Indian markets dropped on Friday erasing earlier gains. Both Sensex and Nifty were trading below 1-month low. At 9.15 a.m, the Sensex was trading down 120.09 points or 0.39% at 30,737.43 with 27 components falling. Meanwhile, the Nifty was trading lower by 25.60 points or 0.27% at 9,478.50 with 45 components falling.

Major losers in the 30-share index were NTPC (0.57%), Housing Development Finance Corporation (0.31%), ICICI Bank (0.27%), Tata Motors (0.24%), and Tata Steel (0.22%).

On the other hand, Oil & Natural Gas Corporation (0.70%), and Wipro (0.29%) were the major gainers in the Sensex.

Market breadth was negative with 181 advances against 142 declines.