April 2 Reuters With weeks to go before India starts voting in a general election that the incumbent government is widely expected to win, Indian equity markets are uncharacteristically languid and not seeing the traditional preelection rally.

Analysts say this time is different, pointing to a stellar rally in the past year, rich valuations and uncertainties around political issues such as corruption and electoral funding as factors giving investors reason to pause.

The Nifty index has climbed over 30 over the past year, the second biggest gain among Asian indexes, but has faltered this month.

Abhisekh Goenka, founder and CEO of wealth management firm IFA Global, said stocks had been weighed down by profittaking at the financial year end in March and political factors.

Parliamentary elections will be held in phases from April 19 to June 1. The consensus is for Prime Minister Narendra Modi39;s National Democratic Alliance NDA coalition government to win the elections.

But a string of recent developments including disclosures on political funding for Modi39;s party, and other tax and corruption charges against parties in the Congressled opposition alliance have cast doubts over whether Modi39;s Bharatiya Janata Party BJP can get a resounding victory.

The uncertainty will loom till election results are out, and as widely expected, if BJP sweeps the polls, we expect a further breakout rally in the equities, Goenka said.

Historically, Indian equities have started…