I-T dept issues notices to ICICI, Axis, HDFC banks in connection with alleged money laundering charges leveled by online portal Cobrapost.

The department has asked these banks to produce documents for verification as part of its tax evasion probe.
Outcome of this can turn things on its head ...

I think we can expect clarity and outcome in the next 7 working days and the gravity of the outcome will definitely shift or decide the momentum in the near term.

As Banks have high weight-age on the Index, it will also influence the overall sentiments. Markets have already reacted on this news and more unwinding will happen as things unfold.