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Market Update- Sensex, Nifty open lower,Tata Motors declines 4%,Dr Reddy's down 3%

Market opens-  Equity benchmarks have opened marginally lower, with the Nifty trading around 10,900. The Sensex is down 53.26 points or 0.15% at 36493.22, while the Nifty is down 36.90 points or 0.34% at 10906.70. The market breadth is narrow as 211 shares advanced, against a decline of 169 shares, while 62 shares were unchanged. 

Selling is visible across sectors, with maximum pain seen in automobiles and pharmaceuticals, among others. The Nifty Midcap index is down around 0.20 per cent. Bharti Airtel, Yes Bank, Tata Steel and Titan are the top gainers, while M&M, Power Grid, Dr Reddy’s and Tata Motors lost the most. 

Dr Reddy's falls -  Shares of Dr Reddy’s Laboratories fell 4 per cent on Monday morning as investors reacted to observations being issued to the company by the US FDA. The stock touched an intraday high of Rs 2,704.70 and an intraday low of Rs 2,659.95.The company on Friday told the exchanges that its Formulations Manufacturing Plant - 3 at Bachupally, Hyderabad had been inspected by the US FDA. It has been issued a Form 483 with 11 observations

Rupee opens The Indian rupee has opened at 71.23 per US dollar. This implies an appreciation of 8 paise from its previous close of 71.31 per US dollar.

Stocks in news:

1 IDFC on February 9 reported an 11-fold jump in net profit for the December quarter at Rs 26.28 crore, mainly due to a tax adjustment. The company's standalone net profit stood at Rs 2.40 crore in the quarter ended December 31, 2017, it said in a statement.

2 Drug maker Lupin on February 9 said it got two observations from US drug regulator for its crucial Goa manufacturing site, which is under warning letter.

3 Tata Steel reported a surge of 53 per cent (year on year) in its net profit for the December quarter at Rs 1,751 crore. The company had reported a profit of Rs 1,144 crore during the same quarter of last year.


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Market opens: It is a positive start for the indices on Monday with Nifty inching towards 11,100 marks. The Sensex is up 212.54 points at 36883.97, while Nifty up 68.90 points at 11104.30. About 739 shares have advanced, 208 shares declined, and 53 shares are unchanged.

Sadbhav Infra, GMR Infra, Jet Airways, Dilip Buildcon, SBI, ONGC, IOC, Titan, Dr Reddy’s Lab, Bharti Infratel, JSW Steel, Hero Moto, are some of the gainers on the indices, while lowers are Kotak Mahindra Bank, CG Power, Reliance Infra, TCS, Nalco and REC.

Rupee Opens: The Indian rupee gained in the early trade on Monday. It has opened higher by 14 paise at 70.01 per dollar versus previous close 70.15.

Crude Update: O…