INDIA STOCKS-Indian shares muted at the open as metals offset IT losses
March 19 (Reuters) - Indian equities were flat at the open on Wednesday as a rise in metals, after the government recommended a temporary tax on some steel imports, offset a drop in IT stocks ahead of the Federal Reserve's policy decision.
The NSE Nifty 50 .NSEI was down 0.08% at 22,818.6, while the BSE Sensex .BSESN lost 0.1% to 75,219.32, as of 9:25 a.m. IST.
The metal index .NIFTYMET jumped 1% after the government recommended a safeguard duty of 12% on some steel imports for 200 days.
Tata Steel TISC.NS rose 2.5%, while JSW Steel advanced 2.1% to top the list of Nifty 50 gainers by percentage.
IT companies .NIFTYIT, which earn a significant share of their revenue from the U.S, fell 1.2% ahead of the Fed's rate decision, due after Indian market hours.
"Macro uncertainties make it tough to forecast fiscal year 2026 earnings outlook for IT," said Citi Research, terming valuations "not attractive enough" in the sector.
The broader small- .NIFSMCP100 and mid-caps .NIFMDCP100 rose about 0.4% each.
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