Mumbai, Jan 25 (IANS) The key Indian equity indices pared initial gains on Monday morning and traded on a negative note.

Selling pressure was witnessed in oil and gas, energy and auto stocks. Buying in banking and finance stocks, however, curbed the losses.

Around 10 a.m., Sensex was trading at 48,791.59, lower by 86.95 points or 0.18 per cent from its previous close of 48,878.54.

It opened at 49,253.68 and has so far touched an intra-day high of 49,263.15 and a low of 48,512.02 points.

The Nifty50 on the National Stock Exchange was trading at 14,334.95, lower by 36.95 points or 0.26 per cent from its previous close.

--IANS rrb/sn/pgh