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Indian Shares Rebound as Consumer, Financials Boost

BENGALURU, June 20 (Reuters) - Indian shares ended higher on Monday to snap six straight sessions of losses, as gains in consumer and bank stocks helped counter a sharp slump in metals.

The NSE Nifty 50 index closed up 0.37% at 15,350.15, while the S&P BSE Sensex was up 0.46% at 51,597.84.

Both indexes had fallen over 5% last week in their biggest weekly drop in two years.

Global stock markets edged up as investors braced for a host of U.S. Federal Reserve speakers this week, where they could underline a commitment to fight inflation whatever rate pain required.

The Nifty metal index ended nearly 4% lower, after plunging 6% to its lowest in more than a year, tracking a global selloff on fears over a potential global recession and demand destruction in top consumer China following fresh coronavirus outbreaks.

Vedanta Ltd tumbled as much as 16% in its worst day in over 20 months, but pared losses to close 12.7% lower.

The miner has also invited expression of interests for its closed copper smelter plant in southern India.

Consumer stocks gained, with the Nifty FMCG index up 1.8%.

Hindustan Unilever, up 3.4%, was the top gainer on the Nifty 50.

The Nifty Finance index ended nearly 1% higher.

Reporting by Tanvi Mehta in Bengaluru; Editing by Shailesh Kuber

Source: Reuters

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