Sensex, Nifty 50 fall almost 1% each; why did the Indian stock market fall today?- explained

livemint.com:

HDFC Life Insurance Company (down 2.90 per cent), SBI Life Insurance Company (down 2.53 per cent) and Tech Mahindra (down 2.27 per cent) closed as the top losers in the Nifty 50 index.On the other hand, shares of Hindalco (up 3.52 per cent), Divi's Labs (up 1.72 per cent) and Power Grid (up 1.29 per cent) closed as the top gainers in the Nifty 50 index.The Sensex opened 344 points lower at 74,826.94 against its previous close of 75,170.45 and fell as much as 716 points in the intraday session to 74,454.55. The 30-share pack closed with a loss of 668 points, or 0.89 per cent, at 74,502.90 with 24 stocks in the red.Mid and smallcap indices outperformed the benchmarks.

The BSE Midcap index dropped 0.38 per cent, while the Smallcap index rose 0.23 per cent.The overall market capitalisation of BSE-listed firms dropped to nearly ₹415 lakh crore against nearly ₹417 lakh crore in the previous session. Thus, investors lost about ₹2 lakh crore in a single session.Banking and financial stocks suffered significantly.