Sensex slips over 100 pts, Nifty drags; metals fall

Moneycontrol Bureau11:55 am New IPO? Mortgage lender HDFC said it is likely to go for public listing of its life insurance subsidiary in mid-2016 once its joint venture partner Standard Life hikes stake to 35 percent. In August, the leading housing finance provider had announced that Standard Life will increase its stake in the JV, HDFC Life, to 35 percent from 26 percent, currently.11:45 am Outlook: Corporate earnings have been impacted by slowdown in rural economy, lackluster monsoon and competition from online retailers, BP Singh of Pramerica Mutual Fund told CNBC-TV18. Singh expects the non-dollar exposure companies to come out with weak set of second quarter earnings. Currently, steel and commodity companies are suffering, he adds. Pharmaceutical companies need to be looked at from yearly view and on basis of an Abbreviated New Drug Application (ANDA) approvals rather from quarter-on-quarter results, Singh said. Singh is positive on the top five pharmaceutical companies and expects good earning numbers from them.11:30 am Boardroom: Indian mortgage lender Housing Development Finance Corporation (HDFC) posted better-than-expected standalone net profit in September quarter, up 18.2 percent to Rs 1,605 crore from Rs 1,357.6 crore in year-ago period. The miss in the quarterly numbers came on the net intrerest income (NII) front with the interest rising 6.2 percent year-on-year to Rs 2,076.2 crore and calculated NII increased 6.8 percent to Rs 2,005.5 crore in the quarter gone by. Net interest income is the difference between interest earned and interest expended. Speaking to CNBC-TV18, Keki Mistry, vice chairman and managing director, says the lower NII figure is due to a softer interest rate environment in the country.Don't miss: IndiGo's parent IPO opens: Is Rs 700-765/share reasonable?

The market continues to slip as the Sensex is down 143.68 points or 0.5 percent at 27218.28. The Nifty slips 39.85 points or 0.5 percent at 8220.70. About 896 shares have advanced, 1181 shares declined, and 101 shares are unchanged.

Sun Pharma, Maruti, Bajaj Auto, NTPC and Dr Reddy's Labs are top gainers while ONGC, HDFC, Lupin, Vedanta and Tata Steel.

Oil prices fell, on course for a third week of losses as US inventory data is expected to show another increase in crude stocks. US commercial crude oil stockpiles likely rose for a fifth straight week, by an average of 3 million barrels to 479.6 million, in the week ended Oct. 23, a preliminary Reuters survey taken ahead of industry and official inventory data.