Indian stocks dropped around 300 points

The benchmark index of the Indian equities market dropped nearly 300 points on Thursday with the 30- scrip sensitive index of the Bombay Stock Exchange, Sensex, closing at 18,861.54 points, 290.87 points or 1.52 percent lower from the previous close of 19,152.14 points. Another stock markets benchmark, the 50-share Nifty index on Thursday slipped below its key psychological support level of 5700 to hit its fresh 3-month low as the Finance Minister P Chidambaram budget proposals like higher taxes on corporates and individuals weighed on markets. The Sensex had a turnover of 7.41 billion rupees (about 137.26 million U.S. dollars).