International Journal of Accounting and

Financial Management Research (IJAFMR)

ISSN 2249-6882
Vol. 3, Issue 1, Mar 2013, 201-210
TJPRC Pvt. Ltd.

MOON AND MARKET: AN EMPIRICAL STUDY ON EFFECT OF MOVEMENT OF MOON

ON BSE SENSEX
PINKAL SHAH1 & JAYDIP CHAUDHRI2
1

Assistant Professor, The School of Management, Sumandeepvidyapeeth (Deemed University), Vadodara, Gujarat, India
2

Associate Professor, Department of Business & Industrial Management, Veer Narmad South Gujarat University,
Surat, Gujarat, India

ABSTRACT
The research paper has its place to the area of Financial Astrology, an uncharted method of security analysis.
Stock market always remains an attractive and challenging investment avenue amongst the investors fraternity. An Indian
stock market has witnessed marvelous growth and development in the last decade. Investors are mainly adopting
fundamental analysis and/or technical analysis as an approach of security analysis in managing their investment in stock
market. However, both the approaches fail to determine proper timing of entry and exit from trade so that maximum profits
are earned or loss is minimized. So, financial astrology, which deals with prediction of prices of stocks/index based on
planetary positions, answers on this issue.
The present study investigates the relationship between movement of BSE SENSEX and movement of Moon into
different signs into zodiac as per Indian Vedic Astrology. This study is based on historical data analysis from January 1993
to December 2010. This research paper is an attempt to find out Significant Bullish and Bearish effect of conjunction
between Moon with 12 different zodiac signs. The findings of the study may be helpful in taking buying or selling position
in different trend of stock market based on financial astrology. It also gives new dimension of researches on lunar effect on
stock returns.

KEYWORDS: Financial Astrology, Security Analysis, Stock Market Astrology, Financial Anomalies, Lunar Effect
INTRODUCTION
Investment plays an important role in any growth and development of economy. It is also considered as lifeblood
for economic system while financial market is considered as blood-vessel for economic system as it facilitates
transformation of saving into investment, which later on gets converted to production and consumption. Any organized and
efficient financial market provides different alternatives for prospective investors to invest their saving in monetary form.
These alternatives of investment are classified into following two categories viz. Risk free investment alternatives &Risky
investment alternatives.Investment in equity shares of different company through stock exchanges, commonlyrecognized
as investment in stock market is a prominent and widely acceptable alternative in category of risky investment. Since,
investment in share market is a part of risky investment alternatives, investors have to follow the scientific approach of
security analysis which is part of investment management process. Therefore, prediction of share prices for future time
frame with expected risk and returnis the key to trade in stock market. However, predictions about investment decisions in
stock market are always challenging as stock prices are fluctuating every second and there are many factors which
influence these fluctuations. Therefore, share price prediction always remains as an area of interest amongst investors and
researchers. There are different approaches of security analysis for prediction. In real life situation, fundamental analysis
and technical analysis are two popular approaches to prediction of share prices. The fundamental analysis mainly answers

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Pinkal Shah & Jaydip Chaudhri

as to which stocks should be bought or sold for long period of time. It is based on fundamental factors related with
economy, industry and company affecting share price movement. Technical analysis mainlydeals with the price at which
one should enter into the trade and exit the trade with stop loss based on statistical analysis of historical data of share price
and its charting pattern. But principles of both the theories fail to determine proper timing of entry and exit from trade so
that maximum profits are earned or loss is minimized. However, financial astrology answers this issue.

ABOUT FINANCIAL ASTROLOGY

Financial astrology is part of a broad area of astrology. Astrology is an art and applied science which deals with
influence of astronomical phenomena and events on happening of individual behavior as well as different social, cultural,
economic and political affairs of the world. It predicts prices in stocks or commodities or foreign exchange price based on
situation of planets, stars and signs. It measures the various aspects made by astronomical entities and correlates them to
the price movement in markets. It uses astronomical facts to explain and forecast the behavior of the financial markets. It is
a tool which suggests at what time one should take the buy or sell position. It also suggests the trend of prices in future at
any period of time. Thus, it also gives us a very advanced indication of trend and trend reversal in prices of shares. For
example, if someone asks the question that what will be the price of Reliance Industries Ltd (listed company of Indian
Stock Market) after two years from now, fundamental analysis may give answers by its way of valuation of company.
However, it is unable to answer the level at which one should enter and exit the trade in Reliance Industries Ltd with stop
loss position. This may be answered by technical analyst. Even fundamental analysis predicts the price for longer period of
time effectively say at least more than 3 months. It is unable to predict price movement of share for a day or week.
Technical analysis may overcome this limitation of fundamental analysis by predicting share price even for next 1 hour.
But if someone asks the question that what will be the trend in price of Reliance Industries Ltd (Listed Company of Indian
Stock Market) between January 2020 and March 2020, none of the approach except financial astrology answers this
question. Even financial astrology is used by western countries to filter the trading call from technical analysis. The theory
of financial astrology is comparatively popular and followed by investors fraternity in western countries as one of the
approach in security analysis. It is based on principles of western astrology which has its origin in 17th century i.e. it is
merely a 300 year old discipline. However, the root of financial astrology lies in our ancient Vedas thousands of years ago.
The astrological principles derived from our ancient Vedas are also known as Vedic Astrology across the globe which is
considered as a far superior and scientific approach than western astrology.
The following Chart No. 1 explains the grass root of financial astrology.

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Moon and Market: an Empirical Study on Effect of Movement of Moon on BSE Sensex

MOON & STOCK MARKET

There are many evidences that empirically criticize the efficient market hypothesis and prove that
calendar/seasonal anomalies exist in the stock market return and volatility across the world. It signifies that stock price
movements are not random. There are number of researches done to check lunar effect on stock return across the globe and
time to time. These literatures are evidence for that the stock return as well as volatility is influenced by lunar effect i.e.
position of moon. It should be noted that in majority of these researchers consider movement of moon in context of full
moon to no moon positions and its impact on daily return. However, there are no evidences in which conjunctions of moon
with different zodiac signs were taken into account.
In this research, an attempt is made to identify the effect of conjunctions of moon with different zodiac signs as
per Indian Vedic Astrology and its impact on price movement in stock market. It should be noted that there are twelve
different zodiac signs listed in (below table no. 1), and it will take 2.25 days for moon to transit from one sign to next sign
in the zodiac. In the process of transition from one sign to other, moon also makes a combination with other planets into
same zodiac signs. The list of planets as per Indian Vedic Astrology is listed below in table Researcher made efforts to
identify significant the combination of moon with zodiac signs & combination of moon with other planet into zodiac sign.
List of Planets & Zodiac Signs

Sr. No.
1
2
3
4
5
6
7

Name of Planet
Sun
Moon
Mars
Mercury
Jupiter
Venus
Saturn

Dragon Head (Rahu)

Dragon Tail (Ketu)

Sr. No.
1
2
3
4
5
6
7
8
9
10
11
12

Name of Zodiac Sign

Aries
Taurus
Gemini
Cancer
Leo
Virgo
Libra
Scorpio
Sagittarius
Capricorn
Aquarius
Pisces

RESEARCH METHODOLOGY
Research Design
The research design for the present study is of exploratory type. In this study, an attempt is made to explore new
knowledge in a comparative highly uncharted area of financial astrology.
Objectives

To study the effect of transit of moon in different zodiac signs as per Vedic Astrology on overall price movement
of Indian Equity Market.

Hypothesis of Research

H0 (I)

H0 (II)

The conjunction of moon with/without zodiac signs and daily price

movement during the same period are independent events.
There is no significant difference between the average of daily
positive return and the average of daily negative return.

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Pinkal Shah & Jaydip Chaudhri

Data Collection
The data collected for this research are secondary in nature. For this research work, historical data of price
movement in Indian equity market were collected from ACE Data Base & Software of Technical Analysis, developed by
Spider Software Ltd, Mumbai. The historical data of transit of moon into different zodiac signs as per Vedic astrology from
January 1993 to December 2010 (18 Years) have been used which were collected from Panchang Hindu Vedic
Calendar, published by Prophet 2006 - A complete Indian Vedic Astrology Software.
Sampling
The population for the present study is closing price of all listed companies available for trading in stock market
belonging to different sectors from its listing date. However, the over all movement of different sectors in can be
represented by equity index. Therefore, Closing price of BSE SENSEX from January 1993 to December 2010 is taken as
sample which represents Indian equity market. For the present research, Judgmental or Purposive sampling method is used.
Reliability and Validity of Data
Reliability of the collected data was established by cross verifying to its other sources. Panchang Data collected
through Astro-Prophet software were verified with SandeshPanchnag & historical data about price movement collected
through Spider ACE software were verified with official website of Bombay Stock Exchange (www.bseindia.com).The
data collected as a sample were validated on the ground that BSE SENSEX is the oldest and benchmarked representative
index of Indian Equity Market.
DATA ANALYSIS
The data for the present research was collected from the published sources and hence secondary in nature. The
period covered is from January 1993 to December 2010. The data pertains to following two categories.

Position of moonwithin the Zodiac Signs as embodied in Hindu Panchang

Daily prices of BSE SENSEX and representative companies of eight sectors as recorded on the Bombay Stock
Exchange
The collected data were tested for its reliability and validity and were found to be satisfactory.
The collected data of above mentioned two sets then were compiled by organizing them in the chronological order
st

from 1 January 1993 to 31st December 2010 and presented in single table. The daily price fluctuation/movement or daily
return in prices was calculated considering the percentage change in the closing stock prices.
A total of 108 combinations (i.e. pairs of moon as a single planet and pairs of moon with another one of the
planets with different zodiac sign) were structured and then the stock prices are plotted against these combinations for
eighteen years under study. Out these 108 combinations 101 combinations met statistical data sufficiency condition to draw
meaningful interference. The combinations were then segregated as per their occurrences during eighteen years.
To ascertain whether to use parametric or non-parametric tests for hypothesis testing, the normality check is done
by using Kolmogorov-Smirnov Test (KS Test). It was found that all the data are normally distributed.
To established relationship between position of moon as single planet and its pair with another one planet with
zodiac signs, we should first test strike rate (i.e. percentage of profitable trade) based on daily close and Average Gain to
Average Loss Ratio of strike rate.

Moon and Market: an Empirical Study on Effect of Movement of Moon on BSE Sensex

205

The ratio of positive to negative days based on daily closing price was calculated and daily Average Gain to
Average Loss ratio was worked out. The chi-square test is applied to find out whether a particular planetary combination is
significantly associated with daily price movements of the stocks. Based on outcome of these calculations the final
conclusions are drawn as to whether planetary positions have significant effect on stock prices or not.
Those combinations in which P Value is less that 0.05 are indicating that H0 (I) is rejected and hence there is
significant association between transit of moon and price movement. Two sampled independent T - Test is used on
Average Gain to Average Loss ratio. Those combinations in which P Value is less that 0.05 are indicating that H0 (II) is
rejected and hence there is significant difference exists between average daily positive return and average daily negative
return.
The Table in annexure no. 1 shows the summary of data analysis discussed above.

FINDINGS
The findings of research show that which different conjunctions are significantly related with price movement and
how bullish or bearish impact they have on price movement. The findings also established the intensity of bullishness or
bearishness, ranging between moderate, highly significant and excessively significant. Following parameters are used from
the outcome statistical analysis and its interpretations to decide influence of conjunction of moon with different zodiac
signs during its transit.

To decide the trend, those conjunctions which are giving average positive return are categorized under bullish and
those that are giving average negative return are categorized under bearish.

To decide the different level of intensity of bullish or bearish trend ranging between moderate, highly significant
and excessively significant, following conditions are set:
o

For excessively significant bullish or bearish trend,

The P Value of T Test &Chi-Square Test must be significant (less than or equal to 0.05), and,

AGAL and Strike Rate must be higher than or equal to 1 and 50% respectively and multiple of
AGAL & Strike rate must be higher than or equal to 90.

For highly significant bullish or bearish trend,

The P Value of T Test or Chi Square Testmust be significant (less than or equal to 0.05), and,

AGAL and Strike Rate must be higher than or equal to 1 and 50% respectively and multiple of
AGAL & Strike rate must be higher than or equal to 90.

For moderate bullish or bearish trend,

AGAL and Strike Rate must be higher than or equal to 1 and 50% respectively and multiple of
AGAL & Strike rate must be higher than or equal to 90.

As per the above conditions, following findings are drawn based on statistical outcome of data analysis for BSE
SENSEX as an representative of Indian Equity Market.
BULLISH
Excessively Significant Bullish
 Moon & Mars with Taurus sign
Highly Significant Bullish
 Moon & Venus with Sagittarius sign
 Moon & Venus with Virgo sign
 Moon & Venus with Libra sign
 Moon & Saturn with Virgo sign

BEARISH
Excessively Significant Bullish :
None
Highly Significant Bearish
 Moon & Mars with Libra sign

206

Pinkal Shah & Jaydip Chaudhri

Moderately Bullish
 Moon & Mars with Virgo sign
 Moon & Mars with Pisces sign
 Moon & Mercury with Cancer sign
 Moon & Jupiter with Aquarius sign
 Moon & Venus with Sagittarius sign
 Moon & Venus with Virgo sign
 Moon & Venus with Scorpio sign
 Moon &Rahu with Taurus sign
Moon &Ketu with Sagittarius sign
 Sun & Moon with Virgo sign
 Sun & Moon with Pisces sign
 Sun & Moon with Leo sign
 Sun & Moon with Scorpio sign
 Sun & Moon with Taurus sign

Moderatelybearish
 Moon & Mars with Sagittarius sign
 Moon & Mars with Capricorn sign
 Moon & Mercury with Libra sign
 Moon & Mercury with Taurus sign

REFERENCES
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Brigham E., Erharadt M. (2011), Financial Management: Text and Cases (1st Edition). New Delhi, India :
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Pandian, P. (2001), Security Analysis and Portfolio Management (1st Edition). New Delhi, India : Vikas
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Pandey, I. M. (2010), Financial Management (10th Edition). New Delhi, India : Vikas Publishing House

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Sharma, S. (1999), Share Bazaar kitejiaurMandiaurJyotishSastra (In hindi language) (1st Edition). Jaipur : India :
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10. Trivedi, H., Ojha G. (2006), VyaparRatna (In hindi Language) (1st Edition). New Delhi, India : Ranjan
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Ali, S. & Akbar M. (2007). Calendar Effects in Pakistani Stock Market, International Review of Business
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Chaudhri J. C. and Shah P. K. (2012).,Study on effect of conjunction of sun with different zodiac signs on return
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Chaudhri J. C. and Shah P. K. (2012).,An empirical study on effect of combination of sun with different zodiac
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Herbst A. (2007). Lunacy in the Stock Market What are the evidences?. Journal of Bioeconomics, 9 (1), 1 18

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Jing-Ming K., Jerry C., and Wood A., 2010. The lunar moon festival and the dark side of the moon. Applied
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Returns (September 5, 2001). Available at SSRN: http://ssrn.com/paper=28315

ANNEXURE
Table Showing Summary of Statistical Value of Transition of Moon into Zodic Signs
ANNEXURE - I :
STATISTICAL VALUE OF FOR TRANSIT OF MOON INTO ZODIAC SIGNS
Strike
P-Value of Chi- P-Value of
Name of Moon Combinations
AGAL
Rate
Square Test
T- Test
Moon With Sagittarius
53.95
1.02
0.246
0.873
Moon With Virgo
57.07
0.92
0.055
0.538
Moon With Cancer
49.03
1.06
0.81
0.636
Moon With Aquarius
54.14
1.09
0.265
0.479
Moon With Capricorn
52.2
1.04
0.53
0.777
Moon With Aries
48.17
1.24
0.613
0.15
Moon With Pisces
46.91
1.16
0.389
0.33
Moon With Gemini
52.85
1.13
0.428
0.324
Moon With Leo
55.15
1.14
0.186
0.371
Moon With Libra
47
1.19
0.396
0.168
Moon With Scorpio
53.52
0.96
0.304
0.739
Moon With Taurus
56.12
0.98
0.086
0.875
Mars With Sagittarius
54.55
1.05
0.34
0.779
Sun & Moon With Sagittarius
60
0.67
0.655
0.603

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Pinkal Shah & Jaydip Chaudhri

Sun & Moon With Virgo

Sun & Moon With Cancer
Sun & Moon With Aquarius
Sun & Moon With Capricorn
Sun & Moon With Pisces
Sun & Moon With Gemini
Sun & Moon With Leo
Sun & Moon With Libra
Sun & Moon With Scorpio
Sun & Moon With Taurus
Moon & Mars With Sagittarius
Moon & Mars With Virgo
Moon & Mars With Cancer
Moon & Mars With Aquarius
Moon & Mars With Capricorn
Moon & Mars With Aries
Moon & Mars With Pisces
Moon & Mars With Gemini
Moon & Mars With Leo
Moon & Mars With Libra
Moon & Mars With Scorpio
Moon & Mars With Taurus
Moon & Mercury With Sagittarius
Moon & Mercury With Virgo
Moon & Mercury With Cancer
Moon & Mercury With Aquarius
Moon & Mercury With Capricorn
Moon & Mercury With Aries
Moon & Mercury With Gemini
Moon & Mercury With Libra
Moon & Mercury With Scorpio
Moon & Mercury With Taurus
Moon & Jupiter With Sagittarius
Moon & Jupiter With Virgo
Moon & Jupiter With Cancer
Moon & Jupiter With Aquarius
Moon & Jupiter With Capricorn
Moon & Jupiter With Aries
Moon & Jupiter With Pisces
Moon & Jupiter With Gemini
Moon & Jupiter With Leo
Moon & Jupiter With Libra
Moon & Jupiter With Scorpio
Moon & Venus With Sagittarius
Moon & Venus With Virgo
Moon & Venus With Cancer
Moon & Venus With Aquarius
Moon & Venus With Capricorn
Moon & Venus With Aries
Moon & Venus With Pisces
Moon & Venus With Gemini
Moon & Venus With Leo
Moon & Venus With Libra
Moon & Venus With Scorpio
Moon & Venus With Taurus
Moon & Saturn With Virgo
Moon & Saturn With Cancer
Moon & Saturn With Aquarius

Table 1:Contd.,
71.43
1.46
63.64
1.13
42.86
1.52
50
1.32
66.67
2.5
57.14
1.47
62.5
1.72
66.67
0.63
66.67
2.82
54.55
1.71
58.33
4.61
66.67
1.39
55.88
1.27
74.07
0.91
64.29
1.65
50
1.23
77.78
1.95
55.56
0.96
60
0.86
52.94
1.78
54.55
1.39
78.95
3.99
57.14
1.38
50
1.08
62.5
1.54
66.67
0.81
58.82
0.8
80
0.67
66.67
0.54
50
4.26
70
0.54
80
1.79
66.67
0.75
53.33
0.9
50
1.04
54.55
3.39
50
1.24
55.56
1.28
37.5
1.73
80
0.79
56.25
1.3
56.25
1.09
50
1.34
90
3.22
85.71
1.43
37.5
2.45
44.44
1.35
42.86
2.24
57.14
0.89
53.85
1.04
50
1.32
55.56
1.08
92.31
6.03
71.43
5.24
46.15
1.72
72.73
1.8
61.54
0.81
48.89
1.08

0.257
0.366
0.705
1
0.414
0.593
0.48
0.414
0.414
0.763
0.564
0.317
0.493
0.012
0.285
1
0.096
0.564
0.317
0.808
0.763
0.012
0.705
1
0.48
0.414
0.467
0.18
0.414
1
0.206
0.058
0.046
0.796
1
0.763
1
0.637
0.221
0.18
0.617
0.48
1
0.011
0.008
0.48
0.739
0.705
0.593
0.695
1
0.637
0.002
0.257
0.782
0.033
0.15
0.881

0.651
0.833
0.731
0.655
0.252
0.613
0.495
0.621
0.294
0.28
0.078
0.589
0.395
0.849
0.15
0.619
0.458
0.933
0.635
0.03
0.256
0.003
0.405
0.904
0.316
0.601
0.627
NPC
0.675
0.38
0.534
0.424
0.048
0.828
0.934
0.386
0.649
0.543
0.095
NPC
0.513
0.784
0.074
NPC
0.32
0.569
0.628
0.472
0.7
0.903
0.643
0.901
NPC
0.121
0.215
0.108
0.511
0.695

Moon and Market: an Empirical Study on Effect of Movement of Moon on BSE Sensex

Table 1:Contd.,
Moon & Saturn With Aries
57.14
0.93
0.593
0.91
Moon & Saturn With Pisces
63.16
1.2
0.251
0.722
Moon & Saturn With Gemini
44.74
1.34
0.516
0.28
Moon & Saturn With Leo
55.56
1.06
0.637
0.889
Moon & Saturn With Taurus
66.67
0.59
0.317
0.03
Moon &Rahu With Sagittarius
56.52
0.95
0.532
0.867
Moon &Rahu With Virgo
56.52
1.32
0.532
0.459
Moon &Rahu With Cancer
59.09
1.14
0.394
0.67
Moon &Rahu With Aquarius
43.48
1.56
0.532
0.392
Moon &Rahu With Capricorn
87.5
0.76
0.003
0.126
Moon &Rahu With Aries
56
1.04
0.549
0.906
Moon &Rahu With Pisces
50
1.55
1
0.356
Moon &Rahu With Gemini
56.25
1.46
0.617
0.45
Moon &Rahu With Leo
53.85
1.43
0.695
0.268
Moon &Rahu With Libra
52
1.04
0.841
0.888
Moon &Rahu With Scorpio
50
1.26
1
0.535
Moon &Rahu With Taurus
73.33
1.36
0.071
0.435
Moon &Ketu With Sagittarius
65.22
1.42
0.144
0.23
Moon &Ketu With Virgo
52.63
1.68
0.819
0.181
Moon &Ketu With Cancer
54.55
1
0.67
0.991
Moon &Ketu With Aquarius
58.82
0.74
0.467
0.603
Moon &Ketu With Capricorn
57.14
1.28
0.45
0.482
Moon &Ketu With Aries
54.55
1.15
0.602
0.515
Moon &Ketu With Gemini
45
1.38
0.655
0.462
Moon &Ketu With Leo
50
1.43
1
0.429
Moon &Ketu With Libra
52
1.04
0.841
0.888
Moon &Ketu With Scorpio
56
0.95
0.549
0.881
Moon &Ketu With Taurus
60
0.79
0.371
0.511
N.A. = Not Applicable, N.P.C. = Not Possible to Calculate||P- Value is Significant @ 5%
Tolerance Limit||Calculated in SPSS 17

209