Stock markets registered sharp losses on Monday, with the BSE Sensex ending 505 points lower against its previous close. While the BSE benchmark index Sensex settled at 37,585, the NSE Nifty plunged 137 points to end at 11,377. The sharp losses in the markets came after the announcement of steps by the government to stem the steep decline in the rupee amid a weak trend in other Asian markets. Analysts said continued weakness in the rupee along with concerns on the US-China trade war front hurt the markets. Banking, financial services, FMCG, energy and pharma shares led the decline in domestic equity markets.