TOKYO, Oct 28 (Reuters) - Japan's Nikkei share average

slipped from a record high on Tuesday, as investors locked in

profits after a fast-paced rally and declines in scandal-hit

motor maker Nidec ( NNDNF ) weighed on the market.

As of 0041 GMT, the Nikkei lost 0.4% to 50,318.56.

The broader Topix fell 0.48% to 3,309.22.

"Investors wanted to book profits today, but the decline was

small relative to the sharp gains in the previous session," said

Kazuaki Shimada, chief strategist at IwaiCosmo Securities.

"The market is overshot... and we see some technical

indicators that signal the overshooting, but the momentum is so

strong that those indicators are unreliable at the moment."

The Nikkei rose 2.46% to close above the 50,000 level for

the first time ever on Monday, continuing a run of successive

records on expectations of sizeable spending from the nation's

new prime minister Sanae Takaichi.

On the day, Nidec ( NNDNF ) plunged 19.45% to its daily limit

low, after the Tokyo Stock Exchange (TSE) put the precision

motor maker on alert for possible delisting.

The company will be expelled from its blue-chip index

following a deepening accounting scandal, publisher Nikkei

added.

Pulling the index further lower, chip-testing equipment

maker Advantest ( ADTTF ) fell 1.13% and Uniqlo-brand owner Fast

Retailing ( FRCOF ) lost 1.25%.

On the other hand, technology investor SoftBank Group

rose 2.43% to be the biggest support for the Nikkei.

Chip-making equipment maker Tokyo Electron ( TOELF ) rose 1.08%.

Optimism around growth and capital expenditures related to

U.S. artificial intelligence continues to support investor

sentiment, Shimada said, adding that the market is hopeful about

the prospects of a U.S.-China trade deal.

Of the more than 1,600 stocks trading on the TSE's prime

market, 12% rose, 84% fell and 2% were flat.