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Indian shares were little changed on Tuesday as a slide in consumer stocks offset the uptick in metal stocks, ahead of the U.S. Federal Reserve's policy decision.

The Nifty 50 index settled 0.04% higher at 19,680.60, while the S&P BSE Sensex lost 0.04% to 66,355.71.

Seven of the 13 major sectoral indexes logged gains, with the metal index rising 2.94% and the auto index adding 0.95%.

The rise in metals comes after China, the world's largest producer and consumer of metals, announced plans to provide further support to its post-COVID economic recovery. JSW Steel , Hindalco and Tata Steel were the top Nifty 50 gainers.

Asian markets also advanced on hopes of further stimulus measures from China, with the MSCI Asia ex-Japan index gaining 1.8%.

Auto stocks rose, led by a 5.88% rise in TVS Motor on a higher-than-expected rise in quarterly profit.

Index heavyweight ITC lost 1.92% and was among the top Nifty 50 losers. The company's board gave in-principle approval to demerge its hotels business into a new entity on Monday. ITC will own a 40% stake, while shareholders will hold the remaining.

"We believe some investors may have preferred a vertical split (100% direct)," Jefferies said in a note.

The stock has lost 5.74% so far this week. The company will host an analyst/investor call on July 27 to discuss further details on the proposed demerger.

Asian Paints lost 4.04% and was the top Nifty 50 loser after reporting a lower-than-expected rise in quarterly revenue.

"(We) believe that the gains in the market will be capped in the near-term given elevated valuations and soft start to June-quarter earnings season," said Pankaj Chhaochharia and Abhimanyu Godara of Antique Stock Broking.

Analysts also expect caution to prevail in markets ahead of the Federal Reserve's policy meeting on Wednesday.