Indian stocks declined, though marginally, on Thursday morning in line with weak global cues, following yet another policy rates hike by the US Federal Reserve in its fight against high inflation. However, a steep decline was likely cushioned as investors seemed to have already discounted the possible rate hikes by the US central bank. At 9.33 am, Sensex traded at 59,303.96 points, down 152.82 points or 0.26 per cent, whereas Nifty traded at 17,671.95 points, down 46.40 points or 0.26 per cent. "The big question from the Indian market perspective is whether India's outperformance will continue in the present global risk off context. Investors can remain optimistic but be cautious since India's valuations are on the higher side," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. "Financials, capital goods, select autos, telecom and construction related stocks can be bought on declines," Vijayakumar said. Meanwhile, the Indian currency rupee breached the psychologically crucial 80 mark again to touch another fresh all-time of 80.44 against the US dollar against its previous day close of 79.97. This sharp depreciation was because of the current strength in the US dollar Index. Consumer inflation in the US though declined marginally in August to 8.3 per cent from 8.5 per cent in July but is way above the 2 per cent goal.