Mahesh Nandurkar, India strategist at CLSA shared his views and outlook on markets.

“I believe that after the initial spurt which is probably related to election and assuming that the exit poll results are turned out to be a reality on Wednesday, my sense is that we will probably be running out of near-term triggers. Possibly some of the near-term events such as new finance minister and budget," Nandurkar said.

After election results, the focus will be back on the earnings, on the global developments such as crude oil price and US-China trade tensions, he said.

"So my sense is that we would be back to testing the economic reality which is not looking that great at this point in time. The valuations are on a higher side. My sense is that beyond the election-related boost, we will probably be looking at a muted returns,” Nadurkar added.

“I am not too optimistic about the government investment picking up from the current levels and it has already been investing in to infrastructure and other things to the possible levels," he said.

“India specific developments will definitely mean that on a relative basis, the country looks much better and there is every chance that it ends up outperforming the other Asian and the emerging market (EMs) peers,” Nadurkar said.