The party mood from Thursday is cooling off. The Sensex opened flat at 74,311.26 on Friday, October 16 — basically sitting on yesterday’s record close — and drifted lower in early trade as investors booked profits. Gold, meanwhile, held above ₹1.47 lakh per 10 grams with Dhanteras less than a month away.
Updated: October 16, 2026, 11:30 AM IST
Quick Read
- Early trade Friday: Sensex at 74,311.26 at 9:17 AM, down 4.35 points; Nifty 50 at 23,001.50, up 4.15 points, per Times Now. By 9:22 AM the Sensex had slipped 162 points to 74,153.13 and Nifty was at 22,964.85, per News18.
- Thursday was a bumper day: Sensex closed at 74,315.61, up 2.1%, and Nifty at 22,997.35, up 1.7% — their biggest single-day gains in four months, led by IT stocks.
- Gold held firm: 24-karat at ₹1,47,810 per 10 grams (Bullion.co.in data, via NDTV Profit), Mumbai at ₹1,47,540; silver at ₹2,11,290 per kg. COMEX gold traded near $4,176 an ounce.
Early trade: flat after Thursday’s surge
Thursday was a cracker. The Sensex jumped 1,533.72 points (2.1%) to close at 74,315.61, and the Nifty climbed 374.65 points (1.7%) to 22,997.35 — the biggest single-day gains in four months for both, powered by IT stocks rebounding on the global AI trade and strong earnings sentiment.
Friday’s start was calmer. At 9:17 AM, the Sensex was at 74,311.26 (down 4.35 points) and Nifty at 23,001.50 (up 4.15 points), per Times Now’s live blog. Minutes later, by 9:22 AM, the Sensex had fallen 162.48 points to 74,153.13 and the Nifty had slipped 32.50 points to 22,964.85, per News18. By 9:38 AM, the Economic Times live blog reported the Sensex down over 250 points and the Nifty below 22,950 — broad profit-booking dragging the market down while IT stocks held up.
Also read: 350-point Sensex rebound: why Dalal Street rose as Asia crashed
Profit-booking is a simple idea: after a big rally, some investors sell to lock in their gains. That selling pushes prices down. It’s normal after a 2% jump, not a crisis.
Tech Mahindra’s big day
The earnings star this morning is Tech Mahindra. Its Q2 results, reported October 15, beat expectations: net profit of ₹1,585.6 crore (up 32.7% from last year), revenue of ₹16,180.2 crore (up 15.6%), and deal wins worth $1,023 million in total contract value.
The company also announced a ₹15 per share interim dividend (record date October 23) and a 1:1 bonus issue. Investors noticed — Tech Mahindra was up nearly 4% in early trade, one of the top Nifty gainers alongside TCS and Infosys, per The Hindu BusinessLine’s live blog.
Earnings season continues today. Bajaj Housing Finance, Crompton, DLF, Federal Bank, PNB, and Tejas Networks announce their numbers later today, per Business Standard. Their results could swing their sectors in the afternoon session.
Gold holds above ₹1.47 lakh
With Dhanteras on November 6 just three weeks away, gold prices are doing what they usually do before festivals — holding high. This morning, 24-karat gold traded at ₹1,47,810 per 10 grams (Bullion.co.in data via NDTV Profit), with Mumbai at ₹1,47,540, Delhi at ₹1,47,280, and Chennai at ₹1,47,970. 22-karat gold stood at ₹1,35,493 per 10 grams. Silver was at ₹2,11,290 per kg.
Globally, COMEX gold was near $4,176 an ounce in early trade — a weaker US dollar is supporting precious metals after the greenback touched an 18-month high.
Also read: Rs 1.5 lakh for 10g gold: should you buy before Dhanteras?
MCX gold December futures settled at ₹1,47,489 on Thursday after gaining 1.13%. For anyone shopping for Dhanteras jewellery, prices are roughly ₹150–200 per 10 grams lower than Thursday’s close — not a big drop, but every bit helps when you’re buying at these levels.
What to watch today
A few numbers to keep in mind. Foreign investors sold ₹5,285.37 crore of Indian shares on Thursday, while domestic institutions bought ₹3,319.39 crore, per NSDL data. The rupee is expected to open between 94.75 and 94.80 to the dollar, after settling at 95.0550 on Thursday, per traders quoted by The Hindu BusinessLine.
One small detail most market blogs won’t mention: today is the ex-date for Bansal Wire Industries’ 5-to-1 stock split (₹5 to ₹1). If you see Bansal Wire’s share price looking much lower today, that’s the split adjusting the price — not a crash. Jattashankar Industries and JSW Dulux have splits lined up next week.
Brent crude was at about $105.4 a barrel in early trade, per Financial Express — slightly lower but still well above pre-war levels. Petrol and diesel prices are unchanged: Delhi at ₹102.12 and ₹95.20 per litre.
Also read: Sensex down 61 pts, Nifty dips below 22,700; gold steady
FAQ
Why is the Sensex falling today after Thursday’s big rally?
Mostly profit-booking — investors selling to pocket Thursday’s 2.1% gain. IT stocks are still holding up on the back of Tech Mahindra’s strong Q2, which is limiting the fall.
What is the gold rate in Delhi and Mumbai today?
On October 16, 24-karat gold is at ₹1,47,540 per 10 grams in Mumbai and ₹1,47,280 in Delhi, per NDTV Profit’s city-wise data. 22-karat is at ₹1,35,493.
When will the market get its next trigger?
Today’s Q2 results from DLF, Federal Bank, PNB, and others could move their sectors this afternoon. The next big global trigger is the US Fed’s rate decision on October 27–28.
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