The capital market is one of the oldest research topics in the national and international arena. Until date, a tremendous volume of research literature has been laid up in this field. Though it is fact that already a lot of research work has been done in this arena, the topic is evergreen and never becomes less important because the stock market activities are updating everyday by considering Indian and Foreign countries economic and industrial activities. The following are some of the studies undertaken by the various researchers in the domain of stock market so far;1. The performance of Indian equity market returns with the MCX India commodity markets returns comparison has been examined by the researchers.2. The global equity market bench market indices co-movement and their influences on the Indian equity markets were also studied.3. The studies also focused on the macro and micro economic factors influence on the index volatility and returns.No one has focused to evaluate and compare the performance of Index and Non- Index equity stocks. Hence, the present study has focused on the performance of the index and non-index stocks in long run.