The Australian share market has given up most of Monday’s gains, with all but two sectors falling as it continues to trade in a fairly tight range.

The S&P/ASX200 benchmark index closed Tuesday down 58.2 points, or 1.07 per cent, to 5,403 points, while the All Ordinaries index finished 61.8 points lower, or 1.11 per cent, at 5,497.3.

One Australian dollar was buying 64.70 US cents, down from 65.40 at the close of trade on Monday.