"Domestic equities look to be muted as of now. An improved prospect of economic recovery led by sharp drop in daily caseload, ramping up vaccination process and phased withdrawal of restrictions imposed by states has already led markets to witness fresh highs," said Binod Modi Head-Strategy at Reliance Securities. Going forward, with the easing of lockdown restrictions at state level, the government's higher allocation towards capital expenditures for FY22E should be helpful in driving economic growth in coming quarters, he noted.

Elsewhere in Asia, bourses in Seoul, Tokyo and Hong Kong were in the red in mid-session deals, while Shanghai was trading with gains. Equities on Wall Street ended on a positive note in overnight trade. International oil benchmark Brent crude was trading 0.65 per cent higher at USD 72.69 per barrel.

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