Top Gainers & Losers on Dec 02: Bajaj Housing Finance Drops 7.2%, Balkrishna Industries Share Price Surges 6.3% Amid Broad Market Sell-Off

Mumbai, 2 December 2025: Indian markets witnessed a broad-based sell-off on December 02, with financial stocks leading the decline. The Nifty 50 closed at 26,032, down 0.55%, while the Sensex fell 0.59% to 85,138, as concerns over a weakening rupee and sustained foreign investor selling weighed on market sentiment.

Financials Face Maximum Pressure with Nifty Bank Constituents Slipping Around 1%

Key banking heavyweights including HDFC Bank, ICICI Bank, and Axis Bank fell approximately 1% each amid expectations of a likely reduction in their Nifty Bank index weights following the National Stock Exchange (NSE) overhaul in line with Securities and Exchange Board of India (SEBI) regulations. The Indian rupee touched a record low of ₹89.87 against the US dollar, extending losses amid continued selling pressure from foreign portfolio investors (FPIs), adding to the financial sector weakness.

Bajaj Housing Finance Leads Decline With 7.2% Drop After Promoter Stake Sale Announcement

Bajaj Housing Finance shares fell 7.2% to ₹97 following a large block deal of 19.5 crore shares, valued at ₹1,890 crore, representing 2.35% of the company’s equity. The decline comes after the company disclosed that its promoter, Bajaj Finance, intends to offload up to 2% of its stake. Other financial and state-owned banks also faced pressure, with City Union Bank (-3.5%) and Indian Bank (-3.1%) contributing to the market-wide losses.

Mid-Cap and Auto Stocks See Profit Booking, Extending Year-to-Date Declines

Industrial and manufacturing stocks experienced notable declines. Garden Reach Shipbuilders (-4.6%) and Welspun Living (-4%) faced selling pressure, while select auto stocks including Ather Energy (-3.3%) and Force Motors (-3.3%) experienced profit booking after a recent rally. Anant Raj (-3%) and Ramkrishna Forgings (-2.6%) extended year-to-date drops to 35% and 41.55%, respectively, reflecting continued pressure on mid-cap and small-cap stocks.

Select Stocks Buck Trend with Strong Gains Amid Market Weakness

Despite broad-based declines, some companies saw notable gains. Balkrishna Industries surged 6.3% to ₹2,445, while Akzo Nobel India, Birlasoft, and Schneider Electric closed with gains exceeding 5%. Natco Pharma (+3%) and Asian Paints (+3%) rebounded after recent weakness, while Vodafone Idea (+2%) advanced amid hopes of relief on adjusted gross revenue (AGR) dues, pending formal government request, as confirmed by Union Telecom Minister Jyotiraditya Scindia. 

Other gainers included United Breweries, Swiggy, Gujarat State Petronet, KEC International, Hitachi Energy India, Chennai Petroleum, Gland Pharma, eClerx Services, Jaiprakash Power Ventures, and Whirlpool of India, all posting gains in the 2–3% range.

The December 02 session underscores the impact of macroeconomic factors such as rupee depreciation and foreign investor selling on financial and mid-cap stocks. While certain industrials, pharma, and telecom companies posted gains, the market exhibited sector-specific volatility, highlighting the influence of regulatory changes and block deals on share price movements.

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