Indian markets dropped on Monday erasing earlier gains. At 12.17 p.m, the Sensex was trading down 225.47 points or 0.77% at 29,195.93 with 26 components falling. Meanwhile, the Nifty was trading lower by 80.60 points or 0.88% at 9,027.40 with 43 components falling.

Biggest losers in the 30-share index were Tata Steel (2.97%), Reliance Industries (2.26%), Coal India (2.13%), Sun Pharmaceutical Industries (1.65%), Asian Paints (1.61%), and Wipro (1.54%).

On the other hand, State Bank Of India (0.56%), Hindustan Unilever (0.47%), Dr Reddy'S Laboratories (0.45%), and Bharat Heavy Electricals (0.39%) were the major gainers in the Sensex.

Market breadth was negative with 976 advances against 1,314 declines.

R P G Life Sciences topped the value chart on the BSE with a turnover of Rs. 2,420.73 million. It was followed by Reliance Power (Rs. 2,271.82 million), JSW Steel (Rs. 1,983.42 million) and Wipro (Rs. 1,728.90 million).

The volume chart was led by Reliance Power with trades of over 47.93 million shares. It was followed by MEP Infrastructure Developers (19.87 million), JSW Steel (10.89 million) and Spicejet (9.18 million).