BENGALURU, Dec 2 (Reuters) - Indian shares pulled back on Wednesday from record closing highs hit in the last session, with banking stocks slipping ahead of a top court hearing on waiving interest on loans under moratorium. The NSE Nifty 50 index fell 0.23% to 13,078.5 by 0502 GMT, while the benchmark S&P BSE Sensex was down 0.35% at 44,497.23. Both indexes had gained more than 1% on Tuesday, after a sharp rally in November on record inflows from foreign institutional investors and hopes for a coronavirus vaccine. Asian shares were also trading lower as some investors booked profits, but hope for additional U.S. economic stimulus and a coronavirus vaccine supported market sentiment. “While there will be corrections... we believe that we are in a sweet spot from a medium-term perspective,” said S. Krishnakumar, chief investment officer for equities at Sundaram Asset Management. “Mid-caps and small-caps are relatively better placed and can ride the economic growth recovery.” The Nifty Midcap 100 Index and the Nifty Smallcap 100 Index outperformed the blue-chip indexes in November and so far this year. On Wednesday, the Nifty Banking Index slipped 0.6%, with top private-sector lender HDFC Bank Ltd down 1.1% and ICICI Bank Ltd falling 1.3%. The Supreme Court is set to hear a case on waiving interest on loans under moratorium on Wednesday, with banks hoping that the apex court will not offer any more reprieve to borrowers. Reliance Industries Ltd, India’s most valuable company, fell 1%, while heavyweight IT firm Infosys Ltd dropped 1.5%. A rise of 4% in Tata Motors Ltd after the car maker reported higher November sales helped limit losses in the Nifty 50. Fast food restaurant chain Burger King’s India arm opened its 8.1 billion rupee ($110.34 million) initial public offering for subscription. The Reserve Bank of India’s monetary policy committee starts its three-day policy meeting on Wednesday, where it is widely expected to hold rates. ($1 = 73.4120 Indian rupees) (Reporting by Chris Thomas in Bengaluru; Editing by Subhranshu Sahu)