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Markets extend losses
Tue, 6 Sep 11:30 am

Indian stock market indices have extended their losses after opening the trade on a weak note. All sectoral indices are in the red except Automobile stocks.

The BSE-Sensex is down by 184 points and NSE-Nifty is down by 54 points. BSE Mid Cap and BSE Small Cap indices are also down by 0.6% and 0.3% respectively. The rupee is trading at 46.13 to the US dollar.

Finance stocks are trading in the red led by Reliance Capital and Rural Electrification. According to a leading financial daily, HDFC has introduced loans at fixed rate of interest. This new scheme is called "fixed first". It is interesting to note here that this move follows a similar one made by rival ICICI Bank around a month ago. ICICI had introduced a product with benefits of repaying loan in the first 1-2 years at rates fixed in the range 10.5-11.75%. Under the said scheme, HDFC loan borrowers can avail of loans at fixed rates for initial 3 -5 years where after, it will switch over to HDFC's adjustable rate home loan (ARHL) product. ARHL is an existing floating rate scheme.

Auto stocks are trading firm. Mahindra & Mahindra (M&M) and Eicher Motors are the biggest gainers. According to a leading financial daily, the adverse consequences of Maruti's standoff with workers are visible on curtailed bookings for Swift. The auto company had recently introduced a newer variant of its popular premium compact. It may be noted that this comes at a time when the car company was all set to meet the pent up demand in cars. On an average, 8,400 Swift cars are produced in a week but on account of the strike, only about 500 cars have rolled out last week. The dealers have stopped taking fresh orders and fear that delivery time could stretch to as long as 8 months or even more.

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