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Indian shares rebound as consumer, financials boost

06/20/2022 | 06:30am EDT

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)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
HINDUSTAN UNILEVER LIMITED -0.66% 2595.2 End-of-day quote.9.98%
NIFTY 50 0.22% 17698.15 Delayed Quote.1.98%
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%
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