India’s equity markets are bracing for a surge in volatility, with analysts warning of a possible “coalition discount” if the ruling NDA government falls in the wake of Bihar’s closely fought election. In a scenario where a centrist coalition led by regional heavyweights like Nitish Kumar or Chandrababu Naidu replaces the NDA at the Centre, the benchmark Nifty index could correct by 5–7% in the short term.