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Asia markets fell in Wednesday's choppy session, as polling closed in some US states in the world's most closely watched election of recent times.

Australia's ASX 200 was down 0.57 percent, slipping from gains of 0.8 percent at the open. The benchmark index's energy sub-index was down 2.14 percent, but losses were limited by the financials sub-index, which was down a more modest 0.18 percent.

Japan's Nikkei 225 shed 1.34 percent, after rising more than 1 percent, as the yen, regarded as a safe haven currency, climbed amid nervousness over the vote. Dollar/yen was trading at 103.15 as of 10:06 am HK/SIN, after climbing up to 105.46 earlier.

According to the latest projections from NBC News, Donald Trump was the projected winner in several states:Alabama, Arkansas, Mississippi, Oklahoma, Tennessee, Indiana, West Virginia, South Carolina, Kansas, Nebraska, North Dakota, South Dakota, Texas, Wyoming, Louisiana and Kentucky.

Hillary Clinton was the projected winner in eight states: Connecticut, Delaware, Illinois, Maryland, Massachusetts, New Jersey, New York, Rhode Island and Vermont. She is also projected to win in D.C.

In South Korea, the Kospi fell 0.97 percent, while Hong Kong's Hang Seng was down 1.72 percent.

Chinese shares were lower, with the Shanghai composite down 0.38 percent and the Shenzhen composite down 0.23 percent.

Dominic Schnider, head of Asia Pacific currency and commodities at UBS Wealth Management in Hong Kong, told CNBC that all eyes were on the US polls.

"The general mode is just wait," Schnider said. "For the time being everything's on hold."

US indexes closed higher, with the Dow Jones industrial average up 0.4 percent at 18,332.74. The S&P 500 gained 0.38 percent to 2,139.56 and the Nasdaq composite erased earlier losses to ended 0.53 percent higher.

US markets had a rocky few days after some polls last week showed GOP presidential nominee Donald Trump pulling ahead of rival Hillary Clinton, in the wake of a surprise FBI probe involving the Democratic nominee. But after the agency cleared Clinton on Sunday and stock markets bounced back on Monday, with all three US indexes posting their best trading day since March 1.

"US elections don't normally elicit major market volatility but the problem in 2016 is that for better part of this year, market participants did not consider a Trump victory realistic and now that the election is too close to call they are bailing out of US assets and rushing to protect their portfolios," Kathy Lien, managing director of FX strategy for BK Asset Management, in a late Tuesday note.

"Based on the strength of the US dollar and the rally in US stocks, investors are banking on a Clinton victory," Lien added.

The dollar index, which tracks the greenback against a basket of currencies, was down 0.55 percent at 97.318 as of 10:17 am HK/SIN.

The Mexican peso, which has swayed throughout the election cycle in tandem with Trump's electoral fortunes, was weaker against the dollar, at 19.157 as of 10:17 am HK/SIN, after trading as high as 18.148 in the same session.

Spot gold strengthened 1.50 percent to USD 1,293.36 an ounce, following three straight days of losses.

In other news, China's October consumer inflation rate rose 2.1 percent year-on-year, while producer prices were up 1.2 percent from the previous year, the highest in nearly five years.

Also on tap, the Bank of Thailand will announce its interest rate decision later Wednesday.

During Asian trade on Wednesday, US crude futures fell 0.07 percent to USD 44.95 a barrel, after settling in the US at USD 44.83, while Brent futures were down 0.13 percent, at USD 45.97. The benchmark index last settled at USD 46.04 in the US Tuesday session.

Oil prices slipped after-hours on Tuesday, after the American Petroleum Institute reported that US crude stockpiles grew 4.4 million barrels, compared to a Reuters poll estimating a 1.3 million-barrel build-up.

First Published:Nov 9, 2016 8:06 AM IST