Indian equity benchmark indices BSE Sensex and NSE Nifty 50 extended losses on Monday amid uncertainty ahead of the US Federal Reserve meet, rising oil prices and US-India trade dispute.

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At 11:30 am, the Sensex was at 39,235.74, down 216.33 points or 0.55 percent while Nifty 50 was trading at 11,745.95, down 76.85 points or 0.65 percent. The Nifty Midcap 100 declined 0.71 percent while Nifty Smallcap 100 index was trading lower by one percent.

The Nifty Metal index was the worst performing index during the afternoon session dragged majorly by Jindal Steel, Tata Steel, JSW Steel, SAIL and other metal stocks. Meanwhile, Nifty IT was the only sector in the green pulled by the minor gains in Tata Elxsi, Wipro, Infosys and others.

YES Bank, Wipro, Infosys, Indiabulls Housing Finance and Asian Paints were among the top gainers on the key indices, whereas Tata Steel, JSW Steel, Vedanta, Hindalco and Indian Oil Corporation led losses.

Shares of Jet Airways fell 15 percent in opening trade on Monday after the Prime Minister's Office (PMO) called for a review on the debt-laden airline. According to sources, the PMO has asked the revenue department to assess tax dues on account of the airline, CNBC-TV18 reported.

Reliance Infrastructure shares plunged 14 percent intraday after the Anil Ambani-led company reported a consolidated net loss of Rs 3,301 crore in the fourth quarter of 2018-19, its biggest ever loss.

Shriram Transport Finance shares fell over 6 percent on Monday after Piramal Enterprises sold its entire stake in the company. CNBC-TV18 reported that about 10 percent equity worth Rs 2,305 crore exchanged hands on NSE at around Rs 1,000-1,023 per share.

Meanwhile, Asian stocks rose slightly on Monday as investors await a US Federal Reserve meeting to be held later this week.

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