The BJP-led coalition's strong showing in state elections has instilled confidence among investors that the Central government will not resort to populist measures in the run-up to the Lok Sabha elections in mid-2024, which had the potential to hurt the fiscal positions of the country. India's equity markets have given a clear thumbs up to the state election outcome with a 1,000-point-plus rally in the Sensex. The government's pro-growth initiatives have been well-received by the market.