What is behind today's sudden market collapse?

Assuaging investor concerns, Robert Parker, Head Strategic Advisory Group, Credit Suisse Asset Management says that the sudden sell off seen in European and India market is basically because of the confusion over the Fed stance on interest rates.The Fed's refusal to hike interest rates despite enough supporting economic data has confused the market into thinking that maybe Fed knows something market participants don't, Parker said.Moreover, there have been four statements by Fed governors that US interest rates will likely go up by end of the year, adding to the confusion.However, he is confident that this negative move by markets is not more than a three month bear market. He is also certain that India will outperform other emerging markets like Brazil, Indonesia which have been bogged down by poor economic data. India according to him is a clear beneficiary of lower commodity prices, which is likely to continue for some more time. On the valuation front he says, valuations of the developed markets are now at a fair value although not cheap and have become attractive now.Going forward the main driver for the markets will be better corporate earnings and better data out of China.Terming the sudden correction as "not surprising", Jai Bala of 1857 Advisors said the market was in its last round of correction that started from Nifty 9,100 and added he expects the Nifty to test and possibly breach its recent lows of 7,540.He advised investors to wait out the correction after which they could come in to pick up "low-hanging fruits" for the long term.Bhavin Desai of Motilal Oswal today's collapse was because of a mix of events such as the Fed decision, curtailed week and F&O expiry.He said 7,800 was a key support level, from where Nifty could reverse in the immediate term.