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Markets   are gearing up for the outcome of Assembly elections in five states – Tamil Nadu, Kerala, West Bengal, Assam and Puducherry – scheduled for May 19. Though an unfavourable outcome for the Narendra Modi-led National Democratic Alliance (NDA) could trigger a knee-jerk reaction in the markets, analysts rule out a significant correction from the current levels. LIVE BLOG:  In 2 days, you will know the people's verdict: Jayalalithaa Factors like the progress of monsoon, corporate earnings, inflation trajectory and the Reserve Bank of India (RBI)’s stance on policy rates will be key in determining market direction over the next few weeks, they say. Also Read:  Kerala assembly elections : Will BJP make inroads this time? “The markets could see a negative knee-jerk reaction and come under pressure in the short-run in case the NDA were to lose in Assam, the only state where it hopes to win. Even then, I do not expect the Nifty50 index to slip below 7,500 lev...

The India Meteorological Department predicts the country's   monsoon   rainfall will be 106% of long period average this year.The error margin is plus or minus 5%. This should ease fears over farm and economic growth after two straight droughts hit rural incomes and agricultural output. There is 94% chance of the rains to be normal or excess this year and just 6% chance of them being poor. LPA is the average rainfall received by the country in the last 50 yrs starting from 1951 and is eastimated at 89 cms. The forecast is very much in consensus with what Skymet said yesterday. IMD says monsoon will be more than normal in all the four months of June to Sept, but pace will pick up after the first half.   IMD   DG L S Rathore said that the monsoon this year will be fairly well distributed except northeast India and parts of Tamil Nadu and Rayalaseema. IMD said that it will update its monsoon forecast in June. The monsoon rains could be above average, as ...