New Delhi, May 12 (IANS) Indian equity indices were in deep red last week, following FII selling and volatility in the market.

Due to this, Sensex and Nifty closed at a three-week low of 72,644 points and 22,055 points respectively.

The Nifty small-cap and midcap index witnessed a fall of around 5 per cent and 2.75 per cent respectively.

FII outflows were significant, exceeding Rs 22,000 crore last week. While domestic institutional investors (DIIs) did buy Indian stocks to the tune of Rs 17,000 crore, their buying wasn't enough to offset the selling by FIIs.

Global and domestic economic data coming next week will play a big role. Wholesale and retail inflation figures will be released in India.

Globally, the upcoming US PPI, retail sales, jobless claims, Fed Chairman's speech, and core inflation data will be a key event to watch.

China's industrial production data and Japan's GDP figures round out the important releases for the week.

Arvinder Singh Nanda, Senior Vice President of Master Capital Services said, "The Nifty index has been trading within a broad range of 21,750 to 22,800 over the past few months, and it's currently approaching the lower end of this range, a critical support level at 21,750 for the short term."

"With a decisive break below the immediate support at 22,300 observed on Thursday, the Nifty is anticipated to experience further downward movement in the short term."