At closing bell, the benchmark S&P/ASX200 index fell by 82.85 points, or 1.06%, to 7,721.64. The broader All Ordinaries index was down 82.51 points, or 1.02%, to 7,994.22.

The best-performing stocks in S&P/ASX200 index were POLYNOVO and PINNACLE INVESTMENT MANAGEMENT GROUP, up 8.02% and 6.68% respectively. The bottom performing stocks in S&P/ASX200 index were PERPETUAL and DOMAIN HOLDINGS, down 7.08% and 3.67% respectively.

Shares of banks and financials declined, with Commonwealth Bank of Australia leading decline, down 2.2%, after the lender cash profit fell 5% to $2.4 billion in March quarter, compared to the same time last year. Westpac shares also sank 5.6%, while NAB was down 1.3% and ANZ 1.1%.

ECONOMIC NEWS: Australia Building Permits Climb 1.9% In March- The total number of building permits issued in Australia was up a seasonally adjusted 1.9% on month in March, the Australian Bureau of Statistics said on Thursday - coming in at 12,947. Private house approvals gained 3.8% to 8,891 - again matching forecasts following the 12.4% surge in the previous month. Private sector dwellings excluding houses rose 3.6% to 3,936. On a yearly basis, total approvals fell 2.2%. The value of total building approved rose 15.9%, following a 16.8% February decrease.

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