* NSE index down 0.15 pct, BSE index 0.09 pct lower
* Inflation data in focus - analysts
* Eicher Motors snaps five-session rally
By Samantha Kareen Nair
May 12 (Reuters) - Indian shares edged lower on Friday, after hitting record highs in the previous two sessions, as investors turned cautious ahead of inflation data and booked profits in recent outperformers.
Consumer price inflation (CPI) is expected to have eased to a three-month low of 3.49 percent in April from 3.81 percent the previous month, below the central bank’s medium-term target of 4 percent due to lower base effects and a fall in the cost of pulses, cereals and perishable goods.
“There is plenty of interest in today’s inflation and production data, due post-market hours,” DBS Group Research said in a report.
The Reserve Bank of India had said in April that it was “committed to bringing headline inflation closer to 4 percent on a durable basis and in a calibrated manner.”
A lower rate of inflation would likely lower the chances of an interest rate hike, potentially adding more fuel to the ongoing rally in equities.
Both the broader NSE index and the benchmark BSE index hit record highs in the previous two sessions, and were up more than one percent for the week. The indices are headed for a second week of gains in three.
“Though it has pared gains today, the market is still performing at its best,” said Deven Choksey, managing director, K.R Choksey Investment Managers.
The broader NSE index was down 0.15 percent at 9,408.10 as of 0545 GMT. The index is up 1.27 percent for the week.
The benchmark BSE index was 0.09 percent lower at 30,224.56, but is still 1.19 percent higher on week.
Eicher Motors fell about one percent after rising for five straight sessions, while Ashok Leyland was down 1.7 percent after two sessions of gains.
Meanwhile, Glenmark Pharmaceuticals slumped about 16 percent after the company’s fourth-quarter profit missed analysts’ estimates.
Shares of Reliance Infrastructure Ltd rose as much as 4.6 percent after the company’s subsidiary, Delhi Airport Metro Express, won an arbitration case against Delhi Metro Rail Corp on Thursday. (Reporting by Samantha Kareen Nair in Bengaluru; Editing by Vyas Mohan)