BENGALURU, Feb 21 (Reuters) - Indian shares edged up on Tuesday, led by gains in beaten-down metal stocks, while investors waited for minutes from the U.S. Federal Reserve's latest monetary policy to get cues on the central bank's future rate-hike path.

The Nifty 50 index was up 0.3% at 17,894.50, while the S&P BSE Sensex also gained 0.3% at 60,877.03 as of 11:05 a.m. IST.

Recent data from the United States has heightened inflation concerns, sparking fears of a prolonged higher interest-rate regime in the world's largest economy. Minutes from the Fed's latest policy meeting is due on Wednesday.

Among Indian equities, metal stocks were top sectoral gainers, rising 0.9% as global metal prices rose. The index is down over 13% so far this year as weaker demand outlook weighed on metal prices.

Brokerage firm JP Morgan said in a note it continued to see attractive risk-reward for Indian metal firms.

"With the kind of domestic, as well as global economic data coming in, we might see a selling in growth stocks and buying in value stocks," said Saurabh Jain, assistant vice-president, research, SMC Global Securities.

Jain also said heavyweight IT stocks -, up 8.7% so far this year - were likely to be losing steam, while investors are expected to buy more financial shares.

IT stocks were trading down 0.3% on Tuesday morning. Bank stocks and financial stocks, which have lost 4.9% and 3.9%, so far this year respectively, were up 0.4% and 0.5%.

Meanwhile, Asian markets declined, with the MSCI's broadest index of Asia-Pacific shares outside Japan dropping 0.7%.

Among individual stocks, shares of flexible packaging products manufacturer UFlex dropped as much as 4.3% on reports of search operation by the country's income tax department. (Reporting by Bharath Rajeswaran and Nallur Sethuraman in Bengaluru; Editing by Dhanya Ann Thoppil and Nivedita Bhattacharjee)