D-Street Buzz: Banks & financial stocks tumble; SBI, ICICI Bank, HDFC, Bajaj twins fall 3-5% each

The Indian stock market has taken a beating as rising COVID-19 cases have made traders and investors concerned. Sensex is down 1,203.31 points or 2.41 percent at 48826.52, and the Nifty tumbled 336.70 points or 2.26 percent at 14530.70.

Bank and financials plunged the most falling over 3 percent with Nifty PSU Bank tumbling over 4 percent at 11:48 hours.

Among the PSU banking names, Canara Bank, Punjab National Bank, Bank of Baroda and State Bank of India fell 4-6 percent followed by Central Bank of India, Union Bank of India and Indian Bank.

Investors now await the RBI MPC outcome and Q4 earnings to get cues for the market. Experts believe that the market will see some churn in positions in the near term which will keep the market volatile.

"The upcoming Q4FY21 earnings season will begin in a week’s time, so investors’ focus will be shifting back to fundamentals. Revenue growth, margins expansion and management commentary will be key things to watch out for," said Ajit Mishra, VP Research, Religare Broking.