Nov 26 (Reuters) - Australian shares fell on Tuesday after scaling a record high in the previous session, dragged down by commodity and bank stocks, while investors eyed key local inflation data due later this week.

The S&P/ASX 200 index .AXJO fell 0.3% to 8396.4, as of 2358 GMT. The benchmark had hit a record high on Monday.

Market participants are now focussed on the crucial Consumer Price Index $(CPI.UK)$ inflation data due on Wednesday to gauge the Reserve Bank of Australia's monetary policy path.

The central bank has lagged its peers in lowering its interest rate, which has been at a 12-year high.

Back in Sydney, energy stocks .AXEJ fell 1.4%, tracking losses in global oil prices, after reports of a possible end to the Israel-Hezbollah conflict. O/R

Woodside Energy WDS.AX lost 1.4% while smaller peer Santos STO.AX fell 1.9%.

Gold stocks .AXGD lost 1.9%, hitting a one-week low after prices of the yellow metal dropped. GOL/

Brent crude LCOc1 futures fell 2.75% to $73.10 a barrel.

Bellwether miners .AXMM fell as much as 0.5% despite higher iron ore prices, as mounting trade tensions surrounding top buyer China curbed the commodity's gains. IRONORE/

Sector giant BHP Group BHP.AX traded flat, while Rio Tinto RIO.AX rose 0.8%.

Rate-sensitive financials .AXFJ lost 1.1%, with the "Big Four" banks losing between 0.1% and 1.7%.

Health stocks .AXHJ rose 0.4%, on track for a third consecutive session of gains. Cochlear COH.AX, one of the nation's priciest stocks, advanced 0.9%.

The U.S. Dow Jones Industrial Average .DJI rose 0.99% to 44,736.57 on Monday. The S&P 500 .SPX gained 0.30% while Nasdaq .IXIC advanced 0.27%. .N

Meanwhile, New Zealand's benchmark S&P/NZX 50 index .NZ50 fell 0.6% to 13116.27, ahead of the central bank's cash rate decision.

The Reserve Bank of New Zealand is expected to cut rates at its monetary policy meeting on Wednesday, a Reuters Poll showed.

(Reporting by Rajasik Mukherjee in Bengaluru; Editing by Rashmi Aich)

((Rajasik.Mukherjee@thomsonreuters.com))

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