Mining, energy knock Australia stock index lower

(Adds analysis, quotes, stocks on the move)

By Ian Chua and Naomi Tajitsu

SYDNEY/WELLINGTON, April 1 (Reuters) - Australian shares fell on Wednesday as mining and energy companies came under heavy pressure on persistently weak commodity prices, while bank stocks continued to consolidate recent steep gains.

The S&P/ASX 200 index was down 0.5 percent, or 31.8 points, at 5,859.7 by 0241 GMT, reversing most of Tuesday's 0.7 percent gain. A big fall in U.S. equity futures during the Asian day added to the negative sentiment.

"We've got some jittery markets at the moment, I think we're going to see much more choppy action," said Chris Weston, chief market strategist at IG (LSE: IGG.L - news) .

"Iron ore futures and Brent prices are under pressure, we're seeing some fairly shaky price action."

Still, Australia's benchmark index posted a solid 8.9 percent rally in the first quarter, its best quarterly gain since the third quarter of 2009.

Mining stocks were mostly lower, with Fortescue Metals (Hamburg: FVJ.HM - news) shedding 2.6 percent and BHP Billiton (NYSE: BBL - news) falling 2.1 percent. Among energy shares, Santos lost 2.7 percent, while Woodside Petroleum (Xetra: WOPA.DE - news) dipped 1.7 percent.

Bank shares were also soft, but defensive names were better bid. Telecom giant Telstra, for example, put on 0.5 percent to A$6.34.

New Zealand's benchmark NZX50 index was little changed at 5,834.0, held back by a slide in Meridian Energy which slumped to a six-week low.

The power generator and retailer fell as much as 3.7 percent to NZ$1.95 after it issued details on final instalment payments related to its partial float in 2013, fuelling more speculation that investors may sell their shares ahead of the payment deadline in May.

Healthcare companies also struggled, with medical equipment maker Fisher and Paykel Healthcare sliding 0.8 percent, while health software company Orion Health Group fell 1.1 percent.

In contrast, Diligent rose 1.9 percent, bouncing from a 2-1/2 month low after the board member services provider appointed a new CEO, raising optimism about the U.S.-based company's growth prospects. (Editing by Kim Coghill)