New Delhi, Feb. 14 -- Indian stocks have taken a sharp fall, tumbling 12% since their September peak. The culprits: foreign investor sell-offs, rising US bond yields, a stronger dollar, and a weakening rupee. Three straight quarters of tepid corporate earnings have only deepened investor jitters.

The big question: Is this just a bump in the road, or the start of a deeper correction? Can retail investors, who have powered the market's resilience in recent years, keep the faith? And what happens to initial public offerings (IPOs) after last year's frenzy?

To guage the market's pulse, Mint surveyed 23 investment professionals-CEOs, research heads, and fund managers-during 3-12 February. Their verdict? Caution reigns, but some pockets of op...