The key indices ended Tuesday’s session, December 02, with sharp losses as a broad-based sell-off, led by financials, kept the market under pressure for the third straight day. The absence of fresh triggers, coupled with sustained selling by overseas investors and concerns over the weakening rupee, weighed on overall sentiment.
The Nifty 50 closed at 26,032, down 0.55% from the previous close, while the Sensex fell 0.59% to 85,138. The broader markets also finished lower, with the Nifty Midcap 100 index slipping 0.22% and the Nifty Smallcap 100 index declining by a sharper 0.55%.
Despite the market remaining lower after hitting back-to-back record highs, analysts said the overall undertone still favors the bulls. Ponmudi R., CEO of Enrich Money, said, “Indian markets remain structurally bullish, supported by strong GDP momentum and steady DII inflows that continue to comfortably absorb intermittent FII selling. The medium- to long-term outlook stays positive, with the overall setup favoring a buy-on-dips approach in quality large-cap names.”
Meanwhile, the Indian rupee touched another record low of 89.87 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.
Top banking heavyweights such as HDFC Bank, ICICI Bank, and Axis Bank fell around 1% each amid expectations of a likely reduction in their weights in the Nifty Bank index following NSE’s overhaul in line with SEBI regulations.
Bajaj Housing Finance leads decline
Bajaj Housing Finance led the losers today, falling 7.2% to ₹97 apiece , amounting to 2.35% of its equity and valued at ₹1,890 crore, were traded at ₹97 per share. On Monday, the company had announced in an exchange filing that its promoter, Bajaj Finance, plans to offload up to 2% of its stake.
Extending its decline for the second day, Garden Reach Shipbuilders fell 4.6% to ₹2,608, while Welspun Living also remained under pressure, losing 4% to ₹136.40. State-owned banks, including City Union Bank and Indian Bank, fell 3.5% and 3.1%, respectively. Meanwhile, select auto stocks faced profit booking after a steady rally in recent sessions, with Ather Energy and Force Motors losing up to 3.3%.
Shares of Anant Raj continued their downtrend, falling 3% to ₹555.70 for the fourth consecutive session, bringing the year-to-date drop to 35%. Similarly, Ramkrishna Forgings shed 2.6% to ₹522.45, extending its sell-off and marking a 41.55% decline in 2025, the first yearly fall since 2019.
Other notable losers included BLS International Services, Great Eastern Shipping, Sonata Software, Reliance Infrastructure, NBCC (India), Gillette India, AWL Agri Business, PCBL Chemical, and 15 other constituents of the Nifty 500 index, all closing with losses between 2% and 3%.
Balkrishna Industries, Akzo Nobel India, Birlasoft, Schneider Electric buck the trend
Despite a broad-based sell-off, some stocks bucked the trend, with Balkrishna Industries leading the gains, rising 6.3% to ₹2,445 apiece. Akzo Nobel India, Birlasoft, and Schneider Electric also closed with gains exceeding 5%.
Rebounding from recent weakness, Natco Pharma saw renewed buying interest, surging 3% to ₹932, while Asian Paints regained strength, climbing 3% to ₹2,954.
Vodafone Idea edged 2% higher to ₹10.13 amid hopes of relief on adjusted gross revenue (AGR) dues before the year-end. Speaking to CNBC-TV18, Union Telecom Minister Jyotiraditya Scindia said the Centre is awaiting a formal request from the telecom company before taking any relief measures.
Other top 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 closing with gains in the 2–3% range.
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