The S&P/ASX 200 index reached as low as 5284 points before zigzagging to 5288, a 0.4% lower close than yesterday.

Miners were mostly in negative territory by session’s end, with the basic materials sector marking a 0.5% decline.

The majors, however, managed to buck the trend with BHP Billiton edging 0.03% higher to $A37.56 and Rio Tinto up 0.1% at $64.82.

Analysts attributed the losses to overnight delivery of the US Federal Reserve minutes that suggested stimulus tapering might be only months away.

In the Asia-Pacific region, concerns over a slowdown in Chinese manufacturing further eroded sentiment.

Iron ore companies were mostly weaker, with Golden West Resources falling 16.7% to 12.5c and Cabral Resources down 10.7% to 2.5c on an update of its iron ore exploration work in Brazil.

Iron and gold developer Emergent Resources stood out with a 30% surge to 1.3c.

Gold responded poorly to overnight news from the Fed, shedding 2.4% in value to $US1242 per ounce.

Yellow metal players were largely in the red, with St Barbara down 9.2% to A29.5c and AngloGold Ashanti closing 10.2% lower at $2.91.

Melbourne-based gold explorer West Wits Mining was one of the bigger losers in percentage terms with a 20% tumble to 2c.

Resources companies requesting trading halts today included Gulf Mines, which is expecting an exploration update and Stonewall Resources, which is updating the status of a proposed acquisition by Shandong Qixing Iron Towers.

Fully paid ordinary shares in Avenue Resources were suspended from quotation following an announcement today that its rights offer had been withdrawn.

Lastly, securities in mining services contractor Clough were suspended from quotation as the approvals process progresses relating to engineering company Murray and Roberts acquiring all the ordinary shares in the company it does not already own.