Markets end in red; Sensex slumps 418 points, Nifty slides below 10,900

New Delhi: Markets closed on a negative note on Monday amidst unabated foreign fund outflows , dim corporate earnings tracking weak global cues.

Developments at the domestic front led by and crucial government announcement regarding Jammu and Kashmir also weighed on investors' sentiments. The BJP-led Narendra Modi government Monday took a slew of decisions regarding Jammu and Kashmir including one that scrapped Article 370 of the Constitution that gives special status to Jammu and Kashmir.

The BSE Sensex tumbled 418.38 points or 1.13 percent to 36,699.84 while the NSE Nifty slid below 10,900, falling 134.75 points or 1.23 percent to 10,862.60.

Major losers in the Sensex pack were Yes Bank, Tata Motors, RIL, Kotak Bank, SBI, Bajaj Finance, Tata Steel, ONGC, NTPC, ICICI Bank and ITC, falling upto 8.15 percent. On the other hand shares of Bharti Airtel, Tech Mahindra, TCS, Bajaj Auto, HDFC, IndusInd Bank, Infosys, HUL and HCL Tech rose upto 3.96 percent.

Intra-day Sensex touched a high of 36,844.05 and low of 36,416.79. While the Nifty swung between high and low of 10,895.80 and 10,782.60 respectively.

In the global markets, investors were reeling under fears of a looming trade war between US and China after US President Donald Trump said that he is going to impose 10 percent tariffs on the remaining USD 300 billion of Chinese imports from September 1.

On a net basis, foreign institutional investors sold equities worth Rs 2,888.06 crore, provisional data available with stock exchanges showed on Friday.

In the previous session, the 30-share BSE Sensex rose 99.90 points or 0.27 per cent to settle at 37,118.22. Similarly, the broader NSE Nifty gained 17.35 points or 0.16 per cent to end at 10,997.35.