A panic was set among investors after the US President Donald Trump-led US administration unveiled tariff designs to punish China for intellectual property theft imposing nearly $50 billion in taxes on Chinese imports. Since early morning today, Asian stocks are tumbling following which benchmark BSE Sensex crashed nearly 500 points hitting a 4-month low in the opening trade and NSE Nifty slipped by 146 points below 10,000-level for the first time since October 12, 2017. The majority of stocks are traded the red in the morning trade today. Already China is mulling over \u00a0impose retaliatory tariffs on the US imports to the tune of $3 billion after US tariff hike on its steel and aluminium imports. In such an environment where negative sentiments are dominating the markets, investors are uncertain on the prospects going ahead. Is it a just a knee-jerk reaction? Will the markets continue to remain weak in the long-run? These are a few questions which are worrying domestic investors at present. Sharing his views on the current market scenario, veteran investor Deepak Shenoy said that it\u2019s a temporary reaction and negative sentiments will soon wane away from the market. \u201cThis is a knee-jerk reaction, and won\u2019t pose any huge impact on the markets going ahead. There is a bit of uncertainty exiting in the markets currently. But, the sentiments will soon change once more news seeps in as days pass. Anyhow, it will take around 50 days to release the list of Chinese goods and sectors that will be targeted, followed by public comment period. Many things will change by then, and sentiments will improve as clarity comes in,\u201d Deepak Shenoy of Capital Mind told FE Online. "India's stock markets would not be much affected by the latest tariff hikes by the US. The markets may witness another 3 to4 percent correction from here. The fears around the interest rate hike by the Fed is other factor that may impact the markets in the coming days," said Achin Goel of\u00a0 Bonanza Portfolio Ltd to FE Online. \u201cToday's reaction is nothing more than few skirmishes. The reaction in the Markets and overall is justified but it is not likely to get worse that what is seen today. Though it may not get worse, it is likely to keep sentiment dented for some time and it has certainly made the Markets technically weaker and the 200-DMA now remains an intermediate resistance for immediate short term. The tariffs are particularly an attack on China and in fact poses some opportunity for Emerging Markets in general and India in particular. If this goes on for longer time, it might make things costlier and impact growth as well in US and the projections might get derailed a bit there,\u201d Milan Vaishnav, CMT, MSTA, Gemstone Equity Research said while talking to FE Online. However, Asif Iqbal of Escorts Securities expects the bearish mood to stay for long in the markets. \u00a0\u201cThe negative sentiment is there to stay and Sensex and Nifty will remain volatile for a long time to come. We have always maintained that the year 2018 will be a tough one for the Indian markets mainly due to the global factors. The US has always been a driver of free trade policies globally, and with it taking a U-turn many things are bound to change. It\u2019s difficult to say when and where all this will end,\u201d Asif Iqbal told FE Online.