Hi @harshal_chakranarayan,
remember that all the knowledge objects in Splunk are related to sourcetype, so if you have different sourcetypes you cannot use (or it's very difficoult) field extractions, eventtypes, tags, etc...; this means that it isn't a good idea to use different sourcetypes!
At the same time, why do you want to put logs from hosts in different indexes?
Usually indexes are choosen based on retention policies and access right, eventually based on quantity of data (e.g. large data flows aren't stored in indexes together with few data flows), not other.
In other words, Splunk isn't a database and usually logs are stored in indexes which common retention policies and access rights using a limited number of sourcetypes that permits to manage knowledge objects.
Logs are searcheable using all their fields like sourcetype host and others.
Ciao.
Giuseppe
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