The benchmark S&P/ASX200 index on Tuesday finished down 31.7 points, or 0.41 per cent, to 7,780.2, while the broader All Ordinaries dropped 34.8 points, or 0.43 per cent, to 8,036.7.
"The markets are in a small lull, with little meaningful movement due to a lack of high-impact data going into a long weekend and the end of the quarter," said Capital.com market analyst Kyle Rodda.
Traders are also potentially being cautious about adding to positions in riskier assets ahead of a US inflation readout that will drop when Australian markets are closed for Easter, Mr Rodda added.
Nine of the ASX's sectors finished lower, while energy and consumer staples rose.Â
Tech was the biggest loser, dropping 1.6 per cent as Wisetech Global dropped 2.3 per cent and Xero retreated 2.7 per cent.
All Big Four banks finished lower, with Westpac down 0.8 per cent to $26.24, NAB and ANZ both dipping 0.3 per cent, to $34.46 and $29.06, respectively, and CBA closing 0.2 per cent lower at $118.60.
In the heavyweight mining sector, BHP dropped 0.6 per cent to $43.62, Fortescue retreated 1.2 per cent to $25.20 and Rio Tinto subtracted 0.2 per cent to $121.41.
The energy sector rose 0.5 per cent, with Woodside advancing 1.0 per cent to $30.37 as Brent crude changed hands for $US86.80 a barrel.
In the consumer discretionary sector, Premier Investments climbed 4.4 per cent to a more than two-year high of $32 after the apparel and pyjamas retailer said it would hike its dividend by 16.7 per cent after a strong first half.
"In a challenging general discretionary retail environment, Premier Retail delivered its second-highest sales and EBIT (earnings before interest and tax) performance in the group's history," said chairman Solomon Lew.
Premier also announced it would spin off its Smiggle back-to-school brand by the end of January 2025, and also explore a demerger of Peter Alexander during that year.
In health care, Mesoblast soared 45.5 per cent to a seven-month high of 48 cents after the Melbourne-based biotech company announced progress with US regulatory approval for its stem-cell based potential treatment for acute graft-versus-host disease in children, a complication that sometimes arises after organ transplants.
Mesoblast said it would resubmit its application to the US Food and Drug Administration next quarter.
Back in the tech sector, athlete monitoring company Catapult Group told the ASX it had no explanation for why its shares were soaring on Tuesday. CAT shares finished the day up 21 per cent to a more than two-year high of $1.585.
In the mining sector, 29 Metals plummeted 25.9 per cent to a two-week low of 40 cents after announcing it was suspending operations at its Capricorn copper mine in Queensland, which is water-logged after being hit by consecutive tropical cyclones over the past few months.
"The decision to suspend operations has not been taken lightly, particularly because of the impact it will have on our team at Capricorn Copper," said 29Metals managing director and chief executive officer Peter Albert.
The Australian dollar was buying 65.37 US cents, from 65.26 US cents at Monday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index on Tuesday finished down 31.7 points, or 0.41 per cent, to 7,780.2.
* The broader All Ordinaries dropped 34.8 points, or 0.43 per cent, to 8,036.7.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 65.37 US cents, from 65.26 US cents at Monday's ASX close
* 98.95 Japanese yen, from 98.62 yen
* 60.28 Euro cents, from 60.30 Euro cents
* 51.72 British pence, unchanged
* 108.87 NZ cents, from 108.81 NZ cents
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