India Poll Updates: Modi triumphs; BJP wins 252, CONG 37

Supporters of Narendra Modi danced, sang and fed each other sweets on Friday as celebrations erupted throughout India over his almost certain thumping victory in the country's general elections. 

Crowds roared "Hail Modi, hail Modi!" outside his party's headquarters in Ahmedabad, the biggest city in the thriving state of Gujarat which the Hindu nationalist hardliner has steered as chief minister since 2001.

"I will tell my kids about this historic day!" said 27-year-old Tejas Patel, wearing a T-shirt emblazoned with Modi's face outside the Bharatiya Janata Party (BJP) office.

The crowd danced and waved their hands in the air to drums and trumpets, as preliminary results and media projections showed the BJP on track for the first parliamentary majority by a single party in 30 years.

"This victory (by the BJP) represents a tectonic shift in the electoral landscape," senior BJP leader Ravi Shankar Prasad told India's NDTV television network.

BJP worker Sushilbhai, who goes only by one name, said he started celebrating on the eve of the election results.

"We saw this day coming. My brothers and sisters were dancing together, shouting Modi's name," Sushilbhai said.

"The whole country is shouting his name. I feel so proud," he added as he stuffed yellow sweets into his friends' mouths in a traditional gesture of celebration.

The BJP was on course to crush the ruling Congress party after 10 years in power, as results showed Modi riding what local media dubbed a "tsunami" of support for the party's promises of jobs and development.

Modi himself, set to become prime minister, celebrated in low-key style, visiting his elderly mother in the Gujarat state capital of Gandhinagar. She fed sweets to the BJP leader and offered him a blessing as they sat outside on her porch, as children, well-wishers and media looked on.

In New Delhi, supporters gathered at BJP headquarters for carnival-style celebrations, with dancers in traditional costumes, and an elephant painted with the BJP's lotus flower symbol on the street outside.

"We were called by a BJP leader yesterday who said that we will win and celebrate for Modi," said Sonu, who only gave one name, walking on stilts and waving a BJP flag.

At a souvenir shop at BJP headquarters, Modi masks were selling fast along with Modi T-shirts and BJP flags, while ladoo sweets were being handed out to media and supporters. 

Police blocked the roads leading to the headquarters, with the crowds of supporters expected to swell in the coming hours.

Counting at the end of the election, which was staggered over six weeks, showed the BJP on track to win the 272 seats needed for a parliamentary majority, while Congress was headed for its worst-ever defeat.

Indian stocks hit record high as Modi win

India's main stock index surged more than six percent Friday to a record above the key 25,000-point level, while the rupee hit an 11-month high, as right-wing opposition leader Narendra Modi headed for a landslide election victory.

The Bombay Stock Exchange index, known as the Sensex, soared 6.15 percent to 25,375.63 as results showed pro-business Modi and his Hindu nationalist Bharatiya Janata Party (BJP) expected to score a huge win after a marathon poll.

The Sensex later trimmed its gains to trade up 2.06 percent at 24,397.05 points in the afternoon.

"Markets are following indications the BJP and its allies will have a thumping victory," Harendra Kumar, head of brokerage Elara Capital, said. "This is crucial for their ability to push key (economic) reforms."

Modi has ridden a wave of voter support with his message of jobs, development and revival of an economy that is growing a decade-low levels.

The party ousted the left-leaning Congress party which has ruled India for a decade and dominated the country's politics for most of its post-independence history.

The influential Federation of Indian Chambers of Commerce and Industry (FICCI) called Modi's "decisive mandate" a "positive for India".

"It is amply clear the country, especially the youth, wants development and good governance," said FICCI president Sidharth Birla, adding he hoped Modi's win would restore confidence in India.

Shares in infrastructure and energy companies, particularly of those whose owners are seen as close to the BJP, surged.

Adani Enterprises, controlled by stalwart BJP supporter Gautam Adani, rose as much as 17 percent to 585.00 rupees, while Reliance Industries, which is owned by India's richest man, Mukesh Ambani climbed 8.50 percent to 1,142.50 rupees.

Banks were also among top gainers, with Canara Bank and Andhra Bank both gaining 24 percent.

The rupee surged 1.14 percent to 58.62 against the dollar, building on gains in recent weeks that have been fuelled by expectations Modi would win the gruelling six-week election and introduce reforms to turn around the economy.

The rupee has now risen 17 percent since sinking to a record low of 68.85 in August when investors were worried about a fiscal deficit crisis and waning foreign investor confidence as the government struggled to boost growth in the face of global economic turmoil.

Stock markets have risen five percent in the past week alone as heady optimism has returned despite low investment and weak growth, stubbornly high consumer inflation and widespread corruption.

The economy grew 4.9 percent in the financial year to March, half its pace during India's boom years.

Follow Emirates 24|7 on Google News.