Indian equities dropped on Monday erasing earlier gains. At 9.29 a.m, the Sensex was trading down 83.53 points or 0.28% at 29,337.87 with 24 components falling. Meanwhile, the Nifty was trading lower by 14.55 points or 0.16% at 9,093.45 with 39 components falling.

Biggest gainers in the 30-share index were Mahindra & Mahindra (0.63%), GAIL (India) (0.52%), State Bank Of India (0.49%), Hindustan Unilever (0.42%), Dr Reddy'S Laboratories (0.26%), and Axis Bank (0.25%).

On the other hand, Coal India (2.10%), Reliance Industries (1.32%), Tata Steel (0.96%), Tata Power Company (0.87%), Hero Motocorp (0.74%), and Infosys (0.57%) were the biggest losers in the Sensex.

Market breadth was positive with 777 advances against 533 declines.

R P G Life Sciences topped the value chart on the BSE with a turnover of Rs. 2,314.41 million. It was followed by Reliance Power (Rs. 2,283.91 million), Dish TV India (Rs. 1,832.70 million) and Indiabulls Housing Finance (Rs. 1,381.71 million).

The volume chart was led by Reliance Power with trades of over 47.63 million shares. It was followed by Dish TV India (17.04 million), R P G Life Sciences (5.04 million) and K P I T Technologies (4.41 million).