The Indian equity markets saw a huge sell-off Monday following global peers on back of increasing cases of coronavirus outbreak and crude prices plunging.

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To discuss the way forward, CNBC-TV18 spoke with market experts like Jai Bala of cashthechaos.com, Mihir Vora, director & CIO of Max Life Insurance, Jyotivardhan Jaipuria, founder & MD of Valentis Advisors, Manish Sonthalia, Head- Equity PMS at Motilal Oswal AMC and Dipan Mehta of Elixir Equities.

Vora said, “A lot of the developments over the past weekend and coronavirus scare still continues at the global level. We did see Dow Futures being locked down at minus 5 percent and the European market futures are also down between 8 percent and 9 percent. So that’s adding panic in the market because when such big markets are down by 5-7 percent, it’s going to create sentiment overhang here as well.”

According to Bala, “I have been warning people from September that not to get excited about the tax cut when the market’s long-term structure was turning. The market always abstracts return when the time comes and coronavirus was a convenient excuse.”

In such a scenario, Jaipuria said, “We continue to sit on cash and are looking to see if we can get some value. Therefore, in the selloff we would be buying. We are waiting for our levels to come and we would be entering into some stocks.”

“Remember two things. One, crude fall ultimately is positive for the Indian economy and once the dust settles that will help us. Second, Yes bank did not turn out to be a disaster that it could have turned out. I think somewhere we have stopped the contagion effect on the whole financial system. So, Yes Bank became more like Bear Stearns rather than Lehman. If it had been Lehman then we would all have been very upset with the whole financial system in the country,” added Jaipuria.

Sonthalia said, “My experience in the market tells me that one who takes a brave call and buys into these markets, sooner than later not only recovers the capital but also makes good profit out of it.”

Dipan Mehta is of the view that we have seen many crisis over the last two-three decades and this is one more crisis. "Unfortunately, this is something which is totally new. However, I think this is less harmful than financial market related problems. The desire to spend is still there globally, it is just that there are physical curbs which is affecting economic activity. Keeping that in mind, whenever we have a handle on coronavirus, we may see a speedier recovery than earlier crisis or earlier sell-off,” he said.