Arvind Sanger, Managing Partner, Geosphere Capital, told CNBC-TV18 that the correction was overdue and the market had already discounted higher earnings.
"A 10 percent correction is very healthy and normal in a bull market. There is time to look at new emerging leaders in the market," said Sanger.
Experts say in case the selloff gets deeper, the benchmark Nifty may find support at 14,300 and 13,500.
"The 50-day moving average at 14,300 is the support for Nifty, below which Nifty may find support at 13,500 which is the January low. The deepest correction would be a move back to the late January low at 13,500 for the Nifty," Laurence Balanco of CLSA told CNBC-TV18.
Balanco thinks it is a correction rather than a major reversal in equity markets. He said the correction was on expected lines and bond yields were the most impactful short-term indication for the equity market.
"As of Friday’s close last week, we have the US 10-year yield up over 20 percent within a four-week period and the reaction that we have seen from equity markets falls in-line with the historic correction that we have seen," Balanco said.
"The key point I would make though, it is a correction rather than a major reversal in equity markets and that is why I still think pulling back towards 13,800-13,500 on Nifty will still be a buying opportunity and that longer-term trend should remain intact."
Balanco said the rate of change in bond yield was more important than the level and if yields reach the level of 1.9 percent, it would put more pressure on the equity market. If the rate of change on yields starts to decelerate, the equity market should be able to digest that and then continue the uptrend, he said.