Top Gainers & Losers on Dec 17: Akzo Nobel India, OLA, Dixon Tech, PB Fintech, Garden Reach among top losers today

It was yet another day dominated by the bears as the Indian stock market logged losses for the third straight day on Wednesday, December 17, with sentiment remaining subdued, even as the Indian rupee staged a sharp recovery from its recent slump.

After losing 0.64%, the Nifty 50 dropped another 0.16% to settle at 25,818, breaching the key support of 25,850, while the S&P Sensex also extended losses, falling 0.14% to 84,559 points. The latest sell-off has led both indices to lose over 1.4% in December so far.

The broader market also remained weak, with the Nifty Midcap 100 index falling 0.66% and the Nifty Smallcap 100 index plunging even deeper by 0.74%.

Mixed signals from the US jobs data kept the Federal Reserve's rate trajectory outlook uncertain, suppressing risk appetite, which is spilling over into emerging markets as well.

Sector-wise, most key indices posted losses, led by Nifty Media, which cracked 1.71%, followed by Nifty Consumer Durables and Nifty Realty, which fell 0.96% and 0.84%, respectively. On the gaining side, the Nifty PSU Bank made a strong comeback from recent losses, rising 1.29%, while the Nifty IT and Nifty Metal indices also advanced 0.29% and 0.25%, respectively.

Mixed signals from the U.S. jobs data kept the Federal Reserve’s rate trajectory outlook uncertain, suppressing risk appetite, which is spilling over into emerging markets as well.

US jobs growth rebounded more than expected in November, but the unemployment rate rose to a four-year high of 4.6%. Investors are now awaiting the US consumer price inflation data for November, due on Thursday.

Meanwhile, the Indian rupee staged a sharp recovery as it strengthened nearly 1% against the US dollar to reach 89.97 on Wednesday, after closing at a record low in the previous session.

The relentless fall in the currency has finally forced the RBI to intervene, resulting in the biggest single-day gain for the rupee.

Akzo Nobel, Ola Electric lead losses amid heavy selling

Among the top losers today, Akzo Nobel India topped the list, shedding 13.6% to ₹3,132 apiece, its lowest level since June 2025. The sharp fall was triggered after a large block deal involving a significant equity stake sale, likely by a promoter entity, dented investor sentiment.

As many as 51.9 lakh shares, representing around 11.4% of Akzo Nobel India’s equity, changed hands through block deals at a price of ₹3,159 per share.

Indian Overseas Bank also faced sharp selling pressure, slipping 6.2% to ₹34.30 apiece after the government launched an Offer for Sale (OFS) to pare its stake in the lender.

Meanwhile, losses in Ola Electric shares showed no signs of easing as the stock tumbled another 4.6% to ₹32.90. During the session, it even registered a fresh record low of ₹32.70 apiece.

The fall came a day after founder Bhavish Aggarwal trimmed his stake in the company. As per exchange data, Aggarwal sold around 2.6 crore shares through a bulk deal on Tuesday, December 16.

Street-favorite defence stocks also remained under pressure, extending their losing streak in recent sessions. Key stocks in the segment, including Data Patterns (India), Shipping Corporation, Cochin Shipyard, Garden Reach Shipbuilders, and Bharat Dynamics, fell between 2.5% and 4.5%.

EMS stocks, which had shown signs of recovery lately, slipped back into the red. Stocks such as Amber Enterprises, Dixon Technologies, and Kaynes Technology declined 3%, 2.6%, and 2.2%, respectively.

India Cements, Hindustan Zinc lead gains in weak market

Although the Indian stock market remained under pressure for the third straight session, some stocks managed to stay afloat. India Cements emerged as the top gainer, rallying 7.9% to ₹441.10 apiece, while Indraprastha Gas, Kirloskar Oil Engines and Swan Corp also gained 5.1%, 4.4% and 3.2%, respectively.

Both Anil Ambani-owned stocks, Reliance Infrastructure and Reliance Power, surged 5% and 3.1%, respectively. Select banking stocks also posted gains, with Canara Bank, Punjab National Bank, Karur Vysya Bank, Bank of India, City Union Bank, Bank of Baroda and State Bank of India delivering gains in the range of 1.5% to 2%.

Meanwhile, Hindustan Zinc jumped another 2% to ₹578.30 apiece on the back of the record run in silver prices, making the stock one of the top performers in December so far, even as the broader market struggled to find momentum.

With today’s rally, the stock’s December gains rose to 19.2% so far, contributing to a 30.25% rally in 2025.

Disclaimer: This story is for educational purposes only. 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.