Markets are in the hands of bears, as indices are seeing declines everywhere. The sharp falls have pushed the Nifty PE at its lowest level in the last two years, even as the bear market looks nowhere close to hitting bottom. 

Investors should keep in mind that it takes time for markets to find their bottom, and even at a 20% fall for the Sensex and the US Dow, we are not there yet. This is especially the case for prolonged impacts to the global economy, comparable to what happened during the dot com bubble and the 2008 financial crisis. In both cases, it took several months for the market to hit its true floor, and in both cases this fall was sharper than 25%. 

Markets hate nothing more than uncertainty, And when it comes to the coronavirus, uncertainty is the main factor at this point.