The Sensex and Nifty benchmark equity indices recorded declines for the second consecutive session on Thursday, primarily due to a sustained outflow of foreign funds and notable losses in IT sector stocks, as per PTI reports.

The BSE Sensex dropped 553.12 points, or 0.69 per cent, closing at 79,389.06. At one point during the day, the index fell as much as 654.25 points or 0.81 per cent, hitting a low of 79,287.93. Meanwhile, the NSE Nifty slipped by 135.50 points or 0.56 per cent, ending at 24,205.35. Both indices have been on a downward trend, with investor sentiment dampened by selling pressure in IT stocks and persistent foreign fund outflows, according to data provided by stock exchanges.