By Bharath Rajeswaran

(Reuters) -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.

Adding to that, data earlier this week showed inflation jumped, fanning fears of a consumption slowdown and dampening hopes of a domestic rate cut in the near-term.

"We see further pain for domestic equities, given the relentless foreign selling, earnings weakness and the slowing volume growth in consumption, the largest part of the economy," said Pramod Gubbi, co-founder of Marcellus Investment Managers.

"Valuations are still expensive. Plus, U.S. election results imply a high yields-strong dollar regime, which is not good for emerging markets like India."

Among the bright spots on the day, Royal Enfield motorcycles maker Eicher Motors jumped 6.4%, the most on the Nifty, after its quarterly profit beat market expectations.

Britannia tumbled 14.5% in its worst week in 24 years, with most coming after the biscuits maker posted a smaller-than-expected profit late on Monday.

Asian Paints slid 10.3% in its worst week since February 2022 after reporting a smaller-than-expected quarterly profit last weekend.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sumana Nandy and Savio D'Souza)