Markets Face Late Slump to Erase Gains as Sensex Loses 200 Points
Equity markets reversed its gains in the late hours of trading on Wednesday, 15 May, with both Sensex and Nifty finishing more than half a percent in the red.
The markets opened on a positive note on Wednesday, with Sensex surging as much as 230 points in intra-day trading.
However, some uncertainties led to the downturn in the bourses. Analysts suggest the markets saw an escalation in US’ tension with Iran, after its state department ordered all non-emergency staff to leave its embassy in the neighbouring country Iraq’s capital Baghdad.
At Wednesday’s closing bell, with the exception of Nifty IT, all sectoral sub-indices were in the red. Nifty Metal and Nifty PSU Bank lost the most at 2.10 percent and 1.80 percent.
Yes Bank, Tata Motors and Zee Entertainment stocks were the heaviest losers during the day’s trade.