BSE Sensex edges lower after hitting record highs

Reuters Market Eye - The BSE Sensex is down 0.11 percent, while the broader Nifty is 0.21 percent lower, after earlier marking their fourth consecutive record highs.

The Sensex rose as much as 0.27 percent to an all-time high of 22,939.31, while the Nifty gained as much as 0.42 percent to a record high of 6,869.85.

Oil and gas shares fall after Cairn India Ltd net profit lagged some analysts' estimates, especially after adjusted for other income. Cairn slumps 5 percent while Reliance Industries is down 1.1 percent.

Cement makers also fall after their January-March earnings. ACC falls 2.8 percent while Ambuja Cements is down 2.7 percent.

But lenders gain on expectations the worst may be over in terms of asset quality deterioration. ICICI Bank Ltd is up 1.1 percent while Axis Bank Ltd gains 0.8 percent ahead of their financial results later in the day.

Overseas investors bought Indian shares worth 7.67 billion rupees on Wednesday, provisional exchange data shows.

(Reporting by Abhishek Vishnoi)