A recent report by brokerage firm Prabhudas Lilladher suggests that if the Congress-led INDIA alliance wins the Lok Sabha elections, markets may experience a de-rating, particularly affecting sectors like defence, capital goods, and tourism. Despite speculation about the NDA falling short of a majority or the INDIA alliance coming to power, most brokerages and opinion polls still predict a victory for the BJP-led by Prime Minister Narendra Modi. The markets have been volatile, with fears reminiscent of the 2004 UPA victory leading to a 15% decline in the Sensex.