MUMBAI: Indian shares inched lower on Thursday, logging their sixth weekly loss in seven, as worries about a slowdown in consumption added to concerns over earnings moderation and foreign outflows.
The NSE Nifty 50 fell 0.11% to 23,532.7, closing below its 200-day moving average for the first time since April 2023. The BSE Sensex shed 0.14% to end at 77,580.31.
Both the benchmarks lost about 2.5% for the week. Twelve of the 13 major sectors logged weekly losses. The small- and mid-caps underperformed, losing 4.6% and 4.1%, this week.
The market will be closed on Friday for a local holiday.
The Nifty and the small- and mid-cap indexes had slipped into correction in the previous session after a prolonged weak spell.
The weakness, which pulled the Nifty down 10% from its record high on Sept. 27 and confirmed the correction, has chiefly been due to a disappointing corporate earnings season and foreign outflows worth $15 billion in the last 33 sessions.
Comments