LIVE market updates: The Indian benchmark indices erased some of the intraday losses in the afternoon but were still trading lower with Nifty around 17,500. The 50-pack index shed 114 points at 17,503-level. The 30-pack Sensex, meanwhile, fell over 400 points at 58,702. Among the sectors, IT and FMCG shed over half a percent each. Nifty Realty and Financial Services indices were trading with cuts of 1 per cent each. BSE Midcap was down 0.2 per cent, while the Smallcap index rose 0.3 per cent.