So far, as results have rolled in, companies have largely logged positive results for the September quarter. But there are storm clouds in sight, such as the weakening Yes Bank. the performance of housing finance companies, and the first net profit decline for Maruti Suzuki in 17 quarters. Markets have ended today at seven year lows.

Is there a bottom in sight? Some analysts think that the weakness in markets may extend to the end of the year, as investors wait for oil prices to settle into a clear trend - Russia and Saudi Arabia have been key to setting oil prices this year, and political tensions in Saudi Arabia from the Jamal Khashoggi murder can play out in terms of oil price impact over the next few months.

Returns for foreign investors go down: The other factor is the US Federal Reserve's interest rate hikes, which have led to signficant investor wealth moving to US shores as the returns improve in the US, and as the rupee weakness affects India returns for foreign investors. Foreign investors are no longer overweight in India as they were at the start of 2018. FIIs have already pulled out more than Rs 19000 crore from equity markets so far in October and over Rs 11,000 crore in the last two months. The next rate hike from the Fed is expected in December, which would prolong sell-off. For investors, this is wait and watch mode as of now.