Variables	Augmented Dickey-Fuller (ADF)			Phillips-Perron (PP)
Variables	Model A: (intercept, no trend)	Model B: (intercept with trend)	Model C: (nointercept, no trend)	Model A: (intercept, no trend)	Model B: (intercept with trend)	Model C: (nointercept, no trend)
At Level
LNSENSEX	−0.6123	−2.2468	1.5644	−0.7255	−2.1090	1.8228
LNIPI	−1.1558	−1.2804	1.8924	−1.0025	−5.0973	4.0377
LNINT	−2.3201	−2.1930	−0.9185	−2.3659	−2.2354	−0.8932
LNEXRATE	−0.6811	−1.4876	−1.1023	−0.2559	−1.0877	1.3617
LNICPI	−0.3519	−3.0923	1.1065	−0.3758	−0.2661	1.4213
LNMSCI	−1.4200	−2.1245	−0.4780	−1.5679	−2.3233	−0.3938
LNDY	−2.0444	−2.5523	−0.5214	−2.4346	−2.7430	0.8648
LNPER	−1.8346	−2.9635	−0.2156	−1.8475	−2.5987	0.4182
At 1^st diff.
ΔLNSENSEX	−10.2151	−10.1922	−10.0453	−10.1331	−10.1083	−10.0077
ΔLNIPI	−2.6483	−2.8019	−1.7286	−38.8598	−37.6794	−26.6551
ΔLNINT	−13.2368	−13.2893	−13.2402	−13.2458	−13.2868	−13.2508
ΔLNEXRATE	−9.8222	−9.8488	−9.7512	−9.8121	−9.7945	−9.7914
ΔLNCPI	−8.3789	−8.7853	−8.2461	−10.3723	−10.2898	10.5744
ΔLNMSCI	−11.7645	−11.7619	−11.7749	−11.9421	−11.9310	−11.9560
ΔLNDY	−13.5936	−13.5633	−13.6356	−24.5302	−24.4684	−24.6173
ΔLNPER	−4.4205	−4.3887	−4.4167	−6.5535	−−6.5088	−6.5723