Indian stock markets saw the biggest selloff in recent months as US-Iran tensions knocked down global equities. The Sensex fell 788 points to settle at 40,676, wiping out 3 lakh crore in market value. The broader Nifty crashed nearly 2% to 11,993 as oil prices continued to spike. The rupee also fell sharply against the US dollar, breaching the 72 mark.

Here are 10 things to know about today's selloff on Dalal Street:

1) Among the Sensex 30 stocks, just two - Titan andPowerGrid - managed to close in the green. HDFC Bank, Tata Steel, RIL, Asian Paints, ICICI Bank, HDFC, Hero MotoCorp and Maruti Suzuki fell between 2% and 3%. IndusInd Bank, Bajaj Finance and SBI tumbled in the range of 4% to 5%.

2) Brent crude traded surged to around $70 a barrel as investors continued to grapple with the fallout from a US airstrike that killed an Iranian general. The security situation in the Middle East remained tense, with Iran saying it would no longer abide by any limits on its enrichment of uranium. Earlier, US President Donald Trump said the US had identified 52 Iranian sites it would hit if Tehran retaliates.

3) A depreciating rupee and fears of rising inflation put pressure on banking stocks. The Nifty Bank index tanked 2.6% with Federal Bank, SBI, Bank of Baroda, PNB and RBL Bank falling between 4% and 6%.

4) “Indian market is reacting more negatively than other emerging markets due to crude oil impact. Since our dependence on crude imports as a percentage of consumption is the highest, the impact on economy and markets is also higher," said Rusmik Oza, senior VP and head of fundamental research-PCG at Kotak Securities.

5) "A $10 increase in crude prices increases India's monthly import bill by $1.5 billion and our headline CPI by around 0.4%," forex advisory firm IFA Global said in a note.

6) "Along with crude, the negative impact of currency is also weighing on Indian markets. The geopolitical tension has increased the risk of unknowns which is getting factored into the market. Just before the event took place, India’s Nifty-50 index was trading in a new zone on the back of Budget expectations," Rusmik Oza of Kotak Securities said.

7) However, a 5-6% correction from the peak levels could be a healthy one for the long-term market sentiment, he added.

8) Reflecting the nervousness among investors, India VIX, commonly referred to as fear gauge, jumped 16% today.

9) The broader markets also came under strong selling pressure today with BSE midcap and smallcap indices falling over 2% each.

10) The price of gold, which investors buy in times of uncertainty as a safe haven of value, surged to new highs today. On MCX, gold prices rose to over 41,000 per 10 gram in Indian markets.