The Sensex and Nifty erased their morning session gains due to heavy selling in realty, metal, banking and power stocks despite positive global cues.

Investors turned wary ahead of release of IIP data for August and inflation data for September tomorrow and corporate earnings season that will kick off with TCS results tomorrow.

At 2.10 p.m., the 30-share BSE index Sensex was dwon 34.4 points or 0.34 per cent at 31,869.56 and the 50-share NSE index Nifty was down 34.4 points or 0.34 per cent at 9,982.55.

Among BSE sectoral indices, realty index fell the most by 1.47 per cent, followed by metal 1.12 per cent, banking 0.88 per cent and power 0.74 per cent. On the other hand, oil & gas index was up 1.21 per cent, followed by TECk 0.57 per cent and IT 0.27 per cent.

Top five Sensex gainers were Bharti Airtel (+3.92%), TCS (+1.85%), M&M (+1.25%), Wipro (+0.66%) and Bajaj Auto (+0.45%), while the major losers were State Bank of India (-2.08%), Tata Steel (-1.59%), Tata Motors (-1.52%), Lupin (-1.51%) and Kotak Bank (-1.47%).

Market heavyweights Tata Consultancy Services and Reliance Industries Ltd are slated to post results later this week. Shares of both companies were up over 1 per cent each.

On a broader front, the September-quarter earnings season is expected to be subdued due to the impact of the goods and services tax, Siddharth Sedani, Vice-President and head-equity advisory, Anand Rathi, said.

He said that he expects a turnaround only in the December-quarter.

Asian shares rose on Wednesday, tracking Wall Street’s rally to all-time highs, while the euro hovered near a 10-day peak after Catalonia’s leader talked down immediate plans to secede from Spain, easing near-term concerns about euro zone instability.

MSCI’s broadest index of Asia–Pacific shares outside Japan nudged 0.24 per cent higher to test a recent decade peak of 545.56.