The benchmark indices, Nifty and Sensex, ended the session with steep losses as both indices logged their steepest single-day fall in nearly two years. The Nifty dropped 775.65 points, or 3.26 per cent, to close at 23,002.15, while the Sensex fell 2,496.89 points, or 3.26 per cent, to settle at 74,207.24.