  The transverse Ising Model (TIM) in one dimension is the simplest model which
exhibits a quantum phase transition (QPT). Quantities related to quantum
information theoretic measures like entanglement, quantum discord (QD) and
fidelity are known to provide signatures of QPTs. The issue is less well
explored when the quantum system is subjected to decoherence due to its
interaction, represented by a quantum channel, with an environment. In this
paper we study the dynamics of the mutual information $I(\rho_{AB})$, the
classical correlations $C(\rho_{AB})$ and the quantum correlations
$Q(\rho_{AB})$, as measured by the QD, in a two-qubit state the density matrix
of which is the reduced density matrix obtained from the ground state of the
TIM in 1d. The time evolution brought about by system-environment interactions
is assumed to be Markovian in nature and the quantum channels considered are
amplitude damping, bit-flip, phase-flip and bit-phase-flip. Each quantum
channel is shown to be distinguished by a specific type of dynamics. In the
case of the phase-flip channel, there is a finite time interval in which the
quantum correlations are larger in magnitude than the classical correlations.
For this channel as well as the bit-phase-flip channel, appropriate quantities
associated with the dynamics of the correlations can be derived which signal
the occurrence of a QPT.
