Chart: This is how exuberant Indian stock markets are feeling versus rest of the world

India’s stock markets have rallied more than 8 percent over the past month in the run-up to the general elections.

According to a recent Macquarie report, stock markets gain 5-10 percent in the past five elections, so the current surge in enthusiasm should come as no surprise.

On Monday, the benchmark Sensex hit a fresh intra-day high of 22,000-plus, suggesting there current rally could continue to have legs.

Macquarie predicts that the Nifty could hit 7,200 by the end of the year; if however, the expectations of a BJP-led NDA alliance inning enough seats to form a stable government are not fulfilled, the Nifty could tumble down to 5,400.