1:12 pm: The poll verdict reflects people's hope: Modi
1:00 pm: Modi gets emotional during the speech, Thanks BJP for the victory
12:57 pm: The new government will be dedicated to poor, says Modi
12:47 pm: Responsibility matters, not posts, says Modi in his speech, adds that the victory was acieved under Rajnath's leadership
12:45 pm: "Wish Atalji was here", says Modi in his speech, thanks Rajnath and Advani for support.
12:40 pm: Modi addresses the meeting
12:40 pm: Advani congratulates Modi in his speech
12:35 pm: Modi to meet president at 3:15 pm
12:16 pm: BJP committee elects Modi as leader of BJP Parliamentary Party and NDA, Modi seeks Advani's blessings
12:15 pm: Murli Manohar Joshi, Venkaiah Naidu, Arun jaitley, Sushma Swaraj second Modi's name for PM
12:10 pm : LK Advani proposes Modi's name for prime minister post at BJP parliamentary committee meeting
12:05 pm: This is a historic moment, says Rajnath addressing the meeting which is held in Parliament Central hall
12:00 pm: Modi reaches parliament, meeting begins
The cabinet formation
Also, Modi is set to meet President Pranab Mukherjee today after his election in the first formal step before he is sworn in as Prime Minister, probably by the weekend.
A number of names of top BJP leaders including Rajnath Singh, Sushma Swaraj, Arun Jaitley, Nitin Gadkari, Murli Manohar Joshi and Venkaiah Naidu were doing the rounds for possible inclusion in Modi's Cabinet.
Besides, some leaders belonging to allies like Shiv Sena, TDP, Akali Dal and LJP may also be included.
LK Advani will propose Modi's name as Prime minister at the BJP meet
The 282 newly-elected Lok Sabha members of BJP along with its Rajya Sabha members will assemble in the Central Hall of Parliament around noon to elect the 63-year-old Modi as their leader. Shortly later, they will be joined by their counterparts from the allies who will elect Modi as the leader of the NDA coalition.
A delegation of the coalition will call on the President later in the day to convey to him the decision of the two Parliamentary groups that will pave the way for President to invite Modi and ask him to form the government.
For the third day in succession, hectic discussions were on regarding government formation with Modi himself receiving leaders.
After today's election, Modi will go to Ahmedabad in the evening. On May 21, he will resign as Chief Minister and a new leader of the Gujarat BJP Legislature Party will be elected to succeed him in the state.
(With PTI inputs)