Thursday’s market mayhem wiped out Rs 3.31 lakh crore from equity investors’ wealth, as market capital isation of the BSE-listed firms declined from Rs 143.71 lakh crore to Rs 140.40 lakh crore.Index-wise, market capitalistation of BSE 100, BSE200 and BSE 500 slipped by Rs 12,000 crore, Rs 17,000 crore and Rs 39,000 crore, respectively.The BSE Midcap index declined 1.93 per cent, while the BSE Smallcap index plunged 2.07 per cent.The Indian market has been seeing a sharp selloff on account of depreciation in rupee and higher crude prices. This negative sentiment was further reinforced by the fear of liquidity crisis to support credit growth following the IL&FS scare, said Nitasha Shankar, Senior Vice President and Head of Research, YES Securities.“We believe the long-term story of Indian market remains intact. Therefore, this fall should be treated as an opportunity to accumulate fundamentally strong companies where valuations have corrected to attractive levels,” she said.The BSE Sensex tanked 2.24 per cent, or 806.47 points, to end the day at 35,169, registering its biggest fall since February 2, 2018. NSE’s Nifty50 dipped 2.39 per cent, or 259 per cent, to 10,599.Earlier during the day, the local currency cracked to a fresh low of 73.77 against the US dollar following a surge in globe oil prices, growing worries about current account deficit and capital outflows.Shares of oil marketing companies fell like ninepins after the government announced a Rs 2.50 per litre cut in petrol and diesel prices, factoring in an excise duty reduction of Rs 1.50 per litre and asking oil companies to absorb another Re 1.Shares of HPCL, BPCL and IndianOil declined 22.44 per cent, 18.88 per cent and 18.24 per cent, respectively, while those of ONGC and Reliance Industries dipped up to 10 per cent. Following the weak performance of oil majors, the BSE Oil & Gas index fell over 6 per cent.The BSE IT, Healthcare, TECk, FMCG and Telecom indices dipped between 1.50 per cent and 3.50 per cent. Other sectoral indices also ended the day in the red.Going against the wind, shares of ICICI Bank , Bharti Infratel, UltraTech Cement Axis Bank and L&T gained between 1 per cent and 4 per cent.Rusmik Oza, Senior VP (Head of Fundamental Research), Kotak Securities said, “Sensex and Nifty slipped sharply on the back of selling witnessed across all Asian markets. Since most Asian markets are importers of crude the impact of rising crude prices and rising dollar Index will weigh on their trade balance. Among Asian markets, India is the highest importer of crude after China hence the impact on India’s trade deficit is very high.”FPIs have also been selling in emerging markets whose impact was visible in Indian market too. The Nifty broke the 200-day moving average (DMA) placed at 10,777, which intensified selling by market participants.“If Nifty sustains below the 200 DMA for more than a week, then the floor can shift to 10,000 on the downside,” said Oza.