BENGALURU, May 17 Reuters Indian shares extended gains to a second session as metal stocks rallied over hopes of revival in demand as top consumer China steps out of COVID related lockdowns, even as Life Insurance Corp of India slid in its market debut.

The NSE Nifty 50 index settled 2.63 higher at 16,259.30, while the SP BSE Sensex closed 2.54 higher at 54,318.47.

Nifty39;s metal subindex saw its best session since April 2020 and closed 6.9 higher as London copper and Dalian iron ore prices advanced on optimism COVID19 lockdowns easing in China would lead to an improvement in demand.

Aluminium and copper producer Hindalco Industries and Tata Steel were the top two percentage gainers on the Nifty 50 index, closing 9.6 and 7.7 higher, respectively.

On the Nifty 50 index, 49 of the 50 stocks settled higher and all major subindexes also clocked gains on Tuesday.

Auto components maker Automotive Axles closed 12.2 higher after it reported a rise in Marchquarter profit.

The Indian rupee gradually recovered after touching a record low of 77.7975 against the dollar on Tuesday, after the central bank intervened while bond yields edged higher tracking the uptick in global crude oil prices. The rupee settled at 77.565.

Optimism over easing lockdowns in China also supported positive momentum in broader Asia.

Meanwhile, shares of stateowned Life Insurance Corp of India LIC slid in their market debut and closed 7.8 lower on Tuesday.

LIC was never considered a listing gain…