Negative bias at market closure due to weak global cues

 Nifty and Sensex, the two most important benchmark indices in India, closed modestly lower following a lacklustre trading day due to weak global cues and some trepidation surrounding Adani equities.

Following yesterday's decline in the US market, most European markets remained down. 

The main indices were outperformed by mid and small cap equities. While the Smallcap index increased 0.48 percent, the BSE Midcap index gained just 0.04 percent, remaining unchanged.

HCL Tech, Tata Steel, and ICICI Bank were the biggest losers on the Sensex, while Tata Motors, L&T, and Powergrid were the top gainers. 

The benchmark Nifty-50 and BSE-30 were nearly unchanged this week. The BSE Midcap and BSE Small-cap indexes, however, experienced weekly advances. BSE Healthcare, BSE IT, BSE capital goods, and BSE Realty all saw advances this week while BSE Metal and BSE Power indexes experienced severe corrections. FPI flows in India continued to be negative, according to Shrikant Chouhan, Kotak Securities' Head of Equity Research (Retail).

The Nifty-50 stocks' reported Q3FY23 earnings were generally in line with expectations. The RBI Monetary Policy Committee increased the repo rate by 25 basis points while expressing continued worry for core inflation. This week saw an increase in the price of oil globally, with Brent Crude currently trading around $86-$87 per barrel. Investor attention will now switch to domestic and global macro concerns as the Q3FY23 result season draws to a close, he added.

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