Mumbai, Nov 2 (IANS): The key Indian equity indices pared their initial gains on Monday morning to trade in the negative zone.

Selling pressure was witnessed in oil and gas, IT and energy stocks. However, healthy buying took place in banking and finance stocks.

Around 10.25 a.m., the Sensex was trading at 39,482.45, lower by 131.62 points, or 0.33 per cent from its previous close of 39,614.07.

It opened at 39,880.38 and has so far touched an intra-day high of 39,880.46 and a low of 39,334.92 points.

The Nifty50 on the National Stock Exchange was trading at 11,601.00, lower by 41.40 points or 0.36 per cent from its previous close.

The major losers on the Sensex were Reliance Industries, Asian Paints and TCS, while the top gainers were IndusInd Bank, ICICI Bank and Bharti Airtel.

Shares of RIL were down 4.71 per cent on the BSE at Rs 1,957.50 per share, after the company on Friday evening reported a decline in its consolidated net profit during the July-September quarter of FY21 to Rs 10,602 crore from Rs 11,352 crore in the corresponding period of the previous fiscal.