Mumbai | Stock markets closed lower for the second straight day on Friday amid relentless foreign fund outflows and losses in blue-chip stocks Reliance Industries, ICICI Bank and State Bank of India.

Benchmark BSE Sensex declined by 55.47 points or 0.07 per cent to settle at 79,486.32. During the day, it tanked 424.42 points or 0.53 per cent to 79,117.37.

The NSE Nifty dipped 51.15 points or 0.21 per cent to 24,148.20.

From the 30-share Sensex pack, Asian Paints, Tata Steel, State Bank of India, Reliance Industries, NTPC, Tata Motors, ICICI Bank and IndusInd Bank were the biggest laggards.

Mahindra & Mahindra, Titan, Tech Mahindra, Infosys, Nestle and Hindustan Unilever were among the gainers.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,888.77 crore on Thursday, according to exchange data.

"Consolidation continued in the market as investors stayed cautious due to disappointment in earnings and the flight of FIIs. The US FED continued its rate-cutting cycle to stimulate the economy," Vinod Nair, Head of Research, Geojit Financial Services, said.

In Asian markets, Seoul, Shanghai and Hong Kong settled lower while Tokyo ended in the positive territory. European markets were trading lower. Wall Street ended mostly higher on Thursday.

Global oil benchmark Brent crude declined 1.28 per cent to USD 74.66 a barrel.

The BSE benchmark tanked 836.34 points or 1.04 per cent to settle at 79,541.79 on Thursday. The Nifty dropped 284.70 points or 1.16 per cent to finish at 24,199.35.