The objectives of any professional investor are to carefully watch the volatility return of measure industries and companies. Among the various techniques of the volatility, random walk hypothesis tests the return of industries pure random or non-random. This study made an attempt to study on random walk hypothesis with top Indian industries. The study was conducted for log return of industries from October 2011 to June 2014. various factors were carefully analyzed and interpreted. The finding and suggestions were made on the basis of giving a suggestion to the investors.