The key index, the S&P/ASX 200, was weak from the get-go, dropping below the 4100-point mark to 4090 points not too long after the opening bell.

However, things only got worse, with the index hitting an intraday low of 4084.8 points minutes before the end of the session.

A late, albeit small, run saw the index close on 4090.8 points, a 48.7-point or 1.2% drop.

IG Markets research analyst Stan Shamu said he had hoped to see the market remain at or above 4100.

“Looking at the sectors, there seems to be a real lack of definition to the risk profile of the market with utilities, consumer discretionary and industrial names faring the [worst], whilst the energy sector and telcos seem to be holding up rather better,” he wrote in an afternoon update.

“You would tend to see a strict underperformance from the cyclical sectors when the index is down 1%, hence you can really only describe this as a ‘bit of a nothing day’ on the markets.”

Basic Resources was down 1.8% – the worst performing sector of the day – dragged down by BHP Billiton, which fell 1.4% or A48c to $34.65.

Rio Tinto fell 1.7% or $1.08 to $60.65, while Fortescue Metals Group lost 0.9% or 4c to $4.46.

After a 3.2% drop on Tuesday and a 5.3% jump yesterday, Newcrest Mining dropped 3.3% or $1.06 to $30.63 today.

Dual-listed producers bucked the trend of losses, with Alacer Gold Corporation posting a modest gain of 0.3% or 3c to $10.53, while Eldorado Gold Corporation added 0.4% or 6c to $13.43.

Meanwhile, minnow Gateway Mining jumped 60% or 1.5c to 4c on thin volume and no news.