This article examines the herding behaviour at the industry level from national stock exchange (NSE). The novel contribution of this article is to examine the herding behaviour during the whole, pre- and post-coronavirus disease 2019 (COVID-19) pandemic outbreak period. We deployed the popular model proposed by Chang et al. (2000) to examine herd formation. Using daily stock closing prices of 191 firms, which constitute the 12 industry indices for the period from 1 January 2015 to 1 June 2020, the results for the full sample period (1 January 2015 to 1 June 2020) and before COVID-19 outbreak period (1 January 2015 to 29 January 2020) indicate the non-existence of herding formation at the industry level, but they do suggest a strong evidence of anti-herding behaviour. In addition, during the bull and bear market conditions, we found evidence of herding behaviour during the post-COVID-19 outbreak period (1 January 2020 to 1 June 2020). Further, the findings suggest that COVID-19 pandemic caused the formation of herding behaviour at the industry level. The study facilitates investors to devise their trading strategies in the regime of the COVID-19 pandemic.

本文研究了国家证券交易所（NSE）在行业层面上的羊群行为。本文的新颖之处在于研究了在整个冠状病毒病2019（COVID-19）大流行之前和之后的整个流行期间的羊群行为。我们采用了Chang等人提出的流行模型。（2000）检查牛群的形成。使用191家公司的每日收盘价（构成2015年1月1日至2020年6月1日期间的12个行业指数），得出整个样本期间（2015年1月1日至2020年6月1日）以及COVID-19爆发期之前的结果（2015年1月1日至2020年1月29日）表示行业范围内不存在羊群形成，但它们确实表明有强烈的证据表明存在反羊群行为。此外，在牛市和熊市的情况下，我们发现了在COVID-19后爆发期间（2020年1月1日至2020年6月1日）的羊群行为。此外，研究结果表明，COVID-19大流行导致了行业水平上的羊群行为的形成。该研究有助于投资者在COVID-19大流行的情况下制定自己的交易策略。