In this ideograph, a drop of liquid has been added to the verb to collect. Hence, it is the noun liquid.
Illustrative Text Reference:
Harappa: Seal: H-1076 a: Asko Parpola, B. M. Pande, and Petteri Koskikallio, 2010: Corpus of Indus Seals and Inscriptions: Volume 3,1: Page 148: New material, untraced objects, and collections outside India and Pakistan: Suomalainen Tiedeakatemia.
Image Credit:
Indus Script Sign Number 1038 (liquid): List of Sign Variants: Iravatham Mahadevan, 1977: The Indus Script: Texts, Concordance and Tables: The Director General Archaeological Survey of India.