Every sector finished lower, with technology the biggest loser, dropping three per cent. -AAP Image
The local share market has farewelled the Santa rally, plunging as traders take profits after five weeks of gains that left the index just five points away from its all-time high.
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The benchmark S&P/ASX200 index on Wednesday fell 83.6 points, or 1.37 per cent, to 7,523.2 - its worst loss in percentage terms since a 1.69 per cent drop on July 7, and erasing nearly all of its gains since Christmas.
The broader All Ordinaries fell 110.1 points, or 1.4 per cent, to 7,757.3.
The Australian dollar was back under 68 US cents, buying 67.63 US cents, from 68.34 US cents at Tuesday's ASX close.
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