The Bombay Stocks Exchange benchmark Sensex lost over 350 points in the after noon trade today. It was trading at 16521 points down by 355 points a short while ago. The fall in Sensex is due to fresh selling in metal, realty, refinery, power and capital goods stocks amid weak Asian cues. The national stock exchange nifty was trading at 4954 points down by 108 points. At 1130 hrs the Sensex was down by 389 points, or 2.30 per cent, at 16,487. In a similar fashion, the broad-based National Stock Exchange index Nifty tumbled by 123 points, or 2.44 per cent, to trade below the 5,000-level at 4,938. Asian stocks declined in early trade amid weak economic data from Japan and Australia that signaled the global economy is slowing ahead of a European summit on the euro zone sovereign debt crisis.The key benchmark indices in Hong Kong, Japan, Singapore, South Korea and Taiwan were down by between 0.5 per cent and 1.54 per cent, while China's Shanghai Composite was up by 0.32 per cent.