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Indian stock indices witnessed a bloodbath on the day the Lok Sabha results were announced. The incumbent BJP performed below expectations, appearing to fall short of exit poll predictions and the majority mark on its own. Markets saw heavy correction on Tuesday, May 4, amid the counting of votes.A sharp fall of more than 4% in benchmark equity indices, Sensex and Nifty, left people speculating about the future course of the stock markets. The BJP-led National Democratic Alliance is leading in nearly 300 seats, while the INDIA alliance is leading in 229 seats, according to data from the Election Commission of India.The idea of a coalition government led by the BJP at the center has led to widespread market anxiety and a sharp decline in stock indices. The BJP, which has been the dominant force in Indian politics for the past decade, is seen as a pro-industry party whose policies have generally favored economic growth and market stability. The failure to secure a clear majority raises concerns about the formation of a stable government and the continuation of economic reforms.Lok Sabha Election 2004The UPA government under Prime Minister Manmohan Singh’s leadership returned to power on May 16, 2009. The Sensex jumped 2.53%, while the Nifty soared by 17.74% after the poll results.In the next six months, the Sensex moved from 12,173.42 to the 16,600 level by the end of November 2009, gaining around 36%. The Nifty moved up around 15% to scale 5,000 levels for the first time by the end of November.Lok Sabha Elections 2014The BJP-led NDA government came to power on May 16, 2014. The Sensex gained around 1%, while the Nifty rose by 1.12% after the election results.In the next six months till November, the Sensex moved up from 24,121.74 in May to 28,693.99 by the end of November, rising by around 20%. The Nifty also rose by around 17% in the six months after the poll results. It moved from 7,203 on May 16 to 8,494 by the end of November.Lok Sabha Elections 2019The BJP-led NDA government retained power in 2019. The Sensex and Nifty dropped up to 0.80% on the poll results day. However, this correction followed a sharp over 3% rally on exit polls predicting the return of the Modi government.In the next months to November, benchmark indices gained up to 5%, logging their weakest returns in the six months after polls in the past four elections.The Sensex moved from 38,811.39 to 40,575.17 by the end of November, while the Nifty rose from 12,073.75 to 11,657.05 in 2019.Lok Sabha Elections 2024 Results: Key Triggers to Watch in the Next Six MonthsExperts say that stock markets have mostly priced in a majority for the BJP-led NDA coalition in the 2024 elections, and the stock markets scaled record levels after the exit polls.However, with early trends not indicating a clean sweep for the BJP-led NDA as projected in exit polls, investors have taken a cautious approach, and market sentiment may remain subdued for the next few weeks.According to market observers, the investor focus will return to other major factors such as policy reforms, RBI policy, inflation and expenditure, after a clear picture of the Lok Sabha polls results emerge.

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