Indian markets dropped on Wednesday erasing earlier gains. At 11.54 a.m, the Sensex was trading down 115.84 points or 0.34% at 34,327.35 with 18 components falling. Meanwhile, the Nifty was trading lower by 39.05 points or 0.37% at 10,597.95 with 39 components falling.

Major losers in the 30-share index were Asian Paints (1.44%), Yes Bank (1.46%), Tata Steel (1.18%), Bajaj Auto (1.11%), Dr Reddy'S Laboratories (1.07%), Tata Power Company (1.01%), and State Bank Of India (0.99%).

On the other hand, Coal India (1.13%), Adani Ports and Special Economic Zone (1.09%), Wipro (0.90%), Cipla (0.73%), Oil & Natural Gas Corporation (0.43%), and Bharti Airtel (0.25%) were the biggest gainers in the Sensex.

Market breadth was negative with 933 advances against 1,485 declines.

Welspun India topped the value chart on the BSE with a turnover of Rs. 648.04 million. It was followed by Tinplate Company of India (Rs. 591.81 million), Ujjivan Financial Services (Rs. 550.86 million) and Aban Offshore (Rs. 538.32 million).

The volume chart was led by Welspun India with trades of over 8.20 million shares. It was followed by Stampede Capital (8.20 million), Suzlon Energy (7.88 million) and Electrosteel Steels (7.69 million).