Markets end deep in red; Sensex tanks 490 points, Nifty below 11,700

New Delhi: Markets end deep in the red on Monday with both equity indices falling over 1 percent while analysts believe that India's retaliatory ban on certain US goods may stir-up trade war between both countries.

The BSE Sensex closed 491.28 points or 1.25 percent down at 38,960.79 while the NSE Nifty tanked 151.15 points or 1.28 percent down at 11,672.15.

Top losers in the Sensex pack were Tata Steel, Vedanta, Tata Motors, Axis Bank, Bharti Airtel, Reliance, ONGC, Sun Pharma, Maruti and L&T, falling as much as 5.65 percent. On the other hand Yes Bank, Coal India and Infosys rose, gaining upto 0.74 percent.

Intra-day, Sensex hit low of 38,911.49 and a high of 39,540.42 while Nifty touched a low of 11,657.75 and a high of 11,844.05.

In the previous session on Friday, the 30-share index had settled 289.29 points, or 0.73 percent, lower at 39,452.07, and the broader NSE Nifty tumbled 90.75 points, or 0.76 percent, to close at 11,823.30.

Meanwhile, foreign institutional investors sold equity worth Rs 238.64 crore, while domestic institutional investors bought shares to the tune of Rs 376.47 crore, provisional data available with stock exchanges showed.