Worries over interest rate hikes alarmed the investors during Friday's trading session. As a result, the benchmark indices started the trading session deep in the red. A sharp fall was seen in the US stocks as the market identified the need for a higher rate hike to sustain higher inflation levels affected the global markets with heavy selling.  

The domestic equity indices ended the week with heavy losses, mirroring global cues. Banks, financials, autos, IT, and metals were among the worst-performing sectors. NSE's India VIX, a gauge of the market's anticipation of volatility over the short term, climbed 4.71 per cent to 21.25. Three employees of Axis Mutual Fund, including MD and CEO Chandresh Nigam, have rumored to have made a scam of Rs 1,000 crore, putting redemption pressure on all Axis MF schemes. Viresh Joshi and Deepak Agarwal of Axis MF have been replaced as fund managers.

 Indices have closed lower amid volatility. Nifty slipped 1.63 per cent to close the week at 16,411. Besides, Sensex tanked about 866 points while Nifty Midcap and Nifty Smallcap plunged 1.79 per cent & 2.53 per cent, respectively.  

Hindustan Food Ltd, Vardhman Textiles Ltd and Hikal Ltd are today’s mid-day movers. 

At the time of today’s trading bell, Indian markets took a tremendous drop, spurred by a broad-based sell-off across the sectoral indices. IT, metal, and real estate equities took the biggest hits, losing 2 per cent each. The stock of Hindustan Foods climbed 4.55 per cent to Rs 1,865.80. On May 20, 2022, according to the corporation, the board of directors of Hindustan Foods will discuss a stock split. Meanwhile, the stock of Blue Dart Express increased 1.28 per cent to Rs 6,915.55. The company's overall net profit increased by 52.2 per cent to Rs 13 crore 67 lakh. 

Fone4 Communications (India) Limited and Nanavati Ventures Limited become the 373rd and 374th company respectively, to get listed on the BSE SME Platform on May 06, 2022.

In the previous trading session, the frontline index S&P BSE Sensex ended the day with minor gains of 0.06 per cent. However, in the pre-opening session today, the index opened in red, down by 0.51 per cent to the level of 55,419.83 and by 9.15 am, it fell to 54,928.29, which was a decline of 1.39 per cent. 

Activity in the F&O market for the weekly expiry on May 12 shows 17000 to act as resistance now. 

BSE Smallcap index underperformed broader markets closing in the red territory at 27,673.97, down by 0.32 per cent.

On Thursday, the core equity indices faded most of the intraday gains and ended on a flat note in the highly volatile session. Additionally, US index futures indicate a subdued start on Wall Street later today.