What caused the mayhem in the Indian stock markets today? Analysts say heavy selling on the London Metal Exchange, dollar gaining strength against the euro, falling down of emerging markets by 3-3.5% have contributed to the fall.

They said that whenever hedge funds sell commodities they always fall steeply and this further reflects on our market. Commodities were on up trend since the last two months copper, zinc, alumina, prices to the highest levels)

Gaurang Shah, Geojit Financial Services [Get Quote], "There is nothing to worry. This is a phenomenon wherein there was a crash in the commodity market as far as the metals are concerned. The markets had gone up therefore had to fall, so it fell. If you look into it in totality there is nothing to worry."

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"We have seen the same phenomena happening in the gold and silver also about a couple of weeks back. From over a long-term view, in totality, it is at a comfortable position. Tomorrow the markets might open on a weaker note but as the day progresses it should consolidate in a better way and move a little bit upwards."

"The way the markets have fallen today I don't think many people have got an exit route. At any kind revival on the upper side you might see those pressures coming in where in people would like to book their minimum profits or losses and come out. If there is a strength in the market as far as liquidity is concerned to overtake the selling pressure, then you might see the markets sustaining and if it does not happen then you might see the markets volatile the whole week."

If one is an intra-day player then you have to keep your stop losses/profits intact and feed into the system, he said.

Shah said, heavy selling on LME, ( copper, zinc, alumina, prices were at its highest level) dollar gaining strength against Euro impact on local equity markets, local commodity markets affect the shares which have got relevance to these. Markets follow what has been following overseas, which further has led to the fall.

Shah said that one can look at stocks which have got hammered. "Automobile, banking, cement, metals like zinc, copper, aluminium. Sterlite, Hindustan Zinc [Get Quote], Hindalco [Get Quote], Nalco, Tisco [Get Quote], Maruti [Get Quote], Tata Motor can be bought now."

SP Tulsian, Investment Advisor, feels that the correction which was required has come and now a further a fall of maximum of 200 points can be expected by tomorrow and day after. "After that the markets will consolidate. All emerging markets were down 3-3.5% and we were down by 4%. Fall in the non-ferrous metal on the LME contributed to the fall," he said.

The reason for the commodity market falling is because the hedge funds were selling and whenever they do that there is a steep fall. "Since they have risen so much for the past 2-3 months they have corrected," he further said.

According to him one can look at are Reliance Industries [Get Quote] and Century Textiles [Get Quote] now and that markets will trade in cautious to negative trend tomorrow.