The downtrend on the Indian stock markets continued Wednesday, with the Sensex opening sharply lower and slipping below the 17,000 mark. The fall is an extension of the global slump in equities on concern Europes debt crisis is worsening and after Greece, similar rescue packages will need to extended to Spain and Portugal.

The BSE 30-share index was at 16,919.60, down 217.54 points or 1.27 per cent. The benchmark opened at 17,103.95 against the previous close of 17,137.14. The index saw a low of 16,868.83.

NSEs 50-share Nifty fell 71.25 points or 1.38 per cent to 5077.25. The benchmark had opened flat at 5148.35 versus Tuesdays close of 5148.50 and immediately slipped to 5064.05.

Among sectors, metal stocks continued to be beaten down, followed by consumer durables, realty, auto, banking, and power. All the sector indices were in the red.