Indian equities dropped on Monday erasing earlier gains. At the close, the benchmark 30-share index, BSE Sensex lost 187.96 points 0.64% to settle at 29233.44. Meanwhile, the broad based NSE Nifty fell by 62.80 points or 0.69% to settle at 9,045.20.

Tata Steel (3.39%), Reliance Industries (3.00%), Asian Paints (2.26%), Coal India (2.23%), Sun Pharmaceutical Industries (1.82%), and Wipro (1.79%) were the biggest losers in the Sensex.

On the other hand, major gainers in the 30-share index were State Bank of India (1.14%), Power Grid Corporation of India, (1.14%), Housing Development Finance Corporation (0.89%), Dr Reddy's Laboratories (0.79%) and I T C (0.43%).