The Indian stock market's benchmark Sensex was trading around 200 points down in the afternoon session on Monday dragged by heavy selling pressure in the index heavyweight Reliance Industries.
The 30 stock S&P BSE Sensex was trading 209.64 points or 0.38 per cent down at 54,625.94 points at 12.35 pm, against its previous session's close at 54,835.58 points.
Earlier, the Sensex opened deep in the red at 54,188.21 points and slumped to a low of 53,918.02 points in the early morning trade. The index recovered part of the losses later in the day.
This is the second consecutive day of slump in the benchmark Sensex. The index had lost 866.65 points or 1.56 per cent on Friday, the previous trading session.
The broader Nifty 50 of the National Stock Exchange was trading 66.15 points or 0.4 per cent down at 16,345.10 points against its previous session's close at 16,411.25 points.
The Nifty 50 started the day with a deep cut at 16,227.70 points and slumped to a low of 16,142.10 points in the early morning trade. The Nifty later recovered part of the losses and rose to a high of 16,359.85 points in the early afternoon session.
The Nifty had lost 271.40 points or 1.63 per cent on Friday.
Reliance Industries Limited was the biggest Sensex loser. The scrip was trading 2.72 per cent down at Rs 2549.95 at 12.42 pm. Reliance Industries has slumped after announcing the financial results for the fourth quarter of the year ended March 2022.
Reliance Industries Limited on Friday reported a consolidated net profit of Rs 16,203 crore January-March 2022 quarter, registering a year-on-year growth of 22.5 per cent. The company's consolidated net profit for the year ended March 2022 rose to Rs 67,845 crore ($9.0 billion), posting year-on-year growth of 26.2 per cent.
Other major Sensex losers included Nestle India, Tech Mahindra, IndusInd Bank, Hindustan Unilever, and Asian Paints. (ANI)