Indian shares down as metals, IT drag amid global growth concerns

BENGALURU (Reuters) - Indian shares inched lower on Monday, dragged by metal and IT companies, as global investors remained on edge following higher-than-expected U.S. inflation, while concerns over growth lingered.

The NSE Nifty 50 index fell 0.3% at 17,045.75 as of 0359 GMT and the S&P BSE Sensex was down 0.4% to 57,211.32.

Fresh personal consumption expenditures (PCE) price index data, tracked by the U.S. Federal Reserve as it considers more interest rate hikes, showed a rise of 0.3% in August.

The metals index fell 1.2%, while the IT index dropped 0.6%.

Shares of Oil & Natural Gas rose 5% after the government raised prices of locally produced gas and cut a windfall tax on domestically produced crude oil.

($1 = 81.5090 Indian rupees)

(Reporting by Nallur Sethuraman in Bengaluru; Editing by Savio D'Souza and Neha Arora)