Markets ended in red on Wednesday tracking heavy losses in index majors amid massive selloff in European markets.

The BSE Sensex ended 599.64 points or 1.48 percent lower at 39,922.46. Similarly, the NSE Nifty declined 159.80 points or 1.34 per cent to close at 11,729.60.

Major losers in the Sensex pack were IndusInd Bank, HDFC, ICICI Bank, Tech Mahindra, Bajaj Finance, UltraTech Cement, HDFC, Kotak Bank, Tata Steel, HCL Tech, SBI and Asian Paints, falling upto 3.45 percent. On the other hand, Bharti Airtel was the top gainer, rallying more than 4 percent. Airtel had reported its highest-ever quarterly consolidated revenue, helping it narrow losses in the July-September period. Consolidated revenue rose 22 per cent to Rs 25,785 crore in the September quarter, while net loss narrowed to Rs 763 crore.

Benchmarks in Europe plunged up to 3 per cent in early deals. Bourses in Hong Kong and Tokyo ended on a negative note, while Shanghai and Seoul were in the positive territory.

International oil benchmark Brent crude was trading 3.20 per cent lower at USD 40.28 per barrel.

Rupee meanwhile, depreciated 16 paise and settled at 73.87 against the US dollar.

In the previous session, Sensex surged 376.60 points or 0.94 per cent to finish at 40,522.10, while Nifty climbed 121.65 points or 1.03 per cent to 11,889.40.

Exchange data showed that foreign institutional investors purchased equities worth Rs 3,514.89 crore on a net basis on Tuesday.