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Indian shares flat as metals counter gains in consumer stocks

06/20/2022 | 01:31am EDT

BENGALURU, June 20 (Reuters) - Indian shares were little changed on Monday, with gains in consumer stocks offset by losses in metals, while global prices of copper and crude oil declined.

The NSE Nifty 50 index edged up 0.05% to 15,302.8 by 0516 GMT, while the S&P BSE Sensex was up 0.1% at 51,423.83.

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

"Volatility will continue. Technicals should stabilize. Falling crude prices is a good sign, but they should sustain. We can't expect markets to react in a hurry," said Deven Choksey, founder, KR Choksey Shares.

Oil prices dropped to $113.04 per barrel while copper prices also fell, on fears that a recession would dent demand for metals.

Asian shares were unable to sustain their rare rally, as Wall Street futures shed early gains amid worries the U.S. Federal Reserve would this week underline its commitment to fighting inflation with whatever rate hikes were needed.

The Nifty metal index fell as much as 4.4% to its lowest in over a year.

Vedanta Ltd tumbled nearly 10% to its lowest since April 2021. The miner has also invited expression of interests for its closed copper smelter plant in southern India.

Shares of oil and gas producers fell, with Gas Authority of India shedding 5.3% and ONGC down 5.4%.

Consumer stocks gained, with the Nifty FMCG index up 1.4%.

Hindustan Unilever, up 3.4%, was the top gainer on the Nifty 50. (Reporting by Tanvi Mehta in Bengaluru; Editing by Shailesh Kuber)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
GAIL INDIA LIMITED 2.22% 131.5 Delayed Quote.1.78%
HINDUSTAN UNILEVER LIMITED -0.66% 2595.2 End-of-day quote.9.98%
LONDON BRENT OIL -1.47% 97.84 Delayed Quote.27.42%
NIFTY 50 0.22% 17698.15 Delayed Quote.1.98%
OIL AND NATURAL GAS CORPORATION LIMITED 4.82% 139.2 Delayed Quote.-2.25%
SENSEX BSE30 0.22% 59462.78 Real-time Quote.2.08%
UNILEVER PLC -0.40% 3905.5 Delayed Quote.-1.01%
VEDANTA LIMITED 2.30% 262.45 Delayed Quote.-23.08%
WTI -2.31% 91.866 Delayed Quote.24.73%
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