Indian markets dropped  on Wednesday erasing earlier gains. At the close, the benchmark 30-share index, BSE Sensex lost 1,203.18 or 4.08% at 28,265.31 with 28 components posting drop. While the broad based NSE Nifty closed at 8,253.80 down 343.95 points or 4%.

Tech Mahindra  (9.21%), Kotak Mahindra Bank  (8.81%), Tata Consultancy Services  (6.23%), Infosys  (5.65%), Axis Bank  (5.50%),  and State Bank Of India (5.26%) were the biggest losers in the Sensex.

On the other hand, biggest gainers in the 30-share index were Yes Bank  (6.68%), Hero Motocorp  (2.21%), Bajaj Auto  (1.12%),  and Bajaj Finance  (0.40%).

Market breadth was negative with 1,022 advances against 917 declines.

Cipla  topped the value chart on the BSE with a turnover of Rs. 68.12 million.  It was followed by UltraTech Cement  (Rs. 33.62 million), Tata Consumer Products  (Rs. 31.72 million) and Dabur India  (Rs. 28.60 million).

The volume chart was led by Moh  with trades of over 6.45 million shares.  It was followed by 3i Infotech  (0.43 million), Alps Infosys  (0.41 million) and Top Telemedia  (0.23 million).