Mumbai, May 5 (IANS) The general election along with fourth quarter results season is set to flare up near-term volatility in the Indian equity market, analysts say.

Other factors such as ongoing quarterly results season along with crude oil price fluctuations as well as the direction of foreign fund flows and the rupee's movement against the US dollar are also expected to impact investors' risk-taking appetite.

"As we are close to the election result day, volatility has touched a multi-year high and it is expected that going forward volatility will continue to rule," said DK Aggarwal, Chairman and Managing Director, SMC Investments & Advisors.

According to Sahil Kapoor, Chief Market Strategist, Edelweiss Investor Research: "Equity indices have remained in a broad range with volatility expanding marginally.

"Expect some more consolidated which should pave the way for an eventual breakout to the upside. Result season is turning out to be on expected lines with no major disappointments for now."

Currently, out of 543 Lok Sabha seats, voting has been completed in 373 during the four phases out of seven. The voting for the fifth phase will be held on May 6 with the results being announced on May 23.