Indian markets dropped on Friday erasing earlier gains. At 9.48 a.m, the Sensex was trading down 57.92 points or 0.17% at 33,538.88 with 18 components falling. Meanwhile, the Nifty was trading lower by 18.25 points or 0.18% at 10,306.90 with 32 components falling.

Major losers in the 30-share index were Tata Motors (1.84%), Larsen & Toubro (1.13%), State Bank Of India (1.08%), Axis Bank (1.06%), Infosys (1.05%), and Hindustan Unilever (0.66%).

On the other hand, Adani Ports and Special Economic Zone (1.53%), Cipla (1.21%), Dr Reddy'S Laboratories (0.63%), Oil & Natural Gas Corporation (0.56%), I T C (0.54%), and Housing Development Finance Corporation (0.54%) were the biggest gainers in the Sensex.

Market breadth was negative with 830 advances against 749 declines.

Magma Fincorp topped the value chart on the BSE with a turnover of Rs. 4,726.84 million. It was followed by Graphite India (Rs. 176.79 million), H E G (Rs. 78.44 million) and Adani Enterprises (Rs. 68.87 million).

The volume chart was led by Magma Fincorp with trades of over 29.97 million shares. It was followed by Unitech (0.98 million), Hindustan Copper (0.82 million) and M M T C (0.76 million).