Stock markets declined for the third consecutive day on Wednesday, with benchmark Sensex closing lower by 120 points at a week's low due to relentless foreign fund outflows.

The 30-share BSE Sensex edged lower by 120.21 points or 0.14 per cent to settle at 84,559.65. During the day, it dropped 263.88 points or 0.31 per cent to 84,415.98.

The 50-share NSE Nifty declined by 41.55 points or 0.16 per cent to a week's low of 25,818.55.

Among Sensex firms, Trent, HDFC Bank, Adani Ports, ICICI Bank, Bajaj Finserv, Bharat Electronics, Titan and Asian Paints were the major laggards.

However, State Bank of India, Infosys, Axis Bank and Maruti were among the gainers.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,381.92 crore on Tuesday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 1,077.48 crore, according to exchange data.

In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index, and Hong Kong's Hang Seng index ended in positive territory.

European markets were trading higher. US markets ended mostly lower on Tuesday.

Brent crude, the global oil benchmark, jumped 2.12 per cent to USD 60.17 per barrel.

On Tuesday, the Sensex tanked 533.50 points or 0.63 per cent to settle at 84,679.86. The Nifty dropped 167.20 points or 0.64 per cent to 25,860.10.

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