Dalal Street opened choppy on Wednesday. The Sensex slipped 61 points to 72,972 and the Nifty fell below 22,700, as rising oil prices and continued foreign fund outflows weighed on mood. Gold, meanwhile, held steady near $4,159 an ounce as investors waited for US inflation data due later today.
Updated: October 14, 2026, 11:00 AM IST
Quick Read
- The BSE Sensex fell 61.47 points to 72,972.31 in morning trade; the Nifty 50 slipped 40.05 points to 22,681.90, sliding under 22,700.
- The weak open followed a strong Tuesday: Sensex had jumped 1,109 points after Finance Minister Nirmala Sitharaman signalled openness to rethinking capital-gains and STT taxes.
- Spot gold held at $4,159.45 an ounce; crude oil stayed elevated as traders weighed Houthi attacks on Saudi Arabia against more Russian diesel supply.
The morning numbers
At 9:30 am on Wednesday, the BSE Sensex was down 61.47 points, or 0.08%, at 72,972.31. The NSE Nifty 50 had declined 40.05 points, or 0.18%, to 22,681.90, according to The Times of India’s live market blog. The index had opened near-flat at 73,049.76 — barely above Tuesday’s close of 73,033.78 — before drifting lower.
Twelve of the 16 major sectors were in the red at the open. The broader small-cap and mid-cap indices each shed 0.1%, the Hindu BusinessLine’s live blog reported.
Context matters here. Tuesday was a big day: the Sensex had jumped 1,109.10 points, or 1.54%, to close at 73,033.78, while the Nifty settled 358.60 points higher at 22,721.95, NDTV Profit reported. Wednesday’s slip looks more like a pause for breath than a fresh slide.
Also read: Sensex Jumps 200 Pts as IMF Raises India GDP Forecast to 7%
Why the street is cautious
Three things are keeping traders on edge.
First, oil. Brent crude, the global benchmark, jumped 1.14% to $105.8 a barrel earlier this week, the Hindu BusinessLine reported, and prices stayed firm on Wednesday. Traders are weighing two opposite forces: the risk of supply disruption from escalating attacks by Yemen’s Houthi rebels on Saudi Arabia, against expectations that more Russian diesel exports will ease tightness, The Times of India reported. For India, which imports most of its oil, a high crude price is never good news.
Second, foreign money keeps leaving. Foreign institutional investors have been net sellers through the recent stretch — on Friday alone they offloaded equities worth ₹3,568.90 crore, according to exchange data cited by the Hindu BusinessLine. Sustained outflows cap any rally.
Third, it’s earnings season. IT stocks powered Tuesday’s rally after HCLTech reported quarterly numbers that beat market expectations. On Wednesday, shares in focus included Adani Enterprises, Hyundai Motor India, BHEL, BEL, Groww, Tata Elxsi and RailTel, The Economic Times reported — names investors are watching for quarterly updates and fresh orders.
Also read: $83 Billion Can’t Stop Houthis: India’s Oil Bill Rises
Tuesday’s spark: the tax talk
The reason Tuesday rallied so hard deserves a line of its own. Finance Minister Nirmala Sitharaman said the government was open to hearing views on removing long-term capital gains (LTCG) tax and on changing the securities transaction tax (STT), NDTV Profit reported.
Nothing has been proposed formally — the minister only signalled a willingness to listen. But the comment was enough to lift sentiment. Tuesday’s rally added nearly ₹5 lakh crore to the combined market value of BSE-listed companies, taking it to around ₹470 lakh crore, The Economic Times reported.
Analysts are telling clients to stay selective. “Despite the sharp rebound, persistent macroeconomic uncertainties warrant a cautious approach, with a preference for selective stock-specific opportunities and disciplined risk management,” said Ajit Mishra, senior vice-president of research at Religare Broking, as quoted by NDTV Profit.
Gold holds its breath
Gold prices barely moved on Wednesday. Spot gold held steady at $4,159.45 an ounce, while US gold futures for December delivery inched up 0.1% to $4,182.60, The Times of India reported. On the MCX, gold was at ₹148,472, up ₹22, according to the Hindu BusinessLine’s market tracker.
The calm has a reason: investors are waiting for US consumer price index data due later today. The number will shape bets on what the Federal Reserve does next — and gold, which pays no interest, moves on exactly those bets.
One currency note worth keeping: on Monday, the rupee had risen 0.99% against the dollar to 95.77, after the central bank stepped in with dollar sales to cool demand in the spot and derivatives markets, the Hindu BusinessLine reported.
Also read: Rupee Near All-Time Low: Why It Keeps Falling
The next real data point is the US inflation print tonight. If it comes in hot, rate-cut hopes fade and both gold and equities will feel it. If it’s soft, today’s choppy open could look like a buying opportunity by Thursday.
FAQ
Why did Sensex and Nifty fall today?
No single reason. Morning trade was choppy: rising oil prices, continued selling by foreign investors, and caution ahead of US inflation data all weighed. The fall came after a 1.5% rally on Tuesday, so part of it is simply profit-booking.
What did the Finance Minister say about LTCG and STT?
Nirmala Sitharaman said the government is open to hearing views on removing long-term capital gains tax and changing the securities transaction tax. No formal proposal has been announced. The comment alone drove Tuesday’s 1,109-point Sensex rally.
What is the gold price today?
Spot gold held at about $4,159 an ounce on Wednesday morning, with December futures at $4,182.60. On the MCX in India, gold traded around ₹148,472. Traders are waiting for US inflation data before making their next move.
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