MUMBAI, June 3 (Reuters) - India's general elections will have a limited impact on the stock market, although infrastructure-related stocks will benefit from policy continuity, while strong economic growth bodes well for premium-end consumer companies, said a fund manager of UTI Asset Management Company.

Exit polls predict Prime Minister Narendra Modi will win a third term, sending the stock market to a record high on Monday. The official results are due Tuesday.

"Even if the election results are a little different from the expectations, the stock market may only move for a couple of days or weeks," said Karthikraj Lakshmanan, senior vice president and fund manager of equity at UTI Asset Management Company.

"Eventually, markets are slaves to earnings. If one looks at the trend for the last three decades, the best correlation for markets would be with the earnings trajectory," Lakshmanan said on Friday.

UTI AMC manages assets worth 18.48 trillion rupees (about $222 billion).

Since 1999, irrespective of the short-term reaction to election results, India's benchmark Nifty 50 has advanced over the six subsequent months, data shows.

The fund manager expects the private sector to now start contributing to India's growth story.

The government's focus on manufacturing and capex has helped the investment cycle so far and now is the time for the private sector capex to pick up, said Lakshmanan.

In terms of industries, the power sector could continue to see healthy growth due to the government's investment cycle, he said.

He also expects sustained traction in real estate and other consumption-linked stocks aimed at premium segments as India's fast economic growth translates to increased purchasing power, feeding into the demand for higher-end products.

"So, we may see those premiumisation trends on the consumption side to see further traction over the next few years."

Lakshmanan expects this to play out, especially in the real estate sector where the cycles are longer.

However, he cautions that the above-average valuations in small-cap and mid-cap stocks could spark some volatility.

"This is a stock picker's market in which the returns will not just depend on economic stability but also starting valuations." ($1 = 83.1160 Indian rupees)

(Reporting by Bharath Rajeswaran in Mumbai; Editing by Savio D'Souza)