Most believers in sovereign grace and NCT that I know believe that the gifts of prophecy, tongues, and knowledge ceased in the first century. I certainly agree with this belief.  However, it is entirely inconsistent when a New Covenant theologian uses 1 Corinthians 13 to argue for the cessation of the gifts unless they believe in the total first-century fulfillment of that passage:

1 Corinthians 13:8-13  Charity never faileth: but whether there be prophecies, they shall fail; whether there be tongues, they shall cease; whether there be knowledge, it shall vanish away. {9} For we know in part, and we prophesy in part. {10} But when that which is perfect is come, then that which is in part shall be done away. {11} When I was a child, I spake as a child, I understood as a child, I thought as a child: but when I became a man, I put away childish things. {12} For now we see through a glass, darkly; but then face to face: now I know in part; but then shall I know even as also I am known. {13} And now abideth faith, hope, charity, these three; but the greatest of these is charity.
Many will say that the "perfect" was the canon of Scripture, and therefore tongues must have ceased.  But the context is clear: at the
time tongues would cease:

1)      That which was perfect would come
2)      That which was in part (tongues, knowledge, prophecy) would be done away
3)      The church would not be a child, but a man
4)      The church would no longer see through a glass darkly but rather, face to face
5)      The church would no longer know only in part, but would know as she was fully known.

Unless we understand  all the elements in 1 Corinthians 13:8-13 to have their fulfillment in the first century, we cannot affirm that the gifts of tongues, knowledge, and prophecy have ceased.

Not only this, but many New Covenant theologians would say we are in the last days.  Usually they will argue that the last days began in the first century.  With that, I would agree.  However, if I am to say that we are in the last days now, I, again, would be inconsistent in saying that the gifts of the Spirit ceased. For the apostle Peter was very clear:

Acts 2:14-20  But Peter, standing up with the eleven, lifted up his voice, and said unto them, Ye men of Judaea, and all ye that dwell at Jerusalem, be this known unto you, and hearken to my words: {15} For these are not drunken, as ye suppose, seeing it is but the third hour of the day. {16} But this is that which was spoken by the prophet Joel; {17} And it shall come to pass in the last days, saith God, I will pour out of my Spirit upon all flesh: and your sons and your daughters shall prophesy, and your young men shall see visions, and your old men shall dream dreams: {18} And on my servants and on my handmaidens I will pour out in those days of my Spirit; and they shall prophesy: {19} And I will show wonders in heaven above, and signs in the earth beneath; blood, and fire, and vapour of smoke: {20} The sun shall be turned into darkness, and the moon into blood, before that great and notable day of the Lord come:
Peter was quoting Joel and saying that during the last days God would cause His Spirit to be poured upon all flesh, sons and daughters would prophesy, young men would see visions and old men would dream dreams. I utterly deny that these are taking place today.  However, if I were to affirm that we are still in the last days, I simply could not, with a clear conscience, say that these gifts were not for today.

My point is that the first century church was in the last days of the Jewish age:

Hebrews 1:1-2  God, who at sundry times and in divers manners spake in time past unto the fathers by the prophets, {2} Hath in these last days spoken unto us by his Son, whom he hath appointed heir of all things, by whom also he made the worlds;
1 Corinthians 10:11  Now all these things happened unto them for ensamples: and they are written for our admonition, upon whom the ends of the world (age) are come.
Hebrews 9:26  For then must he often have suffered since the foundation of the world: but now once in the end of the world (age) hath he appeared to put away sin by the sacrifice of himself.
This is decisively why John could say:
1 John 2:18  Little children, it is the last time: and as ye have heard that antichrist shall come, even now are there many antichrists; whereby we know that it is the last time.
This had nothing to do with the last time of the physical planet but, rather, the last time of the Jewish age.  It was about to completely
come to a close:s
Hebrews 8:13  In that he saith, A new covenant, he hath made the first old. Now that which decayeth and waxeth old is ready to vanish away.