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At first glance, the equity market appears largely unmoved by the Bihar election outcome, despite the NDA securing a decisive lead well above the halfway mark and outperforming most exit poll projections. Typically, state elections don’t trigger meaningful market swings.

However, the Bihar mandate carries weight this time due to the current composition of the NDA government at the Centre. With the BJP holding reduced strength in the Lok Sabha, the alliance’s stability hinges more heavily on key regional partners such as the JD(U) and the TDP.

This makes political cohesion a critical factor for policy continuity. Any unexpected electoral shift—especially in Bihar, where JD(U) has a substantial presence—could have raised concerns about the alliance’s internal dynam

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