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Indian benchmark indices ended sharply lower on 12 May amid weekly expiry volatility, a steep rise in crude oil prices, persistent weakness in the Indian Rupee, and continued FII selling pressure, all of which weighed heavily on overall investor sentiment . India VIX also remained elevated above the 19 mark, indicating heightened market volatility .

* At close, the Sensex declined 1,456 points or 1.92% to settle at 74,559 .24 , while the Nifty fell 436 points or 1.83 % to close at 23 ,379 .55 .

* Selling pressure remained broad - based across sectors, with no major sector managing to close in the green . Nifty Realty emerged as the top loser, followed by IT and Consumer Durables, with these indices correcting between 2% and 5%.

* The broader market also witnessed a sharp correction, indicating widespread risk aversion beyond frontline indices . The Nifty Midcap 100 index declined 2.54 %, while the Nifty Small cap index tumbled 3.17%.

* Gift Nifty signals a flat opening for the Indian market . Nifty spot in today's session is likely to trade in the range of 23 ,100 - 23 ,600 .

Global Updates

* U.S . stocks finished Tuesday’s session on a mixed and volatile note as investors weighed strong corporate earnings against a hotter -than - expected inflation report and rising energy costs . While some defensive buying emerged in blue chips, high - growth technology sectors faced selling pressure due to the upward move in Treasury yields

* U.S . headline inflation for April printed at 3.8%, triggering a reality check for equity markets and pushing the "higher - for- longer" interest rate narrative back to the forefront .

* President Donald Trump departed for China for a highly anticipated summit with Chinese President Xi Jinping . The two leaders are expected to discuss trade issues, the Iran war and the self - ruled island of Taiwan, which Beijing claims as its territory .

* Asia - Pacific markets opened lower Wednesday, as investors digest a hotter -than - expected inflation reading for April amid concerns over higher oil prices and the ongoing Middle East conflict .

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