One clean way to find the essential element of theft is to compare it with the offences sitting right next to it in the Penal Code, since the drafters used those neighbouring sections to mark out exactly where theft ends and something else begins.
Section 22 of the IPC tells us what "movable property" means, and theft is built entirely on that word, so the subject matter has to be movable, never immovable, from the outset.
Section 390 defines robbery as theft plus the use of force, or the threat of instant hurt or wrongful restraint, to accomplish the taking or to carry away the property. If force were already an essential part of theft, robbery would not need to be written as a separate, aggravated offence. So the presence of force is what turns theft into robbery, it is not a feature of theft itself.
Section 383 similarly builds extortion out of a different aggravating feature, intimidation used to make a person part with property. Again, this shows that plain theft, standing alone, needs none of these extra elements.
Nothing in Section 378 ties the offence to a public place either, a thief can strike inside a home, an office or a field just as easily as on a street.
What remains, once force, immovable property and location are all stripped away, is the plain core of the offence, taking movable property out of someone's possession, without their consent, by moving it.
\[ \boxed{\text{The movement of movable property out of a person's possession without their consent}} \]