Indian equities dropped on Wednesday erasing earlier gains. At 11.30 a.m, the Sensex was trading down 203.76 points or 0.53% at 38,419.94 with 16 components falling. Meanwhile, the Nifty was trading lower by 51.30 points or 0.45% at 11,252 with 30 components falling.

Major gainers in the 30-share index were Sun Pharmaceutical Industries (4.49%), Asian Paints (2.07%), Power Grid Corporation Of India (1.09%), Oil & Natural Gas Corporation (0.86%), NTPC (0.69%), and Housing Development Finance Corporation (0.49%).

On the other hand, Tata Steel (3.87%), Indusind Bank (2.81%), H D F C Bank (1.77%), and I C I C I Bank (1.75%) were the biggest losers in the Sensex.

Market breadth was negative with 566 advances against 1,111 declines.

Tata Communications topped the value chart on the BSE with a turnover of Rs. 6.85 million. It was followed by Nippon India ETF Liquid BeES (Rs. 4.95 million), Affle (India) (Rs. 3.36 million) and Indiabulls Ventures -PPS (Rs. 2.08 million).

The volume chart was led by Jain Irrigation Systems with trades of over 0.33 million shares. It was followed by Compucom Software (0.23 million), Bajaj Hindusthan Sugar (0.21 million) and Rail Vikas Nigam (0.10 million).