By early afternoon, in the latest trading session, the Australian share-market managed to slip into negative territory, mainly on the back of cautious traders taking profits from banks and financial shares, ahead of the release of earnings reports by major American banks.

While the benchmark S&P/ASX 200 index recorded a slip of 32.1 points, or 0.65%, to trade at a low of 4879 points, the broader All Ordinaries, on the other hand, declined by 28.3 points, or
0.57%, to 4907.8 points.

As per numbers shared by the Sydney Futures Exchange, the March share price index futures contract stood at 28 points lower at 4854 on13,261 contracts.

“The market looks to have caved in over the last hour, and it's really the financial sector that is dragging down the broader market. Those big cap materials stocks are not providing much resistance", said CMC Markets senior dealer Matt Lewis.

The fall in the banking sector shares was led by Commonwealth Bank, which lost $1.15, or 1.98%. Westpac, ANZ and National Australia Bank also slipped by 41 cents, 26 cents and 29 cents, respectively.