Asian markets traded mixed Tuesday.

The Nikkei was down 0.6%, weighed by a stronger yen. The Shanghai Composite slipped 0.2% while the Hang Seng edged 0.2% higher. The Sensex traded up 0.3% and the All Ordinaries lost 0.5%.

Chinese companies extended Monday's gains in Hong Kong, continuing to gain on the detailed reform proposals that were released late Friday last week.

Overnight, Wall Street stocks ended lower after billionaire investor Carl Icahn told a conference sponsored by Reuters he was "very cautious" about the stock market which could see a "big drop."

Stocks on the Move

Some exporters were lower in Japan as the yen strengthened slightly. Toyota backed down 0.6% while Honda also reversed 1.3%. Nissan fell about half a percent.

Tokyo Electron dropped 3.6% while Advantest was down 1.8%.

In Hong Kong, ICBC extended gains, up about a percent while China Life Insurance advanced 4.8%.

Top gainers in Mumbai included Hindalco, up 3.5%, followed by Jindal Steel, up 2.2%, and Maruti Suzuki, up 2%. Gail India, L&T, SBI, Airtel, and ICICI Bank all rose in a range between 1% and 1.6%.

In Sydney, Commonwealth Property Office Fund rose 4.8% after the company became the subject of a bidding war.

Index leader BHP Billiton edged marginally lower.