BSE Sensex drops over 350 points, Nifty trades below 16,250 points

In early trade on Thursday, Indian equities indices were lower due to weak global cues.

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In early trade on Thursday, Indian equities indices were lower due to weak global cues. Asian markets dipped, matching an overnight drop on Wall Street. As investors worried about the prospect of future rate hikes. Ahead of a critical policy meeting of the European Central Bank later in the day.

Trends on the Singapore Exchange’s Nifty Futures (SGX Nifty) suggested a gap-down opening for the domestic indices.

The 30-share BSE Sensex down 373 points, or 0.68 percent, to 54,520 points, while the broader NSE Nifty fell 110 points, or 0.67 percent, to 16,247 points.

Mid- and small-cap stocks were down 0.25 percent and 0.13 percent, respectively, on the Nifty Midcap 100.