Amid a selloff in HDFC twins, Indian equity indices closed in the red on Friday with BSE Sensex nosediving 695 points or 1.13%, while its NSE counterpart Nifty50 slipped below 18,100.The bloodbath on Dalal Street today resulted in the market capitalisation of all listed companies on BSE declining by Rs 1.43 lakh crore to Rs 273.77 lakh crore.From the Sensex pack, HDFC Bank and HDFC were the top losers, falling over 5.5% each as the merger of both companies may result in slight outflows of $150 to 200 million. IndusInd Bank, Tata Steel, Kotak Bank, M&M, and Banj Finserv also closed in the red.On the other hand, Titan, Ultratech Cement, Maruti, Nestle, ITC and L&T ended higher.Shares of Federal Bank ended over 8% lower after Q4 results. Manappuram Finance closed over 11% lower after ED freezes its promoter assets.Sector-wise, Nifty Pvt Bank declined 2.82% and Nifty Financial Services dropped 2.34%. Nifty Metal and Nifty IT also closed lower. In the broader market, Nifty Midcap 100 fell 0.70% and Smallcap50 plunged 0.82%.Global MarketsGlobal stock markets were mostly higher on Friday ahead of a US jobs update amid worries about the health of banks under pressure from interest rate hikes. London, Frankfurt, Hong Kong and Wall Street futures advanced. Shanghai declined. Markets in Japan and South Korea were closed for holidays. Oil prices advanced.In early trading, the FTSE 100 in London rose 0.4% to 7,733. The DAX in Frankfurt gained 0.3% to 15,785, and the CAC 40 in Paris added 0.4% to 7,368.On Wall Street, the future for the benchmark S&P 500 index was up 0.3%. That for the Dow Jones Industrial Average rose 0.1%.Expert ViewsThe Indian market was dragged down by heavy selling in HDFC twins on fears of post-merger fund outflow, Vinod Nair, Head of Research at Geojit Financial Services, said."In addition, the cues from global peers were lacklustre as the ECB raised rates by 25bps and signalled the need for further rate hikes. Wall Street has witnessed prolonged selling pressure due to apprehensions in the banking sector about the strength of regional banks," Nair added.Siddhartha Khemka, Head - Retail Research at Motilal Oswal, said, "After the sharp rise in the last few days, Nifty is now consolidating around 18,000-18,200 zones. While the overall market structure remains positive, expect Nifty to consolidate in the near term on the back of subdued global cues and profit booking in index heavyweights. Next week market would also take cues from inflation, state election outcome and ongoing earning season."