John Krey, international market analyst at S&P Capital IQ, told CNBC that if the BJP wins, "retail, infrastructure and financial could benefit the most provided, of course, Modi is empowered to pursue aggressive reforms of the retail and financial sectors."
If Congress defies expectations and wins the elections, Krey says expect more slow going on reforms to key economic sectors, leaving infrastructure as the only viable avenue of investment.
There are exceptions to Modi's pro-business tone, however. The candidate has said that he would not allow big foreign grocery chains to enter the country—continuing a tradition of Indian resistance to foreign mega-retailers.
Perhaps ironically, the country's Congress party had already approved a joint venture between India's Tata Group and Britain's Tesco, but that deal could be endangered if the BJP wins.
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Regardless of which party wins, some in the investment community believe that business sentiment will improve as long as India can just manage to put together a sound, reliable government.
"If a stable government is put in place, deal flow could rise," said Akhil Gupta, Blackstone's India chairman.
Historically speaking, Indian markets tend to rise after elections. Jyoti Jaipuria, head of India research at Bank of America Merrill Lynch, said in a research note that stocks have produced an average return of 11 percent in the six months following elections. Overall, stocks were positive after five of last seven elections.