With 99 percent of the votes counted, Foreign Minister Tzipi Livni's Kadima Party is in first place with 28 of the Knesset's 120 seats, with Benjamin Netanyahu's Likud Party following closely behind with 27 seats.
As the vote progresses, Labor stands at 13 seats, while Avigdor Lieberman's Yisrael Beitenu party is expected to garner 15 seats.
Exit polls by Israel's three main television stations on Tuesday night came to the same conclusion with Kadima as the leader and Likud coming a narrow second.
Channel 1, Channel 2 and Channel 10 polling of voters as they left the ballot box all pointed to victory for Kadima, headed by Tzipi Livni.
If the exit polls are correct, the right-wing bloc, led by Likud leader Benjamin Netanyahu, will comprise 63-64 seats, while the center-left bloc, headed by Livni, will take 56-57 seats. This means that a win in the polls does not necessarily mean that the next government will have a center-left bent.
Televised exit poll results
The Channel 1 poll gave Kadima 30 seats, Likud 28 seats, and Labor 13 seats. Yisrael Beiteinu is predicted to win 14 seats, according to the poll.
According to the Channel 2 poll, Kadima will hold 29 seats, Likud will take 27 seats and Labor 13 seats. Yisrael Beiteinu will have 15 seats in the new Knesset.
The Channel 10 poll indicated that Likud will take 28 seats, Kadima will hold 30 seats and Labor 13 seats. Yisrael Beiteinu will have 15 seats.
The secular left-wing New Movement-Meretz won only three seats and the right-wing religious parties scored fairly low, as well. United Torah Judaism won five seats, followed by the National Union with 4 and the Bayit Hayehudi with three. The Israeli Arab party Ra'am Ta'al scored four seats and Balad won three.
The Pensioners Party and the Green Movement-Meimad both won just 1 percent of the total vote, just missing the threshold to gain a seat in the Knesset. The Green Party, Strong Israel, the Green Leaf Party and the Tzabar - the youth party - made up 0% of the total vote.
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