Top Gainers & Losers on Dec 01: Wockhardt, JM Financial, TVS Motor, Hindustan Copper, Paytm among top gainers

Indian stocks pulled back sharply from the day's highs to close Monday's session, December 01, with losses, as sharp pressure from the Indian rupee, which touched a fresh all-time low against the US dollar, along with continued selling by overseas investors and fading hopes of an RBI rate cut later this week, weighed on market sentiment.

Though both key indices kicked off the session positively and even touched another record high following a stronger-than-expected second-quarter GDP print, they soon gave up their gains and slipped into negative territory.

The Nifty 50 dropped 150 points from the day's high to settle at 26,175, a 0.10% decline compared with the previous closing price, while the S&P BSE Sensex also closed with a minor drop of 0.09% at 85,625 points, losing 531 points from the day's high.

Sector-wise, the market ended mixed, with most major indices closing lower. Nifty Realty led the decline with a 1% drop, while Nifty Consumer Durables, Nifty Pharma, Nifty FMCG, and Nifty Private Bank also closed with losses of up to 0.60%.

In contrast, Nifty Auto and Nifty Metal posted solid gains of 0.79% and 0.60%, respectively. Nifty IT also finished higher by 0.39%, and Nifty PSU Bank advanced 0.25%.

The September-quarter GDP growth of 8.2% has tempered expectations of an RBI rate cut, with experts noting that additional central bank support may not be necessary at this stage.

Dr. V. K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said the economy “doesn’t need a monetary stimulus when it is firing on all cylinders,” adding that this has weighed on market sentiment.

Despite the stronger September-quarter print, the manufacturing sector lost momentum in November, with industrial activity easing to its weakest level in nine months, according to a survey released on Monday.

Wockhardt surges, Paytm extends rally; auto and metal stocks shine

Rebounding from the recent weakness, Wockhardt shares were locked in the 20% upper circuit at ₹1,482 apiece after the company announced that the United States Food and Drug Administration (US FDA) has formally accepted the New Drug Application (NDA) for its novel, first-in-class antibiotic, Zaynich.

Paytm shares witnessed renewed buying interest, closing 3.6% higher at ₹1,368 apiece, and during intraday trade, the stock touched a four-year high of ₹1,371. The latest rally has driven the stock up 35%, putting it on track to close with a third straight yearly gain.

A steady rise in silver and copper prices led to a 3.7% rally in Hindustan Copper and a 3% jump in Hindustan Zinc to ₹498.6 apiece. Capital market–related stocks such as JM Financial, KFIN Technologies, and Angel One also closed higher with gains between 2% and 6%.

Auto stocks came into the bulls’ eye as companies began releasing their November wholesale figures, which so far have come in above Street estimates. TVS Motor reported 30% growth in dispatches to 5.19 lakh vehicles, beating expectations and triggering a 4% rally in the stock to ₹3,664.

Other auto stocks such as Hyundai Motor India, Force Motors, Tata Motors Passenger Vehicles, and Hero MotoCorp also rallied over 2%. Other key stocks from the Nifty 500 pack, including Cyient, City Union Bank, UltraTech Cement, Tejas Networks, PB Fintech, Can Fin Homes, Karur Vysya Bank, Bank of Baroda, and GMDC, surged between 2% and 4%.

Persistent selling hits Whirlpool, Reliance Infra, and Bata India

Looking at the top laggards, Whirlpool of India leads the list as it crashed 7.6% to ₹990 apiece, while Welspun Living and Neuland Laboratories also closed with sharp cuts, losing 4.6% and 4.1%, respectively.

After a brief rally, Reliance Infrastructure shares came under renewed selling pressure, falling 4% to ₹165 apiece, starting another month lower after closing the last five months with heavy losses, leading to a cumulative decline of 58%.

Reliance Power has also begun another month on a weaker note as it dropped 2.6% to ₹38.9 apiece. It has closed four out of the last five months lower, losing a cumulative 43%.

Bata India’s share price fell 2.5% to ₹974 apiece, its lowest level since November 2018. The stock has been under prolonged selling pressure since November 2021 and has so far lost 57% of its value, resulting in significant wealth erosion for shareholders.

In the current year, the shares are down 30%, and if they close around these levels, it will mark the company’s biggest yearly drop since 2008. Other key constituents of the Nifty 500 index—such as KPR Mill, Max Healthcare Institute, Latent View Analytics, RITES, Elecon Engineering, and CCL Products India—also closed with losses of up to 3.5%.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.