The Bombay Stock Exchange benchmark Sensex on Monday dropped by 159 points on heavy selling by funds influenced by weakness across the globe over continued concerns that the euro zone debt crisis might hit economic recovery.

Sensex, which fell nearly 271 points in the previous session, fell further by 159.04 points to 16,835.56, after touching the day’s low of 16,551.

The National Stock Exchange index Nifty lost 33.60 points to 5,059.90, after touching a low of 4,966.25.

The selling pressure gathered momentum as Asian stock markets tumbled on selling by funds on concerns that global economic recovery might become a casualty to European nations’ efforts to reduce fiscal deficit.

European stocks, including London’s benchmark FTSE 100, opened lower.

A steady inflow of discouraging quarterly financial results by leading companies such as State Bank of India and Reliance Communication further fuelled the down-trend.

The most weighted Reliance Industries dropped by Rs. 26.80 to Rs. 1,016.75 and second heaviest Infosys Technologies by Rs. 41.15 to Rs. 2,615.25. The two carry nearly 23 per cent weightage on the benchmark.

Reliance Communications, the second-largest wireless operator, retreated 2.01 per cent to Rs. 141.60, after its fourth-quarter profit dropped. Reliance Infrastructure, the nation’s third-largest utility, plunged 2.9 per cent to Rs. 995.70 after its quarterly net income declined.

In the 30- BSE index components, 24 stocks declined while six ended with profits. Stocks of refinery, information technologies and auto sectors led the fall.

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