Caracas, Oct 8 (IANS): Incumbent Venezuelan President Hugo Chavez won the presidential election Monday, geting another six-year mandate to pursue his "21st century socialism" project of greater nationalisation, Xinhua reported.

According to the National Electoral Council (CNE), with 90 percent of the ballots counted, Chavez garnered 54.42 percent of the vote, compared to 44.47 percent for opposition candidate Henrique Capriles, who represents the Democratic Unity Roundtable (MUD) coalition.

Chavez supporters fired massive fireworks into the sky in celebration, as the result was announced.

Of about 19 million eligible Venezuelan voters, an unprecedented 81 percent turned to caste their ballot.

Five domestic observer groups and several international observer watchdogs monitored the Sunday election, widely considered free and peaceful.

Dressed in a signature red shirt, Chavez, 58, waived to throngs of cheering supporters from the balcony of his Miraflores presidential palace. He declared victory in the name of the 19th century independence hero Simon Bolivar.

"Today we've shown that Venezuela's democracy is one of the best democracies in the world, and we will continue to show it," he said, brandishing a replica sword of Bolivar, who was born in Caracas.

"I would like to thank, first of all, the opposition leadership, because they have recognized the truth, the truth of people's victory," he said. "That is why I begin by thanking them, because we are all brothers in Simon Bolivar's fatherland."

"The voice of the majority must respect the voice of the minority. That is the first step towards our living in peace together," he added.

Chavez has won the third re-election in nearly 14 years in office. His new six-year term begins Jan 10.

Capriles, a 40-year-old law graduate, promptly conceded defeat at a televised press conference, saying that "For me, the will of the people is sacred. And I would like to thank the more than six million Venezuelans who placed their trust in me."