At closing bell, the benchmark S&P/ASX200 index declined 18.33 points, or 0.26%, to 7,099.66. The broader All Ordinaries index fell 22.15 points, or 0.3%, to 7,288.28.

Total 6 of 11 sectors were lower along with the S&P/ASX 200 Index. Energy was the best performing sector, gaining 1.33%. Information technology was the worst performing sector, falling 3.83%, followed by A-REIT (down 2.51%).

The top performing stocks in the S&P/ASX 200 Index were NEW HOPE CORP and WHITEHAVEN CORP, up 8.6% and 5.54% respectively. The bottom performing stocks in S&P/ASX200 index were IMUGENE and CENTURIA CAPITAL GROUP, down 7.00% and 6.34% respectively.

Energy stocks advanced, with coal miners Whitehaven (up 5.5%) and Yancoal (up 4.4%) leading gains. Oil giants Woodside (up 1.1%) and Santos (up 0.7%) gained after Brent Crude oil prices edged up 0.8%.

Shares of materials and resources gained as the iron ore price climbed 1.1% overnight, with BHP (up 1.2%), South32 (up 2.1%) and Rio Tinto (up 2.1%) all gaining.

Utilities also advanced, including AGL (up 2.2%) and APA Group (up 0.9%) as investors sought to shield themselves from the prospect of higher interest rates through the sector's annuity-style earnings.

Shares of technology sector declined on tracking fall of big-name technology stocks on Wall Street. Accounting software company Xero (down 5.3%), Seek (down 4.6%) and Altium (down 4.9%) were among the biggest large-cap decliners.

Shares of realty sector dropped as higher interest rates weigh on property prices and clouded the outlook for retail properties. Goodman Group (down 2.4%), Stockland (down 3.7%) and shopping centre owner Scentre Group (down 3.3%) all dropped.

CURRENCY NEWS: The Australian dollar stood at 0.6677 against greenback, up 0.1% from previous trading day closure at 0.6677 after trading between range of 0.6661-0.6690.

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