The study has been undertaken to analyse the impact of silver price on the movement of Indian stock market in terms of return on BSE500 and NSE500 for the study period of 14 years from 2002 to 2016.  The researchers used descriptive statistics, correlation and regression analysis as statistical tools. The study found that silver price and Indian stock market have positive relationship each other, but the quantum of relationship is low. It is also found that silver price has significant and positive impact on the movement of Indian stock market during the study period, but the quantum of impact is low, As one of the independent variables among hundreds of variables causing the movement of Indian stock market, silver price has very low explanatory power on Indian stock market.

KEY WORDS: Silver, stock market, impact, index and return.