BENGALURU, Jan 1 (Reuters) - India's benchmark indexes Nifty 50 and Sensex were muted on Monday, the first session of 2024, dragged by high weightage information technology and financials, after clocking a 20% rise in 2023.

The blue-chip NSE Nifty 50 fell 0.08% to 21,714.15 points, while the S&P BSE Sensex shed 0.15% to 72,132,72, as of 9:51 a.m. IST.

Five of the 13 major sectors logged losses. Financials and IT fell 0.25% each.

The more domestically-focussed small- and mid-caps gained about 0.3% each, outperforming the benchmarks, despite concerns over high valuations.

"We stick with our positive view on large-caps, where valuations are still somewhat reasonable," according to analysts at Kotak Institutional Equities.

Barring banks, most other sectors and stocks are over-valued, they added.

Oil and gas index gained 0.8%, on falling crude prices due to demand concerns. Easing oil prices are positive for importers of the commodity like India.

Airline operators like Interglobe Aviation and SpiceJet jumped between 1.5% and 3%, aided by cut in aviation turbine fuel costs.

Bharat Heavy Electricals jumped 4.4% on bagging a contract worth 190 billion rupees from NLC India. HFCL climbed 3% on winning a $135 million order.

Grasim Industries gained 1.5% and was among the top Nifty 50 gainers after commissioning additional capacity of advanced materials manufacturing.

Eicher Motors shed 1.6% and was the top percentage loser on the Nifty 50. The automaker received goods and services tax (GST) demand order worth about 1.30 billion rupees.

Mahindra and Mahindra lost 1% after the government levied a 41.2 million rupees tax penalty on the firm. The company said it will challenge the order.

"Going ahead, the immediate focus would be on third-quarter earnings and any deviation in earnings could trigger profit-booking," according to analysts at Centrum Institutional Research.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sohini Goswami and Mrigank Dhaniwala)