* BSE index falls 0.23 pct, NSE index down 0.12 pct
* Asian shares slip on China growth woes
* Miners down after Tuesday's rally
MUMBAI, March 9 (Reuters) - Indian shares edged lower on Wednesday as investors booked profits after last week's strong rally, following weak Chinese trade data that renewed fears of a global economic slowdown.
Sharp losses in Chinese stocks pulled Asian equities further away from two-month highs on Wednesday as weak trade figures from the world's second-biggest economy and wobbly oil prices revived concerns about global growth.
In a report released on Tuesday, Credit Suisse turned "underweight" on Indian shares from "overweight," citing a deteriorating external position, "unjustifiable" premiums, and downward earnings revisions.
Analysts said the developments were sobering for a market that is still seen as outperforming other emerging markets and which surged 7 percent in the last four days through Friday after the government stuck to its fiscal deficit target for the next fiscal year.
"I don't think that China data alone was the only thing that caused markets to take a step backwards. The entire rally has been largely driven by a forced optimism," said Michael Every, head of markets research - Asia-Pacific at Rabobank.
"From growth and fundamentals perspective, India is the only country still standing, everyone else is wobbling."
Foreign investors net bought $990.76 million worth of shares this month, but are still net sellers worth $1.88 billion for the year.
The broader NSE index was down 0.12 percent at 7,476.70 at 0737 GMT, while the benchmark BSE index dropped 0.23 percent to 24,603.11.
Miners NMDC and Steel Authority of India fell 3 percent each, as investors booked profits after the stocks rose more than 7 percent on Tuesday.
State-run Container Corp fell more than 2 percent after the government said it would offload a 5 percent stake in the logistics company to raise about $170 million.
On the other hand, malls developer Phoenix Mills was up 5.5 percent after Macquarie maintained an "outperform" rating on its rent renewal prospects, and as the upper house of parliament is expected to pass on Wednesday a regulatory reform bill that could benefit the real estate sector. (Reporting by Aastha Agnihotri; Editing by Biju Dwarakanath)