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In just weeks, the Coronavirus pandemic has shaved off nearly a third of the global market cap. The Indian equity market bounced back valiantly on Friday, but the Sensex still closed 20% below the peak achieved two months ago. Investors can get some cold comfort that other markets have fallen more. The spread of the virus has triggered panic across the world and shaken the confidence of investors. Making things worse is the crude oil war between Saudi Arabia and Russia, which has injected volatility into other assets. �Earlier, only the equity and debt markets were impacted by the Covid-19 scare; now the commodities and currency market are in turmoil due to the crude oil war. After a crash of this magnitude, market confidence usually does not come back soon. So, it is better to wait for calm before taking big investment decisions,� says Anil Sarin, CIO - Equities, Centrum Broking. Before considering what investors should do now, let us understand the reasons behind this turmoil.