Election Results 2017: BJP clean sweep in UP as Modi crushes opposition

Get live election result 2017 of Assembly elections for UP, Goa, Uttarakhand, Punjab and Manipur

UP Election result 2017: The exit polls on Thursday predicted a hung assembly in the key Hindi heartland state of Uttar Pradesh, where Bharatiya Janata Party (BJP) would emerge as the single largest party, winning anywhere between 164 and 210 of the 403 seats. A victory for Narendra Modi's BJP in Uttar Pradesh, which is home to 220 million people, would boost his chances of winning the 2019 general elections and underscore his popularity after he made himself the face of the party's campaign in the state.

Punjab election result 2017: Most polls forecast a close fight between the Congress, which is seeking to return to power in Punjab after a hiatus of 10 years, and Arvind Kejriwal's Aam Aadmi Party (AAP), making its debut in the Punjab Assembly election. Stay with us for LIVE updates on Assembly Elections 2017.

Read : Election Results 2017 - Live Updates & Latest News on Election Results

Uttarakhand election result 2017: Most exit polls have projected that BJP will emerge as the single largest party in Uttarakhand election 2017, ending the Congress Party's hope to retain its Harish Rawat-led government in the state.

Goa election result 2017: In Goa, too, BJP is seen as the largest party with 15-20 of the 40 Assembly seats. The Congress could be a close second, while AAP, a debutant in the state, could get 2-4 seats.

Manipur election result 2017: Exit polls for Manipur have a split verdict. While some show BJP forming government in the state, others expect the Congress' Okram Ibobi Singh returning for a fourth term. Iron Lady Irom Sharmila, contesting her first election, is expected to have a weak debut.

Results of Assembly elections 2017 in Uttar Pradesh, Punjab, Goa, Manipur and Uttarakhand will be declared on March 11. Join us on Business Standard for election result 2017 updates today. ALSO READ: UP Election Results 2017 LIVE: BJP nearing 300 mark, leads in controversial Dadri seat

Exit polls predict BJP win in UP, but Dalal St euphoria to fade away soon

Like Bihar elections, this event would also be forgotten by the markets within a week, analysts say

Exit polls have predicted a victory for the Bharatiya Janata Party (BJP) in the key state of Uttar Pradesh (UP) that is being dubbed as the semi–final to the 2019 general elections, and appeared to be too close to call.

Over the past few sessions, the markets have been moving sideways, consolidating the 9% gain made thus far in calendar year 2017. Analysts say the outcome could create distractions (or positives) for the government and will be interpreted as a referendum on the government’s demonetisation drive.

Here is a quick compilation of what the leading market experts think about the possible outcome and its implication for the economy and markets:

Also Read : Election Results 2017

G. CHOKKALINGAM, FOUNDER & MANAGING DIRECTOR OF EQUINOMICS RESEARCH & ADVISORY

The exit polls have predicted significant improvement for the ruling party at the Centre. If this prediction becomes true, it could be sentimentally positive for the equity markets for a week or so. However, in our view, fundamentally speaking, whether the ruling party wins or loses, it doesn’t have significant relevance for the markets.

The ruling party has a comfortable majority in the Lok Sabha to rule the country for the next two years, which is a long time for the stock markets. Of course, the elections to the UP state are relevant for attaining the goal of majority in the Rajya Sabha for the ruling party. However, most important point is that there is no solid economic reform (from the context of stock markets), which is pending for the majority support in the Rajya Sabha. Even the toughest one viz., GST, has already gone through all major hurdles.

Hence, the market valuation or individual stocks and continued flow from the FIIs would be the dominant factors, which would decide the course of market directions ultimately, rather than the “state elections outcome”. Therefore, like Bihar elections and the Budget, this event would also be forgotten by the equity markets within a week or so.

AMBIT CAPITAL

Our latest checks in Delhi suggest that policy-making in India is likely to continue being ad-hoc if the BJP emerges victorious in UP with no specific over-arching ideology informing economic decision-making. Moreover, expert opinion is likely to continue being given a low priority with political motives guiding economic decisions.

SAMIR ARORA, FOUNDER AND FUND MANAGER, HELIOS CAPITAL

We do not believe that outcome of state elections can be a big development for the market. Bharatiya Janata Party (BJP) is expected to win in UP (the only election that matters in this round, if at all). Even if BJP does not win, we don’t think that investors will project this to derive conclusions about 2019 national elections. If BJP wins as expected, the market will have more reasons to go up for sure CLICK HERE FOR THE FULL STORY