Although the counting of ballots will only begin on June 4, exit polls by local media outlets are likely to pour in soon after voting finishes on Saturday.
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Investors are concerned that the government will be held back from implementing major economic reforms without a substantial victory for Prime Minister Narendra Modi's ruling BJP. They suggest that the equity options market expects stocks to move — up or down — by 4.5% on the first trading day after polls close.
"What's more, the BJP performed well in state elections at the end of last year. Viewed in that light, the BJP will have had to have lost a lot of goodwill in a short amount of time for it to not secure another parliamentary majority." "We see a short-term breach of the 23K nifty target, but a swift profit booking brings it back below that level," said Bernstein's strategist Venugopal Garre.
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