The National Democratic Alliance (NDA), which is now in power, is expected to gain around 350 seats in the lower house of parliament, which has 543 members. A simple majority requires 272 seats, according to the summary of two exit polls.
In the 2019 election, 353 were won by the NDA.
It was predicted that the Congress-led opposition INDIA alliance would win more than 120 seats.
In India, exit polls have a mixed track record because they frequently predict incorrect election results. According to commentators, it is difficult to get exit poll results correct in such a vast and diverse nation.
The seven-phase election, which started on April 19 and took place in many places in the sweltering summer heat, gave nearly one billion people the right to cast a ballot.
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The Election Commission will count votes polled in electronic voting machines on June 4 and results are expected the same day.
A victory for Modi, 73, will make him only the second prime minister after independence leader Jawaharlal Nehru to win three consecutive terms.