SGX Nifty gains as 'fiscal cliff' bill clears test vote

Last Updated: Wed, Jan 02, 2013 04:16 hrs

Nifty futures on the Singapore Exchange up 1.5 percent. The MSCI-Asia Pacific index, excluding Japan , is up 1.56 percent.

Asian stocks started the new year with gains after a bill to avert the U.S. "fiscal cliff" by canceling most scheduled tax hikes and delaying spending cuts cleared a procedural vote in the U.S. House of Representatives by an overwhelming margin, indicating strong support for final passage in a vote expected later on Tuesday.

The House voted 408-10 to approve a rule allowing for consideration of the fiscal cliff bill that was passed by the Senate early on Tuesday.

Traders expect markets to continue its strength from Tuesday's lead by financial and metal stocks.

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