Live_wire's Info Thread

[live_wire]

Mid-Session Commentary; Auto stocks in demand

At 11:15 IST, the BSE 30-share Sensex was up 130.03 points or 0.66% to 19,821.87. It was close to the day's high of 19,822.30 hit in mid-morning trade. The Sensex fell 20.75 points at the day's low of 19,671.09 in early trade.

The S&P CNX Nifty was up 34.05 points or 0.57% at 5,968.80.

The BSE Mid-Cap index rose 1.01% and the BSE Small-Cap index rose 1.48%. Both these indices outperformed the Sensex.

The market breadth, indicating the health of the market, was strong. On BSE, 1945 shares rose while 732 shares declined. A total of 84 shares remained unchanged.

Among 30 Sensex shares, 24 rose and rest fell.

India's largest tractor maker by sales Mahindra & Mahindra jumped 4.40% to Rs 793.10. Mahindra & Mahindra on Tuesday, 23 November 2010, signed a deal to buy a 70% stake in South Korea's Ssangyong Motor $463 million. The total cost of acquisition of $463 million comprises $378 million in new stock of Ssangyong and $85 million in corporate bonds. Ssangyong Motor makes premium sports utility vehicles and recreational vehicles.

Index heavyweight Reliance Industries (RIL) rose 1.70% to Rs 1011.85 after a foreign brokerage upgraded the stock to 'neutral' from 'underweight' with a target price of Rs 1,084 a share. RIL has 11.53% weightage in the Sensex.

India's largest listed telecom operator by sales Bharti Airtel rose 1.79% to Rs 335.05 after a well known foreign brokerage upgraded the stock to 'buy' from 'neutral' and raised its target price on the stock to Rs 430.

India's largest private steel maker by sales Tata Steel rose 1.01% to Rs 618.25 after a prominent foreign brokerage lifted the steelmaker to 'outperform' from 'underperform', saying Asian steel prices and the company's India margins can sustain at current levels through fiscal year 2012.

HDFC (down 1.18%), Wipro (down 0.92%), TCS (down 0.85%), Larsen & Toubro (down 0.81%), HDFC Bank (down 0.69%), ACC (down 0.49%) and Jindal Steel & Power (down 0.02%), were the major Sensex losers.

Top gainers in the BSE's 'A' group were, TVS Motor Company (up 6.17%), Mahindra & Mahindra (up 4.40%), Rashtriya Chemicals and Fertilisers (up 4.03%), Hindustan Copper (up 3.86%) and IFCI (up 3.57%).

Top losers in the BSE's 'A' group were, Financial Technologies (down 2.47%), Pantaloon Retail (down 1.96%), DB Realty (down 1.54%), HDFC (down 1.18%) and Educomp Solutions (down 1.16%).

 

[live_wire]

Synopsis of corporate deals; Dr Reddy's acquisition plans

Gujarat Pipavav Port enters into memorandum of understanding to provide infrastructure support to Aegis Logistics at Pipavav port. Aegis intends to take on lease 75 acres of land at Pipavav port to develop tankage facility. Further, Aegis Gas, a group entity of Aegis Logistics, plans to develop between 70000 to 100000 Kilolitre (KL) of tankage facility at its existing premises of about 25 acres at Pipavav port.

JSW Energy agrees to buy Canadian coal miner CIC Energy Corp for Canadian dollar $422 million. In a statement to BSE, JSW Energy said the company bid Canadian dollar $7.42 a share to buy CIC Energy Corp, which owns and develops coal mines in Botswana in Africa with reserves of about 2.6 billion tonnes of thermal coal. The acquisition will be carried out by a subsidiary of JSW Energy and is to be completed by March 31, 2011, it added.

Dr Reddy's Lab will acquire London-based GlaxoSmithKline plc's US penicillin manufacturing site in Bristol, Tennessee, and get the rights for the penicillin medicines Augmentin and Amoxil.

Valuemart Retail (India) acquires 5,73,950 equity shares of Residency Projects & Infratech, representing 59.86% of the total paid up equity of the company from the existing promoters. The acquisition was done on 18 November 2010 as an off market transaction, vide share purchase agreement dated 18 November 2010.

Adani Power declares the successful synchronization of its fourth unit of 330 megawatt (MW) at Mundra in Kutch district of Gujarat. With synchronization of this unit Adani Power completes commissioning of all 330 MW units at Mundra and has achieved total generation capacity of 1320 MW of coal fired thermal power generation.

Yuken India signs a Memorandum of Understanding (MOU) with Clenergen Corporation, a US based company for purchase of power to be generated by them at company's plant by installing a Gasification Biomass power at their cost.

 

[live_wire]

Market breadth stable; Nifty trades in tight range

At 13:20 IST, the BSE 30-share Sensex was up 32.68 points or 0.17% to 19,724.52. The Sensex jumped 143.73 points at the day's high of 19,835.57 in mid-morning trade. The Sensex fell 20.75 points at the day's low of 19,671.09 in early trade.

The S&P CNX Nifty was up 17.85 points or 0.3% at 5,954.

The BSE Mid-Cap index rose 0.51% and the BSE Small-Cap index rose 0.99%. Both these indices outperformed the Sensex.

The market breadth, indicating the health of the market, was strong. On BSE, 1826 shares rose while 1016 shares declined. A total of 102 shares remained unchanged.

Among 30 Sensex shares, 17 rose and rest fell. DLF, Bharti Airtel, Tata Steel, ICICI Bank and Hindalco Industries rose by between 0.66% to 1.21%.

Index heavyweight Reliance Industries (RIL) rose 1.73% to Rs 1012.15 after a foreign brokerage upgraded the stock to 'neutral' from 'underweight' with a target price of Rs 1,084 a share. RIL has 11.53% weightage in the Sensex.

Consumer durables stocks rose on renewed buying. Videocon Industries, Lloyd Electric, Rajesh Exports, Titan Industries and Blue Star rose by between 1.18% to 4.02%.

Some capital goods fell on profit taking. Areva T&D, Bhel and Larsen & Toubro fell by between 0.32% to 1.08%.

India's largest tractor maker by sales Mahindra & Mahindra jumped 4.25%. Mahindra & Mahindra on Tuesday, 23 November 2010, signed a deal to buy a 70% stake in South Korea's Ssangyong Motor $463 million. The total cost of acquisition of $463 million comprises $378 million in new stock of Ssangyong and $85 million in corporate bonds. Ssangyong Motor makes premium sports utility vehicles and recreational vehicles.

Among other auto stocks, Hindustan Motors, TVS Motor Company, Ashok Leyland, Maruti Suzuki India, Bajaj Auto and Tata Motors, rose by between 0.16% to 6.69%.

IT stocks fell on lingering worries over euro-zone sovereign debt. Europe is the second biggest market for Indian IT firms. Infosys, Wipro and TCS fell by between 0.01% to 0.98%.

 

[live_wire]

Shipping stocks sets sail on higher freight rates

Five shipping shares rose 0.55% to 1.72% at 14:40 IST on BSE, after the Baltic Dry Index, which tracks rates to ship dry commodities, gained nearly 1% in London on Tuesday, 23 November 2010.

Meanwhile, the BSE Sensex was down 31.50 points, or 0.16% at 19,660.34

Varun Shipping Company (up 0.55% to Rs 36.75), Great Eastern Shipping Company (up 1.27% to Rs 375.05), Mercator Lines (up 1.67% to Rs 61), Essar Shipping Ports & Logistics (up 1.59% to Rs 105.30) and Shreyas Shipping Company (up 1.72% to Rs 41.30), edged higher.

The Baltic dry index (BDI), which measures freight costs for dry bulk commodities such as iron ore and coal, rose 20 points, or 0.92% to settle at 2,199 in London on Tuesday, 23 November 2010.

 

[live_wire]

LIC Housing, Central Bank stocks plunge on CBI raids

Central Bureau of Investigation (CBI) had questioned the top officials of the two entities in connection with an alleged multi-crore fake home loans scandal.

Shares of LIC Housing Finance and Central Bank of India plunged in late afternoon trade on Wednesday after media reports suggested that the Central Bureau of Investigation (CBI) had questioned the top officials of the two entities in connection with an alleged multi-crore fake home loans scandal.

The CBI raids were conducted at New Delhi, Mumbai, Kolkata and Chennai, according to reports.

The shares of LIC Housing Finance, are currently trading at Rs. 1,112 down Rs. 196 or 15% over the last close. While the shares of Central Bank of India, fell 10% and is currently trading at Rs. 194 down Rs. 21.2.

Shares of Bank of India were down 2.12% and is currently tarding at Rs. 464.25. UCO Bank is down 5.19% at Rs. 139.85.

 

[live_wire]

LIC Housing, PNB, Power Grid tumble in early trade

At 9:27 IST, the BSE 30-share Sensex was up 50.95 points or 0.26% to 19,510.80. The Sensex rose 141.03 points at the day's high of 19,600.88 in early trade. The index rose 47.53 points at the day's low of 19,507.38 in early trade.

The S&P CNX Nifty was down 6.25 points or 0.11% at 5,859.50.

The market breadth, indicating the health of the market, was strong. On BSE, 825 shares rose while 335 shares declined. A total of 44 shares remained unchanged.

The total turnover on the BSE amounted to Rs 464 crore by 09:25 IST

Among 30 Sensex shares, 20 rose and rest fell. Tata Motors (up 1.85%), Hindalco (up 0.75%), and Infosys (up 1.08%), edged higher from the Sensex pack

Jaiprakash Associates (down 2.5%), DLF (down 2.31%), and Tata Power (down 1.10%), edged lower from the Sensex pack.

Banking and financial stocks were mixed following the outbreak of the loan scam on Wednesday.

India's largest private sector bank by net profit ICICI Bank jumped 2.38% to Rs 1151.90 and was the top gainer from the Sensex pack.

India's second largest private sector bank by net profit HDFC Bank rose 0.91%.

India's largest bank by net profit and branch network State Bank of India fell 0.91%.

LIC Housing Finance (down 10.20%), Punjab National Bank (PNB) (down 5.26%), Bank of India (down 3.41%), tumbled.

LIC Housing Finance Company after trading hours on Wednesday, 24 November 2010, clarified that it had adhered to all rules while approving loans. LIC Housing Finance said loans to builders constitute 11.34% of the total loan portfolio of the company as on 31 October 2010 with gross non-performing assets (NPAs) from this portfolio at 0.08%.

The company further said that it would like to assure its investors, customers and business associates that all necessary steps would be taken to ensure that interests of various stakeholders are fully protected.

Index heavyweight Reliance Industries (RIL) rose 0.12% to Rs 995.80, after striking day's high of Rs 1003. A foreign brokerage on Wednesday upgraded the stock to 'neutral' from 'underweight' with a target price of Rs 1,084 a share.

Shares of Power Grid Corporation of India were down 2% to Rs 95, after shares allotted in the recently concluded follow on public offer were admitted to trading from today.

 

[live_wire]

Stocks to look at: Suzlon Energy, Tata Steel, Jet Airways, Sun Pharma...

Suzlon Energy in an official statement said, Suzlon engaged Money Matters as a financial adviser to a loan raising exercise in 2009 that has since been concluded. The firm is confident that this transaction was in complete compliance, in all its aspects, with all regulatory and legal requirements.

Tata Steel chief executive for Southeast Asia projects, Indronil Sengupta was quoted by the media as saying that the company is looking at further acquisitions as it boosts capacity to meet booming demand at home and overseas. He added that the company's portfolio will have a balanced mix of greenfield projects and acquisition. Tata Steel had bought Corus, Europe's second-largest steelmaker, in 2007 for $13 billion.

Jet Airways India's chairman Naresh Goyal was quoted by the media as saying that he hopes regulators will quickly clear a share placement of up to $400 million with foreign institutions aimed at cutting the company's debt. The company's debt currently stands at around Rs 13,700 crore.

Sun Pharmaceutical Industries has received tentative approval from the US Food and Drug Administration to market the generic version of Eli Lilly & Co's Cymbalta, used in the treating major depressive disorder, generalised anxiety disorder and diabetic peripheral neuropathic pain. Cymbalta has annual sales of about $3 billion in the US.

Titan Industries' managing director Bhaskar Bhat was quoted by the media as saying that the company expects financial year 2011 (FY 2011) sales to grow about 25% on year, helped by new store launches as demand for its products rise. Titan, which has 600 outlets at present, plans to add 80 more stores across formats by FY 2011 end.

Shriram EPC has received a coal handling plant order worth Rs 68 crore from Steel Authority of India. The order, to be executed within 22 months, pertains to de-bottlenecking of Durgapur steel plant on a turnkey basis.

MIC Electronics has bagged multiple orders worth Rs 23.89 crore for LED lighting systems.

 

[live_wire]

Bankex holds firm despite the loan scam; Realty stocks tumble

At 10:27 IST, the BSE 30-share Sensex was up 136.87 points or 0.71% to 19,596.72. The Sensex rose 168.42 points at the day's high of 19,628.27 in morning trade. The index rose 11.03 points at the day's low of 19,470.88 in morning trade.

The S&P CNX Nifty was up 30.80 points or 0.53% at 5,896.55.

The market breadth, indicating the health of the market, turned negative. On BSE, 1180 shares declined while 1046 shares gained. A total of 88 shares remained unchanged. The breadth was positive in early trade.

The total turnover on the BSE amounted to Rs 1545 crore by 10:25 IST compared with Rs 464 crore by 09:25 IST

Among 30-member Sensex pack, 18 rose and rest fell.

Hero Honda Motors (up 0.86%), Hindalco (up 0.99%), and Infosys (up 1.91%), edged higher from the Sensex pack

Jaiprakash Associates (down 2.23%), Tata Power (down 1.31%), and ITC (down 0.72%), edged lower from the Sensex pack.

Realty stocks extended Wednesday's losses on fears fresh sanctions of loans may take a hit after the outbreak of the scam involving sanctioning of loans in return for bribes. Sale of property is largely driven by financed funds. India's largest realty player by sales DLF lost 2.08% to Rs 298.80 and was the top loser from the Sensex pack.

Among other realty stocks, Ackruti City (down 3.19%), HDIL (down 3.25%), Indiabulls Real Estate (down 1.10%), Orbit Corporation (down 3.81%), Unitech (down 2.98%), DB Realty (down 10%), declined.

Index heavyweight Reliance Industries (RIL) rose 0.54% to Rs 999.50, after striking day's high of Rs 1003. A foreign brokerage on Wednesday upgraded the stock to 'neutral' from 'underweight' with a target price of Rs 1,084 a share.

Frontline banking and financial stocks edged higher after suffering losses on Wednesday following the outbreak of the loan scam.

India's largest mortgage financier by total income HDFC gained 2.47% to Rs 704 and was the top gainer from the Sensex pack.

India's largest private sector bank by net profit ICICI Bank jumped 2.30% and India's second largest private sector bank by net profit HDFC Bank rose 1.86%.

But, India's largest bank by net profit and branch network State Bank of India fell 0.71%.

Shares of LIC Housing Finance gained 1.73% to Rs 1087, staging a solid intra-day recovery from day's low of Rs 945.50. LIC Housing Finance Company after trading hours on Wednesday, 24 November 2010, clarified that it had adhered to all rules while approving loans. LIC Housing Finance said loans to builders constitute 11.34% of the total loan portfolio of the company as on 31 October 2010 with gross non-performing assets (NPAs) from this portfolio at 0.08%.

The company further said that it would like to assure its investors, customers and business associates that all necessary steps would be taken to ensure that interests of various stakeholders are fully protected.

However, other shares from the banking and financial space continued to languish, though they came off their day's low. Punjab National Bank (PNB) (down 2.72%), Bank of India (down 2.14%), Canara Bank (down 2.11%), Axis bank (down 1.15%), Kotak Mahindra Bank (down 1.13%) declined.

India's top truck maker by sales Tata Motors rose 1.77% on BSE, after the company's American depository receipt, or ADR jumped 10.77% to $36 on the New York Stock Exchange on Wednesday, 24 November 2010.

Shares of Power Grid Corporation of India were down 2% to Rs 95 on massive volume of 1.77 crore shares after shares allotted in the recently concluded follow on public offer (FPO) were admitted to trading from today. The issue price was at Rs 90 per share while for retail investors and employees it was at Rs 85.50.

 

[live_wire]

Nifty sheds over 1% on housing loan scam reports

At 03:07 p.m. (IST), the BSE Sensex was at 19,295, down 164 points from the last close.5 It earlier touched a day's high of 19,628 and a day's low of 19,365 after opening at 19,560.

The S&P CNX Nifty was up 8.30 points or 0.14% at 5,874.05

The market breadth, indicating the health of the market, was weak. On BSE, 2072 shares declined while 821 shares gained. A total of 111 shares remained unchanged. The breadth moved between positive and negative zone earlier in the day.

Among 30-member Sensex pack, 18 declined and the rest rose. Jaiprakash Associates (down 2.86%), Relaince Infrastructure (down 2.65%), and Larsen & Toubro (down 1.54%), edged lower from the Sensex pack.

Tata Power (up 1.79%), ONGC (up 0.82%), and Bharti Airtel (up 1.79%) rose by between 1.06% to 3.17%.

Index heavyweight Reliance Industries (RIL) fell 0.38% to Rs 990.45, off day's low of Rs 982.35 and day's high of Rs 1003. RIL and NTPC may reportedly settle their five-year-old legal battle over a contract to supply natural gas from RIL's field in the Krishna-Godavari basin to the state-owned power utility. Shares of the state-run power generation firm NTPC rose 0.22%.

The RIL-NTPC dispute dates back to 2005 when NTPC dragged RIL to the Bombay High Court, complaining that RIL was not honouring a contract to sell 12 million standard cubic metres a day (mmscmd) of gas to its Kawas and Gandhar expansion projects in Gujarat for 17 years at $2.34 per unit.

Metal stocks edged lower on selling pressure. Steel Authority of India (down 3.14%), Jindal Steel & Power (down 1.32%), Sesa Goa (up 0.91%), Sterlite Industries (down 1.27%), National Aluminum Company (down 2.25%), Hindalco Industries (down 0.23%), and Tata Steel (down 0.73%), edged lower.

LMEX, a gauge of six metals traders on the London Metal Exchange Index, rose 1.44% on Wednesday, 24 November 2010, after three days of losses.

Auto stocks saw mixed trend with bike makers logging gains. India second largest bike maker by sales Bajaj Auto rose 1.86% to Rs 1643.40. The stock today hit a record high of Rs 1664.50 on recent reports the company plans to increase its dealership network and upgrade its service centres by next festive season.

India largest bike maker by sales Hero Honda Motors rose 0.43% and India third largest bike maker by sales TVS Motor Company advanced 0.48%.

India's top truck maker by sales Tata Motors rose 0.29% on BSE, after the company's American depository receipt, or ADR jumped 10.77% to $36 on the New York Stock Exchange on Wednesday, 24 November 2010.

Mahindra & Mahindra (down 0.34%), Maruti Suzuki India (down 1.98%), Ashok Leyland (down 0.13%), slipped.

Realty stocks extended Wednesday's losses on fears fresh sanctions of loans may take a hit after the outbreak of the scam involving sanctioning of loans in return for bribes. Sale of property is largely driven by financed funds. India's largest realty player by sales DLF lost 3% to Rs 296.25. It was the top loser from the Sensex pack.

Frontline banking and financial stocks were mixed after an across-the-board slide on Wednesday following the outbreak of the loan scam. India's largest mortgage financier by total income HDFC gained 1.18%. The stock had slipped 2.51% on Wednesday.

India's largest private sector bank by net profit ICICI Bank fell 0.32%, reversing initial gains. India's second largest private sector bank by net profit HDFC Bank rose 1.12%. India's largest bank by net profit and branch network State Bank of India fell 0.95%.

Shares of LIC Housing Finance rose 0.81% to Rs 1077.25, staging a solid intra-day recovery from day's low of Rs 945.50. LIC Housing Finance Company after trading hours on Wednesday, 24 November 2010, clarified that it had adhered to all rules while approving loans. LIC Housing Finance said loans to builders constitute 11.34% of the total loan portfolio of the company as on 31 October 2010 with gross non-performing assets (NPAs) from this portfolio at 0.08%.

The company further said that it would like to assure its investors, customers and business associates that all necessary steps would be taken to ensure that interests of various stakeholders are fully protected.

Software stocks rose on buoyant jobs data in US, the prime market for Indian software firms. India's second largest software firm by sales Infosys Technologies surged 3.07% to Rs 3093 and was the top gainer from the Sensex pack.

India's largest software firm by sales TCS jumped 2.36% and India's third largest software firm by sales Wipro gained 1.99%

 

[live_wire]

Market hits two-month low as CBI unearths bank bribery scandal; Realty tumbles 5.4%

Indian Indices hit their lowest level in more than two months as the bursting of a bribery scandal by the CBI on Wednesday, involving officials of some top PSU banks and finance firms hurt sentiments of the invesors. All the sectoral indices close in the negative terrain except the IT sector, which reacts to buoyant jobs data in the US and ends higher by 1.2%. DB Realty, Ackruti, IBRL and HDIL fall by 5% to 13%.


The BSE 30-share Sensex was down 107.67 points or 0.55% to 19,352.18, as per provisional closing. The Sensex rose 168.42 points at the day's high of 19,628.27 in morning trade. The index lost 202.48 points at the day's low of 19,257.37 in late trade, its lowest level since 14 September 2010.

The S&P CNX Nifty was down 42.90 points or 0.73% at 5,822.85. The Nifty slipped to a low of 5,780.35 in late trade, its lowest level since 14 September 2010.

The market breadth, indicating the health of the market, was weak. On BSE, 2242 shares declined while 768 shares gained. A total of 83 shares remained unchanged. The breadth moved between positive and negative zone earlier in the day.

The total turnover on BSE amounted to Rs 5599 crore, higher than Wednesday's turnover of Rs 4426 crore.

Among 30-member Sensex pack, 23 declined and the rest rose.

Jaiprakash Associates (down 5.61%), Relaince Communications (down 4.70%), and Larsen & Toubro (down 2.36%), edged lower from the Sensex pack.

The RIL-NTPC dispute dates back to 2005 when NTPC dragged RIL to the Bombay High Court, complaining that RIL was not honouring a contract to sell 12 million standard cubic metres a day (mmscmd) of gas to its Kawas and Gandhar expansion projects in Gujarat for 17 years at $2.34 per unit.

Metal stocks edged lower on selling pressure. Steel Authority of India (down 4.26%), Jindal Steel & Power (down 2.40%), Sesa Goa (up 1.92%), Sterlite Industries (down 2%), National Aluminum Company (down 4.51%), Hindalco Industries (down 2.38%), and Tata Steel (down 1.97%), edged lower.

LMEX, a gauge of six metals traders on the London Metal Exchange Index, rose 1.44% on Wednesday, 24 November 2010, after three days of losses.


Realty stocks extended Wednesday's losses on fears fresh sanctions of loans may take a hit after the outbreak of the scam involving sanctioning of loans in return for bribes. Sale of property is largely driven by financed funds. India's largest realty player by sales DLF lost 3.68% to Rs 294.10.

Frontline banking and financial stocks were mixed after an across-the-board slide on Wednesday following the outbreak of the loan scam. India's largest mortgage financier by total income HDFC gained 1.45%. The stock had slipped 2.51% on Wednesday.

India's largest private sector bank by net profit ICICI Bank rose 0.18%. India's second largest private sector bank by net profit HDFC Bank rose 1.17%. India's largest bank by net profit and branch network State Bank of India fell 0.67%.

Shares of LIC Housing Finance fell 0.52% to Rs 1063, staging a solid intra-day recovery from day's low of Rs 945.50. LIC Housing Finance Company after trading hours on Wednesday, 24 November 2010, clarified that it had adhered to all rules while approving loans. LIC Housing Finance said loans to builders constitute 11.34% of the total loan portfolio of the company as on 31 October 2010 with gross non-performing assets (NPAs) from this portfolio at 0.08%.

The company further said that it would like to assure its investors, customers and business associates that all necessary steps would be taken to ensure that interests of various stakeholders are fully protected.

Shares of state-run banks who had executives arrested linked to the loan scam, remained under pressure. Punjab National Bank (PNB) (down 5.49%), and Bank of India (down 5.91%), declined. But, Central Bank of India bounced back. The stock jumped 7% to Rs 212.10.

Software stocks rose on buoyant jobs data in US, the prime market for Indian software firms. India's second largest software firm by sales Infosys Technologies surged 1.63% to Rs 3050 and was the top gainer from the Sensex pack.

India's largest software firm by sales TCS jumped 1.37%. But, India's third largest software firm by sales Wipro fell 1.71% to Rs 402.10, off day's high of Rs 421.

Shares of Power Grid Corporation of India were down 0.15% to Rs 96.80 on massive volume of 6.92 crore shares after shares allotted in the recently concluded follow on public offer (FPO) were admitted to trading from today. The issue price was at Rs 90 per share while for retail investors and employees it was at Rs 85.50.

PSU stocks declined in a broad-based sell-off that materialised in late trade. Syndicate Bank (down 6.53%), Neyveli Lignite (down 5.43%), Indian Oil Corporation (down 5.37%), HMT (down 2.63%), and ONGC (down 1.34%), declined.