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The dynamic behaviour of asset prices, particularly the stocks, deviate a large from their intrinsic values. This rationale leads to the argument of market efficiency. The evidence from existing literature proves that market anomalies exists, which can aid in developing trading strategies. The various forms of anomalies were categorized from the previous studies, and the present study was focused to investigate anomalies that exist in the Indian stock market. The most popular indices, Nifty50 was used for the analysis. The trading volumes in the Nifty50 were also considered to reflect the differences in the volume. This paper investigated the existence of the calendar anomalies effects such as day on week, week on month, and month on year effects. The values were obtained from the Nifty50 index from April 2011 to March 2017 for calculation of effects on price and volume using dummy variables. Kruskall- Wallis H statistical test was used to test the anomalies, and the findings would provide insights for making informed decisions for investment.
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