Indian shares slipped on Wednesday as investors remained cautious ahead of key corporate earnings later this week and the federal budget next month. Sentiment was subdued as broader Asian shares stepped back from their 2007 high, with MSCI's broadest index of Asia-Pacific shares outside Japan down 0.47 percent after six straight days of gains through Tuesday. The broader NSE index edged down 0.19 percent to 10,616.55 as of 0605 GMT.

The benchmark BSE index slipped 0.16 percent to 34,388.25, reversing earlier gains that lifted it an all-time peak of 34,565.63. Finance Minister Arun Jaitley is expected to present the federal budget for the 2018/19 financial year on February 1, amid investor concerns that the government could unveil some populist measures with heavier spending than this year. Key corporate earnings will kick off this week. Tata Consultancy Services is due to post December-quarter results on Thursday, followed by Infosys on Friday.

Tata Consultancy shares were flat, while Infosys was 0.5 percent lower. Financials were the biggest drag, with Nifty Bank index down 0.6 percent. Kotak Mahindra Bank Ltd fell 0.9 percent, while Yes Bank Ltd lost 1.6 percent. Meanwhile, telecom stocks edged higher on reports that the Telecom Commission relaxed the cap on spectrum holdings of telecom operators in line with the telecom regulator's recommendations. Idea Cellular Ltd was 1.1 percent higher and Bharti Airtel Ltd rose 0.4 percent.

Copyright Reuters, 2018