The S&P/ASX 200 inched 0.2 per cent lower on Thursday after spending most of the day in positive territory before falling following news that Australia would impose a 35 per cent tariff on Russian imports.

Despite the fall on Thursday the blue-chip benchmark ended March with a healthy 6.4 per cent gain, wiping away the losses from the year as investors looked beyond the prospect of higher interest rates and war in Ukraine.

Tech shares fell 2.2 per cent, more than any other sector, while materials companies edged 1.5 per cent higher, outperforming all other sectors on the day.

Shares in Harvey Norman fell more than any other blue chip, easing 6.3 per cent lower, while the day’s winner was Novonix, up 9.7 per cent.