Stock market | exit polls | BJP: Exit polls predict BJP victory in Gujarat, yet D-Street to have a silent party

But experts see this event to at best be a sentiment booster for domestic equities, and nothing more.

“We have observed over the years that the exit poll has had little influence on market sentiments. At most, it will have an effect within the first half-hour or hour of the market opening,” said Sunil Damania, chief investment officer at MarketsMojo.

“As a result, we believe that is not an event which will cause the market to panic or celebrate,” he added.

The ruling BJP is set to win its seventh successive term in Prime Minister Narendra Modi’s home state. Of the 182 seats that went to polls in Gujarat assembly election, Times Now exit polls predict the BJP to win 139 seats.

In a big jolt to the Congress, the BJP might alter the trend in Himachal Pradesh by winning a record-breaking second consecutive term, polls predicted.

In Himachal Pradesh, BJP is seen leading with 37 seats, followed by the Congress with 28 seats.

The final outcome of the polls will be released on Thursday.

If the final outcome is in line with the predictions of the exit polls, it will ensure the stability of reforms in the state and also provide some upper hand to the incumbent government in the 2024 general elections.

More than the state assembly polls, analysts see RBI’s monetary policy action having some bearing on the market.

The central bank’s three-day meet began on Monday, and the outcome will be pronounced by Governor Shaktikanta Das on Wednesday.

Given that the US Federal Reserve has given indications of slowing down the pace of rate hikes, and inflation globally is showing some signs of cool-off, the RBI is also widely expected to reduce the quantum of hike in the repo rate to 25-35 basis points from 50 bps in the previous three meetings.

A lesser quantum of hike in rates, accompanied by dovish remarks on the rate trajectory and inflation could act as booster shots and take markets further up, experts said.

“In India, there are signals that this is a market trending higher, in spite of the high valuations. The upcoming MPC decision and more importantly the RBI’s message will be keenly awaited by the market,” said V K Vijayakumar, chief investment strategist at

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)