Mumbai: The BSE benchmark Sensex fell by 83 points in opening trade on Tuesday, extending its three-day losing streak as funds and retail investors succumbed to selling pressure driven by weak corporate earnings and high inflation.

A weakening trend on other Asian bourses also had a negative impact on the trading sentiment.

 The 30-share BSE Sensex, which has lost over 450 points in the past three sessions, fell further by 83.00 points, or 0.49 per cent, to 17,035.74 in the first few minutes of trade on Tuesday.

In a similar fashion, the wide-based National Stock Exchange Nifty index declined by 22.90 points, or 0.44 per cent, to 5,125.45.

Stocks of the realty, banking auto and IT sectors bore the brunt of the selling pressure, dragging the Sensex down.

Brokers said the market sentiment was bearish as funds and retail investors engaged in offloading stocks following weak second quarter earnings posted by Tata Motors and some other companies.

Stocks of Tata Motors were down by 1.88 per cent to Rs 174.55, while Mahindra and Mahindra fell by 1.11 per cent to Rs 781.65.

In addition, high inflation and a weakening trend in other Asian markets in the wake of overnight losses in the US also dampened the trading sentiment here, they said.

In the Asia region, Hong Kong's Hang Seng index was trading 1.04 per cent lower, while Japan's Nikkei shed 0.66 per cent in morning trade today. The US Dow Jones Industrial Average lost 0.61 per cent in Monday’s trade.

(Agencies)