Amar Singh, Head Advisory at Angel Broking, sheds light on the markets that gave away the initial gains of the day and ended sharply lower. The threat of a tariff war between the US and China returned to haunt the market on Wednesday with Sensex and Nifty losing more than 1 percent in afternoon trade following weak global markets. While the Sensex closed 351 points or 1.05% lower to 33,019 level, Nifty fell 116 points to 10,128. This is the benchmark's biggest fall since March 23, when it had lost 409.73 points.