The BJP had tried to wrest power for the first time ever in the disputed Himalayan region, where rebel groups have been fighting Indian rule since 1989.
Early results indicated no single party would win a majority in the 87-member state assembly, with the Peoples Democratic Party (PDP) likely to take the highest number of seats.
The PDP, a regional party, was part of a coalition that ruled the state during one of its most peaceful periods between 2002 and 2008 and is likely to form the next government in coalition with other groups.
Both the BJP and the PDP benefited from widespread public discontent over the ruling National Conference party's handling of devastating September floods that killed over 200 people in Kashmir.
Analysts said the BJP's history, however, meant it was unlikely to be part of a ruling coalition with the PDP.
Modi was accused of failing to curb 2002 anti-Muslim riots that claimed at least 1,000 lives when he was chief minister of Gujarat state, a charge he has always rejected.
"The PDP will find it easier to form a coalition government with the Congress because allying with BJP will alienate its constituency in the Kashmir valley," said analyst and political commentator Siddiq Wahid.
The BJP had campaigned aggressively in the picturesque region, which is claimed by both India and Pakistan and has been the scene of two wars between the neighbours.
Modi held a series of rallies promising to bring much-needed economic development after decades of unrest, while the party ran a high-powered media campaign and fielded 32 Muslim candidates.
It also sidelined a long-standing pledge to scrap Article 370, a constitutional provision that grants Kashmir special status in India and allows it to make its own laws.
All of the BJP's gains in the month-long staggered polls, however, came in the mainly Hindu Jammu area, while the PDP dominated in the overwhelmingly Muslim Kashmir Valley.
Hina Bhat, a woman who became the face of the BJP during the elections, failed to win her seat in the Kashmir Valley.
Nonetheless the BJP, which is enjoying a honeymoon period after Modi's national election victory this year over the previously ruling Congress party, has more than doubled its seats in the state parliament.
The final results of the election are expected to be announced later Tuesday.
Votes are also being counted in the insurgency-racked and impoverished central state of Jharkhand, where the BJP is expected to win a majority.
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@BlackJack:
BJP s vote share in kashmir valley is 2.2 % ...wow....
Its a significant win for Modi. His party secured the highest no. of votes and came second seat wise (25 seats). Remember, Sajjad Lone who supports BJP has won 2 seats. Along with 5 other independents. That means BJP has support of more than 30 seats. The only way BJP can be kept away from Govt. formation is for Congress and National Conference to support PDP. Which seems to be very difficult. But in such scenario, these politicians will not get enough money from the central Govt. Either way Modi wins.
@Nomi i thought your people didn't believe in "fake indian elections". Or that jk people can come out and vote - 71%. Now you are celebrating at the results? You can't have it both ways. If results don't favour you then it's fake. If it does then it's authentic. That's not how it works. Indian elections are free and fair. People have already shown the world rejecting the boycotting calls from seperatist and voted. PDP and BJP have won coming first and second defeating other parties and will form the govt in jk.
Extremely high-turnout in harsh cold weather proved now Kashmiris want to associate themselves to mainstream to bring development, jobs, healthcare, standard of living and above all peace by shunning the brainwashed violence.
May you prosper!!
@Nomi: don't forget BJP has got the highest vote share in the J&K sate and that was due to it's increased vote share from Kashmir, by the way 25 MLA seats out of 87 is a very good performance that too from 1 MLA seat in 2002 election...!!
@Nomi: BJP has the highest vote share in the state of J&K. Just goes to show that the people you call Kashmiris are not the only people in the state. Pls share Pandit turnout figures with sources - since data that no one has access to has magically reached you somehow.
With not even a single seat in the Kashmir valley, BJP sure has been shown the door by the Kashmiris...even the Pandit turnout was abismal.
Modi's magic continues as BJP wrest Jharkhand state after forming governments in Haryana and Maharashtra with absolute majority. In Jammu and Kashmir, BJP has made considerable gains doubling its tally from the last elections winning all 25 seats from Jammu but not a single seat from Valley which may be a worrying factor for the party. However, BJP can still be part of the ruling party in the state in case PDP, who has won the largest number of seats chooses the former as its partner.
The main victors were the people, democracy, non-violence!