BENGALURU, Sept 20 (Reuters) - Indian shares struggled for
direction on Monday as metal stocks negated gains in consumer
goods names, while investors waited for tapering cues from a
U.S. Federal Reserve meeting later in the week.
The blue-chip NSE Nifty 50 index was down 0.04% at
17,577.6 by 0500 GMT, and the benchmark S&P BSE Sensex
rose 0.04% to 59,038.57.
Market participants will be closely watching the Fed's
two-day meeting starting on Tuesday, where it is expected to lay
the groundwork for the tapering of its bond buying programme.
Metal stocks dropped more than 3%, with Tata
Steel skidding over 5% to be the top loser on the
Nifty, while peer JSW Steel lost nearly 4%.
Future prices for steel making raw materials dropped on
Friday as China, the world's top steelmaker, indicated it could
expand strict air pollution controls to more cities.
Consumer goods stocks advanced, led by a near
3% jump in ITC Ltd.
ITC stock was helped by expectation that the COVID-19
vaccination drive would see an increase in tourist inflows, said
A K Prabhakar, head of research at IDBI Capital.
Indian Hotels Co and Mahindra Holidays
jumped 10% and 3.3%, respectively. Media stocks rose
Tech stocks rose with HCL Technologies
advancing 2%, while banks fell after four straight
sessions of gains.
Automakers also declined, with Eicher Motors
losing 2% to lead the decline after reports https://economictimes.indiatimes.com/industry/auto/auto-news/fresh-round-of-exits-likely-at-royal-enfield/articleshow/86352175.cms
of top management changes at its Royal Enfield division.
Low-cost airliner SpiceJet jumped more than 3%,
after reports said it received a waiver of lease rentals of
about 3 billion rupees for four Boeing MAX aircraft.
(Reporting by Soumyajit Saha in Bengaluru; Editing by