* FTSE rises 0.6 percent
* Miners up, Anglo American gains on DB note
* Luxury goods firms higher after Burberry, LVMH impress
By David Brett
LONDON, April 19 (Reuters) - Britain's top shares bounced back from sharp falls in the previous session on Tuesday, led by oversold commodity stocks and luxury goods firm Burberry after a trading update. By 1053 GMT, the FTSE 100 was up 32.75 points, or 0.6 percent, at 5,902.83, having ended Monday down 2.1 percent at 5,870.08, its lowest close since March 23, after ratings agency S&P cut its U.S. credit outlook to negative.
Bill McNamara, a technical analyst at Charles Stanley, said the short-term uptrend had come to an end, and the index would need to hold above 5,908 -- last week's first key support level -- to have any technical significance.
"At the very least this signals that the FTSE has entered a phase where choppy trade is likely to become the norm, and that's not so surprising, given the many external factors that investors are now obliged to take account of."
London's blue chips rallied as investors bought back in on the dips after a flight from risk on Monday, with miners and integrated oils the top performing sectors.
Paul Mumford, who manages a 25-million-pound ($40.6 million) fund at Cavendish Asset Management, said the market fall was a "knee-jerk" reaction thar presented fresh buying opportunities.
Precious metals miner Fresnillo gained 2.4 percent as gold hovered near all-time highs.
India-focused miner Vedanta rose 1.6 percent, and Cairn Energy climbed 1 percent as Vedanta snapped up an 11 percent stake in Cairn India, a move that guarantees the miner a majority stake in the Indian unit despite an expected tepid response to its open offer.
Anglo American was up 2.2 percent on a bullish note from Deutsche Bank in which the broker noted the miner's exposure to diamonds, "the most defensive mining commodity".
BURBERRY BEAT
Burberry rose 5.9 percent after the luxury group said fourth-quarter sales beat forecasts and would push full-year profit to the top end of expectations.
French peer LVMH also boosted investor sentiment when it beat first-quarter sales expectations.
Marks & Spencer added 1.5 percent as Citigroup raised its recommendation on the retailer to "buy" from "hold".
Tesco fell 1.2 percent after the world's third-largest retailer fell short of its expectations in a tough home market.
Engineers IMI and Weir put on 2.3 and 1.8 percent, benefiting from an upbeat buzz on the sector from brokers such as Bank of America Merrill Lynch and RBC Capital Markets.
Banks were mixed as they remained hamstrung by global sovereign debt concerns and ahead of U.S. peer Goldman Sachs's results at around 1200 GMT.
U.S. stock index futures pointed to a slightly lower open on Wall Street on Tuesday, with U.S. March housing starts numbers due at 1230 GMT. (Editing by Will Waterman) ($1=.6163 Pound)