At closing bell, the benchmark S&P/ASX200 rose marginal 1.70 points, or 0.02%, to 7,415.37. The broader All Ordinaries index added 1.27 points, or 0.02%, to 7,728.51.

Shares of metals and mining sector, which relies considerably on exports to China, took the biggest hit on Evergrande news. China Evergrande Group said its $2.6 billion stake sale to lesser rival Hopson Development Holdings had fallen through, further raising fears about offshore bond defaults from China's No. 2 property developer. BHP, Rio Tinto and Fortescue all ended the session between 0.2% and 1.3% lower.

Financials were mixed, with Commonwealth Bank of Australia and Australia and New Zealand Bank ending 0.1% and 0.5% lower, respectively. National Australia Bank and Westpac, added 0.2% and 0.6%, respectively.

Engineering contractor CIMIC Group rallied 5.9% after reporting an increase in revenue and providing a positive outlook.

Investment group Perpetual jumped 7.8% after the company said it had closed the first quarter with 2.7% growth in assets under management.

CURRENCY NEWS: The Australian dollar changed hands at $0.7485, holding on to gains after climbing from below $0.744 earlier this week.

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