is trading down by 27 points while NSE-Nifty
is trading 8 points below yesterday's closing. However, The BSE Mid Cap and BSE Small Cap indices are trading up by 1.1% and 1.5% respectively. The rupee is trading at 52.19 to the US dollar.
Banking stocks have been trading mixed with Bank of Baroda, Union Bank and Bank of Maharashtra leading the pack of gainers. However, Bank of India, UCO Bank and Indian Bank are trading weak. As per a leading financial daily, State Bank of India (SBI) has decided to cancel pre-payment charges on home loans. The charges that are levied on both the floating and fixed rates will be withdrawn with immediate effect. It may be noted here that presently, a few banks are charging pre-payment fees up to 2% in case the borrower shifts to another lender and repays the full amount before maturity. If the borrower repays the amount on his own, no penalty is charged. SBI's decision follows the Reserve Bank of India (RBI) guideline asking banks to stop charging customers for pre payment on floating rate loans. At present, SBI's total outstanding home loans stand at Rs 923 bn.
Auto stocks have been trading mixed as well with Tube Investments, Tata Motors and Escorts leading the pack of gainers. However, Force Motors, Hero Motorcorp and Maruti Suzuki are trading in the red. As per a financial daily, Tata Motors has launched new tipper "Tata Prima 3138.K" for the mining sector. It will be used to transport coal, iron and limestone. It will also be used for off-road heavy duty. Tata has been present in the deep mining segment but in a limited way. With this new launch, it is aiming to offer more tippers at lower prices. Tata Motors product offerings include range of tippers and trucks for construction and mining segments. Along with this, the auto company has launched 6 vehicles under cost-truck range which will cater to the construction sector.