(ANI): Snapping six straight days of the rally, the Indian stock market's benchmark Sensex was trading 323 points lower in the afternoon session on Monday dragged by heavy selling pressure in Reliance Industries after the company announced lower-than-expected quarterly earnings.
The 30 stock S&P BSE Sensex was trading at 55,749.51 points at 1.23 pm, which is 322.72 points or 0.58 per cent lower than its previous session's close at 56,072.23 points.
Earlier, the Sensex started the day in the red at 55,877.50 points and slumped to a low of 55,537.08 points in the morning trade.
The Sensex is trading in the red after six consecutive sessions of the rally. The index had closed 390.28 points or 0.70 per cent higher on Friday, the previous trading session.
The broader Nifty 50 of the National Stock Exchange was trading at 16,616.95 points, which is 102.50 points or 0.61 per cent lower when compared with its previous day's closing at 16,719.45 points.
The Nifty is trading in the red after six consecutive sessions of gains. The Nifty 50 had gained 114.20 points or 0.69 per cent on Friday.
Reliance Industries Limited was trading 3.10 per cent lower at ₹2425.25. The scrip has slumped after announcing its quarterly results.
Reliance Industries Limited on Friday reported a consolidated net profit of ₹17,955 crore for the first quarter of the current financial year as compared to ₹12,273 crore recorded in the corresponding period of the previous year, registering a year-on-year growth of 46.3 per cent.
RIL's revenue surged by 54.54 per cent year-on-year to ₹2,23,113 crore during the quarter ended June 30, 2022 as compared to ₹1,44,372 crore recorded in the corresponding period of the previous year. The company announced the result after the closing of trade on Friday.
The company's earnings have been impacted due to geopolitical conflict and tight crude markets.
Commenting on the results, Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited, said "Geopolitical conflict has caused significant dislocation in energy markets and disrupted traditional trade flows. This along with resurgent demand has resulted in tighter fuel markets and improved product margins. Despite significant challenges posed by the tight crude markets and higher energy and freight costs, O2C business has delivered its best performance ever."
Mahindra & Mahindra slumped 3.58 per cent to ₹1138.15. Kotak Bank dipped 2.17 per cent to ₹1786.80. Maruti Suzuki fell 2.06 per cent to ₹8644.20. UltraTech Cement, Dr Reddy's Laboratories, Bajaj Finserv, Nestle India and Bajaj Finance were among the major Sensex losers.
Tata Steel surged 2.42 per cent to ₹958.65. IndusInd Bank, HCL Technologies, ITC, NTPC, Bharti Airtel, Wipro and L&T were among the major Sensex gainers.