Indian equities dropped on Friday erasing earlier gains. At 12.30 p.m, the Sensex was trading down 138.51 points or 0.44% at 31,152.23 with 22 components falling. Meanwhile, the Nifty was trading lower by 44.45 points or 0.46% at 9,585.55 with 40 components falling.

Biggest losers in the 30-share index were State Bank Of India (1.88%), Tata Motors (1.74%), Oil & Natural Gas Corporation (1.74%), Tata Steel (1.72%), and GAIL (India) (1.68%).

On the other hand, Wipro (1.22%), NTPC (0.47%), Coal India (0.39%), Sun Pharmaceutical Industries (0.29%), Dr Reddy'S Laboratories (0.26%), and Reliance Industries (0.25%) were the major gainers in the Sensex.

Market breadth was negative with 457 advances against 1,795 declines.

Housing Development Finance Corporation topped the value chart on the BSE with a turnover of Rs. 1,129.17 million. It was followed by Force Motors (Rs. 176.60 million), Bajaj Finance (Rs. 170.21 million) and Reliance Capital (Rs. 141.40 million).

The volume chart was led by Bhushan Steel with trades of over 1.31 million shares. It was followed by Housing Development Finance Corporation (0.68 million), Bhansali Engineering Polymers (0.59 million) and Bombay Dyeing and Manufacturing Company (0.46 million).