Riding on a massive Modi wave sweeping through most parts of India, the BJP stormed back to power under Prime Minister Narendra Modi. It led in 292 seats while the Congress trailed far behind with 51, according to trends released by the Election Commission for all 542 seats that went to polls.

The BJP Parliamentary board meeting is to be held latery. The PM will also meet BJP workers at the party office at 5.30 pm today.

If the trends stay until final results, the BJP would have improved on its 2014 performance when it had won 282 seats on its own in the 543-member Lok Sabha. Adding the seats won by its allies, the BJP-led National Democratic Alliance could win 343 seats, up from 336 in 2014.

Markets cheered the trends, as the benchmark BSE Sensex touched 40,000 for the first time and NSE Nifty breached the 12,000 level. The rupee appreciated 14 paise to 69.51 against the US dollar trade.