Abstract:This study explores how the COVID-19 pandemic has influenced market volatility among various market indices within the Indian stock market. By analysing weekly closing price data for the Nifty large cap 50, Nifty Midcap 50, and Nifty Small cap 50 indices, the study investigates volatility during the Pre-COVID (2018-2019), COVID (2020-2022), and Post-COVID (2022-2024) periods and tests for significant differences in volatility of the indices. In addition, the study also examines the time it took for small cap, mid cap, and large cap indices to recover to their pre-COVID average price levels after the first and second waves of COVID-19. This analysis reveals the differences in recovery time taken by different indices.

The results are expected to provide valuable insights into the behaviour of various market indices during global crises, aiding investors, policymakers, and financial institutions in managing market risks and comprehending the recovery dynamics across different stock market segments.

Keywords: COVID-19, Market Volatility, Indian Stock Market, Large-Cap Indices, Mid-Cap Indices, Small-Cap Indices, Recovery.