This research study investigates the impact of macroeconomic factors on the behavioural dynamics of the NSE Nifty 50 market index, with particular emphasis on return volatility, risk characteristics, and cointegration relationships. The empirical analysis employs a robust econometric framework encompassing descriptive statistics, regression analysis, ARCH, and GARCH (1,1) models, complemented by cointegration testing, applied to a monthly return series comprising 60 observations spanning April 2021 to March 2026, derived from monthly closing prices sourced from the Yahoo Finance database. The findings of the study reveal that the price behavior of the select macroeconomic variables exerted a statistically significant influence on the volatility of the Nifty market index, thereby underscoring the intricate interdependence between macroeconomic fundamentals and equity market risk dynamics within the Indian financial ecosystem.