Indian markets dropped on Friday erasing earlier gains. At 1.22 p.m, the Sensex was trading down 406.77 points or 1.28% at 31,388.69 with 23 components falling. Meanwhile, the Nifty was trading lower by 105.55 points or 1.07% at 9,798.60 with 40 components falling.

Biggest losers in the 30-share index were Infosys (11.35%), Sun Pharmaceutical Industries (3.40%), Coal India (1.86%), Tata Motors (1.77%), NTPC (1.75%), and Dr Reddy'S Laboratories (1.73%).

On the other hand, Tata Consultancy Services (1.46%), Hindustan Unilever (1.05%), Bharti Airtel (1.04%), GAIL (India) (0.91%), Wipro (0.38%), and Reliance Industries (0.19%) were the major gainers in the Sensex.

Market breadth was negative with 597 advances against 1,594 declines.

Infosys topped the value chart on the BSE with a turnover of Rs. 3,688.15 million. It was followed by Housing Development Finance Corporation (Rs. 780.18 million), Centrum Capital (Rs. 746.15 million) and BEML (Rs. 487.47 million).

The volume chart was led by Centrum Capital with trades of over 10.97 million shares. It was followed by Lanco Infratech (10.11 million), Jaiprakash Associates (4.98 million) and Reliance Communications (4.33 million).