Trade tussle takes toll, Nifty logs worst fall in eight months

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The broader markets saw greater carnage, as the Nifty Midcap and Smallcap indexes plunged 2.62% and 2.6% respectively on Tuesday. The Nifty Midcap index is now 5.8% below its record high of 22,650 on 7 January.

Since the year's start, the Nifty has been making lower highs and lower lows, a sign of negative sentiment. It has fallen 4.32% since its recent high of 26,373 on 5 January.

An index is said to have corrected once it falls 10%, and entered a bear market once it loses 20%.

MCX spot prices for gold and silver rose 2.38% and 5.38% respectively on Tuesday, as cautious investors turned to precious metals.