China's CSI 300 leads declines in Asia amid mixed trading in the region; India markets fall after budget

Asia-Pacific markets traded mixed on Tuesday after Wall Street looked past political uncertainty to log gains overnight, with China stocks leading declines.

India's Nifty 50 and the BSE Sensex were both down nearly 0.8% after the country unveiled its first budget under Prime Minister Narendra Modi's third five-year term. Finance Minister Nirmala Sitharaman lowered the fiscal deficit target to 4.9% of the GDP from 5.1% proposed in the interim budget.

Hong Kong's Hang Seng Index was down 0.9% as of its final hour of trading, while mainland China's CSI 300 fell 2.14% to end at 3,439.88.

Japan's Nikkei 225 slipped 0.01% to close at 39,594.39 and the broad-based Topix advanced 0.21% to end at 2,833.39.

South Korea's Kospi rose 0.39% to end at 2,774.29, while the small-cap Kosdaq climbed 0.27% to close at 812.12. South Korea's producer price index in June rose 2.5% year on year, compared to a 2.3% rise in May. Stocks of popular messaging app Kakao dropped 4.63% after an arrest warrant was reportedly issued for founder Brian Kim by South Korean court over allegations of market manipulation.

Taiwan's Taiex rose 2.76% higher to end at 22,871.84, breaking its four-day losing streak, with real estate, industrials and tech leading gains, according to data from LSEG.

Australia's S&P/ASX 200 inched up 0.5% to end at 7,971.1.

Singapore's consumer price index for June rose 2.4% year on year, beating Reuters' expectations of a 2.7% increase. This compares to a 3.1% rise in May. The country's core inflation, which strips out prices of accommodation and private transport, rose 2.9% year on year, slightly lower than Reuters' estimates of 3%.

Overnight in the U.S., the S&P 500 notched its best day since June 5 as tech shares bounced following the worst weekly loss for the index since April.

The benchmark climbed 1.08% to settle at 5,564.41 and clinch its best day since June 5, while the Nasdaq Composite advanced 1.58% to close at 18,007.57. The Dow Jones Industrial Average rose 127.91 points, or 0.32%, to finish at 40,415.44.

— CNBC's Samantha Subin and Hakyung Kim contributed to this report.