IPL// The blood bath on Dalal Street continued unabated, with the benchmark Sensex now crashing more than 1,624 points, but stock market experts are not painting any bleak picture for local equities yet, and instead see steady growth prospects and weak global commodity prices to aid sharp revival in local shares.

Although over Rs 7 lakh crore worth of investors' wealth may have been wiped out in today's crash so far, experts see the freefall as a good buying opportunity as India still remains a rare bright spot in a weakening global economic scenario. Jayant Manglik, president, retail distribution, Religare Securities Ltd said, “Our markets may well be first off the block in recovering from this fall, it is time to look for bargains in high quality stocks.”

In an interview with CNBC-TV18, Atul Suri, trader with Rare Enterprises, said the extent of fall in Dow and global indices will have a knock-down effect on India and although India will relatively outperform, it will stand out among emerging markets and will be the first market to recover. Suri expects money to flow back to IT and pharmaceuticals, and sticks to his Nifty target of 10,460 with a stretched timeframe. He still feels we are a part of a larger bull market and retains longterm bullish view on Indian market and is optimistic on India in the medium to long-term.

According to G Chokkalingam, founder and managing director, Equinomics Research & Advisory, India’s equity market would also be impacted badly in the short term along with the global rout; however, it would fall lesser than rest of the global markets.