Indian shares turned negative on Monday afternoon dragged by IT, auto, consumer and bank shares amid rising oil prices and slowdown concerns in the economy. The benchmark 30-share S&P BSE Sensex traded 50 points down at 40,743 at 1.30 pm. The broader 50-share NSE Nifty50 also declined by over 21 points to trade at 12,034. The Sensex had opened at 41,072, while the Nifty started at 12,137.
Among broader market indices, the Nifty MidCap 100 index fell 0.78 percent, while the SmallCap 100 index too was down by 0.87 percent. All sectoral gauges on NSE traded in the red except Metal, which too was largely flat. IT and PSU Bank dropped over a percent each, while Pharma and Media were other major declining sectors.
Among shares, Bharti Airtel, Grasim, JSW Steel, Reliance Industries and Bharti Infratel were top gainers, rising between 1 and 4 percent. Yes Bank, Eicher Motors, Tech Mahindra, ONGC and Bajaj Finance dropped between 2 and 5.5 percent.
Telecom shares rose after the telcos raised tariffs for prepaid subscribers by effectively up to 40 percent. In intra-day deals, Bharti Airtel rose as much as 10 percent to hit its 52-week high of Rs 485.75 per share. Reliance Industries also hit its 52-week high of Rs 1,614, up 4 percent, while Vodafone Idea surged 23.5 percent to Rs 8.44.
Shares of Grasim Industries also gained over 4 percent as value of its investment in Vodafone Idea rose following the surge in the AB Group company's shares.
Reliance Industries hits all-time high
Reliance Industries surged over 4 percent and hit an all-time high of 1,614.45 rupees as its telecom arm, Reliance Jio Infocomm, is poised to benefit from the upcoming tariff hikes.
Shares of Yes Bank fell 5 percent on Monday as brokerages flagged concerns over investment by ‘lesser-known’ investors in the bank. Yes Bank, on Friday, had said that it will raise $2 billion in an issue of preferential shares to institutional
investors and wealth managers.
Auto shares traded under pressure on Monday with the benchmark Nifty Auto slipping almost a percent in early trade as November sales numbers showed no signs of recovery.
As many as 13 shares out of 15 listed on on the sectoral gauge declined with Eicher Motors, Motherson Sumi, TVS Motor, Tata Motors, Ashok Leyland, Mahindra & Mahindra and Hero MotoCorp falling between 1-2 percent.
Rupee vs US dollar
In the currency market, the Indian rupee opened on a cautious note and fell 4 paise to 71.78 against the US dollar in early trade on Monday as economic growth concerns and rising crude oil prices kept investors edgy. At 1.44 pm, the home currency traded at 71.79 against the greenback.
India's GDP growth hit an over six-year low of 4.5 percent in July-September 2019, dragged mainly by deceleration in manufacturing output and subdued farm sector activity.
Disclosure: RIL, the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com. 
