Mumbai, Sep 3 (PTI) Benchmark equity indices Sensex and Nifty declined in early trade on Wednesday, tracking weak global market trends and relentless foreign fund outflows.

Caution also prevailed in the equity market ahead of the GST Council meeting beginning Wednesday.

The 30-share BSE Sensex declined 153.28 points to 80,004.60 in early trade. The 50-share NSE Nifty dipped 46.4 points to 24,533.20.

From the Sensex firms, Infosys, Bajaj Finance, Hindustan Unilever, Bharti Airtel, ICICI Bank and Trent were among the laggards.

However, Tata Steel, Bharat Electronics, Eternal, ITC and Mahindra & Mahindra were among the gainers.

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

US markets ended lower on Tuesday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,159.48 crore on Tuesday, according to exchange data.

The GST Council is meeting in New Delhi for two days to discuss the proposed pruning of rates.

"All eyes are on the two-day GST Council meeting beginning today. With global cues mixed and domestic policy in focus, Indian markets may see stock-specific action, especially in FMCG, consumer discretionary, and sin-tax-linked sectors like cigarettes," Hariprasad K, Research Analyst and Founder - Livelong Wealth, said.

Global oil benchmark Brent crude dipped 0.39 per cent to USD 68.87 a barrel.

On Tuesday, the Sensex declined 206.61 points or 0.26 per cent to settle at 80,157.88. The Nifty dipped 45.45 points or 0.18 per cent to 24,579.60. PTI SUM SUM DR DR

GST rate pruning focus may trigger sectoral reallocation, driving stock specific market moves amid continued foreign outflows. GST Council deliberations on proposed pruning of goods and services tax rates commanded market focus, with potential rate changes expected to affect FMCG, consumer discretionary and sin tax linked sectors and prompt stock specific investor reallocation. Concurrently, persistent foreign institutional investor outflows and weak global cues produced early declines in benchmark equity indices, reinforcing a cautious market tone while some industrial and defense stocks gained.