Asian markets traded sideways on Tuesday, as an Australian survey revealed improved business conditions and China's consumer inflation picks up strongly.

The Dow Jones industrial average posted its 22nd record close since November 8, up 0.7 percent at 20,412.16; the S&P 500 added 0.52 percent to close at 5,763.96, its 14th record close and also hit USD 20 trillion in market cap for the first time. The Nasdaq composite advanced 0.52 percent to finish at 5,763.96, led by Apple, which closed at an all-time high at USD 133.29.

"The focus remains on US equity markets, with the S&P 500 grinding higher yet again amid solid gains in financials, tech and industrial names," said Chris Weston, chief market strategist at IG, in a Tuesday note.

Weston added that the rally may reverse once further details of the "phenomenal" tax plan are released.

Down Under, the ASX 200 was up 0.41 percent, supported by strong gains in the materials sub-index, which was up 0.75 percent.

A National Australia Bank's January survey of more than 400 firms showed its index of business conditions was at highs last seen in the middle of 2007, as firms reported a pick up in sales and steadier profits.

Major Australian miners were higher, with Rio Tinto up 1.39 percent, Fortescue Metals adding 2.18 percent, while BHP BIlliton was up 0.57 percent.

Copper prices hit its highest levels since May 2015 overnight on limited supply after strikes at BHP Billiton's Escondida and Freeport McMoran's Indonesian Grasberg mine, Reuters reported.

Mainland Chinese shares were somewhat flat, as investors digested news that China's consumer prices rose 2.5 percent in January on-year, its highest since May 2014. China's producer price index also grew at 6.9 percent, the quickest pace since August 2011.

The Shanghai composite was down 0.06 percent and Shenzhen composite was 0.05 percent higher.

Hong Kong's Hang Seng index was down 0.04 percent.

Japan's Nikkei 225 fell 0.1 percent, as Japanese Finance Minister Tao Aso said that it may take some time for both Tokyo and Washington to set up a framework for bilateral economic dialogue.

Toshiba shares lost 3.84 percent after the Nikkei business daily reported that it may not be able to continue as a going concern, following massive nuclear-related losses.

South Korea's Kospi fell 0.16 percent. South Korea Defense Ministry said the US and South Korea have agreed to deploy US strategic ex

Samsung heir Jay Y. Lee emerged from the South Korean special prosecutor office early Tuesday morning, as he is suspected to a bribery suspect in a political scandal, which has engulfed the country.

In corporate news, China's state-owned Sinochem is in early talks with Noble Group to buy an equity stake in the troubled Singapore commodities trader, Reuters reported late on Monday. Shares of Noble Group soared 11.68 percent on Tuesday morning.

Oversea-Chinese Banking Corp. (OCBC), Singapore's second largest listed bank, said net interest income fell 7 percent in the fourth quarter of 2016 to SUSD 1.25 billion with net allowances for loans and other assets of SUSD 305 million, a jump of 57% above SUSD 193 million in the same quarter a year earlier.

The bank said it continued to see loan quality stresses, particularly within the oil & gas sector which drove increases in non-performing loans and allowances with an "uncertain outlook and depressed oil prices particularly impacted oil and gas support services sector."

The dollar is also having a moment, after it surged to a three-week high overnight and hovered at 101.01 against a currency basket during Asian trade.

Against the greenback, the yen slipped to 113.75 at 7:00 a.m. HK/SIN, weaker compared to last week's low around 111. The Australian dollar was steady at USD 0.7638.

The National Australia Bank business confidence survey and lending finance data are due out of Australia. China's consumer price index and producer price index for January are also on tap. Federal Reserve Chair Janet Yellen is due for her semi-annual testimony before congress.

During Asian trade, Brent crude futures recovered from the overnight 2 percent drop, to trade up 0.25 percent at USD 53.06 a barrel, while US crude added 0.23 percent at USD 53.06.

On Monday during US hours, crude oil prices tumbled by around 2 percent on the stronger dollar and indications of rising US shale output, Reuters reported.

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First Published:Feb 14, 2017 7:38 AM IST