Mumbai: Amid a weak trend on other Asian bourses, the Bombay Stock Exchange benchmark Sensex dropped by over 16 points in opening trade on Wednesday as investors booked profits recorded during the previous session.

The 30-share barometer, which gained 149.25 points in the previous session, declined marginally by 16.26 points to 17,972.04 points in opening trade on Wednesday.

In a similar fashion, the wide-based National Stock Exchange Nifty index fell by 6.70 points to 5,407.15.

In addition to profit-booking by market participants after Tuesday's gains, a weakening trend on other Asian boures on concerns over higher oil prices spoiled the trading sentiment, brokers said.

After the government’s nod to allow sugar exports of up to five lakh tonnes, stocks of sugar companies continued their upward journey for yet another session.

Meanwhile, Hong Kong's Hang Seng index was down by 0.29 per cent, while Japan's Nikkei fell by 1.60 per cent in early trade on Wednesday.

(Agencies)