Assembly election results 2023: Will the big win for BJP catapult Nifty 50 to 23,000?

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general elections. This will likely add a further leg of the rally to the markets as policy continuity will be viewed as a positive growth shock in the medium term," said Emkay Global Securities. However, Anirudh Garg, Partner and Head of Research at Invasset PMS said that the sudden surge in benchmarks are often seen before elections.

“ The SENSEX performance data around Indian general elections points to a clear correlation between investor sentiment and the anticipation of stable governance. Before elections, there is often a surge in the market; for instance, SENSEX rose by 18.2% before the first Modi government and an impressive 29.7% before the UPA-2 tenure. This pre-election rally reflects investor confidence in prospective political stability." Garg said.

Analysts believe that ahead of 2024 general elections, a clear win for BJP in key states could boost investor confidence and drive the market higher. “The upcoming state polls are being considered a semi-final before the 2024 assembly elections. A stable political environment could boost investor confidence and drive the market higher.

If the election outcome is not favorable, then we can expect a fall of 1-2% in the market, but that will be a buying opportunity as the market will look for the general election in 2024," said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd. Analysts also noted that the current rally has had the best feeling among all rallies. It has been the broadest rally in recent memory.

Midcaps and small caps led the current rally. New highs despite zero contribution from the top 5 stocks, i.e., RIL, HDFCBANK, ICICIBANK, INFY, and TCS — all these stocks were almost 10–15% away from their all-time high. In 2023 so far, the