The domestic market today was under the influence of a global market rally sparked by US FED rate cuts in March 2024. As the Federal Reserve of the US signalled towards possible rate cuts at the start of next year, the global market turned positive which pushed Nifty 50 to a new high.
Today, the equity benchmark index, Nifty 50 soared 1.23% and closed at 21182.70. However, the index touched 21210.90 today and this is the first time that it crossed the 21200 mark.
The IT and realty sector were clear winners today followed by the banking and financial services sector. Here are the top nifty gainers and losers today, which made the most significant mark in the market today.
Top 5 Gainer Stocks Today
| Stock | Previous Day’s Closing Price | LTP | Change (%) |
| INFY | 1,449.00 | 1,506.00 | 3.93 |
| TECHM | 1,216.10 | 1,260.70 | 3.67 |
| LTIM | 5,727.50 | 5,930.00 | 3.54 |
| WIPRO | 419.65 | 434 | 3.42 |
| HCL TECH | 1,369.20 | 1,413.50 | 3.24 |
- Infosys: Today, all the top Nifty gainers were IT stocks and Infosys was right at the top with gains of around 3.93%. The stock closed at 1506 up from its previous close at 1449. The rise in the price of this IT stock can be primarily linked to the expectations of easing FED monetary policies in the upcoming year. In addition, the company recently had a change in its management, which might have been working in the favour of the company.
- Tech Mahindra: The next top nifty gainer today was Tech Mahindra with a rise of 3.67%. This is again a rise due to the FED’s signals about rate cuts. As the IT sector picked up in the West, the effect can be felt in the domestic market as well.
- LTIM: Similarly, the LTIMindtree went up 3.54% owing to the positivity in the IT sector. They closed today at 5930 while previously it closed at 5727.50.
- Wipro: ThisIT giant gained 3.42% in today’s rallying market. The stock rose to 434 from yesterday’s close of 419.65. Recently, Wipro grabbed a multi-year contract with RSA to accelerate their cloud migration, which might have also pushed the stock upward.
- HCL Technologies: The fifth top nifty gainer today was HCL Technologies, which surged 3.24% following the rise in the overall sector and as well as after the Department of Transport and Planning of Victoria chose HCL Tech to provide digital technology support to transform the customer experiences.
Top 5 Loser Stocks Today
| Stocks | Previous Day’s Closing Price | LTP | Change (%) |
| POWERGRID | 236.95 | 232.45 | -1.9 |
| HDFCLIFE | 698.2 | 686 | -1.75 |
| NESTLEIND | 25,044.40 | 24,799.90 | -0.98 |
| CIPLA | 1,216.50 | 1,205.00 | -0.95 |
| JSWSTEEL | 851.4 | 846 | -0.63 |
- Power Grid: This power company lost its Non-Executive Independent Director – Shri Korachara Nagappa Onkarappa on Tuesday night. This along with other factors pulled the stock price down by 1.90% during today’s market session. The stock closed at 232.45 while it closed yesterday at 236.95.
- HDFC Life: This insurance stock dipped for the second day in a row. Today, it dipped 1.75% and closed at 686, down from its previous close of 698.20. However, the financial service sector witnessed some great rallies today.
- Nestle India: This FMCG stock has been quite volatile in the recent past. Today it dipped 0.98% and closed at 24799.90, while yesterday it was at 25044.40 when the market closed. The reason behind the volatility of this stock can be linked to the sluggish and volatile FMCG sector itself.
- Cipla: The pharma sector was slow throughout the day and this pharma stock made it to the nifty losers today. The stock lost 0.95% and closed at 1205 down from its previous day’s close of 1216.50.
- JSW Steel: This stock also lost for the second consecutive day post a series of ups. Today, the stock lost 0.63% and ended the day in the red. However, in COP28, the company’s SEED program got prestigious recognition.
Wrapping up
Today, the stock market offers some great returns to investors especially in sectors like IT, and financial services while some of the power stocks and pharma stocks declined which put an upper cap on the market.
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I’m Archana R. Chettiar, an experienced content creator with
an affinity for writing on personal finance and other financial content. I
love to write on equity investing, retirement, managing money, and more.