efficiency and unbiasedness using Johansen's Cointegration approach and direction of causality using linear Toda and Yamamoto …. The study also takes into account the possible effects of cointegration on both linear and nonlinear Granger causality … futures. However when cointegration is modeled the causality disappears. The results have important implications on the …

The paper examines the causal relationship between Nifty spot index and index futures market in India. The empirical … bidirectional relationship between the Nifty spot and Nifty futures market prices in India. It can, therefore, be concluded that … both the spot and futures markets play the leading role through price discovery process in India and said to be …