Nifty futures on the Singapore Exchange falls 0.1 percent. The MSCI-Asia Pacific index, excluding Japan is flat. Financial markets across Asia and Western Europe were either closed or closing early on Monday, abandoning the field as the U.S. Congress and the White House battled it out for a solution to the impending “fiscal cliff”.

U.S. stocks fell for a fifth straight day on Friday, dropping 1 percent and marking the S&P 500’s longest losing streak in three months as the federal government edged closer to the “fiscal cliff” with no solution in sight.

Stock markets opened on a slightly better note on the last trading day of 2012 with the BSE benchmark Sensex gaining over 27 points in early trade.

The 30-share index rose by 27.07 points, or 0.14 per cent, to trade higher at 19,471.91 points with stocks of oil and gas, auto and power sectors rising. The Sensex had gained over 121 points in the previous session on Friday.During 2012, the 30-stock index shot up by nearly 26 per cent.

The broad-based National Stock Exchange index Nifty rose by 4.40 points, or 0.07 per cent, to 5,912.75. Brokers said selective buying in index-related stocks by participants mainly helped Sensex to trade in the positive territory.

They said, however, activity was restricted as today being the last trading session of the calender year 2012 and absence of any encouraging cues from the global markets.

India’s current account data for July-September due on Monday is emerging as the biggest domestic factor amid concerns it will show a record high deficit, leading to a negative balance of payments.

Piramal Group is in advanced talks to buy TPG Capital’s 20.27 percent stake in India’s largest truck financier, Shriram Transport Finance Ltd, for around 35 billion rupees, two people with direct knowledge of the negotiations said.

Risks to India’s macro-economic stability have increased on the back of an economic slowdown, high inflation, and ballooning fiscal and current account deficits, the Reserve Bank of India said in a report on Friday.

India will start implementing new global capital rules for banks, known as Basel III, from April 1, 2013 rather than the beginning of January, the Reserve Bank of India said on Friday.

HDFC Bank has decided to cut its base rate by 10 basis points, a reduction that comes close on the heels of similar steps by other banks and financiers. The $4-billion Essel Group, a media conglomerate, has made a foray into the financial services sector by setting up a new arm, Essel Financial Services Ltd.

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