S&P/ASX 200 (INDEXASX:XJO) ended the day 17 points or 0.26% lower at 6640.5. The major banks were the main drivers of losses with the big four all closing lower.

ANZ Bank (ASX:ANZ) was the steepest decliner, down 1% while Commonwealth Bank (ASX:CBA) lost only 0.23%.

Heavy losses were felt among the utilities, communications and financial stocks. A 1% drop for Telstra (ASX:TLS) weighed most on the telco sector.

Sandfire rebounds

Healthcare and industrials stocks were notable gainers while resources also saw advances.

Sandfire Resources (ASX:SFR) saw a rebound of 4.3% from its 11% decline yesterday when the gold and copper miner announced a $167 million acquisition of MOD Resources (ASX:MOD).

Lithium miner Orocobre (ASX:ORE) fell 4.9%, the most among the top 200 stocks, following a price target cut from a broker yesterday.

Bellamy’s Australia (ASX:BAL) was another major decliner with the organic dairy and infant formula maker declining 4.6%.