Markets will embrace BJP win in UP happily on Tuesday

A saffron wave took over the streets of Lucknow, state capital of Uttar Pradesh on Saturday morning, once again bringing in much talked about Modi Magic in yet another state of India. Stock markets on Dalal Street which will open on Tuesday morning after a three days' long holiday, will definitely be cheering the big BJP win, bringing in much sense of enthusiasm and excitement among the retail investors. If emerging numbers are to be believed at this hour on Saturday (1130 hours), BJP is going to have a clean sweep over its political opponents in the biggest state of northern India. Modi Magic has clearly swept off any effect of ruling Samajwadi Party, Congress and also Bahujan Samaj Party of Mayawati. 

At this time, BJP is leading in 306 seats in UP while SP-Congress alliance is leading in only 70 seats and BSP leading in just 17 seats. If this trend continues and political analysts believe it to continue, one thing for sure, BJP will take over Lucknow with clear two-third majority, something that markets wanted to witness. 
Meanwhile in yet another state in northern India, Uttarakhand, BJP is going to throw away ruling Congress as it seems at this hour. Out of 70 assembly constituencies of this hilly state, at 1130 hours, BJP is leading in 54 seats over its political foes while Congress is leading in just 11 seats. In Goa, however, things are looking not so bright for BJP as Congress is leading in eight seats and BJP is leading in equal number of seats.

Bad news for BJP pours in only from Punjab where Congress is inching ahead steadily towards formation of government taking over the baton from SAD-BJP. At 1130 hours, Congress is leading in 71 seats while the ruling coalition is leading in only 19 seats. Arvind Kejriwal's AAP is leading in 26 seats thus indicating it may be the main party in Opposition bench in Punjab legislative assembly.

By 1400 hours today, we are hopeful most of the results will be out and well, it is advantage BJP in UP, the state which matters the most for the markets. We may hope to see an impressive gap-up opening of the markets, come Tuesday.