Indian markets suffer sharp selloff this week. The combined market valuation of eight of the top-10 most-valued firms eroded by 2.81 lakh crore rupees, with State Bank of India taking the biggest hit of 53,952.96 crore. The BSE benchmark tanked 2,368.29 points, declining 2.91 percent. Escalating geopolitical tensions in West Asia and sharp spike in crude oil prices weighed heavily on investor sentiment. ICICI Bank's valuation eroded by 46,936.82 crore while HDFC Bank dived 46,552.3 crore. Larsen and Toubro tanked 45,629.03 crore. Only Reliance Industries and Infosys gained from the top-10 pack, with Reliance jumping 14,750.39 crore. Crude oil declined 53 rupees while gold and silver surged on safe-haven demand amid market uncertainty.
