Asian markets Advance. Indian markets expected to see an upside of 3-4%

Asian markets on Tuesday (Jan. 29, 2008) advanced on speculation the US Federal Reserve will slash US interest rates.

The advance was led by automaker and miners.

Market players expect a 50 basis point rate cut by Fed at its Jan. 30 policy meeting.

Japanese benchmark index Nikkei surged 241.16 points, or 1.84%, to trade at 13,329.07.

Hong Kong`s index Hang Seng jumped 594.76 points, or 2.47%, to trade at 24,648.37.

China`s Shanghai Composite gained 63.23 points, or 1.43%, to trade at 4,482.52.

Taiwan`s index Taiex added 26.14 points, or 0.35%, to trade at 7,511.93.

South Korea`s KOSPI gained 13.66 points, or 0.84%, to trade at 1,640.85.

Singapore`s Straits Times added 33.59 points, or 1.10%, to trade at 3,074.65. (8.25 a.m., IST)

Backed by global cues Indian markets which have been reeling under pressure, is expected to bounce back by 3-4% today.