

−7.114982^a

{0.39984}

[0.000]

(221.8)

[0.000]

[0.000]

[0.000]

[0.000]

S&P BSE IT

14.6601^a

−14.66012^a

{0.71906}

−12.55835^a

{0.54976}

−9.28688^a

{0.47356}

−6.509822^a

{0.45088}

[0.000]

(217.08)

[0.000]

[0.000]

[0.000]

[0.000]

S6

S&P BSE Sensex

23.4127^a

−23.41272^a

{0.55133}

−20.04238^a

{0.28145}

−15.40392^a

{0.12681}

−11.06920^a

{0.06629}

[0.000]

(553.1)

[0.000]

[0.000]

[0.000]

[0.000]

S&P BSE IT

23.6171^a

−23.61714^a

{0.54741}

−20.58047^a

{0.26215}

−15.46046^a

{0.1236}

−11.10457^a

{0.0633}

[0.000]

(565.69)

[0.000]

[0.000]

[0.000]

[0.000]

S7

S&P BSE Sensex

10.972^a

−10.97203^a

{0.55173}

−10.08047^a

{0.28207}

−8.312745^a

{0.12746}

−6.253435^a

{0.06702}

[0.000]

[0.000]

[0.000]

[0.000]

[0.000]

S&P BSE IT

12.0816^a

−12.08156^a

{0.54781}

−11.38681^a

{0.26273}

−9.299124^a

{0.12424}

−7.149689^a

{0.06401}

[0.000]

[0.000]

[0.000]

[0.000]

[0.000]