I was expecting news on these lines last weekend itself. If an event is going to lead to the collapse of a sector or corporation more often than not it won't happen. Except in cases of outright fraud. Even then IL&FS was not allowed to fail.
This story goes back to 1907 JP Morgan Bailout. And a the story from Jesse Livermore closing out his shorts ahead of it as stated in the Classic "Reminisces of a Stock Operator"

Nifty Bloodbath Or Buying Opportunity, after a powerful negative reaction to the budget and not the Telecom AGR dues and Coronavirus the markets appear to be finding support on dips. But can it hold as news flow is unlikely to improve soon. Economic data will continue to worsen because of the impact of China on the world economy.