A correction is an extended decline in the value of an asset or, in this case, the value of market indices such as Nifty 50, BSE Sensex, or a commodity index. Economic developments, regulatory or tax changes, and even global events may trigger a market correction, where investors tend to become cautious and book their position rather than feed on uncertainty.\r\rIn the last 30 years, Nifty 50 has witnessed over 19 corrections. As a standard gauge, a correction is considered to be a decline of over 10% from the indices peak but less than 20%. Anything more than 20% means the index is moving into bear territory.