Benchmark indices Sensex and Nifty declined for a third day on Wednesday dragged by selling in IT and select banking shares amid weak global trends and FII outflows. The 30-share BSE Sensex closed lower by 159.21 points or 0.27 per cent at 59,567.80 as 21 of its components ended in the red . During the day, the index fell 274.29 points or 0.45 per cent to 59,452.72.