Corporate India reacted positively to the BJP's win in the Karnataka assembly elections on Tuesday. The national party, was leading in 114 seats according to the Election Commision website.

The incumbent Congress party was a distant second, with a lead in 64 seats. Janata Dal (Secular), which was expected to play the role of a "kingmaker," was leading in about 40 seats.

The BSE Sensex, which hit a peak of 35,979.6 points in morning trade, pared gains to trade up 0.65% at 12:35 IST. The NSE Nifty was trading up 0.60% at 10,871.95 points.

Kiran Mazumdar Shaw, Chairman and MD of Biocon, said the victory would ensure that Bengaluru would not be neglected by the central government.

#OnCNBCTV18| @kiranshaw, CMD, Biocon says clear @BJP4India win means there will be better alignment between centre & states #BJPWinsKarnataka pic.twitter.com/XieP6RvRRe

— CNBC-TV18 News (@CNBCTV18News) May 15, 2018

Japan-based Mizuho Bank said prime minister Narendra Modi's popularity had made the difference in the outcome of the assembly elections, and added the result shows national politics had the power to sway local politics as well.

The retail bank said it had had favourable expectations for the BJP going into the 2019 Lok Sabha election cycle.

Mizhuo however added that the country would see an impact on inflation due to rising crude prices.

Swiss private banking group Julius Baer said political stability was desirable from the perspective of a foreign investor, while Ambit Capital said the absolute majority obtained by the BJP pushed back chances of an early national election next year.

#OnCNBCTV18| Bank Julius Baer says from a foreign investor perspective, political stability is encouraging & Ambit Capital says clean win by @BJP4India pushes back chances of an early national election@latha_venkatesh @_soniashenoy #BattleForKarnataka #ElectionsWithNews18 pic.twitter.com/lNS7fu3zag

— CNBC-TV18 News (@CNBCTV18News) May 15, 2018

The Karnataka election was the "most expensive ever" assembly poll in the country in terms of money spent by political parties and their candidates, according to an analysis by a research organisation.

The Centre for Media Studies, which describes itself as a not-for-profit, multi-disciplinary development research and facilitative think-tank on its website, has described the electoral exercise as "money guzzler".

According to the CMS, the money spent by various political parties and their candidates in the Karnataka assembly polls is in the range of Rs 9,500-10,500 crore, which is more than twice of what was spent in the previous assembly poll in the state in 2013.

(With inputs from PTI)

First Published:May 15, 2018 12:40 PM IST