Indian shares ended Monday led by losses in banking and metal stocks, in a global selloff due to the escalating China-US trade war, while the government’s move to remove special status from Jammu & Kashmir also stoked worries.

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The Sensex ended 418 points down at 36,700 while the broader Nifty50 index lost 135 points to end the day at 10,863. In broader markets, the Nifty Midcap fell 1.4 percent and Nifty Smallcap index tanked 2 percent.

Prime Minister Narendra Modi's government has proposed to revoke Article 370 and Article 35A which give special rights and privileges to the citizens of Jammu and Kashmir in government jobs and land ownership.

Meanwhile, global markets got spooked after US President Donald Trump abruptly declared on Thursday that he would slap 10 percent tariffs on $300 billion in Chinese imports, ending a month-long trade truce. China vowed on Friday to fight back. The trade dispute between the world’s two largest economies has already disrupted global supply chains and slowed economic growth.

Bharti Airtel, Tech Mahindra, Bajaj Auto, Coal India, and TCS were top gainers on the Nifty50 while YES Bank, UPL, Tata Motors, PowerGrid, and Grasim led the losses.

All sectoral indices, except Nifty IT, ended lower for the day. The Nifty Media index fell the most, down 3.4 percent, followed by banking indices. Nifty Bank, Nifty PSU Bank and Nifty Private Bank declined around 2 percent each. Nifty Metal lost 1.8 percent and Nifty Auto slipped 1.3 percent for the day.

IT was the only sector in the green, up 0.6 percent, helped by weakness in the rupee. The rupee hit its weakest level since mid-May at Rs 70.49 per dollar. TCS rose 1.6 percent and Tech Mahindra gained 2.1 percent.

Globally, Asian shares suffered their steepest daily drop in 10 months, with MSCI’s broadest index of Asia-Pacific shares outside Japan sinking 2.5 percent to depths not seen since late January.