Sensex tanks over 200 points on back of weak global cues
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Fresh triggers in the equity markets caused the Sensex and Nifty to trade on a negative note in Wednesday's morning trade.
The 30-share BSE Sensex opened on 31,713.50, down by 95.95 points while the broader 50-share NSE Nifty lost 52.95 points to start trading on 9,899.25. However both the indices soon extended losses as Sensex tanked more than 220 points to hit the intra-day low of 31,586.53 within the first half an hour of trading.
The markets came under pressure in sync with global indices which were faltering on Wednesday. Apart from the reigning geopolitical tension around North Korea, the volatility in the market can also be owed to cautiousness ahead of the Federal rate revision in US.
Also, the government's latest crackdown on shell companies which deals with restricting bank operations of more than 2 lakh such entities is supposed to have an impact on the markets.
In morning trade, all the sectoral indices on Nifty were trading in the red with FMCG and metal sectors losing the most.
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