India: All eyes on election results - TDS

Analysts at TD Securities point out that between May 19 when the polls closed and tomorrow May 23rd when Indian election results are announced, exit polls suggest a comfortable Modi win.

Key Quotes

“We think the NDA alliance which includes Prime Minister Modi's BJP will not garner as many seats as the 2014 election when they gained an absolute majority in the Lok Sabha (lower house) with 282 seats, but will likely gain somewhere between 260-270 seats, implying more reliance on coalition partners but by no means a disaster for the BJP.”

“Such an outcome will not be negative for INR but the currency could face pressure amid worsening risk appetite over the short term.”