Indian markets dropped  on Friday erasing earlier gains. The Nifty was trading above 1-month high. At 12.01., the Sensex was trading down 362.54 points or 1.14% at 31,500.54 with 20 components falling.  Meanwhile, the Nifty was trading lower by 92.85 points or 1% at 9,221.05 with 33 components falling.

Bajaj Finance  (6.47%), Yes Bank  (5.12%), Indusind Bank  (4.90%), I C I C I Bank  (4.58%), Axis Bank  (3.83%),  and Housing Development Finance Corporation  (3.48%) were the biggest losers in the Sensex.

On the other hand, biggest gainers in the 30-share index were Reliance Industries  (3.76%), Hero Motocorp  (2.34%), Vedanta  (2.32%), Oil & Natural Gas Corporation  (2.08%), Larsen & Toubro  (2.01%),  and Sun Pharmaceutical Industries  (1.72%).

Market breadth was negative with 594 advances against 1,141 declines.

Reliance Industries  topped the value chart on the BSE with a turnover of Rs. 1,227.90 million.  It was followed by Bajaj Finance  (Rs. 454.86 million), State Bank Of India (Rs. 401.38 million) and Thermax  (Rs. 367.79 million).

The volume chart was led by Vodafone Idea  with trades of over 16.36 million shares.  It was followed by Reliance Power  (7.68 million), Brightcom Group  (5.19 million) and Equitas Holdings  (3.42 million).