Indian markets dropped on Monday erasing earlier gains. Investors remained on the sidelines ahead of the Q3 GDP data which is expected to have expanded by 7.6% in the October-December 2015 quarter from the year ago period. In Q2 FY 2014-15, the Indian economy had grown by 7.4%.

At 2.53 p.m, the Sensex was trading down 218.69 points or 0.89% at 24,398.28 with 23 components falling. Meanwhile, the Nifty was trading lower by 39.25 points or 0.52% at 7,449.85 with 38 components falling.

Tata Motors (3.63%), Sun Pharmaceutical Industries (2.40%), ITC (2.16%), Tata Power Company (2.07%), Tata Consultancy Services (1.93%), and Infosys (1.73%) were the major losers in the Sensex.

On the other hand, biggest gainers in the 30-share index were Axis Bank (3.25%), State Bank Of India (2.85%), Bharti Airtel (1.25%), I C I C I Bank (0.76%), Tata Steel (0.75%), and Adani Ports and Special Economic Zone (0.69%).

Market breadth was negative with 1,316 advances against 1,225 declines.

Spicejet topped the value chart on the BSE with a turnover of Rs. 871.52 million. It was followed by Jet Airways (India) (Rs. 818.37 million), Intrasoft Technologies (Rs. 716.48 million) and Goldman Sachs Liquid Exchange Traded Scheme - Daily Dividend (Rs. 503.73 million).

The volume chart was led by Spicejet with trades of over 11.16 million shares. It was followed by Suzlon Energy (8.74 million), Unitech (5.95 million) and PMC Fincorp (5.34 million).