Indian benchmark indices — Nifty 50 and Sensex 30 — fell as much as 1.54% and 1.5% respectively, in Tuesday's trade; due to across-the-board selling, unabated foreign fund outflows and fresh US tariffs reigniting trade war fears.; stocks down for 5th day. Realty, industrials, consumer discretionary and capital goods sector shares were major losers as the US confirmed fresh 25 per cent duties on all steel and aluminium imports. The European Union leaders also vowed a “firm” response to US tariffs, fanning fears of trade war. The worst of earnings downgrade cycle is also not over yet, Bernstein Research said in a note. Analyst estimates are already near record bearish levels for staples, energy and materials, suggesting a tactical contrarian positive view. "All other sectors are not showing any signs of bottom yet in the downgrades." Bernstein is still cautious on consumer discretionary stocks after the Rs 1 lakh crore tax sops given in the budget. All three styles — momentum, high volume and growth — are likely to remain under pressure driven by record high valuations and increased pace of earnings cut, it said.