SYDNEY, May 12 (Xinhua) -- The Australian share market sank in early trade on Tuesday, largely reversing solid gains from the day before.

At 10:30 (AEST), the benchmark S&P/ASX 200 index was down 47 points or 0.86 percent at 5,414.20, while the broader All Ordinaries index was down 56.70 points or 1.02 percent at 5,502.40.

In stark comparison to Monday's trade -- which saw all sectors lifting on the back of easing COVID-19 lockdowns -- Tuesday opened with almost all sectors lower and a markedly more cautious tone.

"Optimism gave way to caution in overnight trading. Investors must balance the positives of potential easing of containment measures against the growing evidence of substantial economic damage," CMC Markets Chief Market Strategist Michael McCarthy said.

Shortly after open, materials were trending just over 2 percent lower with most sectors contributing to losses.

The exceptions were consumer staples and healthcare which lifted -- with ventilator manufacturer, Resmed, up 5 percent in early trade.

In the financial space, Australia's big banks dropped with the Commonwealth Bank down (0.78 percent), Westpac Bank down (1.02 percent), ANZ down (1.01 percent) and National Australia Bank down (1.50 percent).

Mining stocks slumped with Rio Tinto down (2.11 percent), BHP down (2.38 percent), Fortescue Metals down (2.81 percent) and goldminer Newcrest down (1.22 percent).

The country's oil and gas producers sank with Oil Search down (1.71 percent), Santos down (1.22 percent) and Woodside Petroleum down (1.30 percent).

Australia's largest supermarkets rallied with Coles up (0.60 percent), and Woolworths up (0.35 percent).

Meanwhile telecommunications giant Telstra jumped (0.16 percent), the national carrier Qantas dropped (0.85 percent) and biomedical firm CSL lifted (1.01 percent). Enditem

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