The Bombay Stock Exchange benchmark Sensex on Monday lost 223 points in the early trade on funds selling in heavyweight stocks triggered by weak Asian markets.
The 30-share index, which had lost nearly 785 points last week, fell further by 223.26 points to 16,426.38 points in the first five minutes of trade.
The wide-based National Stock Exchange index's Nifty dipped below 4,900 level by losing 65.50 points at 4,881.05 points. It had lost over 210 points previous week.
Marketmen said reports of weakening trends in Asian stock markets and a fresh spike in the world oil prices, which were trading above 132 dollar a barrel, mainly dampened the trading sentiments here.
Japan's benchmark Nikkei-225 index was down 2.23 per cent at mid-session while the Hang Seng index at Hong Kong fell 1.04 per cent in the early trade.
Major losers, which dragged Sensex down were Reliance Industries, Larsen and Toubro, Reliance Infra, ONGC, SAIL, Infosys Technologies, ITC Ltd, Hindalco, Nalco, Jaiprakash Associates, Maruti Udyog and Mahindra and Mahindra.
However, Bharti Airtel was in positive zone with a smart rise of Rs 22.35 at Rs 860.