Indian markets dropped on Monday erasing earlier gains. At 11.32., the Sensex was trading down 552.01 points or 1.55% at 35,121.24 with 28 components falling. Meanwhile, the Nifty was trading lower by 162.35 points or 1.52% at 10,531.35 with 49 components falling.

Kotak Mahindra Bank (4.69%), Reliance Industries (3.99%), Sun Pharmaceutical Industries (2.93%), Adani Ports and Special Economic Zone (2.82%), Asian Paints (2.49%), and Power Grid Corporation Of India (2.41%) were the biggest losers in the Sensex.

On the other hand, major gainers in the 30-share index were Maruti Suzuki India (0.51%), and Mahindra & Mahindra (0.40%).

Market breadth was negative with 403 advances against 1,492 declines.

Spice Communications topped the value chart on the BSE with a turnover of Rs. 11,639.39 million. It was followed by Reliance Industries (Rs. 714.63 million), Kotak Mahindra Bank (Rs. 523.02 million) and Sun Pharmaceutical Industries (Rs. 277.44 million).

The volume chart was led by CPSE ETF with trades of over 11.60 million shares. It was followed by Reliance Communications (3.78 million), Vakrangee (2.04 million) and Yes Bank (1.52 million).