Peter Drucker "In turbulent times, liquidity is more important than earnings. A business can survive long periods of low earnings or low revenues if it has adequate cash flow and financial strength."
The top Information Technology companies: Infosys, Wipro, TCS are cash rich, with strong cash flows. Three blue chips: Hindalco, Tata Steel, Tata Motors are raising cash to finance thier business activities thus suggesting a cash shortage of some kind. The market is punishing this by lower share prices.
Safe Havens. Sectors which may remain relatively safe for investments in current turbulence are: Information Technology (cash flows) - long list of names, Natural Resources (wealth in their reserves) - ONGC, Cairn, Neyvelli, Sesa Goa....., Renewable Energy (new technologies) - Suzlon.
Disclosure: I own shares in Cairn as I write this.