A Comparative analysis of the major stock market indices of BRICS Countries

Under the globalization world financial markets and economics are increasingly integrated due to free flow capital and international trade. Further, globalization has increased co-movement in stock prices across international markets. BRICS is a grouping acronym that refers to the countries of Brazil, Russia, India, China & South Africa which are all deemed to be at a similar stage of newly advanced economic development. There is a lot of importance being associated with BRICS nations in the recent past saying that they are going to be the next super powers in the world markets by 2050 (Goldman Sachs Report). His paper examines the dependence structure between the emerging stock markets of the BRICS countries. This study will use monthly closing price of respective indices, data of 8 years are used for the comparison purpose. The average monthly closing data from 1st January 2010 to 31st December 2017 will be taken to check the normality and relationship that exist in BRICS Countries. In This paper analyzes the dynamic interrelationship among the BRICS countries.