Stock market today: Domestic equity benchmarks Nifty50 and Sensex were under pressure on Friday, April 12 amid broad-based selling. Financial stocks were the top drags as hot US inflation data eroded hopes of early Federal Reserve rate cuts.

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The Nifty index lost 234.4 points or 1.03 per cent to end at 22,519.4 while the Sensex settled at 74,244.9, down 793.25 points or 1.06 per cent from its previous close. Among the widely-tracked Nifty 50 stocks, 45 stocks slipped while the rest five stocks advanced at a close. Sun Pharma, Maruti Suzuki, Power Grid, Titan and ONGC were the top losers on the Nifty50 while Divi's Bajaj Auto, Tata Motors, TCS, and Nestle India while notable gainers.

"US inflation soared by 0.4 per cent MoM, surpassing expectations and triggering a spike in US Treasury yields. Investors are questioning the feasibility of the US Fed's anticipated 3 rate cuts this year, leading to underperformance in EMs," Vinod Nair, Head of Research, Geojit Financial Services said. 

"Meanwhile, European markets excelled as the ECB maintained policy rates but hinted at a potential rate cut soon. Indian markets consolidated amidst worries over delayed US rate cuts, escalating Middle East tensions driving oil prices up, and subdued Q4 earnings projections," he added. 

Nifty Bank ended at 48,564.55, down 422.05 points, or 0.86 per cent. Meanwhile, the Nifty SmallCap 100 lost 0.45 per cent while the Nifty Midcap 100 closed 0.62 per cent lower.

Investors now await the March quarter results and commentary from Tata Consultancy Services (TCS) due today. TCS shares were up 0.0.45 per cent at the close.

Global Market 

European stocks were on track to race ahead of Wall Street on Friday, with exporters' shares in high demand as the continent's major currencies dropped against a dollar standing tall on bets the US Federal Reserve would keep interest rates high.

Europe's broad Stoxx share index rose 1 per cent in early dealings on Friday as a weak euro flattered the domestic value of exporters' dollar earnings.

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