Mumbai: Extending its losing streak, the BSE benchmark Sensex fell by 92 points in opening trade on Wednesday on widespread selling by funds influenced by a weakening trend in global markets amid fears over the European debt crisis.

The 30-share index, which lost 324 points in the previous two sessions, dropped further by 92.09 points, or 0.53 percent, to 17,388.74 in the first few minutes of trade on Wednesday.

The wide-based National Stock Exchange Nifty index also shed 19.15 points, or 0.36 percent, to 5,238.80.

Brokers said the trading sentiment remained bearish, taking cues from a weakening trend in other Asian markets following overnight losses in the US amid fresh fears over the European debt crisis after Greece announced a referendum on its latest bailout deal.

In addition, the possibility of another petrol price hike cast a shadow over the trading sentiment, they said.

In the Asian region, Japan's Nikkei index was down 1.93 percent and Hong Kong's Hang Seng Index by 1.72 percent in early trade on Wednesday. The US Dow Jones Industrial Average fell by 2.48 percent in Tuesday's trade.