EMERGING MARKETS-Asian shares rise on U.S. stimulus talks, budget boosts Indian shares further

    * Graphic: World FX rates
    * Graphic: Foreign flows into Asian stocks
    * South Korea, Taiwan shares boosted by electronics, chip
    * India's budget more achievable, realistic - ANZ analysts
    * India's clue-chip index opens 2% higher after Monday's 5%

    By Rashmi Ashok
    Feb 2 (Reuters) - Asian stocks rose on Tuesday as signs of
progress in U.S. stimulus talks boosted Wall Street overnight,
while Indian stocks posted strong gains for a second session
after the unveiling of a high-spending 2021/22 budget.
    Equities in South Korea and Taiwan were
driven higher by heavyweight chip makers and other electronics
manufacturers after U.S. tech stocks rallied overnight. The won
 and Taiwan dollar rose 0.2% and 1.5%,
    U.S. President Joe Biden advanced talks with Republican
senators overnight to further his $1.9 trillion COVID-19 relief
plan, which the White House said was "productive".
    "We are tracking an improvement in risk sentiment headed
into the Tuesday session," said Jingyi Pan, market strategist at
IG, adding that aside from U.S. stimulus progress, the upcoming
earnings season in Asia would be the next focus for investors.
     India's blue-chip Nifty 50 index opened 2% higher.
It rallied 5% on Monday - its biggest daily rise on a federal
budget day in over two decades - after the government unveiled a
budget aimed at creating "wealth and wellness".
    "India's latest budget is a clear departure from its
predecessors. Not only does it highlight that recovery is more
important than numbers, its realistic assumptions and fiscal
arithmetic make it far more achievable than in the past,"
analysts at ANZ wrote. 
    India's benchmark 10-year bond yields extended
their climb to stand at 6.09% on Tuesday. The yield rose 13
basis points on Monday after the government unveiled additional
borrowing and a bigger-than-expected budget deficit.
    "We also believe the budget is positive for the rupee
depending on the RBI's stance on intervention. A number of
announcements including increasing FDI (foreign direct
investment) limits in the insurance sector are rupee positive,"
they added.
    The rupee opened marginally firmer at 73.02, after
weakening as far as 73.15 per dollar on Monday. 
    Thailand's shares traded about 1% higher ahead of
its central bank interest rate decision due on Wednesday. 
    Bank of Thailand is widely expected to leave its key rate
unchanged at a record low, preserving its limited policy
ammunition as the economy deals with its latest wave of
coronavirus infections, according to a Reuters poll.

    ** Indonesian 3-year benchmark yields are down 2.7 basis
points at 5.075%​​ 
    ** Top gainers on FTSE Bursa Malaysia Kl Index
include MISC Bhd up 4.53% and PETRONAS Chemicals Group
Bhd up 2.98% 
    ** In the Philippines, top index gainers are Aboitiz Equity
Ventures Inc up 4.9% and Ayala Corp up 4.07%
  Asia stock indexes and                              
 currencies at   0434 GMT                        
                     DAILY  YTD %     X   DAILY  S YTD
                         %                    %      %
 Japan               -0.03  -1.62  <.N2    0.90   3.28
 China    <CNY=CFX   +0.13  +1.06  <.SS    0.55   1.48
          S>                       EC>           
 India               +0.01  +0.08  <.NS    2.64   4.84
 Indones             -0.07  +0.14  <.JK   -0.03   1.45
 ia                                SE>           
 Malaysi             -0.02  -0.52  <.KL    0.80  -2.96
 a                                 SE>           
 Philipp             +0.03  -0.07  <.PS    0.96  -3.64
 ines                              I>            
 S.Korea  <KRW=KFT   +0.09  -2.63  <.KS    1.27   7.72
          C>                       11>           
 Singapo             +0.15  -0.73  <.ST    0.69   2.55
 re                                I>            
 Taiwan              +1.47  +1.82  <.TW    2.53   7.24
 Thailan             +0.00  -0.03  <.SE    0.76   2.76
 d                                 TI>           
 (Editing by Ana Nicolaci da Costa)