DR ANINDITA BHATTACHARJEE

@scmsnoida.ac.in

Associate Professor at symbiosis Centre for Management Studies
Symbiosis International University

DR ANINDITA BHATTACHARJEE


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https://researchid.co/b.anindita10

RESEARCH INTERESTS

Broad areas:
• Modeling and simulation
• Quantitative Finance
• Econophysics
Specific areas:
• Modelling Financial data
• Analysing time series and forecast
• Exploring and characterizing capital market
18

Scopus Publications

2683

Scholar Citations

21

Scholar h-index

39

Scholar i10-index

Scopus Publications

  • Decoding stock market reactions of BRICS to U.S. policy shifts in 2025
    Richa Goel, Anindita Bhattacharjee
    Discover Sustainability, 2026
    On January 20, 2025, President Trump’s seismic cautions ended birth right citizenship and slapped 100% tariffs on BRICS nations engaging in non-dollar transactions sent shockwaves through global markets. This study analyses immediate financial turmoil and dissecting stock indices across the BRICS economies. Event study is used to analyze the impact of Trump's January 20, 2025, cautions on the BRICS stock markets. Daily data from May 2024 to February 2025 were analyzed through a 10-day event window and a 160-day estimation window, revealing a heightened reaction across BRICS markets, with sector-specific disparities. Brazil and South Africa exhibited immediate sensitivity, India and China remained relatively stable, suggesting stronger shock absorption whereas Russia showed a delayed yet persistent reaction. The short-term stock market responses suggest the initial economic stress due to geopolitical shocks and underscore the risks of all emerging economies to remain sustainable over the long run. The findings underscore asymmetric vulnerabilities within emerging economies, shaped by policy exposure, investor sentiment, and sectoral dependencies, which underscores urgent need for BRICS nations to build sector-specific shock absorbers against disruptions.
  • COVID-19 and persistence in the stock market: a study on a leading emerging market
    Anindita Bhattacharjee, Monomita Nandy, Suman Lodh
    International Journal of Disclosure and Governance, 2025
    In this study, we examine how sectors of the National Stock Exchange from India respond to the uncertainties introduced by the COVID-19 pandemic. By examining the synchronization between the sector-specific and overall market index (NIFTY 50) reaction to COVID-19, we contribute to the inconclusive ongoing academic literature regarding the impact of COVID-19 on the stock market, especially in the context of persistence in an emerging market. To analyze the persistence of sectoral indices, we apply multifractal detrended fluctuation analysis (MFDFA). We use the generalized Hurst exponent and singularity spectrum as indicators for persistence and spectral width as a measure of volatility. Our analysis shows that the sample sectoral indices are persistent before and after the announcement of COVID-19; however, volatility in some sectors reduces post-announcement of COVID-19. The findings will enrich the academic literature on the relationship between sector-specific and overall market indexes. In practice, the paper will guide investors to organize their portfolios, especially during future economic uncertainty.
  • Cross-border ripples: investigating stock market responses to Israel-Hamas conflict in trading partner nations using event study method
    Anindita Bhattacharjee, Neeru Sidana, Richa Goel, Anagha Shukre, Tilottama Singh
    Journal of Economic Studies, 2025
    PurposeThe study will add to the current discourse on the Israel-Hamas conflict by examining the impact of the war on the stock markets of trading partners. Stock market returns inevitably rise as globalization keeps integrating financial markets and economies around the world. Thus, the impact of war is assessed across a range of indicators that are similar in some way, such as geographic location, political climate or economic standing. Thus, the goal of this study is to investigate how the Israel-Hamas war affects trading partner countries' stock performance.Design/methodology/approachEvent study methodology is applied using Morgan Stanley Capital Index (MSCI) as a benchmark index. The influence of the Israel-Hamas war on the world's major stock markets is evaluated using a market model. The study takes into account Israel and its 23 trading partners. To capture the locational asymmetry in the outcome, the countries are further categorized according to their geographic locations. The official declaration of war came on October 7, 2023, a non-trading day. Consequently, October 9, 2023, is designated as the event day in this study. The data was gathered between January 1, 2023, and December 31, 2023, with an estimation period of 140 days taken into account to minimize bias.FindingsAsymmetric response is shown among the nations due to their economic standing, geographic proximity and trading links with Israel. While Austria, Greece, Egypt, Palestine and Israel had the greatest negative effects, Argentina, Japan and Chile saw significant beneficial effects. The remaining nations had little effect. The market quickly adjusted itself, eliminating anomalous returns.Research limitations/implicationsTaking into account the topic's criticality, the current work has certain limits. The study has used the daily data to limit its reach to the stock market exclusively. In the future, academics can combine high-frequency stock market data with data from other macroeconomic variables, such as currency or different commodities markets, to further their research. Furthermore, a cross-national comparison of the impact in terms of direction and intensity regarding developing global groups such as I2U2, LEVANT, BRICS, MIKTA, SCO, NATO, SAARC and OECD can provide a more comprehensive understanding in this context. To gain insight into the durability and adaptation of financial systems over time, longitudinal studies could be conducted to monitor the long-term effects of geopolitical crises on the stock markets of trading partner countries.Practical implicationsBy better managing investment portfolios and evaluating potential risks associated with trading partners involved in such conflicts, investors and businesses can lessen the impact of geopolitical tensions on stock market performance. These results contribute to our understanding of how geopolitical conflicts affect stock markets.Originality/valueThis research provides an extensive analysis of the global impact of Israel-Hamas tensions on stock market volatility by taking into account trading partners. This allows for the investigation of how various market structures and economic systems react to geopolitical turmoil. The present study is one of the first attempts to look into how disturbances in one region might affect continents to better understand the dynamics of global trade and economic interdependencies.
  • Network Analysis of Indian Stock Market at the Onset of Ukraine–Russia War
    Anindita Bhattacharjee, Jaya Mamta Prosad
    Graph Theory in Computer Science, 2025
    Financial data exhibits complex dynamics. Interaction among various market variables give rise to interesting pattern over time and, thus, makes the market complex. Hence, it is very important to understand the temporal characteristics of the market behavior for policymaking. This chapter aims at exploring the complex relationship among sectoral indices in Indian stock market at the onset of Ukraine–Russia war by network analysis method. This also aims to analyze the cooperative dynamics of the market in the context of evolution of time-varying network. Ten sectors under CNX NIFTY 50 are considered here. Daily closing price of these sectors are treated as variables. The sample period spans from June 2021 to March 2022 to capture the market dynamics immediately before and after the official announcement of the war on 24 February 2022. We propose to build a correlation-based network among these sectors where the nodes represent the sectors and the edge among the nodes is the linkage between the sectors. Correlation among the variables change with time which indicates the change in the underlying dynamics of the variables. Thus, correlation-based network is a temporal network that is useful for studying time dependent interaction among the variables. Essentially, this network enables us to continuously monitor the connection among the sectors. Hence, the study aims to offer an in-depth analysis about the cooperative dynamics of the financial market.
  • Market persistence amidst financial crisis: an Indian investigation
    Anindita Bhattacharjee, Jaya M. Prosad, Bikramaditya Ghosh
    Cogent Economics and Finance, 2025
    This study examines persistence behavior of the Indian Stock Market during financial crises over the past decade (2012–2022). The investigation period encompasses significant events such as economic depression of 2013, demonetization and implementation of the Goods and Services Tax (2016–2017), the US-China Trade War (2018), and the COVID-19 pandemic (2021–2022). This study focuses on the dynamic persistence of various stocks by measuring the Hurst Exponent (HE) using the sliding window method and identifying herding patterns in the financial market. The technique is novel because it explains the time-varying degree of persistence during financial crises, anticipating future trends in the financial returns. The results classify stocks as either mean-reverting or trending. Moreover, the study also compares persistence for shorter and longer time windows, where the presence of higher persistence is observed as the window size is reduced. Furthermore, the majority of the stocks show high persistence in all crisis periods, with the highest value of HE during the economic downturn (2012–2014) and the post-COVID-19 era (2021–2022). Financial advisors can refer to HE values, assisting the investors with decisions such as ‘buy’, ‘sell’ or ‘hold’. Furthermore, a higher HE value can become an early warning signal for impending market stress in the form of bubbles or bursts. This study investigates persistence behavior of the Indian Stock Market during financial crises during 2012–2022. It measures persistence by computing both static and dynamic Hurst Exponent (H.E.) using rescaled range method. Computed results classify the stocks as mean-reverting, trending or random. It also reveals the time varying degree of persistence of each stock. Financial advisors can use the Hurst exponent for momentum trading. Advisers can benefit clients by providing buy and hold strategies, investing in less risky stocks, or increasing the fund for fixed returns to gain assured returns. Individual equity investors can use this knowledge to manage their funds, control their long-term and short-term investment goals, and their returns by applying a better hedging strategy for a safe and secured future.
  • Shifting sands: how major events shape gold futures in the Indian commodity market
    Richa Goel, Neeru Sidana, Anindita Bhattacharjee, Tilottama Singh, Manleenjot Kaur
    Cogent Economics and Finance, 2025
    This research examines how significant world events affect the gold future commodity market, giving investors a grasp of the fundamental dynamics influencing precious metal investments in precarious market conditions. This paper evaluates the risk and return of gold futures in India from 2020 to 2024, focusing on significant events - COVID-19 pandemic, US Presidential election, Russia-Ukraine war, G20 summit, Israel-Hamas conflict, Ram Mandir inauguration, and the 2024 Assembly elections. Risk is measured using Garman- Klass Volatility, while returns are analysed using event study method using 1210 daily data points from the multi commodity exchange (MCX India). The market experienced a significant positive abnormal return in the adjustment window of the first wave of COVID-19, followed by the Russia-Ukraine and Israel Hamas wars and sensitive to geopolitical events providing policymakers and investors with insightful insights to improve their portfolio management during economic and political unpredictability. This study examines the impact of seven major global events on gold futures including the latest occurrences of 2024. Unlike previous research, which has often focused on historical events, this study integrates a comprehensive analysis of adverse and positive global disruptions, offering a fresh perspective on gold’s role as a haven asset and its price volatility.
  • Market devotion: understanding the Ram Mandir event influence on the Indian stock market using event study method
    Richa Goel, Anindita Bhattacharjee, Neeru Sidana, Tilottama Singh, Manleenjot Kaur
    Journal of Applied Economics, 2025
    This study attempts to find out how important socio-religious events affect financial markets, with particular emphasis on the Ram Mandir event in India. This study uses the Event Study Method to analyse how the inauguration of the Ram Mandir, a historic event with great cultural, religious and political importance, affected the Indian stock market. This study gauges the response of the Indian stock market to the Ram Mandir event using the Market Model with a robust empirical framework. The results of the study indicate that the Ram Mandir event influenced investors behaviour and mood of the market causing significant changes in stock market. Furthermore clarified by the study are the duration and intensity of market reactions throughout various event timeframes. The insight gained from this study will be very helpful to investors, financial analysts, and policymakers interpreting the consequences of socio-religious events on financial markets.
  • Russia–Ukraine war and the impact on Indian economy
    Anindita Bhattacharjee, Dolly Gaur, Kanishka Gupta
    Journal of Economic Studies, 2024
    PurposeIndia is not geographically close to either Russia or Ukraine. However, India's trade relations with them make it vulnerable to the consequences of the war between these countries. Thus, the present study aims to examine the impact of the Russia–Ukraine war on various sectoral indices of the Indian economy.Design/methodology/approachEvent study methodology has been used in this study for analysis. The date of the war announcement is the event day. The sample studied includes ten sectors of the Indian economy listed on the National Stock Exchange (NSE). Results correspond to the period of −167 days to +20 days of the announcement of the war, i.e. from June 25, 2021, to March 28, 2022.FindingsAlmost all the sample sectors earned significantly positive abnormal returns in the post-event period. The metal industry has led this group by showcasing the highest abnormal returns. Though Indian sectors made overall positive returns, the market soon corrected itself and abnormal returns were wiped out.Practical implicationsThese results can benefit portfolio managers, analysts, investors and policymakers in hedging risks and selecting suitable investments during increased global uncertainty. The study's conclusions help policymakers establish an institutional and supervisory framework that will make it easier to spot systematic risks and reduce them by putting countercyclical measures in place.Originality/valueIndia has no geographical proximity or trade relations with Russia or Ukraine, as strong as any other European country. However, Russia has remained a strong ally to India in the trade of defense equipment. Similar is the case with Ukraine, a significant global partner for India. Thus, the impact of conflict between these two countries has not been limited to Europe only but has also engulfed related economies. Hence, the present study is one of the first attempts to examine the burns sustained by the Indian economy due to this war.
  • Impact of Connection Topology in Neuronal Communication
    Anindita Bhattacharjee
    4th International Conference on Innovative Practices in Technology and Management 2024 Iciptm 2024, 2024
    Synchronization of an ensemble of neurons is an emergent phenomenon explaining the complexities of cognitive dynamics. This work intends to understand the mechanism underlying the synchronous behaviour of the interacting neurons. For this purpose, an all-to-all connected network with a combination of inhibitory and excitatory neurons are considered wherein, the strength of the coupling between the neurons is assumed to be randomly distributed. Synchronization parameter is measured by varying the proportion of inhibitory neurons. The intensity of synchrony varies with the proportion of inhibitory neurons. Moreover, the emergence of synchronization transition in the vicinity of equalisation of inhibitory and excitatory neurons is a novel outcome of the cognitive dynamics of coupled neurons. The robustness of this response is tested by varying mean coupling strength and its standard deviation. The findings can be helpful to understand the complex firing behaviour of the biological neurons and provide scope of medical research for physiological and neurological disorders.
  • Taming Non-autonomous Chaos in Duffing System Using Small Harmonic Perturbation
    Anunay K. Chaudhary, Saureesh Das, Pankaj Narang, Anindita Bhattacharjee, M. K. Das
    Lecture Notes in Networks and Systems, 2024
  • A statistical characterization of MCX crude oil price with regard to persistence behavior and seasonal anomaly
    Mathematics and Computer Science, 2023
  • Embracing the role of artificial intelligence in accounting and finance: contemplating the changing skillset expectations
    Bhumika Gambhir, Anindita Bhattacharjee
    Development and Learning in Organizations, 2021
  • A study on benefit realization by process improvement guidance from CMMI implementation across various organizations
    Himani Singh
    Journal of Advanced Research in Dynamical and Control Systems, 2020
  • A study of agile adoption in project management with reference to issues and concern across various industries
    Journal of Advanced Research in Dynamical and Control Systems, 2019
  • Emergent dynamics of spiking neurons with fluctuating threshold
    Anindita Bhattacharjee, M.K. Das
    Communications in Nonlinear Science and Numerical Simulation, 2017
  • Synchronization in a ring of unidirectionally coupled fitzhugh-nagumo neurons
    ANINDITA BHATTACHARJEE, M. K. DAS, SUBHENDU GHOSH
    International Journal of Biomathematics, 2014
  • Spike dynamics of FHN neuron with time varying parameters
    Lecture Notes in Engineering and Computer Science, 2013
  • Electrical noise in cells, membranes and neurons
    Subhendu Ghosh, Anindita Bhattacharjee, Jyotirmoy Banerjee, Smarajit Manna, Naveen K. Bhatraju, Mahendra. K. Verma, Mrinal K. Das
    Understanding Complex Systems, 2009

RECENT SCHOLAR PUBLICATIONS

  • A vehicle-mounted retrofit waste segregation apparatus with self-calibrating sensor system and automated conveyor-based sorting mechanism
    S Satheesh, A Sur, A Pathania, K Shukla, Y Patil
    IN Patent 202,621,035,930 , 2026
    2026
  • Chelating Agent-Driven Modulation of Thermal, Structural and Magnetic Properties in Sol-Gel Synthesized Zinc Ferrite Nanoparticles
    R Shendkar, J Yadav, A Vyas, M Shirolkar, Y Patil
    Ceramics International 52 (6), 7736-7747 , 2026
    2026
    Citations: 2
  • A Total Interpretive Structural Modelling (TISM) Framework for Gamification in Solid Waste Management and its Influence on Quality of Life (QoL)
    S Satheesh, V Pradhan, K Shukla, Y Patil
    Discover Sustainability 7 (415), 1-23 , 2026
    2026
  • Influence of floral diversity on seasonal foraging behaviour of honeybees (Apis spp.) in the Kashmir Himalayas
    C Sonawane, MA Khan, N Singh, R Khurshid, AM Khan, S Hussain, ...
    Discover Sustainability , 2026
    2026
  • Fate and Transformation of Pharmaceutical Residues: Environment and Human Health Implications
    O Prakash, Y Patil, P Rao, M Dhanorkar, P Singh, R Kaul-Ghanekar, ...
    Environmental Pollutants and Bioavailability , 2026
    2026
  • Patent Landscape Analysis on the Use of Artificial Intelligence in Carbon Capture and Utilization Technologies
    S Gandhale, S Wankar, S Pohekar, A Kulkarni, O Prakash, Y Patil, ...
    Discover Sustainability 7 (203) , 2026
    2026
  • Optimising Experimental Conditions: The Role of Buffered Environments in Microbial Isolation, Physiological Studies, and Taxonomic Characterization
    O Prakash, U Waghmare, A Chauhan, Y Patil
    Applied and Environmental Microbiology 91 (6), 1-18 , 2025
    2025
    Citations: 8
  • A volume capacity planning-based municipal organic waste composting system
    F Roowalla, YB Patil
    IN Patent App. IN202,521,014,166 , 2025
    2025
  • AI-Driven Sustainable Waste Management for Enhancing Quality of Life
    S Satheesh, K Shukla, V Pradhan, Y Patil
    IEEE International Conference on Emerging Information Technology and … , 2025
    2025
    Citations: 2
  • Quality of Life and Climate Change: Impacts, Sustainable Adaptation, and Social-Ecological Resilience
    K Shukla, YB Patil, RC Estoque, PA López de Haro
    IGI Global , 2024
    2024
    Citations: 16
  • Factors Impacting Adoption of Climate Change Mitigation Strategies in the Indian Iron and Steel Industry
    Y Patil, P Singh
    Quality of Life and Climate Change: Impacts, Sustainable Adaptation, and … , 2024
    2024
    Citations: 1
  • Global Perspectives on the Impact of Climate Change on Quality of Life
    K Shukla, YB Patil, RC Estoque, PA López de Haro
    Quality of Life and Climate Change: Impacts, Sustainable Adaptation, and … , 2024
    2024
    Citations: 2
  • Preface
    K Shukla, YB Patil, RC Estoque, PA López de Haro
    Quality of Life and Climate Change: Impacts, Sustainable Adaptation, and … , 2024
    2024
  • Harnessing photocurrent enhancement in silver-bacterial cellulose nanocomposite for ultra-sensitive Hg2+ electrochemical detection
    P Deshpande, S Wankar, R Gumathannavar, S Kulkarni, Y Jadhav, Y Patil, ...
    Nanocomposites 10 (1), 227-240 , 2024
    2024
    Citations: 3
  • Agriculturally important functioning of beneficial microorganisms for healthy ecosystem maintenance
    P Singh, M Dhanorkar, Y Patil, V Rale
    The Potential of Microbes for a Circular Economy, 149-183 , 2024
    2024
    Citations: 6
  • Modelling drivers and barriers of climate change mitigation strategies in Indian iron and steel industry: a TISM-based approach
    P Singh, VS Pradhan, YB Patil
    Management of Environmental Quality: An International Journal , 2024
    2024
    Citations: 14
  • Effect of biosurfactant on thiocyanate degradation by automobile service station soil isolates Brachybacterium sp. and Bacillus albus
    V Kadam, P Singh, Y Patil, O Prakash, N Berawala
    Bioremediation Journal , 2023
    2023
  • An optical device for detection of hexavalent chromium
    A Kulkarni, P Deshpande, U Alset, Y Tiwari, Amit Kumar and Patil
    IN Patent 202,321,008,019 , 2023
    2023
  • Mapping climate change mitigation strategies adopted by industries: An overview from first commitment of Kyoto Protocol (2009-2023)
    P Singh, P Mulay, Y Patil
    Environmental and Climate Technologies , 2023
    2023
    Citations: 8
  • Bacterial Cellulose: Natural Biomaterial for Medical and Environmental Applications
    P Deshpande, S Wankar, S Mahajan, Y Patil, J Rajwade, A Kulkarni
    Journal of Natural Fibers 20 (2), 2218623 , 2023
    2023
    Citations: 26

MOST CITED SCHOLAR PUBLICATIONS

  • Biosurfactant production: emerging trends and promising strategies
    P Singh, Y Patil, V Rale
    Journal of Applied Microbiology 126 (1), 2-13 , 2019
    2019
    Citations: 446
  • Assessment of noise pollution indices in the city of Kolhapur, India
    RB Hunashal, YB Patil
    Procedia - Social and Behavioral Sciences 37, 448-457 , 2012
    2012
    Citations: 307
  • Development of a process for biodetoxification of metal cyanides from wastewaters
    YB Patil, KM Paknikar
    Process Biochemistry 35, 1139-1151 , 2000
    2000
    Citations: 213
  • Role of big data in decision making
    S Jeble, S Kumari, Y Patil
    Operations and Supply Chain Management 11 (1), 36-44 , 2018
    2018
    Citations: 198
  • Biomanagement of hexavalent chromium: Current trends and promising perspectives
    P Singh, N Itankar, Y Patil
    Journal of Environmental Management 279 (111547) , 2021
    2021
    Citations: 159
  • Removal and recovery of metal cyanides using a combination of biosorption and biodegradation processes
    YB Patil, KM Paknikar
    Biotechnology Letters 21, 913-919 , 1999
    1999
    Citations: 112
  • Development of an integrated model to recover precious metals from electronic scrap - A novel strategy for e-waste management.
    V Bhat, P Rao, Y Patil
    Procedia - Social and Behavioral Sciences 37, 397-406 , 2012
    2012
    Citations: 96
  • City based analysis of MSW to energy generation in India, calculation of state-wise potential and tariff comparison with EU.
    S Saini, P Rao, Y Patil
    Procedia - Social and Behavioral Sciences 37, 407-416 , 2012
    2012
    Citations: 85
  • Biodetoxification of silver-cyanide from electroplating industry wastewater.
    YB Patil, KM Paknikar
    Letters in Applied Microbiology 30, 33-37 , 2000
    2000
    Citations: 80
  • Role of big data and predictive analytics
    S Jeble, S Kumari, Y Patil
    International Journal of Automation and Logistics 2 (4), 307-331 , 2016
    2016
    Citations: 77
  • E-waste consciousness and disposal practices among residents of Pune city
    V Bhat, Y Patil
    Procedia-Social and Behavioral Sciences 133, 491-498 , 2014
    2014
    Citations: 72
  • Conceptual frameworks for the drivers and barriers of integrated sustainable solid waste management: A TISM approach
    AP Gahana Gopal C, Yogesh B Patil, Shibin K T
    Management of Environmental Quality: An International Journal 29 (3), 516-546 , 2017
    2017
    Citations: 54
  • Management of hexavalent chromium from industrial waste using low-cost waste biomass
    N Itankar, Y Patil
    Procedia-Social and Behavioral Sciences 133, 219-224 , 2014
    2014
    Citations: 45
  • Industrial Waste Management in the Era of Climate Change: A Smart Sustainable Model Based on Utilization of Passive Biomass
    Y Patil, P Rao
    Handbook of Climate Change Adaptation 4, 2079-2092 , 2015
    2015
    Citations: 37
  • Enablers of sustainable industrial ecosystem: framework and future research directions
    S Kumari, YB Patil
    Management of Environmental Quality: An International Journal 30 (1), 61-86 , 2019
    2019
    Citations: 36
  • Barriers to technology adoption in agriculture-based industry and its integration into technology acceptance model
    S Kumari, S Jeble, YB Patil
    International Journal of Agricultural Resources, Governance and Ecology 14 … , 2018
    2018
    Citations: 34
  • Development of a Low-Cost Industrial Waste Treatment Technology for Resource Conservation – An Urban Case Study With Gold-Cyanide Emanated from SMEs
    YB Patil
    Procedia - Social and Behavioral Sciences 37, 379-388 , 2012
    2012
    Citations: 33
  • Assessing Physicochemical Technologies for Removing Hexavalent Chromium from Contaminated Waters—an Overview and Future Research Directions
    N Itankar, Y Patil
    Water, Air, & Soil Pollution 233 (355) , 2022
    2022
    Citations: 31
  • Bacterial Cellulose: Natural Biomaterial for Medical and Environmental Applications
    P Deshpande, S Wankar, S Mahajan, Y Patil, J Rajwade, A Kulkarni
    Journal of Natural Fibers 20 (2), 2218623 , 2023
    2023
    Citations: 26
  • Studies on biological detoxification of metal-cyanide containing industrial effluents
    YB Patil
    Ph.D. Thesis, University of Pune, Pune , 1999
    1999
    Citations: 23