Poshakwale, Sunil (2002) inspected the random walk theory in the developing Indian stock market by testing for the nonlinear dependency using a large disaggregated day-to-day data from the Indian stock market. The example used was 38 aggressively traded stocks in the BSE National Index. He found that the daily earnings from the Indian market do not imitate to a random walk. Daily returns from most discrete stocks and the evenly weighted portfolio demonstrate significant non-linear dependence. This is essentially consistent with prior research that has shown substantiation of non-linear dependence in earnings from the stock market indexes and discrete stocks in the US and the UK. Noor, Azudin Yaakob, Diana Beall and Deelpachitra, Sarath (2006) reviewed the stock market seasonality in terms of day-of-the-week, month-of-the- year, monthly and holiday results in ten Asian stock markets, namely, China, Australia, Japan, Taiwan, Hong Kong, Indonesia, South Korea Malaysia, Singapore and India. He concluded that the presence of seasonality in stock markets and also recommended that this is a global occurrence.