The share market has closed lower as falls by the banks, retailers and Telstra outweighed the positive impact on miners of higher commodity prices.

At 1615 AEST on Wednesday, the benchmark S&P/ASX200 index was down 38.2 points, or 0.64 per cent, at 5,908.4, while the broader All Ordinaries index was down 38.9 points, or 0.66 per cent, at 5,877.3.

On the ASX 24, the June share price index futures contract was down 39 points at 5,899, with 27,984 contracts traded.