Ahead of the crucial state elections scheduled for tomorrow, the investor sentiment took a beating today as exit polls predicted that\u00a0the Bharatiya Janata Party risks losing control of Rajasthan to the Congress, and faces a stiff competition in Madhya Pradesh and Chhattisgarh. According to global banks brokerage firms Nomura, Deutsche Bank and CLSA, while\u00a0the exit polls might have got BJP thinking on its strategy for the elections, the final outcome will be very different.\u00a0 Also read:\u00a0Sensex plunges 714 pts, Nifty below 10,500: Three key factors behind stock market mayhem In an interview to ET Now, Harsha Upadhayaya of Kotak AMC said that election outcome will weigh on the sentiment in the short run, and stock market will continue to remain volatile.\u00a0 \u201cIn the very short-term, liquidity and investor sentiment drag the markets, but in the longer term usually fundamentals take over. As far as we are concerned, a lot of factors impacting economy have turned favourable now. The only factor left out is the state elections, followed by its likely impact on the general elections. Our sense is during this period, the stock market is likely to continue to remain volatile,\u201d Harsha Upadhaya of Kotak AMC told ET Now.\u00a0\u00a0 "Generally, state election outcomes have been known to be a poor leading indicators of general elections. BJP\u2019s drubbing to mean that farm unrest is real; increase in MSP hasn\u2019t yielded political dividends,\u201d global firm Nomura said in a note.\u00a0CLSA said that anti-incumbency could weigh against the ruling party BJP in the crucial states.\u00a0\u201cIf the BJP ends up losing 2 of these 3 states, it will be a negative for market sentiment. Farmers\u2019 demands & jobs are going to be the top 2 issues for the 2019 elections,\u201d noted CLSA. According to Motilal Oswal, the exit polls suggest that opposition unity will be an important factor to consider before the crucial Lok Sabha elections.\u00a0\u201cAnother implication of this verdict, assuming it mirrors the exit polls will be on Opposition unity front. Opposition parties have been trying to forge a grand alliance to fight against BJP in the forthcoming Lok Sabha elections,\u201d it said.