Indian markets dropped  on Thursday erasing earlier gains. At 14.47., the Sensex was trading down 3,064.83 points or 8.59% at 32,632.57 with 29 components falling.  Meanwhile, the Nifty was trading lower by 884.45 points or 8.46% at 9,573.95 with 50 components falling.

State Bank Of India (14.01%), Vedanta  (13.91%), I T C  (13.75%), Axis Bank  (12.43%),  and Tata Motors  (11.52%) were the major losers in the Sensex.

On the other hand, major gainers in the 30-share index were  and Tata Power Company  (5.93%).

Market breadth was negative with 191 advances against 1,955 declines.

Nicco Parks & Resorts  topped the value chart on the BSE with a turnover of Rs. 10.24 million.  It was followed by Dynemic Products limited (Rs. 3.63 million), Jenburkt Pharmaceuticals  (Rs. 2.01 million) and Jaiprakash Power Ventures  (Rs. 1.17 million).

The volume chart was led by Jaiprakash Power Ventures  with trades of over 1.44 million shares.  It was followed by Reliance Naval and Engineering  (0.72 million), Nicco Parks & Resorts  (0.29 million) and Vandana Knitwear  (0.21 million).