Mumbai, Jan 1 (IANS): Profit booking along with low volumes subdued the key indices of the Indian equity market during the early morning session on Monday -- the first trading day -- of 2018.

According to market analysts, heavy selling pressure was witnessed in metals, IT and banking stocks.

At 9.35 a.m., the 30-scrip S&P BSE Sensex, which had closed at 34,056.83 points on Friday, traded lower at 34,035.33 points, down by 21.50 points or 0.06 per cent.

At the National Stock Exchange (NSE), the broader 51-scrip Nifty quoted at 10,518.10 points, down by 12.60 points or 0.12 per cent.

On Friday, the key equity indices closed in the positive territory as global cues, along with a strong rupee and healthy buying in auto, IT and consumer durables stocks gave a boost to investors' sentiments.

The Sensex closed trade at 34,056.83 points -- up 208.80 points or 0.62 per cent, while, the wider Nifty50 rose by 52.80 points or 0.50 per cent to close at 10,530.70 points.