In market. Data used for this study were the

In the emerging market many studies has been done to analyze impact of crude oil price changes on stock market. In India, however, only very few studies has been done to show this effect. Some of the selected studies relevant to the present study are reviewed.Shaharudin, Samad, Fazilah, Bhat and Sonal (2009) have analyzed the effect of crude oil price movement on the stock prices of gas and oil companies in various markets i.e. in US, India and UK. Using the economic variables like industrial production and interest over the period of 2003-2008 analysis was conducted. Various statistical test like variance auto regression, unit root tests, co-integration tests were applied on ARCH/GARCH models. The results were that oil price vitality has continuous effect on the stock prices of oil companies that were taken into account for study.Ravichandran and Alkhathlan (2010) examined the impact of crude oil prices on Gulf Cooperation Council (GCC) stock market. Data used for this study were the NYMEX oil prices and daily stock market prices for the short period starting from March 2008 to April 2010.The author has applied Johansen’s Co-integration, VAR and VECM which proved the influence of oil price change in GCC stock market.Khan and Salman (2010) tested the relationship between the stock market returns and the crude oil price with special reference to BRIC countries. The data had Brent crude oil price (closing prices) taken from Russian Trading System (RTS Index), Bombay Stock Exchange (BSE Sensex Index) and Shanghai Stock Exchange (SSE Composite Index) for the period of seven years i.e. 2003-2010.The technique of co-integration and the VECM-MGARCH was applied on the data. The result showed that BRICs have strong stable and long term relationship with Brent Prices. The result also investigated that the crude oil price and stock market return were co-integrated in all the markets.Chung-Rou Fang (2010) examined the impact of structural oil price shocks in the BRIC countries –Brazil, Russia, India and China on the India’s stock market return. The results found that the oil price shocks have no significant impacts on India’s stock return, it also concluded that shocks have significantly positive impact on Russia stock returns while the impact of oil price shocks on China stock return as the mixed condition between Russia and India. Further the reason of such volatile returns have been studied by the author. The result was consistent with the empirical finding.Chittedi (2011) founded the long run relationship between oil prices and stock prices in India. The author made efforts to know the volatility of stock prices due to volatility of oil prices. The author used Auto Regressive Distributed Lag (ARDL) Model as statistical tool. The analysis resulted that there is no significant impact of change in the oil price on stock prices.Thai-Ha Le and Youngho Chang (2011) this study contributes in examining the reaction of stock market to volatility in stock market in Japan, Malaysia, Singapore and Korea. The analysis has been done on monthly data over the period 1986-2011.The results show that the response of stock markets to oil price shocks were very extreme across markets. In Japan stock market reacted positively, in Malaysia the reaction was negative while it was unclear for the other two countries.Pushpa, Chakraborty and Mathur (2011) found that there is a long term relationships between oil prices and stock market prices of two big emerging countries of Asia, India and China. Since India and China were considered to be the major oil consuming market, their stock markets were highly sensitive to oil price fluctuations. Data was collected from January 2000 to May 2011 .ADF Test was used to check the stationarity of the data series. Methods like Johansen co-integration model was used to find out the co-integration between the oil prices and stock prices of India and China. VECM as a tool was employed to find the long run relationship between the variables. The results of the co-integration proved that long run relationship between oil prices and stock market prices for both the countries existed.Lis, B., Nebler, C., & Retzmann, J. (2012) has made efforts to understand if there is impact of oil prices on the stock returns of automotive companies. The stock returns of US, German and Japanese car companies and different crude oil price were taken into consideration. OLS and EGARCH on the data for further analysis. The result was that the car companies stocks are not impacted by change in oil price but in the overall market Japanese companies did not show sensitivity at all ,German and US companies were more sensitive to changing crude oil price in the given time period.Asteriou, D., Dimitras A., & Lendewig A. (2013) this study investigates the impact of oil price fluctuations on the stock markets and the interest rates from oil importing and oil exporting countries.  Vector Autoregressive (VAR) models and pairwise Granger Causality tests were used to make the data stationary and  to analyse the short-term relationships among the variable the Johansen approach for multiple equations applied and also test for integration among the series is applied. The results showed that there is relationship between stock prices and oil prices, it was also found out that the impact on oil importing countries is more significant than on oil exporting countries