Indian equity markets open flat; Dr Reddy's plunge over 9% post Q1 results

Indian equity market opened flat on Wednesday amid mixed global cues. Asian markets opened in green ahead of US Federal Reserve’s policy decision on capping gains 

Sensex opened at 28,004, up 28.17 points. While Nifty was up 8.75 points at 8,533.40.

At 0943 hours, the 30-share benchmark, Sensex was trading at 28,113.49, up 136.97 points or 0.49%. At the same time, Nifty crossed 8600 mark, as it was trading at 8,636.25, up 45.60, or 0.53%.

On Tuesday, Dr Reddy's Laboratories reported consolidated net profit of Rs 153.5 crore in Q1FY17, registering a massive 76.28% yoy(year-on-year) decline. 

On BSE, among the top gainers were Zee Entertainment Enterprises (3.47%), UPL Ltd (2.90%), Hindustan Zinc (2.89%), Reliance Communications (2.26%) and Ambuja Cements (2.24%). Among the losers were Dr Reddy's Laboratories (9.57%), Cadila Healthcare (3.31%), Marico (1.34%), Sun Pharmaceutical Industries (0.49%) and Bajaj Auto (0.37%).

Yes Bank will be in focus today as the bank will announce its financial results for the quarter ended on June 30. The shares of the bank were trading at Rs 1194, down 0.52% at 0943 hours.