Indian equities dropped on Monday erasing earlier gains. At 10.33 a.m, the Sensex was trading down 144.36 points or 0.49% at 29,277.04 with 24 components falling. Meanwhile, the Nifty was trading lower by 51.70 points or 0.57% at 9,056.30 with 42 components falling.

Major losers in the 30-share index were Coal India (2.37%), Tata Steel (2.20%), Reliance Industries (1.88%), Tata Motors (1.40%), ITC (1.37%), and Hero Motocorp (1.25%).

On the other hand, Hindustan Unilever (0.93%), Infosys (0.84%), State Bank Of India (0.54%), Tata Consultancy Services (0.30%), Dr Reddy'S Laboratories (0.13%), and Mahindra & Mahindra (0.02%) were the major gainers in the Sensex.

Market breadth was negative with 941 advances against 973 declines.

Dish TV India topped the value chart on the BSE with a turnover of Rs. 1,888.83 million. It was followed by Indiabulls Housing Finance (Rs. 1,404.09 million), Spicejet (Rs. 798.69 million) and Bharti Infratel (Rs. 533.77 million).

The volume chart was led by Dish TV India with trades of over 17.17 million shares. It was followed by Spicejet (8.04 million), Suzlon Energy (1.85 million) and Ashoka Buildcon (1.81 million).