India election live: Modi to be sworn in for new term as PM on June 8

NEW DELHI/BENGALURU -- Election Commission officials on Tuesday counted ballots cast over India's six-week general election, which ended on June 1.

Prime Minister Narendra Modi's Bharatiya Janata Party-led alliance has clinched a third term in office, but the race was closer than expected, with his BJP losing its outright majority.

Here is how the election has unfolded (times are in India Standard Time):

Wednesday (June 5)

9:10 p.m. U.S. President Joe Biden congratulates Modi and the National Democratic Alliance on their electoral victory.

"The friendship between our nations is only growing as we unlock a shared future of unlimited potential," Biden says in a post on X.

2:50 p.m. Indian shares jump 3% after two key members of Modi's alliance -- the Telugu Desam Party and Janata Dal (United) -- pledged their continued support for it forming a new government after a narrow win.

1:10 p.m. Modi will be sworn in for his new term as prime minister on June 8, local TV channels report. Modi's cabinet recommended the dissolution of the lower house of Parliament on Wednesday, according to news agency ANI.

12:00 p.m. Indian stocks are volatile after the unexpectedly narrow win by Modi's alliance, with the Nifty index swinging between gains and losses in early trading. Investors are worried that Modi's BJP will have to rely on regional parties, whose political loyalties have wavered over the years, to form the government, raising concerns over the economic policy, Reuters reports.

11:30 a.m. According to official results from the Election Commission of India, the BJP gained 240 seats, down by 63 compared with the last general election. The BJP lost its outright majority for the first time in a decade. Voting tallies by local news channels