On Tuesday India's stock markets surged on a stable rating outlook accorded by Moody's.

Meanwhile, markets in Asia were all trading in the red, after worries over the US fiscal deficit re-surfaced. US markets lost ground after Senate Majority Leader Harry Reid expressed disappointment that there has been "little progress" in dealing with the "fiscal cliff."

In Asia all of the major markets were down, with the Chinese Composite hitting a four-year low. Other indices that were down included the Hong Kong's Hang Hang Sang, Singapore's Strait Times, Korean Kospi and the Taiwanese Taiwan Weighted.

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