Here is a 10-point cheat-sheet
1) Selling pressure was seen across all sectors in the Indian market. Tata Power, Adani Ports, Wipro, Bhel, Tata Steel were the major laggards in the Nifty 50 index. Some buying in Reliance Industries, Tata Motors, Hindustan Unilever and Maruti Suzuki helped to support market at lower levels.
2) Banking, infra, IT and metal shares witnessed a selloff today. The NSE's sub-indices for banking and metal were down 1.26 per cent and 1.93 per cent respectively.
3) China shares fell over 5 per cent even though the Chinese central bank guided its yuan currency stronger for a second straight session on Monday. The currency move might calm concerns about how ready Beijing is to let the currency depreciate, but added to doubts over the ultimate policy intent.
4) A tumble in Chinese markets had led to a global selloff last week with Nifty slumping 4.5 per cent during the week.
5) Foreign investors sold Indian stocks worth nearly Rs 3,000 crore last week on a net basis, weighing on Indian markets. However, domestic institutional investors bought Indian equities worth nearly Rs 1,350 crore providing some support.
6) Market analysts don't rule out the possibility of Nifty slumping to 7,300 levels, driven primarily by global concerns, particularly depreciation of Chinese currency yuan and worries about China's economy.
7) However, Indian markets could rebound sharply, they say, if third-quarter earnings of Indian corporates surprise on the upside and there are positive developments on the GST front.
8) TCS reports its Q3 earnings tomorrow, kicking off the results season.
10) "It is the perfect time for buying India (Indian equities). Because if ever there has been a case for India outperforming China, it is now," said Sanjiv Bhasin, executive vice president for markets & corporate affairs at India Infoline.