Sensex, Nifty under pressure; Dr Reddy up 3%, SBI falls

1:30 pm Earnings: HDFC, India’s largest housing finance company, said its third-quarter net profit stood at Rs 1,425.5 crore, rising 11.56 percent from Rs 1,277.7 crore in the same quarter last year. A poll of analysts had forecast this Rs 1,426 crore. Income from operations rose 12.9 percent to Rs 6,758.4 crore. Its loan book, as of December 31, 2014, stood at Rs 2.19 lakh crore, compared to Rs 1.92 lakh crore on December 31, 2013.

1:20 pm Results: Dr Reddy's Laboratories beat street expectations on topline and bottomline front but the operating performance was below estimates. Consolidated net profit of the drug maker fell 7 percent 

year-on-year to Rs 574.5 crore, impacted by weak operational performance. Higher finance cost and R&D expenses also affected the profitability.

Profit was expected at Rs 534.3 crore on revenue of Rs 3,617 crore for the quarter, according to the average of estimates of analysts polled.

Consolidated revenue grew 8.7 percent to Rs 3,843 crore during October-December quarter from Rs 3,533.8 crore in the year-ago period.

Don't miss: HDFC Bank, Lupin gain 2% hopes to rake in more foreign moolah

The market is still under pressure. The Sensex is down 91.17 points at 29468.01. The Nifty is down 31.90 points at 8882.40. About 1262 shares have advanced, 1358 shares declined, and 259 shares are unchanged.

Dr Reddy's Labs, Reliance, HDFC Bank, Hero MotoCorp and HUL are top gainers in the Sensex. Among the top losers are Coal India, HDFC, Bharti Airtel, SBI and ICICI Bank. 

The rupee fell by 12 paise to 61.53 against the American currency in late morning trade today on month-end dollar demand from importers. The rupee resumed lower at 61.44 as against yesterday's closing level of 61.41 at the Interbank Foreign Exchange (Forex) and moved down further to 61.54 before quoting at 61.53 at 1100 hours. The local currency hovered.