Domestic equity benchmarks- the Sensex and the Nifty reeled under selling pressure through the session to settle with sharp cuts of over 2 percent on January 17. The meltdown was triggered by a selloff in banking stocks led by the bellwether HDFC Bank.

At close, the Sensex was down 1,628.01 points or 2.23 percent at 71,500.76, and the Nifty was down 453.90 points or 2.06 percent at 21,578.40.

The overall market breadth tilted towards laggards as around two stocks fell for each one that rose. About 1,011 shares rose, 2,226 declined, while 48 remained unchanged.

Here are some of the major factors that triggered the meltdown:

1 Concerns over delay in rate-cuts