Equity benchmarks declined in initial trade on Thursday after a two-day rally, in line with a weak trend in global markets.

Also, a weak trend in index major Reliance Industries and IT counters added to the pressure.

The 30-share BSE Sensex fell 341 points to 57,873.59 after a weak beginning. The broader NSE Nifty declined 97.8 points to 17,054.10.

Among the Sensex stocks, Asian Paints, Wipro, HCL Technologies, Infosys, Reliance Industries, HDFC, Power Grid and Kotak Mahindra Bank were the biggest laggards.

Tata Motors, Nestle, Larsen & Toubro and Bharti Airtel were among the gainers.

In Asia, Seoul, Japan and Shanghai markets were trading lower, while Hong Kong quoted in the green.

The US markets had ended sharply lower on Wednesday.

"Markets may witness a cautious start with the bias tilted towards bears amid weakness in the overnight US markets after the Fed increased interest rate by 25 basis points, which came as per the street expectations," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, in his pr-market opening quote.

The 30-share BSE benchmark advanced 139.91 points or 0.24 per cent to settle at 58,214.59 on Wednesday. The Nifty climbed 44.40 points or 0.26 per cent to end at 17,151.90.

Meanwhile, global oil benchmark Brent crude dipped 0.91 per cent to USD 75.99 per barrel.

Foreign Portfolio Investors turned buyers on Wednesday as they bought equities worth Rs 61.72 crore, according to exchange data.

Except for the headline, this story has not been edited by The Telegraph Online staff and has been published from a syndicated feed.