Indian equities dropped on Tuesday erasing earlier gains. At 9.15 a.m, the Sensex was trading down 253.69 points or 0.79% at 31,821.09 with 18 components falling. Meanwhile, the Nifty was trading lower by 75.75 points or 0.76% at 9,840.20 with 32 components falling.

Biggest losers in the 30-share index were ITC (9.99%), GAIL (India) (3.88%), Axis Bank (0.83%), State Bank Of India (0.27%), Sun Pharmaceutical Industries (0.23%), and Wipro (0.19%).

On the other hand, Oil & Natural Gas Corporation (0.47%), Bharat Heavy Electricals (0.21%), NTPC (0.21%), Housing Development Finance Corporation (0.19%), Tata Power Company (0.12%), and Tata Consultancy Services (0.05%) were the major gainers in the Sensex.

Market breadth was negative with 178 advances against 171 declines.

Axis Fixed Term Plan - Series 41 - Direct Plan - Growth topped the value chart on the BSE with a turnover of Rs. 0.00 million. It was followed by C D R Health Care (Rs. 0.00 million), Axis Capital Protection Oriented Fund - Series 5 - Dividend (Rs. 0.00 million) and Kashiram Jain and Company (Rs. 0.00 million).

The volume chart was led by I T C with trades of over 0.04 million shares. It was followed by Flexituff International (0.01 million), L&T Finance Holdings (0.01 million) and Bajaj Hindusthan Sugar (0.01 million).