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Indian equity benchmarks continue to trade firm with both major indices were up by over half a percent each. Sentiments were upbeat as the preliminary data of the commerce ministry showed that India's exports grew by 28.51 per cent to $8.67 billion during February 1-7 on account of healthy growth in sectors such as petroleum, engineering and gems and jewellery. The exports during the first week of this month rose by about 31 per cent. Gains in Auto, IT and Consumer Durables stocks helped market to maintain its rally. Healthy buying was observed in blue-chip stocks like Maruti Suzuki, Indusind Bank and HCL Tech. In scrip specific developments, L&T gained as its construction arm secures order from Bangladesh Hi-Tech Park Authority and Bharti Airtel surged on reporting 22% rise in Q3 consolidated net profit. On the global front, Asian markets were trading higher as investors waited for U.S. inflation data that might influence the pace of Federal Reserve interest rate hikes.

The BSE Sensex is currently trading at 58271.27, up by 462.69 points or 0.80% after trading in a range of 58105.18 and 58378.72. There were 24 stocks advancing against 6 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.85%, while Small cap index was up by 0.21%.

The top gaining sectoral indices on the BSE were Auto up by 1.81%, IT up by 1.30%, Consumer Durables up by 1.23%, TECK up by 1.16% and Consumer Discretionary was up by 1.09%, while FMCG was down by 0.01% was the only losing index on BSE.

The top gainers on the Sensex were Maruti Suzuki up by 3.32%, Indusind Bank up by 3.05%, HCL Tech up by 2.23%, Tech Mahindra up by 1.96% and Bajaj Finserv was up by 1.81%. On the flip side, Sun Pharma down by 0.59%, HDFC down by 0.40%, Power Grid down by 0.38%, ITC down by 0.28% and Tata Steel was down by 0.07% were the top losers.

Meanwhile, Telecom Minister Ashwini Vaishnaw has made an aggressive pitch for adoption of products that are designed and made in India, citing better quality and costs, as he affirmed the government's firm resolve to improving ease of doing business and reducing regulations in the sector. He also urged global players to consider developing more partnerships with Indian entrepreneurs, companies, manufacturers, startups and developers.

Listing out India's rapid strides in ushering in new-age technologies, Vaishnaw said the 5G network is in its final stages of development. He stated that the country has also indigenously developed 4G core network and radio network, even as it is participating in development of 6G standards. He said ‘from the government's side, we are committed to reduce regulation, to make sure that the regulation is in tune with times, that the industry feels committed towards investments...the industry finds interacting with the government as a very seamless experience’.

The minister said India has emerged as a major hub for electronics manufacturing. He noted that electronics manufacturing in the country is pegged at about $75 billion and it is growing at more than 20 per cent CAGR. He said 'now we have launched a major semiconductor programme, a very comprehensive one...right from silicon chip to compound semiconductors and design-led manufacturing, to creating a series of entrepreneurs and also finally, to develop 85,000 semiconductor engineers’.

The CNX Nifty is currently trading at 17419.95, up by 153.20 points or 0.89% after trading in a range of 17339.00 and 17438.45. There were 41 stocks advancing against 9 stocks declining on the index.

The top gainers on Nifty were Coal India up by 4.47%, Maruti Suzuki up by 3.43%, Indusind Bank up by 3.16%, Bajaj Auto up by 2.88% and HCL Tech was up by 2.28%. On the flip side, ONGC down by 0.66%, SBI Life Insurance down by 0.65%, Sun Pharma down by 0.58%, Power Grid down by 0.50% and ITC was down by 0.32% were the top losers.

All Asian markets were trading firm; Straits Times advanced 15.39 points or 0.45% to 3,417.13, Shanghai Composite gained 23.89 points or 0.69% to 3,476.52, Taiwan Weighted strengthened 185.20 points or 1.03% to 18,151.76, Nikkei 225 surged 295.35 points or 1.08% to 27,579.87, KOSPI rose 22.29 points or 0.81% to 2,768.76, Jakarta Composite soared 39.36 points or 0.58% to 6,828.88 and Hang Seng was up by 491.30 points or 2.02% to 24,820.79.