UP elections are all set to begin, here’s what bookies are predicting

Uttar Pradesh is set to kick off seven-phase assembly elections from Feb 11 and it seems voters are confused about which party to vote.

Bookies are predicting a hung house in the state with the Bharatiya Janata Party (BJP) BJP and the Samajwadi Party (SP) in neck and neck race.

As per the market analysts, the UP polls will be a big trigger for the market in the near term.

ET reported that odds on the BJP and the SP-Congress coalition winning 130 seats in the 403-member UP Assembly are pegged at 30 paise on every rupee bet. The higher the odds, the lower are the chances of a party winning that many seats.

"I am not aware what the bookies are suggesting, but my assessment is that the SP-Congress alliance is a little ahead of the BJP, and not neck to neck. There is a very high likelihood that the entire Muslim vote share will get transferred to the SP and the Congress where it is in the fray, because they still think Mayawati is the optimal choice for them,” Pankaj Sharma, independent market experts told ETMarkets.com
However, few analysts say one party will make it big.

"When people come to power, they forget their differences. I feel only one party will emerge as a majority in UP. So, there is no possibility of a hung assembly,” AK Prabhakar, Head of Research at IDBI Capital, told ETMarkets.com.