HDFC Bank, Axis Bank lead losses on India's benchmarks after Q2 results

By Reuters News

** Indian shares edge lower, with Nifty 50 .NSEI, Sensex .BSESN dropping 0.5% each, dragged by private banks after quarterly results

** Brent crude prices at about $108 a barrel also weigh on sentiment, as they intensify inflationary pressures and squeeze corporate profit margins

** Private banks .NIFPVTBNK dip 1.6%. Axis Bank AXBK.NS drops 4%, HDFC Bank HDBK.NS dips 2% after both miss quarterly profit estimates

** Nine of the 16 major sectors decline; the broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 dip 0.6% and 0.3%, respectively

** Reliance Industries RELI.NS gains 1% ahead of the Jio Platforms IPO, due on Wednesday

** "Higher crude prices, a rising-rate cycle that could pressure bank margins, and likely liquidity drain from the Jio IPO are keeping markets muted despite some promising results," says Saurabh Jain, deputy vice president of equities at SMC Global

** Punjab National Bank PNBK.NS jumps 5% after reporting a 12.8% year-on-year rise in net profit in the September quarter

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