Elections over, markets to now focus on earnings, budget, macros

As regards continuation of policies and reforms, analysts now expect the budget to be a key indicator of what the government has in mind

With the Narendra Modi-led Bharatiya Janata Party (BJP) likely to be back in driver's seat in Gujarat and a possible win in Himachal Pradesh (HP) in the recent assembly elections, analysts expect markets' focus in the short-to-medium term to shift back to macro-economic data, corporate earnings growth, pace of reforms and the upcoming budget in February.

The outcome of the Gujarat state elections was being viewed by many as a referendum on the Prime Minister's performance, especially the implementation of the Goods