Top Gainers & Losers on Dec 16: OLA, PB Fintech, Axis Bank, Eternal, Paytm, Bharat Dynamics among top losers

The Indian stock market came under another round of selling pressure during Tuesday’s trade, December 16, as both key indices fell 0.60% amid a broad-based sell-off. The relentless fall in the Indian rupee and sustained selling pressure by foreign investors, coupled with uncertainty over a trade deal with the US, continued to keep the market jittery.

The lack of domestic triggers is also forcing investors to look to global cues, which remain unsupportive, as resurfacing concerns over global AI valuations and rising geopolitical tensions are dampening risk-on sentiment.

After closing the previous session flat, the Nifty 50 fell 0.64% to 25,860 level, while the Sensex lost 0.63%, settling at 84,679. The broader markets also closed lower, with the Nifty Midcap 100 and Nifty Smallcap 100 each falling over 0.70%.

All major sectoral indices closed in the red, with Nifty Realty emerging as the top laggard, falling 1.30%, while Nifty Bank, Nifty Oil & Gas, and Nifty Pharma all closed lower by over 0.50%. On the upside, only the Nifty Consumer Durables index managed to end in the green, with a 0.55% gain.

Meanwhile, the pain in the Indian rupee further extended as it breached the 91 mark against the US dollar for the first time, registering another historic low of 91.07. This fall comes even as the country’s trade deficit declined to a five-month low.

VK Vijayakumar, Chief Investment Strategist, Geojit Investments, said, “The weakening of the AI trade continues in the US. Chances are that at some point in 2026, the AI trade will weaken significantly, facilitating capital flows into EMs like India. However, if the market is to show sustained strength, earnings recovery is essential. Q3 numbers will indicate where earnings recovery is happening. Bank Nifty will continue to be strong.”

Going forward, the market focus will be on US economic data, with November nonfarm payroll figures set for release on Tuesday, along with October retail sales figures. These reports were delayed due to the US government shutdown that took place in the fall. The November consumer price index is due out later in the week on Thursday.

OLA Electric leads losers’ list; Axis Bank hits two-month low

OLA Electric shares came under renewed selling pressure as they tumbled 7.8% to ₹34.5 apiece, ending their three-day winning run, while PB Fintech also closed with a sharp loss of 5.5% at ₹1,820 apiece following reports of potential regulatory tightening around insurance agent commissions.

The proposed Insurance Bill 2025 will empower the Insurance Regulatory and Development Authority to cap agent commissions through regulations, tightening oversight on payouts and disclosures, NDTV Profit reported, citing sources.

Axis Bank shares also faced sharp selling pressure, dropping 5% to reach a two-month low of ₹1,219, as management flagged NIM pressure in Q3 as well. Following a sharp recovery in the last two sessions, Transformers & Rectifiers slipped back into the red again, losing 4.3% of its value.

New-age tech stocks such as Eternal, Swiggy, Nykaa, and Paytm have lost 4.7%, 4.2%, 1.7%, and 2.2%, respectively. Meanwhile, all major metal counters finished lower, with Hindustan Copper leading the list with a drop of 2.8%, followed by GMDC, SAIL, JSW Steel, Jindal Steel, and Sarda Energy & Minerals, all falling between 2.5% and 3%.

Defence stocks, too, saw a sharp decline, with Bharat Dynamics crashing 3.4%, Garden Reach Shipbuilders falling 2.5%, and Solar Industries India dropping 2.3%.

Kirloskar Oil Engines, Vedanta defy weak market; Airtel gains on upgrade

Despite a broad-based sell-off, some stocks managed to stay afloat, with Kirloskar Oil Engines topping the gainers’ list as the stock rallied 8% to ₹1,227 apiece, marking its biggest intraday jump in over a month.

Leela Palaces Hotels and Reliance Infrastructure also posted solid gains of 4.8% and 5%, respectively, in a weak market. Extending its winning run to the sixth straight session, Vedanta shares soared 3.7% to ₹569.50 apiece after the Mumbai bench of the National Company Law Tribunal (NCLT) approved the company’s demerger plan.

While Praj Industries extended its winning run to the second straight session, advancing 3.3% to ₹345 apiece, the stock’s year-to-date decline still stands at 57%.

Telecom major Bharti Airtel rose nearly 1.6% after global brokerage firm Morgan Stanley upgraded the stock to “overweight” from “equal-weight” and raised its price target to ₹2,435 from ₹2,035 earlier.

Other stocks such as LT Foods, Supreme Industries, Cera Sanitaryware, Finolex Cables, Sobha, Astral, and Deepak Nitrite also closed higher, posting gains between 1.5% and 4.5%.

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