Asian markets outside Shanghai traded lower on 29 April amid caution ahead of the US Federal Reserve's interest rate decision, due out at 7pm BST.

The Shanghai Composite finished 0.01%, or 0.41 points, higher at 4,476.62.

Australia's S&P/ASX finished 1.85%, or 109.90 points, lower at 5,838.60.

South Korea's Kospi finished 0.23%, or 5.04 points, lower at 2,142.63.

Hong Kong's Hang Seng finished 0.15%, or 42.41 points, lower at 28,400.34.

India's S&P BSE Sensex finished 0.62%, or 170.45 points, lower at 27,225.93.

Markets in Tokyo were shut for a public holiday.

Market movements

In China, the Shanghai Composite ended the day flat, after trading in negative territory earlier, as market players reacted to news that commercial banks could be allowed to use local government debt as collateral for liquidity via the People's Bank of China's Pledged Supplementary Lending (PSL) scheme.

Analysts told CNBC the new scheme was "a definite positive" as it could create demand from commercial banks to purchase debt.

In Australia, the ASX's 10 main sectors traded in red terrain.

IG market analyst Chris Weston said in a note to clients: "The market has been steamrolled today. The combination of the Australian dollar breaking 80 US cents, lower iron ore futures and [speculation that] the Reserve Bank of Australia could have ended its easing cycle is having a clear effect."

Company stocks

In Shanghai, Industrial and Commercial Bank of China, China Construction Bank and Bank of China lost 2.13%, 2.24% and 1.78% respectively ahead of the release of their results.

Agricultural Bank of China lost 1.95% after it posted dismal earnings results. The lender reported its slowest first-quarter profit growth in six years.

In Seoul, Samsung Electronics finished 1.39% after the firm's first-quarter earnings met guidance.

In Sydney, Fortescue Metals finished 7.35% lower while Oil Search lost 2.18%.

Insurance Australia Group (IAG) fell 4.07% after the firm downgraded its full-year insurance margin guidance.

Banks were hit hard. Westpac, National Australia Bank, Commonwealth Bank of Australia and ANZ dropped 2.58%, 2.40%, 2.17% and 1.86% respectively.

In Mumbai, Bharti Airtel, India's biggest wireless carrier, fell 3.32%. ITC, British American Tobacco's Indian associate, shed 2.76%.

Wipro, India's third-largest software exporter, finished 1.87% higher.