Banks drag Indian shares as profit booking continues at record high levels
** India's NSE Nifty 50 .NSEI and S&P BSE Sensex .BSESN drop ~0.2% each, led by high-weightage banks and financials, as profit booking at record high levels continues for second session
** Both benchmarks shed ~0.5%, easing off record high levels
** "Recent drop is simply a case of profit booking after a sharp rally in the markets since the election results," says Sanjeev Hota, vice president and head of research, Sharekhan
** Adds, banks could see moderation in June-qtr earnings vs a yr ago and as credit costs rise
** Banks .NSEBANK, financials .NIFTYFIN down 0.6% each; heavyweights HDFC Bank HDBK.NS and ICICI Bank ICBK.NS shed 1.1% each
** Ambuja Cements ABUJ.NS gains 2% after Nomura double-upgraded stock to "buy" on gains from capacity expansion, entry into newer markets, volume growth
** Yes Bank YESB.NS up 5% after Bloomberg News reported multiple investors were weighing bids for $5 bln stake in lender
Reporting by Bharath Rajeswaran in Bengaluru
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