Labour 18 short of a majority according to Electoral Calculus. They could form a minority Government on those figures with support from the 16 Lib Dems on budgets and votes of confidence. Sinn Fein's abstention would make that very plausible - or even a Labour/Lib Dem coalition.

Labour 308
Lib Dems 16 = 324

Tories 256
SNP 46
Plaid 3
UKIP 1
Green 1
Minor Parties 1

Northern Ireland - 13 (Assuming Sinn Fein retain their 5 seats)

321 in opposition (with a few of those unlikely to support the Tories in anything).