Sumanth_isac,
Drainy has covered it all, so don't vote this response up, am merely closing off your question above.
Your 'business requirement' or driving needs are to see just today's files, not previous ones. Well, Splunk does that very elegantly in the Search parameters as it is, plus if you save previous IIS logs then you can start getting cute looking for trends over time?
Re which index name should you be looking at, well - the blanket delete all covers everything, but you may find over time that you no longer have that luxury i.e. there is other data in your system.
... View more