The latest loss of Bharatiya Janata Party (BJP) in the Kairana Lok Sabha and Noorpur Assembly bypoll of Uttar Pradesh is concerning for stock markets. The political headwinds have risen for the bourses as BJP\u2019s performance in the polls has remained below expectations, Mahesh Nandurkar, India Strategist, CLSA told ET Now. The RLD-SP-BSP-Congress combine wrested Kairana from the BJP. In the bypolls to four Lok Sabha seats, the score was 2-2 for the Opposition and the NDA. All the four seats were with the NDA earlier. Mahesh Nandur also told ET Now that the united opposition is continuing to increase political uncertainty in the country. In a response to FE Online\u2019s question on the near-term outlook for the stock markets, Munish Aggarwal, Director \u2013 Capital Markets, Equirus Capital said, \u201cWe believe that the recovery in corporate earnings which will be further supported by government push in light of upcoming elections will act as a strong pivot for Indian markets and should help them weather adverse changes in crude oil prices, hardening interest rates and currency depreciation. We believe that any major changes in political landscape will drive sentiments and cause significant market movements but unless there is a major drop in the probability of current regime getting re-elected, these corrections should be short lived.\u201d In the recently held Karnataka elections, BJP couldn\u2019t form a government in the state as it failed in proving majority on the floor of the house even after being the single-largest party in the elections. Ultimately, Congress-JD(S) combine formed a government in the state under chief ministership of HD Kumaraswamy. BJP had emerged victorious on 104 seats, Congress on 79 and JD(S) on 37.