Indian equities dropped on Thursday erasing earlier gains. At 15.08., the Sensex was trading down 163.41 points or 0.40% at 41,159.59 with 17 components falling. Meanwhile, the Nifty was trading lower by 36.50 points or 0.30% at 12,089.40 with 30 components falling.

Asian Paints (2.36%), Hindustan Unilever (2.09%), Tata Consultancy Services (1.88%), Tech Mahindra (1.39%), Reliance Industries (1.04%), and Kotak Mahindra Bank (0.87%) were the biggest losers in the Sensex.

On the other hand, major gainers in the 30-share index were Indusind Bank (3.63%), Tata Steel (2.36%), State Bank Of India (2.06%), Oil & Natural Gas Corporation (1.23%), Yes Bank (0.85%), and I C I C I Bank (0.59%).

Market breadth was negative with 1,057 advances against 1,114 declines.

Nippon India Fixed Horizon Fund - XXXI Series 8 - Regular Plan - Growth topped the value chart on the BSE with a turnover of Rs. 228.40 million. It was followed by Uni Abex Alloy Products (Rs. 2.98 million), Sagar Productions (Rs. 2.39 million) and Mangalam Organics (Rs. 2.11 million).

The volume chart was led by Reliance Communications with trades of over 1.71 million shares. It was followed by Vikas Multicorp (0.51 million), Nippon India Fixed Horizon Fund - XXXI Series 8 - Regular Plan - Growth (0.40 million) and Sagar Productions (0.24 million).