This paper tries to identify the critical variables, which have significant effect on stock price movements and thereby influencing the entire market movement. The 30 shares constituting the SENSEX are used as proxy to capture the entire stock market movement. Appropriate statistical techniques have been used to establish a meaningful relationship among the various explanatory variables identified through the empirical analysis considering the available research studies. The analysis shows that higher earning power, ROI, growth possibility and favorable valuation have favorable impact on share price and stock market movement while higher risk and volatility have negative impact.