People watch a large screen displaying India's benchmark share index on the facade of the Bombay Stock Exchange (BSE) building in Mumbai, India, January 20, 2016. REUTERS/Shailesh Andrade

BENGALURU, June 22 (Reuters) - Indian shares closed more than 1% lower on Wednesday, with bond yields at their weakest in over three weeks, as global stocks and oil prices declined amid mounting recession fears.

The NSE Nifty 50 index (.NSEI) closed 1.44% lower at 15,413.3 while the S&P BSE Sensex (.BSESN) dropped 1.35% to 52,51,822.53. Both the indexes had clocked their best session in three weeks on Tuesday.

India's benchmark 10-year bond yield fell 10 basis points on the day to 7.38%, its lowest level since May 30 before edging slightly higher to 7.40% by 0916 GMT.

India's partially convertible rupee was trading weaker to the dollar, while traders closely monitor the minutes of the monetary policy committee's June policy for near-term direction.

Metal stocks declined after their short rebound on Tuesday, as a stronger U.S. dollar and weak sentiment sent London copper prices to their lowest level since March 2021.

The Nifty Metal index (.NIFTYMET) tumbled 4.8%, with Hindustan Copper (HCPR.NS)falling 7.3%.

The Nifty energy index (.NIFTYENR) lost 2.3%, while the Nifty Media index (.NIFTYMED)dropped 3.5%.

Among gainers, Jain Irrigation Systems (JAIR.NS) closed more than 10% higher after the company said on Tuesday it would sell a 78% stake in its international irrigation business to Temasek-owned micro-irrigation company Rivulis.

Analysts at BofA Global Research on Wednesday cut their year-end target for the Nifty 50 to 14,500 from 16,000, and added they remain cautious with headwinds seen in the near term.

World stocks fell as the Japanese yen hit a fresh 24-year low against the dollar, while Brent crude futures were down 4.1% at $110 a barrel amid a push by U.S. President Joe Biden to reduce taxes on fuel to cut costs for drivers.

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The fastest rate-hiking cycle in decades and inflation nearing double-digits has got investors scouring market moves and data to gauge whether the world economy is headed for recession.

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