Narendra Modi, who is now expected to become India's next Prime Minister, has tweeted in celebration at the results, declaring "India has won".
Mr Modi's BJP party looks set to register a convincing victory over the ruling Congress Party, who have now conceded defeat.
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A suspected gunman held people hostage inside the store, police said.
Popular channels including Dave and Gold disappeared from sets after a business dispute went unresolved.
Police said it was not clear whether anyone was still inside the store.