Indian markets dropped  on Thursday erasing earlier gains. At the close, the benchmark 30-share index, BSE Sensex declined 2,919.26 or 8.18% at 32,778.14 with all 30 components posting drop. While the broad based NSE Nifty declined 8.30% or 868.25 points to settle at 9,590.15.

State Bank Of India (13.23%), Oil & Natural Gas Corporation  (12.63%), Axis Bank  (12.27%), I T C (11.07%) were the major losers in the Sensex.

Market breadth was negative with 244 advances against 2,010 declines.

U P L  topped the value chart on the BSE with a turnover of Rs. 1,195.09 million.  It was followed by Bajaj Finance  (Rs. 895.24 million), Infosys  (Rs. 781.10 million) and Tata Steel  (Rs. 522.77 million).

The volume chart was led by Essar Steel  with trades of over 6.44 million shares.  It was followed by Dwarikesh Sugar Industries  (5.50 million), HDFC FMP - 3360 D - March 2014 (1) - Series 30 - Regular Plan - Quarterly Dividend (5.00 million) and ICICI Prudential FMP - Series 82 - 1136 Days - Plan P - Regular Plan - Growth (4.58 million).