Australian market opens lower

The Australian sharemarket has lost ground in early trade.

The Australian market was lower at the open after Wall Street slumped for the third straight session with investors fearing high-flying technology stocks are overvalued and cautiously anticipating earnings season.

At the 10.15am (AEST) official market open, the benchmark S&P/ASX200 index was 12.2 points, or 0.23% weaker, at 5,401.5 points, while the broader All Ordinaries index also shed 14 points, or 0.26%, at 5,402.1 points.

Locally, in economic news, the National Australia Bank's monthly business survey for March is due out.

Meanwhile, Industry Minister Ian Macfarlane and Santos vice president eastern Australia James Baulderstone are scheduled to speak at the APPEA's oil and gas conference which continues for the third of its four-day run.

In equities news, Treasury Wine Estates chief executive Michael Clarke is expected to give a market update.

In Australia, the market on Monday made up for some early losses but still closed lower.

The benchmark S&P/ASX200 index was down 9.1 points, or 0.17%, at 5,413.7 points.

The broader All Ordinaries index was down 12.5 points, or 0.23%, at 5,416.1 points.