This study examines the performance of different macroeconomic indicators, their fluctuations between stock indexes in Pakistan Stock Exchange (PSX) and Bombay Stock Exchange (BSX) also comparative study between them. This data is collected on eight specified macroeconomic variables which are: interest rate (IR), inflations (IF), GDP growth, export (EXP), import (IMP), unemployment(UR), (BSX) and (PSX) index. In this research paper, a comparative study has been developed between India and Pakistan with using estimation strategy. Regression analysis and correlations must be used. Data collected from WDI and describe through descriptive statistics. E-views, State software used for analysis. Secondary data must be drawn from Pakistan and India and every economy factors as describing the Indian and Pakistan economy. The empirical results indicate that there is a significant pricing relationship between PSX and BSX 100 indexes and the tested macroeconomic variables; have a significant in explaining the stock market fluctuations in various portfolios. The paper conclusively established that indexes fluctuations are depend upon the change of economic indicators both India and Pakistan. This is helpful for investors, financial management consultants, and policy makers for decision making. Due to limitation of time, data size is kept small. The only data used for analysis is from 1990-2016. Results help the employees and over the counter investor for understanding about macroeconomic indicators rates and stock market pricing fluctuations effected on economy as well as constructions about stock market performance. Additionally, this study adds value to the literature by exploring interest regarding economy conditions.