BENGALURU, Dec 19 (Reuters) - Indian shares rose on Monday, after falling for two straight sessions, led by gains across sectors barring information technology and pharma.

The Nifty 50 index was up 0.42% at 18,346.30, as of 11:20 a.m. IST, and the S&P BSE Sensex rose 0.43% higher to 61,599.03.

The Nifty 50 slipped 2.10% over the last two sessions after major central banks including the U.S. Federal Reserve and the European Central Bank signalled a prolonged rate-hike cycle, triggering fears of the global economy being tipped into a recession.

"Inflation fears have already had an adverse impact on markets," said Astha Jain, senior research analyst at Hem Securities, adding further impact due to inflation is unlikely.

"If Nifty 50 crosses 18,900, then it will have room to rise till 19,700, with resistance at 19,000 and 19,300 levels," Jain said.

Fast moving consumer goods rose nearly 1%, with 11 of the 15 constituents logging gains.

"There are two factors supporting FMCG stocks, one is moderation in inflation and another is softening of commodity prices," said Aishvarya Dadheech, director and fund manager at Ambit Asset Management.

The margins for FMCG companies will be much better in the coming quarter, Dadheech added.

All the major sectoral indexes, except IT and pharma advanced in trade.

IT stocks fell 0.5% after Accenture Plc

forecast lower-than-expected sales

for the upcoming quarter.

Sun Pharma fell nearly 2% after

receiving a warning letter from the U.S. Food and Drug Administration

for its Halol facility in Gujarat. The stock was the top loser on the pharma index, which fell 0.5%.

Asian markets reversed intraday gains as recession fears soured sentiment, with the MSCI Asia ex Japan falling 0.21%. ($1 = 82.7060 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman and Eileen Soreng)