Relationship between macro economic variables and stock market

This paper is an attempt to investigate the relationship between various macroeconomic variables and stock prices. The paper determines the performance of stock prices using monthly data over the period April 2005 to March 2014 for five macroeconomic variables namely, GDP, gold prices, inflation, exchange rates, IIP. By applying regression and correlation tests individually, study found that only GDP, exchange rates and gold prices have significant relationship with stock prices. But when the relationships between macro economic variables are run together, results are insignificant for all the variables. So collectively they don't have impact on stock market. There might be other factors which can lead to the change in stock market.