The rapid growth of the Indian economy after the financial crisis of 2008 has raised several empirical questions based on the significant correlation between stock prices and key macroeconomic indicators. Investment decisions are highly influenced by macroeconomic variables because changes in macroeconomic variables have different effects on stock markets depending on the country's economy and government policies. This study examines the impact of macroeconomic variables on the stock market from April 2010 to March 2017. This paper aims to examine long and short-run relations between selected macroeconomic variables and stock market returns concerning India. To estimate the relationship, this study used Correlation, unit root tests, ADF test, and Co-integration Engle Granger regression. The results showed that the error correction terms contribute to explaining the changes in all the variables. Looking at estimated coefficients and t-statistics, it can be seen that for foreign institutional investors, the consumer price index, Call money rate and dollar price have a significant positive influence on the stock market in the long run. The regulators should maintain interest rates relatively low to stimulate economic activities, improve the external economic environment through rule-based exchange rate policy, and avoid discretionary measures.