"See, market as I see it, is eagerly waiting for the bailout package from USA, which is quite substantial number one. Number two, the financial institutions, which have made some money in the Indian market are also pulling out, if that stops market may have some brightness."
Indian shares slid sharply on Monday amid concerns the United States financial crisis will deepen and as foreign investors continued to pull money out of Indian equities.
Portfolio Manager, Vijay Waichal, also attributed the slide to the fact that the markets were eagerly awaiting a vote on the US government's 700 (b) billion US dollar bailout plan to rescue troubled financial companies.
India's benchmark Sensex index plunged 506.43 points, or 3.87 percent, to close at 12,595.75, recovering slightly from midday losses of 4.2 percent.
The nation's largest private bank, ICICI Bank Limited, which has large foreign ownership, shed 12.11 percent despite a statement on Monday reassuring investors that it has "zero exposure" to the US sub-prime mess.
The bank also said 98 percent of the non-India investments of its British subsidiary - which owned some Lehman Brothers bonds - are rated investment grade and above.
IT companies, which depend on the US financial services industry for business, continued to suffer on Monday, with Satyam Computer Services Limited sliding 9.13 percent and Infosys Technologies Limited falling 3.85 percent.
Despite progress toward a US-India nuclear deal, which could be a boon for builders, infrastructure companies took a hit on Monday.
Larsen & Toubro lost 4.98 percent and Jaiprakash Associates Limited, which also has exposure to India's troubled real estate sector, slid 11.85 percent.
The broader 50-share Nifty of the National Stock Exchange ended down 3.39 percent at 3,850.05 points.