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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