Manchester City came out on top in an epic Champions League battle against Monaco as late goals by John Stones and Leroy Sane secured a 5-3 victory in a last 16 first-leg tie that had goals galore and a missed penalty.

City took the lead through Raheem Sterling but were then playing catch-up as Monaco drew level thanks to Radamel Falcao's header and went ahead with a powerful finish from 18-year-old Kylian Mbappe five minutes before halftime.

South American poachers Sergio Aguero for City and Falcao, who also missed a penalty, then traded blows with Aguero equalising for 2-2 and then 3-3 after Falcao's exquisite chip gave Monaco the lead for the second time at The Etihad.

City, however, then pulled clear as Stones tapped in at the far post and Sane rolled the ball into an empty net to give City a two-goal advantage ahead of the return on March 15.

Manchester City boss Pep Guardiola hailed his players for their fightback.

And he anticipates the second leg being another open contest in which they will need at least one more goal to secure quarter-final qualification.

"I'm so happy for the result because we're still alive, and especially for the performance of the guys - for most of them it is the first experience in the Champions League, and this kind of thing maybe helps for the club to achieve another step.

"You have to live these kind of situations - to be in trouble and overcome the situation - to get better, to be a better club, a better team.

"Huge compliment to the players. They never gave up. That is why we are still alive."