New Delhi, India (BBN) - The opposition Hindu nationalist BJP party has promised "good times ahead" as early results suggest it is on course for a landslide victory.
Although final results are not expected until later, the scale of the predicted victory is such that the ruling Congress party has admitted defeat, the BBC reported.
BJP leader Narendra Modi tweeted: "India has won. Good times ahead."
This is the most resounding victory for a political party in 30 years, say correspondents.
Mr Modi, formerly chief minister of the western state of Gujarat, is seen as a no-nonsense, can-do leader who stands for development and muscular nationalism, says the BBC's Soutik Biswas.
He campaigned on promises of a revival in economic growth.
The BJP win will be a crushing blow to the Congress party - led by the Nehru-Gandhi family - which has dominated Indian politics since independence.
The election's outcome reflects voter anger with Congress, which has been mired in serious corruption scandals and whose leadership has been considered ineffective in recent years, analysts say.
More than 500 million people voted in what is the world's biggest exercise in democracy.
Voter turnout in the mammoth nine-phase general election was a record 66.38%, beating the previous 1984 poll record.
'Turning point'
Latest election results showed that the BJP has secured 277 seats, surpassing the 272 seats needed to secure a majority in the lower house of parliament.
With their allies, the party could achieve more than 300 seats.
Meanwhile, the Congress party - which has been in power for the past decade - is leading in less than 50 seats.
Accepting defeat, the Congress Party spokesman, Shakil Ahmed, said: "We are accepting the people's verdict in all humility.
"Trends of the counting are certainly not in our favour. The trends point out that the country has decided to vote against us," he was quoted by news agency AP as saying.
Even before the Congress party's announcement, there were scenes of jubilation outside the BJP's headquarters. Firecrackers exploded and people handed out sweets.
"It's a turning point for India," BJP leader Siddhartha Nath Singh told the BBC.
BBN/SSR/AD-16May14-2:51 pm (BST)