The dynamic between monetary and fiscal policies and their impact on stock market performance have been subject of considerable scholarly interest especially in the context of emerging economics. This research investigates the dynamic effect of monetary and fiscal policies and their impact on the stock market performance in Nigeria over the period 1981 to 2021. Employing the Autoregressive Distributed Lag (ARDL) model, the study aims to discern the long-run and short-run effects of key monetary and fiscal policy variables on stock market indices. The monetary policy variables include, money supply, while fiscal policy is represented by government expenditure and revenue. The ARDL framework allows for an examination of both short-term and long-term relationships, offering a comprehensive understanding of the intricate interplay between policy measures and stock market dynamics. The findings of this study confirmed a long run relationship between monetary, fiscal policies and market capitalization. Short and long run estimation revealed significant coefficients. This study suggests interplay between policies and stock market dynamics, emphasizing the need for coordinated and targeted measures.