Indian equity benchmarks the Nifty 50 and BSE Sensex have rallied by more than 6% since the state elections.
The Indian stock markets rallied to new highs in 2023 on the back of bullish investors and stronger domestic participation.
But analysts warn that the level of optimism seen last year will not be replicated before the general election concludes.
Both the Nifty and Sensex hit record highs of 22,081.95 and 73,000, respectively, during Asia's Monday afternoon trading session.
In the past five general elections, Indian markets have climbed an average 18% six months prior, 8% three months before, 2% in the months after the results, and 10% half a year later, said Shantanu Bhargava, managing director and head of listed investments at Waterfield Advisors.
Persons:
Narendra Modi's, Sensex, Peeyush Mittal, Mittal, Shantanu Bhargava
Organizations:
BSE Sensex, Narendra Modi's Bharatiya Janata, BJP, Matthews Asia, CNBC, Waterfield Advisors