Opening Bell: Market opens lower, Nifty around 11,000; UPL top loser, financials drag

The Indian market opened lower on Monday tracking Asian peers as a global surge of new coronavirus cases showed no sign of abating. Investors' sentiment is also reacting to the corporate earnings and the auto sales for the month of July.

At 9:18 am, the Sensex was trading 234 points lower at 37,373 while the Nifty fell 63 points to 11,010. Broader markets outperformed benchmarks with Nifty Midcap and Nifty Smallcap indices rising around half a percent each.

Among sectors, Nifty Bank and Nifty Fin Services were weak at opening, down around 1 percent each while Nifty Auto and Nifty Pharma added over 1 percent.

The decline in the domestic indices was led by index heavyweights RIL, HDFC Bank, Kotak Bank, Infosys and HDFC.

Tata Motors' shares surged as much as 8 percent after brokerages remained bullish on the stock. CLSA upgraded it to 'Buy' from 'Underperform' by raising the target price to 135 from Rs 103/ share earlier.