NEW DELHI: India's long-term story remains intact despite the S&P BSE Sensex plunging over 700 points in trade on Wednesday to breach its crucial psychological support level of 27000, say experts.Investors who had missed out on the rally that began in May last year following arrival of the Modi-led NDA government can take advantage of the recent, even ongoing, downward correction to build a long-term stock portfolio, they advise."Well, it will be difficult to say how long it can go on, but there is no doubt that markets are right now in a weak zone and they need to consolidate further," says Vikas Khemani of Edelweiss."I do not know how long it (the downtrend) can last, but I do believe that this will offer one of the best and brilliant opportunities to buy into the markets from a longer-term perspective," he adds.Khemani is of the view that if somebody has missed out buying into the market post-election, this will be the second best opportunity to buy, because next year, earnings numbers will start improving, and stocks will give you significant returns.The S&P BSE Sensex surged nearly 2000 points in May last year to end the month at a level of 24000. The rally started after the NDA government took charge on 26 May, 2014, pushing the Sensex to a record high of 30,024.74 in March 2015.However, the Sensex has declined more than 3000 points from the record-high it had hit in March 2015. The reality is that we have erased gains made in the calendar year 2015. Both global and domestic factors have contributed to the fall. Rising concerns over a subdued growth in the earnings of domestic companies, possibility of a delayed revival in economic activity, unseasonal rains, an initial forecast of a weak monsoon, and high expectations have all contributed to the market fall.To top it all, the uncertainties related to the minimum alternate tax applicable to the foreign institutional investors retrospectively added to the weakness in the Indian markets, added the brokerage firm.Investors should just take a step a back, and look at the long-term story which still remains intact, and play the Indian market with a long-term view of may be 3-5 years."I think this is a natural correction in the longer-term bull market, and I have a list of things that I look at where you can paint a very bright picture of India, the demographics, etc, and then you can look at all the governance issues that are here," says Arvind Sethi, MD & CEO, Tata Mutual Funds."It is very easy to paint a negative picture as well and as we go through the phases in the market, and if you look back six months, seven months, we are back at September levels," he adds.Sethi is of the view that the market has really not gone anywhere and as this is a healthy correction. It is something investors should be thrilled about.Markets crumbled under its own weight:In the last one year that Narendra Modi-led government has been in power, the stock market has had a roller-coaster ride. From an all-time high in March on hopes of a pick-up in business activity, the Nifty is down over 10 per cent in two months.Shankar Sharma, Chief Global Trading Strategist, First Global, said that the Indian markets were overinvested in 2014 elections outcome and are correcting sharply due to unmet expectations. Investors were expecting too much from political leadership on the reforms front and are paying for that.However, the Indian market is 'not in a bear-market territory' and he doesn't see more than 3-4 per cent decline from current levels.Sanjay Dutt, Director, Quantum Securities, is of the view that markets ran much ahead of fundamentals, and earnings are weak."These are a couple of issues which are plaguing the market right now, and it was a much needed correction," he adds. The markets surged in the past one year after Modi came to power, but now it is time to walk the talk and that is what the market is experiencing, because earnings will ultimately drive the prices higher."