The sharemarket is inching higher steadily. The Sensex is up 85.95 points at 22489.84 and the Nifty is up 17.85 points or at 6712.65. About 1049 shares have advanced, 956 shares declined, and 118 shares are unchanged.

The rupee is trading at an over three week high tracking Asian currencies and firm sentiment from equity markets and gilts rise as rupee holds firm despite upbeat US jobs data. The dollar index gained from three week lows on Friday post positive jobs data. The Asian currencies are holding up despite weaker Chinese PMI.

The dollar index gained from three week lows on Friday post positive jobs data. The Asian currencies are holding up despite weaker Chinese PMI. From commodities Brent prices hold steady as fighting intensified in Ukraine and positive US jobs report supported.

Gold saw safe haven buying rising above USD 1300 per ounce. US markets closed marginally lower on Friday with concerns over rising tensions in Ukraine which outweighed the upbeat jobs report. The US jobs indicated a generation 288000 jobs in April the biggest increase in two years with the unemployment rate falling to 6.3 percent the lowest since September 2008.