While assembly election results for MP, Rajasthan and Chhatisgarh is worry for BJP and matter of rejoice for congress, It’s impact on 2019 wouldn’t be much.

BJP has higher vote share in MP and vote share is neck to neck in Rajasthan.

Optimistic case for BJP based on these results

It  has also been seen that party that controls national narrative gets a boost of 5–7% in Hindi Heartland. Pollster have also highlighted personal popularity of Modi is highest in Rajasthan, better than Gujarat and UP.

Keeping these two facts in mind, BJP can easily be ahead by 5% on vote share in MP and 8–10% in Rajasthan. With that vote share, BJP most likely to get 20/25 in Rajasthan and 21–3/29 in MP. It would be a loss of seats but can be easily compensated.

Optimism for congress

History has also given us instances where ruling state government can win swing lok sabha seats so if that happens then congress can easily win 50% seats in Rajasthan & MP and that would mean jump from 2 seats in 2014 to 25 seats. That would be lethal for BJP

Stock market is reacting based on 1st case but we need to see national narrative before 2019 before coming to a conclusion.