(RTTNews) - Asian markets are mostly trading higher amid cautious trades on Wednesday. The gains, however, are limited in most markets in the region with investors awaiting the outcome of the 2-day U.S. Federal Open Market Committee meeting. The mixed close on Wall Street overnight appears to have rendered the mood a bit cautious.

Information technology, property trusts and consumer staples stocks are among the prominent losers in the Australian market. Select energy, materials and financial stocks are trading higher.

The benchmark S&P/ASX 200 index, which rose to 4,560 in early trades, is currently down 2.8 points, or 0.1%, at 4,529. The broader All Ordinaries index is trading at 4,537, down 3 points, or 0.1%, from its previous close. Earlier, the All Ordinaries index had surged to 4,566 after opening flat.

Among bank stocks, ANZ Bank and Commonwealth Bank of Australia are trading modestly lower. Westpac Banking Corporation is up 1.3%, while National Australia Bank is down with a loss of 1%. Macquarie Group is trading flat.

In the energy space, Woodside Petroleum and Oil Search are trading weak, while Santos and Origin Energy are up in positive territory with modest gains.

Among top miners, BHP Billiton is up modestly, Rio Tinto is trading slightly down from its previous close and Newcrest Mining is up over 3% on its previous closing price.

On the economic front, Australian retail trade at current prices fell 0.2% in September to a seasonally adjusted A$19.719 billion, from A$19.753 billion in August, the Australian Bureau of Statistics said on Wednesday. Over the September quarter, retail sales fell by 0.4% to A$56.959 billion in seasonally adjusted volume terms.

According to another report from the Australian Bureau of Statistics, building approvals rose a seasonally adjusted 2.7% to 12,476 units in September, from an upwardly revised 12.145 units in August. In the year to September, building approvals were up 11.7%.

The Japanese stock market opened lower on Wednesday with investors treading a cautious path, as they look ahead to the outcome of the two-day U.S. Federal Open Market Committee meeting.

The benchmark Nikkei 225 index, which dropped down to 9,768 in early trades, has edged up into positive territory and is currently trading at 9,815, up 12 points, or 0.12%, over Monday's close. The index had ended lower by 231.8 points, or 2.3%, at 9,8025 on Monday. The Japanese market was closed on Tuesday due to a national holiday.

Toyota Motor Corp. shares gained ground on reports the carmaker will likely upgrade its global sales outlook to about 7 million units for the year through March, about 500,000 more than the previous estimate. Toyota's operating loss will likely be smaller than the previously forecast loss of 750 billion yen, according to the report.

Honda Motor is trading modestly higher, while Mazda Motor and Mitsubishi Motors are trading flat. Shares of transport equipment maker Nissan Motor Co. are trading firm on reports that the carmaker will likely mass-produce lithium ion batteries for French parent Renault SA for use in electric vehicles.

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