~*A new era for India to begin- Indian Election Results 2014*~

The exit polls seem to have made the right call on India's federal elections in which a record 550 million people cast their votes to select the country's new prime minister: their choice is Narendra Modi, the fiery, business-friendly leader of the Bharatiya Janata Party (BJP) whose party has romped home to a resounding victory. Modi tweeted, "India has won. Good days lie ahead"

Within two hours after the counting of votes began, it became apparent that the BJP-led National Democratic Alliance was returning to power. The BJP which needed to win 272 seats to get a clear majority in the country's 543-seat Parliament, looks set to cross the 300-seat mark with its allies. According toTimes Now television, the BJP has so far been leading in 278 seats, crossing predictions of a 250-seat haul. For the first time in 30 years, a single party looks set to win a clear majority on its own steam, ending an era of coalition politics.

Celebrations broke out at BJP's headquarters and offices throughout the country as it became apparent that the party was surging way ahead and likely to achieve a landslide win. The euphoria according to some reports, was felt all the way in New York's Times Square were Indian Modi supporters are believed to have distributed Indian sweets on the streets. The party extended to the stock market; bullish investors who anticipate that Modi will set the country's economic house in order, stoked the Sensex to cross the 25,000 mark, an all time high. The rupee too has gained to Rs 59.25 to a dollar, achieving a 10-month high.

The ruling Congress Party has suffered a devastating defeat, pulling in an abysmal tally of 52 seats, according to Times Now. Even as blame for the poor performance was being laid at the door of Congress scion Rahul Gandhi who at the time of writing is barely hanging on to his seat in Amethi in the northern Indian state of Uttar Pradesh, the traditional stronghold of the Gandhi family, party spokespeople were still defending him. The Congress-led United Progressive PGR -0.51% Alliance has overseen the country's economic slide in the past five years amid a plethora of corruption scandals.

The stock market surge has propelled BJP-friendly' stocks. Reliance Industries controlled by Mukesh Ambani, India's richest person, was up 6% in early morning trading. The stock has gained 20% since April in anticipation of a BJP win. Among the biggest gainers in percentage terms is billionaire Gautam Adani, a staunch Modi supporter, whose Adani Enterprises has jumped 60% since April; it was up 13% today alone in morning trading. While Adani is headquartered in Modi's home state of Gujarat, Ambani has huge investments in the state, including its giant refinery complex at Jamnagar.

I spoke to industrialist Harsh Goenka (who features among India's richest) who has tweeted that the Modi wave is a tsunamo'. "I'm delighted because a clear mandate to Modi will bring stability and give him the ability to take tough decisions, " said Goenka, echoing the general sentiment in the country's business circles.

Among the notable losers is activist Arvind Kejriwal, head of the Aam Aadmi Party (or common man's party) who lost to Modi in Varanasi, in eastern Uttar Pradesh, a key north Indian state where the saffron wave' saw the BJP notching up 70 out of 80 seats. Also unlucky was billionaire Nandan Nilekani who plunged into politics by contesting on a Congress ticket in his home constituency of Bangalore South but lost.

Meantime, Modi, who was reportedly ensconced in his home in Gandhinagar in Gujarat monitoring the election results, visited his mother to seek her blessings. He is expected to initiate a series of pro-business policies in the first 100 days of office, said analysts. For now, all eyes are on whom Modi selects to occupy key posts as he forms his cabinet after being sworn in on May 21

Narendra Modi greets supporters as he leaves the residence of his mother in Gandhinagar, Gujarat.

New Delhi: Eight months after the BJP named him its prime ministerial candidate,Narendra Modi, 63, proved he was worth the opposition the party originally encountered over its decision. Mr Modi has delivered the BJP's best result ever, giving it more than the 272 seats it needs to form a government. This is the first parliamentary majority by a single party since 1984.