The study looked at how different economic factors like inflation, exchange rates, and industrial production affect stock prices in India from 2005 to 2014. They found that exchange rates, inflation, and industrial production have a negative impact on stock prices, while money supply and treasury bill yields have a positive impact. Short-term changes in exchange rates, stock prices, and money supply influence each other, while in the long run, stock prices affect short-term interest rates and money supply.