Sensex edges up, rupee moves higher to 62 levels

Indian stock markets rose in early trade in line with other global markets even as the US crisis dragged on. The Sensex was up 160 points at 19,677 while Nifty rose to 5,826, up 46 points.

Though the US shutdown dragged on with no end in sight, global share markets have remained calm, hoping that major central banks might now have to stay super-loose for longer.

The rupee inched higher close to 62 levels against the dollar as the US currency continued to weaken against other currencies. The US dollar hit a eight-month low against a basket of six major global currencies.

Sarvendra Srivastava, a market analyst, said a weak dollar will benefit the commodity stocks.

Asian markets were broadly higher, with MSCI's broadest index of Asia-Pacific shares outside Japan moving 0.8 percent higher, after a flat performance on Wednesday.

Japan's Nikkei recovered early losses to be steady on the day, while Australian shares added 0.7 percent.

Also helping sentiment was an upbeat survey on China's huge services sector, an antidote to a disappointing report on manufacturing earlier in the week.

In the US, a meeting between U.S. President Barack Obama and congressional leaders produced nothing but blame and counter-blame, dimming hopes of an early end to the budget impasse.

So far, investors have been wagering that a deal would be reached in time to avoid lasting damage to the economy, although another fight over the debt ceiling still looms. (With Reuters Inputs)