* NSE index down 0.1 pct, BSE index 0.01 pct lower
* Tata Steel top gainer on NSE
* NSE top performing broader Asian index so far this year
May 17 Indian shares edged lower after hitting
fresh highs earlier on Wednesday, as political turmoil in
Washington spooked global investors, sending Asian markets
U.S. share futures and the dollar tumbled on reports that
President Donald Trump had asked then-FBI Director James Comey
to end a probe into Trump's former national security adviser,
raising questions over whether obstruction of justice charges
could be laid against the U.S. President.
Analysts also warned about near-term corrections in Indian
markets after a remarkable run. Since crossing the 9,000-mark on
March 14, the broader NSE index has risen around 5.7 percent in
just over two months and is the biggest percentage gaining Asian
index so far this year as of Tuesday's close.
"Since the markets are trading at record high levels, there
could be some nervousness creeping in and that's why volumes are
low," said Siddhartha Khemka, head of research at Centrum
"I see an upside to the market this week but over the next
month there could be some correction and that will depend on
quarterly corporate results."
The NSE was down 0.1 percent at 9,501.95 as of 0600 GMT
after earlier rising as much as 0.09 percent to a record high of
The benchmark BSE index was 0.01 percent lower at
30,580.89 after earlier rising as much as 0.20 percent to a
life high of 30642.94.
Among individual gainers, Tata Steel Ltd rose as
much as 6.8 percent after the company's quarterly loss narrowed
and after agreeing the main terms of a deal for a pension scheme
for its British workers.
Meanwhile, Dhanlaxmi Bank Ltd soared to its
highest since December 2014 after posting a profit in its March
quarter from a loss a year ago.
Among the decliners, Andhra Bank Ltd fell as much
as 4.9 percent after reporting a 32 percent drop in profit for
(Reporting by Arnab Paul in Bengaluru; Editing by Gopakumar