Indian Prime Minister Narendra Modi's party and its allies were set to return to power in the nation's richest state, television channels reported on Saturday, a boost for the Hindu-nationalist leader after a disappointing general election.

Historically downtrends often culminate in panic days and the Adani-triggered selloff appears to have marked such a turning point, an analyst said.

BJP, which contested on 149 seats in the recently conducted Maharashtra polls, is alone winning on around 130 seats, pushing the party’s strike rate at 88 per cent