New Delhi, Feb 7 (IANS): India's key benchmark equity indices -- S&P BSE Sensex and NSE Nifty50 -- extended their losses from the previous week and traded marginally in the red during early trade on Monday.

At 9.38 a.m., Sensex traded at 58,508 points, down 0.2 per cent or 137 points from the previous close of 58,645 points. It opened at 58,550 points.

Nifty traded at 17,438 points, down 0.5 per cent or 78 points from the previous close of 17,516 points. It opened at 17,456 points.

Among the stocks, Hero Motocorp, SBI, Mahindra & Mahindra, NTPC, and Eicher Motors were the top five losers in the morning trade, while Hindalco, ONGC, Sun Pharma, Asian Paints, and Divi's Labs were the top gainers.

"FII selling is impacting the market in the short term, but not in the medium. FIIs have sold equity worth Rs 114,100 cr since October 2021. But the Nifty now remains where it was in early October 2021. FII selling is causing short-term gyrations but no significant impact in the medium term," said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

"A significant trend in the market is the churn from IT to banks. Banks are likely to remain resilient and in IT there will be buying on dips since earnings visibility is high."