Indian markets dropped  on Friday erasing earlier gains. At the close, the benchmark 30-share index, BSE Sensex lost 131.18 or 0.44% at 29,815.59 with 19 components posting drop. While the broad based NSE Nifty closed flat at 8,660.25.

Bajaj Finance  (8.87%), Hero Motocorp  (8.04%), Bharti Airtel  (6.09%), Indusind Bank  (5.94%), Maruti Suzuki India  (4.81%),  and H C L Technologies  (4.37%) were the biggest losers in the Sensex.

On the other hand, major gainers in the 30-share index were Axis Bank  (4.98%), I T C  (3.63%), NTPC  (3.17%), Mahindra & Mahindra  (2.83%), I C I C I Bank  (2.44%),  and State Bank Of India (1.66%).

Market breadth was negative with 1,020 advances against 1,002 declines.

Asian Paints  topped the value chart on the BSE with a turnover of Rs. 1,297.49 million.  It was followed by Axis Bank  (Rs. 1,204.65 million), Eris Lifesciences  (Rs. 724.66 million) and Housing Development Finance Corporation  (Rs. 642.43 million).

The volume chart was led by Jaiprakash Power Ventures  with trades of over 17.68 million shares.  It was followed by Reliance Power  (9.74 million), Essar Steel  (6.44 million) and Lemon Tree Hotels  (5.32 million).