Top Gainers & Losers on Dec 03: Indian Bank, Angel One, OLA, BSE, CDSL, Bank of India among top losers

Amid a late-session recovery, the Indian stock market closed Wednesday, December 3, with minor losses. Despite the rebound, the indices remained under pressure, marking the fourth consecutive session of weakness amid continued pressure on the Indian rupee and sustained selling by overseas investors.

The Nifty 50 closed at 25,958, down 0.18% from the previous close, while the Sensex fell 0.05% to 85,091. The broader markets fared worse, with the Nifty Midcap 100 slipping 1% and the Nifty Smallcap 100 declining 0.71%.

After scaling fresh all-time highs last week, both the Nifty 50 and Sensex witnessed profit booking, which accelerated in the following sessions amid currency woes, leading to declines of 1.3% and 1.2%, respectively, from their record highs.

The Indian rupee dropped 0.36% to a record low of 90.30 against the US dollar, extending its losses amid continued selling pressure from FPIs and the absence of a trade deal between India and the United States.

So far this year, the domestic currency has weakened over 5.4% against the USD, making it the worst-performing Asian currency amid a lack of support from the central bank.

Sector-wise, all major sectoral indices closed with losses, led by Nifty PSU Bank, which crashed 3%, while Nifty Consumer Durables, Nifty Auto, Nifty FMCG, Nifty Realty, Nifty Oil & Gas, Nifty Chemicals, and Nifty Metal fell between 0.50% and 1.20%.

Focus is now on the Reserve Bank of India's policy decision on Friday, amid expectations that robust GDP growth data might lead to interest rates being held.

PSU banks lead market declines

All PSU banks closed with sharp losses, led by Indian Bank, which fell 5.4% to ₹812.8 apiece and emerged as the top laggard in the Nifty 500 index. Other PSU banking stocks such as Punjab National Bank, Canara Bank, Bank of India, Bank of Baroda and Union Bank of India also slipped between 3% and 4.5%.

The sell-off intensified in the PSU banks after the government clarified that it is not considering any proposal to raise the foreign direct investment (FDI) limit in public sector banks.

Minister of State for Finance Pankaj Chaudhary said on Tuesday that the government is not evaluating any plan to increase the FDI limit. Responding to a written question in the Rajya Sabha on whether the government had proposed raising the limit to 49%, Chaudhary replied in the negative.

Angel One shares came under renewed selling pressure, falling 5% to ₹2,670 apiece as investors appeared disappointed with the company’s October business update.

Ola Electric Mobility shares extended their bearish trend, dropping another 5% to ₹38, their lowest level since listing. The sell-off in Transformers & Rectifiers also deepened, with the stock crashing 4.5% to ₹247.9 apiece.

Solar Industries plunged 3.55% to ₹12,835 apiece, its lowest level since April 2025, extending the correction to 27% from its recent high of ₹17,648.

Other top laggards in the Nifty 500 index included Aavas Financiers, BSE, LT Foods, Saregama India, JSW Energy, Timken India, Bharat Dynamics, HFCL and Central Depository, all of which fell between 2% and 4%.

Despite market pressure, select stocks buck the trend; IT and consumer names shine

Birlasoft led the gainers list, rising 4.4% to ₹422.8 apiece and extending its winning streak for the third straight session, with a 3-day cumulative gain of 11.3%. Mid-cap IT stock Sonata Software also gained 4% to ₹364.45 apiece.

DOMS Industries surged over 4% to ₹2,609 apiece after domestic brokerage firm Antique Stock Broking initiated coverage with a 'Buy' rating and set a price target of ₹3,250.

The brokerage said the stationery manufacturer is well-positioned to grow at a faster pace within the broader consumption space.

Meanwhile, Vodafone Idea advanced 4% to ₹10.55 apiece as the Union Government is seen moving closer to finalising its stance on the telco’s relief proposal related to adjusted gross revenue (AGR) dues.

Snapping its two-day losing streak, Triveni Turbine rebounded 4% to ₹545.30 apiece. Other key gainers, including Sapphire Foods India, Neuland Laboratories, Himadri Speciality, Chalet Hotels, Hexaware Technologies, Apollo Tyres, Welspun Living, Devyani International, Biocon, Gujarat Gas, PVR INOX, and JK Tyre & Industries, all rose between 2% and 4%.

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