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Indian share markets open weak
Mon, 10 Feb 09:30 am

The major Asian stock markets have opened the day on a mixed note with Japan (up 1.2%) and Indonesia (up 0.4%) leading the gains. However, the stock markets in Hong Kong (down 0.1%) and Singapore (down 0.1%) have opened in the red. The Indian share markets have opened the day on a weak note. The sectoral indices were trading mixed with stocks in the realty and metal space leading the gains. However, stocks in the consumer durables and FMCG space have opened in the red.

The Sensex today is down by around 15 points (0.1%), while the NSE-Nifty is trading flat. However, mid and small cap stocks are trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.4% and 0.5% respectively. The rupee is currently trading at Rs 62.10 to the US dollar.

PSU Bank stocks have opened the day on a mixed note with State Bank of India (SBI) and Bank of Baroda leading the gains. However, United Bank of India and Dena Bank were witnessing losses. As per a leading financial daily, the country's largest lender SBI is pitching its low interest rates to entice buyers who have already taken mortgages from rivals. The bank has mailed its prospective customers where it is marketing a balance transfer scheme in addition to selling fresh loans. SBI is offering loans up to Rs 75 lakh at an interest rate of 10.15% (15 basis points above its base rate of 10%). Besides, its home loan will not include charges on foreclosures or pre-payments as well as a balance transfer fee of Rs 1,000. Further, the bank promises a maximum tenure of 30 years. In comparison, HDFC is offering an interest rate of 10.25% for the same value. Other lenders are also offering rates ranging around 10.25%. For the quarter ending December 2014, the home loans acquired from other lenders accounted for 11% of the SBI's home loan book.

Auto stocks have opened the day on a mixed note with Maharashtra Scooters Ltd and TVS Motors Ltd leading the gains. However, Tube Investments and Mahindra & Mahindra (M&M) were witnessing losses. Leading Indian car maker Maruti Suzuki India has reported production data for the month of January 2014. The company reported 11.06% YoY decline in production for the month. Under the mini segment (including Alto, A Star, Wagon R), the company reported around 22.21% YoY decline in the production. Saleswise, the company reported 10.3% YoY decline in the total car sales (both domestic and exports). The domestic sales for the month fell by 6.3% YoY.

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