Indian markets dropped on Monday erasing earlier gains. At 9.27 a.m, the Sensex was trading down 24.11 points or 0.07% at 34,709.47 with 18 components falling. Meanwhile, the Nifty was trading lower by 23.00 points or 0.22% at 10,449.50 with 38 components falling.

Biggest losers in the 30-share index were Hindustan Unilever (2.21%), Mahindra & Mahindra (1.82%), ICICI Bank (1.82%), Axis Bank (1.42%), Bharti Airtel (1.20%), and Asian Paints (0.99%).

On the other hand, ITC (1.89%), Wipro (1.58%), Infosys (1.41%), Tata Consultancy Services (1.24%), and Tata Power Company (1.09%) were the major gainers in the Sensex.

Market breadth was negative with 723 advances against 506 declines.

Yes Bank topped the value chart on the BSE with a turnover of Rs. 55.19 million. It was followed by Hindustan Petroleum Corporation (Rs. 53.45 million), Hindustan Unilever (Rs. 52.46 million) and Dewan Housing Finance Corporation (Rs. 47.22 million).

The volume chart was led by Jaiprakash Associates with trades of over 0.83 million shares. It was followed by Lloyds Steels Industries (0.67 million), Reliance Communications (0.51 million) and Bajaj Hindusthan Sugar (0.50 million).