Erasing early gains, the Bombay Stock Exchange benchmark Sensex fell by over 286 points on heavy selling by funds nervous about lending violations by some public sector banks in the housing-finance scam.

The Sensex, which had gained 97.08 points at the outset, rolled down by 286.66 points to 19,031.50 points in the first 90 minutes of trading following a sharp fall in realty and banking sectors.

In similar fashion, the broad-based National Stock Exchange index Nifty lost 89.25 points to 5,710.50 points.

The market remained under pressure following a CBI probe into lending violation by some PSUs including LIC Housing Finance and Bank of India.