Sensex, Nifty still under pressure; Dr Reddy's Labs up 1%

Moneycontrol Bureau11:45 am Interview: PNB Housing Finance's portfolio quality is going to be better than industry average over the next 2-3 years, says company's Managing Director Sanjay Gupta. The company's portfolio currently consists of 62 percent of retail housing loans and 18 percent is loan against property.Construction finance consists of 9-10 percent of their overall portfpolio. Corporate term loans fill their remaining portfolio.He says the asset quality of the company is also superior. 11:30 am Result: Dr Reddy's Labs has posted net profit of Rs 309 crore in July-September quarter down 60.1 percent from Rs 774.7 crore in corresponding quarter last fiscal. Its consolidated revenue also slipped 10.1 percent at Rs 3616.3 crore compared to Rs 4020.7 crore on annual basis. During the period, its EBITDA fell 43.9 percent at Rs 640 crore against Rs 1140.4 crore while margin was at 17.9 percent versus 28.4 percent year-on-year (YoY). Performance of Dr Reddy's Laboratories in July-September quarter was expected to be weak with profit falling 59 percent year-on-year to Rs 298 crore on poor operational performance.Don't miss: Tata group stocks fall on Mistry's ouster; Tata Steel down 3%

The market continues to be under selling pressure as the Sensex is down 76.36 points or 0.3 percent at 28102.72. The Nifty is down 13.95 points or 0.2 percent at 8695. About 1150 shares have advanced, 1284 shares declined, and 185 shares are unchanged.

Dr Reddy's Labs, Axis Bank, Sun Pharma, Cipla and Maruti are top gainers while Tata Steel, GAIL, HUL, TCS and M&M are losers in the Sensex.

Gold prices rose Rs 29 to Rs 29,792 per 10 gram in futures trading today as participants widened bets, triggered by a firming trend overseas.

Analysts said expanding of positions by participants, tracking a firming trend in the global market mainly influenced the precious metal prices at futures trade.

Globally, gold rose 0.15 percent to USD 1,266.30 an ounce in Singapore today