Fortunately, for India, this is not a crisis, just a fallout from a crisis affecting the western world. For Europe and America, it is a crisis. At voxeu.org, a paper on the crisis says:
The episodes of credit crunches and housing busts are often long and deep. For example, a credit crunch episode typically lasts two and a half years and is associated with nearly a 20 percent decline in real credit. A housing bust tend to last even longer: four and a half years with a 30 percent fall in real house prices. And an equity price bust lasts some 10 quarters and when it is over, the real value of equities has dropped to half. (Italics mine)
There is more. "The unique nature of the current financial crisis—combining a house price bust, a credit crunch, and an equity price bust—unlike any other one the US has experienced before, makes it difficult to assess its implications for the real economy."
My Notes: The bear market will not end abruptly. Bull markets start from long bases. This takes time. Once the volatility comes down, there should be many opportunities for traders.