Indian equities dropped on Friday erasing earlier gains. At 9.23 a.m, the Sensex was trading down 53.94 points or 0.16% at 34,373.35 with 18 components falling. Meanwhile, the Nifty was trading lower by 11.90 points or 0.11% at 10,553.40 with 39 components falling.

Biggest losers in the 30-share index were Tata Steel (1.30%), State Bank Of India (0.87%), Asian Paints (0.82%), Mahindra & Mahindra (0.82%), Axis Bank (0.80%), and Housing Development Finance Corporation (0.68%).

On the other hand, Tata Consultancy Services (3.02%), Wipro (2.28%), Cipla (1.03%), Infosys (1.02%), Dr Reddy'S Laboratories (0.61%), and Tata Motors (0.52%) were the major gainers in the Sensex.

Market breadth was negative with 457 advances against 629 declines.

Tata Consultancy Services topped the value chart on the BSE with a turnover of Rs. 795.20 million. It was followed by Housing Development Finance Corporation (Rs. 493.44 million), Radico Khaitan (Rs. 67.70 million) and Vakrangee (Rs. 52.65 million).

The volume chart was led by RMG Alloy Steel with trades of over 0.45 million shares. It was followed by Vakrangee (0.39 million), Jaiprakash Associates (0.30 million) and Hathway Cable and Datacom (0.28 million).