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Tracking gains in Asian peers, Indian equity indices maintained their upbeat mood in afternoon session ahead of upcoming budget to be released on February 1, 2022. The Budget would provide an opportunity for the government to outline its long term economic priorities. Sentiments were also upbeat with a survey by industry body Ficci showing a sharp improvement in manufacturing outlook in Q3 (October-December 2021-22) after some revival in the first half of 2021-22. In another positive development, Apparel Export Promotion Council (AEPC) Chairman Narendra Goenka stated that the Council is looking at new markets such as Latin America, Australia, and Israel to push the country's apparel exports, which are expected to record healthy growth during the current fiscal and in 2022-23, even though rising raw material prices are impacting the industry.

On the global front, Asian stocks advanced with markets in mainland China and South Korea closed for the Lunar New Year eve. Back home, all sectoral indices were trading firm and IT was the top gainer on BSE, up by around 3% followed by TECK and Realty indices, trading up over 2.50%. Apart from blue chips, broader indices too equally participated in the rally with both mid and small cap indices trading up by over 1% each.

The BSE Sensex is currently trading at 58220.37, up by 1020.14 points or 1.78% after trading in a range of 57746.15 and 58223.89. There were 28 stocks advancing against 2 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 1.53%, while Small cap index was up by 1.01%.

The top gaining sectoral indices on the BSE were IT up by 2.98%, TECK up by 2.83%, Realty up by 2.77%, Energy up by 2.72%, Oil & Gas up by 2.46%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Tech Mahindra up by 4.68%, Infosys up by 3.58%, Wipro up by 3.40%, Dr. Reddy's Lab up by 2.96% and Bajaj Finserv was up by 2.96%. On the flip side, Indusind Bank down by 3.15% and Kotak Mahindra Bank was down by 2.27% were the only losers.

Meanwhile, commerce ministry has said that exports of marine products jumped 35 percent to $6.1 billion during April-December 2021 as compared with $4.5 billion in the same period of the previous year. In December 2021, the exports grew 28 per cent to $720.51 million.

It said the five-top export destinations include the US, China, Japan, Vietnam and Thailand. It noted that Frozen shrimps constitute the major share in India's marine products exports items with 74 per cent share in value terms. Other major items include Frozen Fish (7 per cent) and Frozen Squid (5 per cent).

Meanwhile, the ministry said India's export of final consumer food products such as Ready to Eat (RTE), Ready to Cook (RTC) and Ready to Serve (RTS) stood at $2.14 billion in 2020-21. It stood at $1 billion in April-October 2021-22, compared with $823 million in April-October 2020-21.

The CNX Nifty is currently trading at 17399.20, up by 297.25 points or 1.74% after trading in a range of 17264.15 and 17400.60. There were 47 stocks advancing against 3 stocks declining on the index.

The top gainers on Nifty were Tech Mahindra up by 4.70%, BPCL up by 3.79%, Infosys up by 3.53%, Wipro up by 3.40% and Dr. Reddy's Lab was up by 3.01%. On the flip side, Indusind Bank down by 3.19%, Kotak Mahindra Bank down by 2.28% and HDFC Life Insurance was down by 0.72% were the top losers.

All Asian markets were trading higher; Hang Seng increased 252.18 points or 1.07% to 23,802.26, Straits Times advanced 3.26 points or 0.1% to 3,249.59, Jakarta Composite soared 2.91 points or 0.04% to 6,648.42 and Nikkei 225 was up by 284.64 points or 1.07% to 27,001.98.