BSE Sensex and NSE indexes are already near record highs after exit polls projected a strong showing by the main opposition Bharatiya Janata Party.
The BJP is perceived by many investors as being more business-friendly.
US nonfarm payrolls data will also be key. A strong number could spark fears of an early tapering in the Federal Reserve's monetary stimulus.
India will also report October factory output and November consumer inflation data, which will be key ahead of RBI's Dec. 18 policy review.
November trade data is expected sometime in the week.