Indian shares were little changed on Monday, as a rise in information technology stocks offset the slide in heavyweight Reliance Industries after its spin-off Jio Financial Services dropped in its trading debut.

The Nifty 50 index was up 0.06% at 19,323.30 at 10:28 a.m. IST, while the S&P BSE Sensex rose 0.09% to 65,010.25.

Jio Financial Services (JFS) fell 5% in its market debut, valuing it at around $19 billion. Reliance fell 1.42%. JFS and Reliance were the top Nifty losers. JFS will be removed from the Nifty and Sensex on Aug. 24, per exchange rules.

On the flip side, IT stocks were up 0.47%, rebounding from a 1.47% tumble on Friday on worries about higher U.S. interest rates.

"Investors are worried that more rate hikes by the U.S. Federal Reserve and other key central banks would hamper global growth," said Prashanth Tapse, senior vice president (research), Mehta Equities.

Adani group stocks extended their gains from Friday, adding between 1% and 6%. Adani Ports and Special Economic Zone was up 2.2%, the most on the Nifty, adding to its gains from Friday after GQG Partners raised its stake in the company.

Asian markets declined on Monday after China delivered a smaller-than-expected rate cut, spurring deflation concerns and worries over the country's efforts to revive its economy.

"Till there is some clarity from Fed, the markets will be rangebound given the weakness in China," said Aishvarya Dadheech, chief investment officer at Fident Asset Management. (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Eileen Soreng and Sonia Cheema)