Indian shares hit record for 5th day, trade choppy

MUMBAI (Reuters) - Indian shares rose to their fifth straight record high on Tuesday, but trading was choppy as investors kept a wary eye on renewed credit concerns that pulled U.S. markets down.

Shares in export-driven software firms rose after the rupee eased from a nine-year high on bearish cues from Asian markets.

At 10:54 a.m., the main 30-share BSE index was up 0.2 percent at 16,879.70, with half of the components rising. The index rose 0.4 percent to a record high of 16,915.91 in early deals, before falling as much as 0.2 percent.

"It is more of a cooling off after the sharp rise we have witnessed, though the market is taking some cues from the international markets," said Sejal Doshi, CEO at Finquest

Securities in Mumbai.

The index had risen 8.65 percent in the previous five sessions and more than 20 percent in just over a month at Monday's close, taking its 14-day relative strength index to

almost 90, well above the 70 level seen an overbought signal.

"Some correction cannot be ruled out at these levels. So a lot of people will try to take home the profit," Doshi said.

U.S. stocks fell on Monday as financial shares weakened on news that exposure to risky U.S. home loans could reduce Germany's largest lender, Deutsche Bank's, profit by $2.4 billion.