India witnessed a major crash in the stock markets on Thursday amid huge selloff in the global markets. With drop of over 3% today, the benchmark Sensex and broad based Nifty lost crucial levels of 23,000 and 7,000 respectively.

European markets plunged in the range of 2% to 4%, while, US stock futures went down nearly 2%. On the other hand, oil prices drifted lower to trade near 12-year low.

At the close, the benchmark 30-share index, BSE Sensex declined 807.07 or 3.40% at 22,951.83 with 28 components posting drop. Meanwhile, the broad based NSE Nifty went down by 239.35 or 3.32% at 6,976.35 with 50 components registering drop.

Myiris approached experts on the stock markets to get their views on Wednesday's market crash.

Shreyash Devalkar, Fund Manager - Equities, BNP Paribas Mutual Fund:

''As concerns over a global economic slowdown seem to be mounting, European stocks too traded sharply lower, dragged down by a sell off in banking and mining stocks. The US Federal Reserve Chief Janet Yellen's congressional testimony yesterday served to stoke investor fears further as she warned against the impact of a global financial market turbulence on US growth.''

Vinod Nair, Head-Fundamental Research, Geojit BNP Paribas Financial Services:

''Surprisingly on a faster note, the bears pulled down the market below the 7,000 level which had until now been a strong support point. The market turnover is continuously coming down and the market's momentum is determined as per the trader's trend. The continuous fall in risky assets across the globe and the the trend in liquidity moving towards safe haven assets like bonds and gold are expanding the negative implications on the Indian market. The turmoil in the domestic market also does highlight the possibility of margin pressure which may continue to disturb the market.''  

Achin Goel, head, wealth management & financial planning, Bonanza Portfolio:

''Markets continue to worry about the financial unrest in the Chinese economy and the effect it is having on global currencies. Overall, in the near term, we believe the markets would continue to remain weak for upcoming trading sessions and remain between 8100-8500 talking about medium term.''

Gaurav Jain, Director, Hem Securities:

''Bears tighten their grip across the globe. The relentless selling in the stock market is coming from redemption pressures, margin calls, crude slumping to multi-year lows, depreciating rupee against dollar and disappointing earnings. However, Federal Reserve Chair Janet Yellen comment that Federal Reserve is unlikely to reverse its plan to raise interest rates further this year even could not support the markets.''

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