India's benchmark stock indices declined for the second day in a row to close at their lowest in over two weeks since Feb. 22, tracking weak global cues.

On a weekly basis, the headline indices declined following a week of gains. 

Asian markets tumbled and treasuries rallied as worries about the health of the U.S. banking system caused a sharp selloff in global markets. 

The S&P BSE Sensex closed 671 points, or 1.12%, lower at 59,135.13, while the NSE Nifty 50 declined 177 points, or 1%, to end at 17,412.90.

HDFC Bank Ltd., HDFC Ltd., Axis Bank Ltd., ICICI Bank Ltd., State Bank of India, Larsen and Toubro Ltd., Reliance Industries Ltd., Infosys Ltd., Kotak Mahindra Bank Ltd., and TCS Ltd. were dragging the index.

Adani Group company shares ended mixed in trade as Adani Green Energy Ltd., Adani Transmission Ltd., Adani Power Ltd. and Adani Total Gas Ltd. advanced in trade, while the other stocks retreated.

Adani Ports and SEZ Ltd. was unchanged in trade as it rose by 0.08%.

The broader market indices were trading lower; S&P BSE MidCap was down 0.69%, while S&P BSE SmallCap was lower by 0.59%.

Fourteen out of the 19 sectors compiled by BSE declined, while five advanced in trade.

The market breadth was skewed in favour of the bears. About 1,406 stocks rose, 2,099 declined, and 106 remained unchanged on the BSE.

The headline indices declined this week following last week's gains. Nifty logged a weekly loss of 1.03%, whereas the Sensex declined 1.13% in trade this week.

Indices ended higher in trade last week, Sensex advanced 0.58% and the Nifty was up 0.74%.

All the sectors declined this week, led by Nifty Realty, Nifty PSU Bank, and Nifty Bank.

The Nifty Midcap 100 was little changed, rising 0.1% this week.