India opposition party set for landslide victoryUpdated: 2014-05-16 20:35:58 KST
The ruling Indian National Congress admitted defeat on Friday on the first day votes started being counted the more than 550 million votes cast in general elections.
The Hindu nationalist opposition BJP party, and its leader Narendra Modi are poised for a landslide victory.
The final results aren't expected until later Friday, but the early indicators suggest the BJP is well on course to secure the 272 seats needed for a parliamentary majority.
It sets the stage for Modi to become the nation's next prime minister, and anaylsts say he'll be entering with the strongest mandate of any Indian leader since 1984.
BJP supporters celebrated outside of the headquarters in New Delhi on hearing the news, banging drums and waving flags.
Betting on Modi's win, foreign investors have poured in more than 16 billion dollars into Indian stocks and bonds over the past six months, holding over 22 percent of Mumbai listed equities.
Morgan Stanley estimates currently more than 280 billion dollars of foreign investments are in the market.
Kim Hyun-bin, Arirang News.
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