Top Nifty gainers & losers: IT stocks shine, Airtel, Nestle decline

The benchmark Sensex and Nifty extended their bull run and scaled newer highs on December 15. While the Nifty topped 21,300, the Sensex surpassed the 71,000-mark for the first time. The impressive gains clocked by the benchmarks set the market on course to end higher for the seventh straight weeks, the first time in three years. At 12.51 pm, , the Sensex was up 504.79 points, or 0.72 percent, at 71,018.99, and the Nifty was up 145.60 points, or 0.69 percent, at 21,328.30. About 1,779 shares advanced, 1,378 declined and 82 were unchanged.

HCL Tech Ltd: Shares of the IT major led the Nifty, gaining 4.5 percent to Rs 1,477. The surge followed the US Fed meeting in which the American central bank indicated the possibility of three rate cuts in 2024, signalling the end of the high-interest rate cycle.

Tech Mahindra Ltd: The stock gained 4.2 percent to Rs 1,317 after the outcome of the US Fed meeting, which has triggered hopes of lower interest rates which will help Indian IT firms that get bulk of their business from the US and other western countries..

LTIMindtree Ltd: Shares of the Larsen and Toubro Group company surged 4 percent to Rs 6,192 on December 15 after the IT services provider launched new delivery centre in Mexico City as it expands its presence in Latin America.

Infosys Ltd: Shares of the IT services company gained 4 percent to Rs 1,564 on December 15 after the US Fed meeting. The US Fed has indicated the possibility of three rate cuts in 2024, signalling the end of the high-interest rate cycle. The expectation is that US Fed rates will either stay unchanged or decrease in the future.

TCS Ltd: Shares of India’s leading IT company gained 4 percent to Rs 3,817 buoyed by US’s signal to cut interest rates. IT stocks have gathered momentum following dovish comments from the Fed.

HDFC Life Insurance Company Limited: The stock dropped 3 percent to Rs 666, extending losses for the third day in a row. Recently, IRDAI proposed a higher surrender value on non-PAR products. The insurance regulator released a consultation paper that proposes a higher surrender value on non-PAR products. This will result in policyholders receiving a higher amount following lapses in their policies.

Nestle Ltd: Shares of FMCG major extended losses after falling 2 percent to Rs 24,310 on December 15. Volumes were high as 82,000 shares changed hands against the daily one-week average of 70,000.

SBI Life Insurance Company Ltd: The stock fell 1.2 percent to Rs 1,452. About 7 lakh shares changed hands against one-week daily average of 19 lakh.

Britannia Industries Ltd: Shares of the biscuit-maker fell over a percent to Rs 4,891, snapping its two-day gaining streak on the bourses. About 77 lakh shares changed hands, lower than the one-week average of 2 lakh shares.

Bharti Airtel Ltd: Shares of the telecom giant fell almost a percent to Rs 996. The drop comes after brokerage firm Morgan Stanley downgraded the stock to “equal weight”.