Sensex down by 166 pts on persistent selling pressure

The 30-share index resumed lower at 17,164.48 and dropped further to 17,052,95 before quoting 17,058.63 points at 1015 hours, showing a net loss of 165.73 points, or 0.96 per cent, from yesterday's close.

The NSE 50-share Nifty also dropped by 51.25 points, or 0.98 per cent, to 5,176.50 at 1015 hours.

Major losers were Tata Steel (2.69 per cent), Sterlite Ind (2.58 per cent), Hindalco Ind (2.35 per cent), Tata Motors (1.99 per cent), Coal India (1.99 per cent), BHEL (1.91 per cent), Jindal Steel (1.76 per cent) and Larsen (1.75 per cent).

Asian stocks dropped for the third day today after European Central Bank (ECB) President Mario Draghi failed to deliver immediate action to stem the region's debt crisis.

Key benchmark indices in Hong Kong, Indonesia, Japan, Singapore, South Korea and Taiwan fell by between 0.09 per cent to 1.25 per cent.