R Sukumar of Franklin Templeton said the markets will see more declines than advances. "Another 10% downside cannot be ruled out from current levels. News flows will remain negative from a fundamental perspective."

Sukumar expects earnings to grow in 15-20% band instead of 30% earlier. "Forex derivatives losses will also impact profitability."

Bluechips will stabilize soon as they are looking close to the bottom, he said.

Alroy Lobo of Kotak AMC said the worst might not be over. "The Sensex is likely to go down to 14,000. Global cues are also poor. We have not seen the end of bad news."

Lobo is concerned about earnings and the impact of forex derivatives. "Many companies are exposed, that's why we concerned about exposure to FCCB market. Close to 500 companies involved, around 75% of those are in the listed space. We don't see significant earnings upgrades or target price hikes."

More to come...