State polls don't shake it up, usually

Average one-day movement seen after results of past 3 elections in 6 states shows a fall of 0.02%

Buoyed by Modi win in Uttar Pradesh, markets rallied 1.7 per cent on Tuesday, the biggest single-day gain after a major state election result since at least 2004. Typically, markets don’t react much to state election results, Jefferies shows. The average one-day movement seen after results of previous three elections in six states shows a fall of 0.02 per cent. The average one-month and three-month movements after results again show a fall of 2 and 0.5 per cent, respectively. In other words, state election results typically don’t shake the markets like general elections do. Then why the rise after Uttar