India’s benchmark indices slipped after opening high on Monday. The Bombay Stock Exchange Sensex closed at 33,033.56, down 281 points, and the National Stock Exchange Nifty ended the day at 10,224.95, trading 96.8 points lower.

Investor concerns over the government’s finances – the Goods and Services Tax Council’s move to lower the levy on 178 items – caused the shares to decline, BloombergQuint reported. The market sentiment was also affected by anticipation over the consumer price inflation data for October expected later on Monday. Reuters had found that retail inflation is likely to have sped up to a seven-month high in October.

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Tata Consultancy Services, Mahindra and Mahindra, and Sun Pharmaceuticals were the top gainers on both the indices while shares of Adani Ports, Oil and Natural Gas Corporation, and Coal India declined the most on both Sensex and Nifty.

The rupee opened at 65.38 a dollar and touched 65.42.