Indian benchmark indices on Monday saw widespread sell-off that resulted in a severe decline, as geopolitical tensions in West Asia grew and market anxiety increased.The Sensex declined 1,836.57 points or 2.46 per cent to settle at 72,696.39, while the Nifty plunged 601.85 points or 2.60 per cent to settle at 22,512.65.In a single session, the sell-off decimated investor wealth of around Rs 15 lakh crore, and since the conflict in West Asia began, it has wiped out approximately Rs 50 lakh crore. Gold and silver combined shed roughly $2 trillion in market value within hours as geopolitical tensions escalated.Meanwhile, according to Bajaj Broking, the index breached the support area of 22,700 and dragged lower in yesterday’s session. A follow through weakness will open further downside towards the 22,200 and 21,800 levels in the coming sessions.The daily and weekly oscillators have approached oversold territory.An unexpected and unusual sell-off in precious metals is a sign of increasing stress on the world’s financial markets as the Iran war continues, as per an analysis by The Kobeissi Letter.The Kobeissi Letter, which is an industry leading commentary on the global capital markets founded by Adam Kobeissi, stated that gold had officially entered a bear market after dropping over 22 per cent from its peak.In contrast to the conventional trend where safe-haven assets typically rise during times of conflict, gold and silver combined shed roughly $2 trillion in market value within hours as geopolitical tensions escalated.In its official X handle, The Kobeissi Letter wrote, “Something very strange is happening in precious metals right now: In just three hours, gold and silver just erased a combined $2 trillion in market cap. Meanwhile, oil prices have erased their gains on the day and US stock market futures are nearly green. Since the Iran war began, such a reversal in oil and equities has almost always sent gold prices higher.”Gold prices slumped by Rs 9,050 to Rs 1.43 lakh per 10 gm while silver tumbled Rs 10,500 to Rs 2.30 lakh per kg in the national capital on Monday amid subdued domestic demand and weak global trends.