EMERGING MARKETS-Asian shares up on U.S. stimulus hopes, Indian stocks extend budget-fuelled gains

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3f2vwbA * South Korea, Taiwan tech stocks send indexes higher * India's Nifty 50 index 2% higher, rupee steadies * RBI's comments on open market operations eyed - analysts * Thai shares rise ahead of central bank meeting on Wednesday 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 shares posted strong gains for a second consecutive session after the unveiling of a high-spending 2021/22 budget. South Korean and Taiwanese equities were among the top performers in the region. They rallied more than 1% and 2% respectively, driven higher by heavyweight chip makers and other electronics manufacturers. U.S. stock markets rose overnight, led by technology shares, as President Joe Biden held talks with Republican senators to strike a deal on his $1.9 trillion COVID-19 relief plan, which the White House said was 'productive'. Regional currencies, however, were subdued as the dollar index hovered around its overnight high of 91.063, its highest since Dec. 10. India's blue-chip Nifty 50 index held onto opening gains of 2%. It rallied 5% on Monday - its biggest daily rise on a federal budget day in over two decades - after the government unveiled an expansionary budget with high capital spending. Benchmark 10-year bond yields extended a recent rise to stand 6.5 basis points (bps) higher on the day at 6.125%. Yields rose 13 bps on Monday after the government unveiled a bigger-than-expected budget deficit and additional borrowing in its 2021/2022 budget on Monday. The rupee traded marginally firmer at 72.975, after weakening as far as 73.15 per dollar on Monday. The Reserve Bank of India (RBI) is widely expected to hold interest rates steady when it announces its monetary policy decision on Friday, although cooling inflation in December has fuelled some talk of a rate cut this week. Analysts at TD Securities, who expect the RBI to cut rates on Friday, said the central bank's plans for its open market operations (OMO) will be in focus after a recent bond sell-off pushed government bond yields higher. "We think the RBI, alongside cutting rates, will try to limit any increase in bond yields via significant OMO operations," the analysts said. "We also think the front end of the curve will likely see a decline in the wake of a surprise rate cut at this week's meeting." Thai shares edged up ahead of Bank of Thailand's policy meeting on Wednesday. The central bank is widely expected to leave its key rate unchanged at a record low, preserving limited policy ammunition as the economy deals with its latest wave of coronavirus infections. HIGHLIGHTS: ** Top gainers on the Singapore STI include Keppel Corporation Ltd up 3.27% and ATS Ltd up 2.34% ** In the Philippines, top index gainers are Robinsons Land Corp up 4.61% and Universal Robina Corp up 4.35% ** Indonesian 10-year benchmark yields are down 3.7 basis points at 6.182%​​ while 3-year benchmark yields are down 4.6 basis points at 5.056%​​ Asia stock indexes and currencies at 0817 GMT COUNTRY FX RIC FX FX INDE STOCKS STOCK DAILY YTD % X DAILY S YTD % % % Japan -0.06 -1.65 <.N2 0.97 3.34 25> China <CNY=CFX +0.14 +1.07 <.SS 0.81 1.75 S> EC> India +0.08 +0.14 <.NS 2.33 4.52 EI> Indones -0.07 +0.14 <.JK -0.39 1.08 ia SE> Malaysi -0.10 -0.59 <.KL 0.45 -3.31 a SE> Philipp +0.06 -0.04 <.PS 0.78 -3.81 ines I> S.Korea <KRW=KFT -0.11 -2.82 <.KS 1.32 7.77 C> 11> Singapo +0.11 -0.77 <.ST 0.47 2.32 re I> Taiwan -0.01 +0.34 <.TW 2.27 6.97 II> Thailan -0.03 -0.07 <.SE 0.47 2.46 d TI> (Reporting by Rashmi Ashok in Bengaluru; Editing by Ana Nicolaci da Costa)