The domestic equity benchmarks (Sensex and Nifty) erased early gains as oil & gas, energy, auto and banking shares came under selling pressure. The S&P BSE Sensex declined as much as 298 points from day's highest level of 38,564.71 and the NSE Nifty 50 Index fell as much as 91 points to trade below psychologically important level of 11,500. Losses in blue-chip stocks like Reliance Industries, HDFC Bank, Tata Consultancy Services (TCS), ITC and ICICI Bank were seen exerting pressure on the benchmark indexes.