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Below the Quote on Daily Market Commentary for October 14th 2026 by Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd

Indian markets are likely to remain lacklustre amid mixed cues. Elevated crude oil prices and persistent geopolitical tensions continue to weigh on global sentiment, while the ongoing 2QFY27 earnings season and optimism around a potential review of capital gains tax and securities transaction tax provide some domestic support. Brent crude remained above USD 106/bbl, keeping supply-side and inflation concerns elevated. Markets are likely to see stock-specific action as the 2QFY27 earnings season gathers pace. Key data releases include US CPI inflation today, followed by UK GDP, US PPI and retail sales tomorrow. Nestlé India, Wipro, Tech Mahindra, Jio Financial Services and Polycab are among the companies scheduled to report results tomorrow. The Nifty 50 declined 0.4%, failing to sustain the previous session’s 1.6% rally. Midcap100 and Smallcap100 declined 0.08% and 0.3%, respectively, as investors booked profits following the sharp previous-session gains. The rupee strengthened following the RBI’s recent measures to curb speculative activity and redirect oil-related dollar demand away from the spot market. Sectorally, Nifty IT gained 1.1%, supported by continued buying following HCLTech’s better-than-expected quarterly results. Nifty Oil & Gas rose 1%, with selective buying in energy stocks amid persistent West Asian supply and transportation risks. In contrast, Nifty Pharma declined 1.3%, amid regulatory uncertainty over medicine pricing after the Supreme Court questioned the scope of trade-margin controls. The proceedings have kept pricing regulation in focus, although the direct impact on individual companies will depend on any eventual policy changes. India’s wholesale price inflation accelerated to 11.39% YoY in September from 9.92% in August, driven by higher fuel and power, primary articles and manufactured-product prices. The sharp increase reinforces concerns over input-cost pressures, particularly with crude oil prices remaining elevated.

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