Closing bell: Sensex drops 300 points to settle at 60,353, Nifty around 17,790

Market updates: The 30-share BSE Sensex ended 304.18 points or 0.50 per cent lower at 60,353.27 after it failed to hold on to initial gains. During the day, it fell 607.61 points or 1 per cent to 60,049.84.