MUMBAI: Stock markets declined on Tuesday, with the benchmark Sensex tumbling nearly 504 points due to selling in blue-chip bank stocks and Reliance Industries, and persistent foreign fund outflows.

Falling for the third straight session, the 30-share BSE Sensex tumbled 503.63 points or 0.59 per cent to settle at 85,138.27. During the day, the benchmark tanked 588.9 points or 0.68 per cent to hit a low of 85,053. The index had scaled a record high level in intra-day trade in the previous session, but closed lower due to profit booking in the second half.

The 50-share NSE Nifty declined by 143.55 points or 0.55 per cent to 26,032.20.

Among Sensex firms, Axis Bank, HDFC Bank, Reliance Industries, ICICI Bank, Bharat Electronics and Larsen & Toubro were the biggest laggards.

However, Asia

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