The share market has closed higher but well below its earlier highs as the Reserve Bank disappointed many by keeping its cash rate unchanged.

At 1615 AEST on Tuesday, the benchmark S&P/ASX200 index was up 27.4 points, or 0.46 per cent, at 5,926, while the broader All Ordinaries index was up 23.5 points, or 0.4 per cent, at 5,893.2.

On the ASX 24, the June share price index futures contract was up 45 points at 5,921, with 32,844 contracts traded.