Stock benchmark BSE Sensex moved up higher in early trade, after disappointing U.S. jobs data firmly pushed expectations for the tapering of Federal Reserve stimulus into next year.
The Sensex was up 37 points at 20,902 in early trade while Nifty gained 10 points to 6,213.
The rupee was sharply higher in early trade vs the US dollar. The rupee was up at 61.12/dollar against previous close of 61.66.
Asian shares also gained and the dollar fell near a two-year low against the euro.
MSCI's broadest index of Asia-Pacific shares outside Japan added about 0.3 percent, and Seoul shares hit their highest level in 26 months.
"Slow growth in the U.S. economy is worrisome for global markets in the long term," said IM Investment & Securities analyst Kang Hyun-gee. "But in the near term, extended liquidity will work in favour of equities."
U.S. nonfarm payrolls increased by 148,000 workers in September, less than expected. While the employment gain in August was revised up, the July figure was revised down to be the weakest since June 2012.
The report suggested the economy was losing momentum even before the U.S. fiscal standoff that partially shut down the government for more than two weeks, lending credence to the central bank's decision to hold off on reducing its stimulus.
"In light of the moderate tone of the September employment report, we have pushed out our expectation for the first Fed tapering in the pace of asset purchases to March 2014 from December 2013," strategists at Barclays wrote in a note to clients. (With Reuters inputs)
The Sensex was up 37 points at 20,902 in early trade while Nifty gained 10 points to 6,213.
The rupee was sharply higher in early trade vs the US dollar. The rupee was up at 61.12/dollar against previous close of 61.66.
Asian shares also gained and the dollar fell near a two-year low against the euro.
MSCI's broadest index of Asia-Pacific shares outside Japan added about 0.3 percent, and Seoul shares hit their highest level in 26 months.
"Slow growth in the U.S. economy is worrisome for global markets in the long term," said IM Investment & Securities analyst Kang Hyun-gee. "But in the near term, extended liquidity will work in favour of equities."
U.S. nonfarm payrolls increased by 148,000 workers in September, less than expected. While the employment gain in August was revised up, the July figure was revised down to be the weakest since June 2012.
The report suggested the economy was losing momentum even before the U.S. fiscal standoff that partially shut down the government for more than two weeks, lending credence to the central bank's decision to hold off on reducing its stimulus.
"In light of the moderate tone of the September employment report, we have pushed out our expectation for the first Fed tapering in the pace of asset purchases to March 2014 from December 2013," strategists at Barclays wrote in a note to clients. (With Reuters inputs)
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