Indian equities dropped on Wednesday erasing earlier gains. The Nifty was trading near 1-month low. At 9.46 a.m, the Sensex was trading down 47.55 points or 0.14% at 34,603.69 with 17 components falling. Meanwhile, the Nifty was trading lower by 14.55 points or 0.14% at 10,522.15 with 30 components falling.

Biggest losers in the 30-share index were Tata Steel (2.67%), Dr Reddy'S Laboratories (2.40%), Mahindra & Mahindra (0.94%), Hero Motocorp (0.92%), Adani Ports and Special Economic Zone (0.85%), and Asian Paints (0.82%).

On the other hand, Cipla (4.32%), State Bank Of India (4.19%), Tata Motors (1.56%), NTPC (1.52%), Sun Pharmaceutical Industries (0.99%), and Power Grid Corporation Of India (0.47%) were the major gainers in the Sensex.

Market breadth was positive with 903 advances against 562 declines.

Zee Entertainment Enterprises topped the value chart on the BSE with a turnover of Rs. 1,119.38 million. It was followed by State Bank Of India (Rs. 540.40 million), Syngene International (Rs. 531.03 million) and PC Jeweller (Rs. 358.64 million).

The volume chart was led by Reliance Communications with trades of over 2.28 million shares. It was followed by State Bank Of India (2.04 million), Zee Entertainment Enterprises (2.01 million) and PC Jeweller (1.77 million).