Australian Share Market started sinking as banking stocks turned negative.

The benchmark S&P/ASX 200 index sank 5.2 points, or 0.11 per cent, at 4839.9 points, while the broader All Ordinaries index fell 3.6 points (0.07 per cent) to 4853.1 points.

The effects of Banking Sector can well be seen on the Australian Share Market with the Australian banks mostly down. Commonwealth Bank of Australia was down 4 cents to $54.46, Westpac slipped 2c to $25.38 and Macquarie Group lost 12c to $48.05. In contrast, the National Australia Bank was up 4c at $27.22 and ANZ rose 14c to $22.84.

A definite decline was witnessed in the mining sector also with BHP Billiton at $42.75 down by 17 cents.