From a reforms perspective, yes it will be positive. Normally, markets react to exit polls and election outcome in the short term. For example, on the day when the Modi government got a massive mandate, the Nifty and Sensex actually closed in the negative. That means the markets are driven by other issues like earnings, GDP growth, interest rates, operating margins, cost of funds, customer demand, inflation and interest rates etc. However, in this case, the continued mandate to the Modi government may be significant for the stock markets in a number of ways.

1) It is a vote for reforms so the government will be keen to push forward more aggressive reforms. You have seen demonetization in 2016 and the government could experiment with such difficult reforms in the future also.

2) The government had initiated very important reforms like the GST and the Insolvency Code in its previous tenure. Obviously, these cannot be fully done in just a couple of years and the government needs more time. Now it has got the time to fix the problems and make these reforms more effective.

3) The government has shown willingness in the past to go out of its way to support the PSU banks and help them become profitable again. For the struggling banks, it gives continuity in the reforms process over the next few years.

4) NBFCs are a sector that has been beleaguered for the last one year due to high cost of funds and limited liquidity. The government has partially addressed that through lines of credit from banks. That should continue for the time being.

5) Most of the consumer sectors depend on revival in the consumer demand, which will depend on a revival in rural and semi urban income levels. Schemes like PM-Kisan are likely to help in the process.

6) There is also a hope that this government may do away with the LTCG tax since the contributions have not been too substantial. That should be a good boost for the markets. You have to wait for the first budget of the new government.