The benchmark BSE Sensex extended its losing streak by falling over 250 points in early trade Wednesday, led by losses global markets amid rising US-China tension.

The 30-share index was trading 205.12 points, or 0.54 per cent, lower at 38,071.51.Similarly, the broader NSE Nifty was down 63.65 points, or 0.55 per cent, at 11,434.25.

According to Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management, markets across the globe have been weak as the resumption of trade war threats continue to make headlines. Earnings have not been encouraging with consumer companies missing analyst estimates and private bank earnings impacted by higher provisions he said.

However, the earnings slowdown could be attributable to political uncertainty and consumers choosing to hold back on purchases until clarity emerges, he added.

On the other hand, Bharti Airtel, PowerGrid, IndusInd Bank, ICICI Bank, Tata Steel, Yes Bank and Sun Pharma were the top gainers, rising up to 0.82 per cent.

In the previous session on Monday, the BSE bourse ended 323.71 points, or 0.84 per cent, lower at 38,276.63. The NSE Nifty too dropped 100.35 points to settle below the 11,500 level at 11,497.90.

Meanwhile, foreign institutional investors sold equity worth Rs 645.08 crore on Tuesday, while domestic institutional investors purchased shares to the tune of Rs 818.84 crore, provisional data available with stock exchanges showed.Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a negative note.