Indian equities dropped on Wednesday erasing earlier gains. At 9.31 a.m, the Sensex was trading down 42.01 points or 0.12% at 34,574.63 with 17 components falling. Meanwhile, the Nifty was trading lower by 16.20 points or 0.15% at 10,598.15 with 34 components falling.

Biggest losers in the 30-share index were NTPC (1.36%), ONGC (1.07%), Kotak Bank (0.81%) and Dr.Reddy's Laboratories (0.70%).

On the other hand, Bharti Airtel (2.43%), Wipro (1.72%), TCS (1.45%), Adani Ports and Special Economic Zone (0.92%) and Infosys (0.57%) were the major gainers in the Sensex.

Market breadth was negative with 561 advances against 727 declines.

Uniply Industries topped the value chart on the BSE with a turnover of Rs. 475.04 million. It was followed by Page Industries (Rs. 293.98 million), Bharti Airtel (Rs. 95.27 million) and Indiabulls Ventures (Rs. 94.33 million).

The volume chart was led by Jaypee Infratech with trades of over 2.07 million shares. It was followed by Reliance Communications (1.37 million), Uniply Industries (1.02 million) and RMG Alloy Steel (0.86 million).