Do you see the Delhi elections outcome having an impact on the equity markets overall, since the NDA appears to be losing based on early estimates?

If you look at the stock market performance on 11 February, it looks like the market has taken the outcome of the Delhi election in its stride. The markets are sort of reconciled to the fact that the NDA still holds a very strong position in the centre and hence the process of reforms is largely irreversible. That is what the markets are interested in. In the case of the Delhi elections, it was already apparent from the early exit polls that the AAP had a very distinct advantage compared to the NDA. To that extent, the markets were prepared for the outcome of the Delhi elections. The negative reaction on Friday and Monday was largely on the back of this perception but the Delhi loss for the NDA is more or less factored in.