Indian markets dropped on Thursday erasing earlier gains. At 02.07 p.m, the Sensex was trading down 81.14 points or 0.25% at 31,874.21 with 22 components falling. Meanwhile, the Nifty was trading lower by 28.45 points or 0.29% at 9,871.15 with 38 components falling.

Major losers in the 30-share index were Tata Steel (2.36%), NTPC (1.22%), Sun Pharmaceutical Industries (1.10%), Hero Motocorp (1.09%), Infosys (1.02%), and ITC (0.93%).

On the other hand, Axis Bank (3.61%), Oil & Natural Gas Corporation (1.81%), Cipla (1.04%), Bharat Heavy Electricals (0.79%), HDFC Bank (0.50%), and Coal India (0.37%) were the biggest gainers in the Sensex.

Market breadth was negative with 1,140 advances against 1,276 declines.

U P L topped the value chart on the BSE with a turnover of Rs. 737.28 million. It was followed by Kotak Mahindra Bank (Rs. 488.05 million), Sundram Fasteners (Rs. 415.39 million) and Pidilite Industries (Rs. 349.29 million).

The volume chart was led by Sintex Industries with trades of over 8.32 million shares. It was followed by Unitech (5.17 million), Centrum Capital (4.16 million) and Himachal Futuristic Communications (3.01 million).