Indian equities dropped on Monday erasing earlier gains. At the close, the benchmark 30-share index, BSE Sensex lost 505.13 or 1.33% at 37,585.51. Meanwhile, the broad based NSE Nifty went down by 137.45 or 1.19% at 11,377.75.

Biggest losers in the 30-share index were Sun Pharmaceutical Industries (2.85%), Housing Development Finance Corp (2.47%), Tata Motors (2.35%), Reliance Industries (2.12%), and Asian Paints (1.93%).

On the other hand, Power Grid Corporation Of India (0.70%), Tata Consultancy Services (0.40%), Adani Ports and Special Economic Zone (0.37%) and Tata Steel (0.05%) were the major gainers in the Sensex.

Market breadth was negative with 1,042 advances against 1,317 declines.

Balrampur Chini Mills topped the value chart on the BSE with a turnover of Rs. 712.74 million. It was followed by State Bank Of India (Rs. 219.10 million), Reliance Capital (Rs. 169.80 million) and Bajaj Finance (Rs. 137.14 million).

The volume chart was led by Balrampur Chini Mills with trades of over 7.24 million shares. It was followed by Bajaj Hindusthan Sugar (1.96 million), Dhampur Sugar Mills (0.84 million) and Himachal Futuristic Communications (0.82 million).