Equity benchmark Sensex dropped over 200 points in early trade on Wednesday tracking losses in index-heavyweights ITC, Axis Bank and Kotak Bank amid rising concerns over the country's economic outlook as COVID-19 cases spike. The 30-share index was trading 256.76 points or 0.82 per cent lower at 31,196.75, and the NSE Nifty fell 77.60 points, or 0.84 per cent, to 9,128. ITC was the top loser in the Sensex pack, tanking nearly 6 per cent, followed by Axis Bank, Titan, Bajaj Auto, Maruti, M&M, L&T and IndusInd Bank. On the other hand, Bharti Airtel, ONGC, NTPC, Reliance Industries and Tata Steel were among the gainers. In the previous session, the BSE barometer settled 261.84 points or 0.83 per cent lower at 31,453.51, and the NSE Nifty fell 87.90 points or 0.95 per cent to close at 9,205.60. Foreign portfolio investors were net sellers in the capital market on Tuesday, as they offloaded equity shares worth Rs 1,059.39 crore, according to provisional exchange data.