Panthers coach John Fox said X-rays were negative and Davis would be re-evaluated later this week. Carolina won 23-20 in overtime, improving to 5-0.
Davis said he hurt his arm while blocking a Colts defender.
"I hit his shin and bruised my forearm," Davis said. "My arm was weak and it was hard for me to hold onto the ball."
Fox said Davis injured his arm before losing a fumble with 43 seconds left in the third quarter. Davis did not carry the ball again.
He rushed 15 times for 76 yards, a season low after running for at least 100 yards in each of his first four games with the Panthers. Davis also scored on a 28-yard run.
Against New Orleans last week, Davis ran for 159 yards and set an NFL record as the first back to pass the 100-yard mark in his first four games with a new team.
He also set the record for most total yards in his first four games with a new team, besting Ricky Williams' 460 with Miami last season.
Davis entered Sunday leading the NFC with 565 yards rushing and was No. 2 in the NFL, behind Baltimore's Jamal Lewis, even though the Panthers already had a bye week.
This story is from ESPN.com's automated news wire. Wire index
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