Indian shares extend gains to 1 pct

MUMBAI, July 3 (Reuters) - Indian shares extended gains to more than 1 percent on Friday afternoon on short covering ahead the federal budget next week, traders said.

At 2:17 p.m. (0847 GMT), the 30-share BSE Index .BSESN was up 0.8 percent at 14,769.53 points, with 17 stocks gaining, after rising as high as 14,807.54. It had slipped more than 1 percent earlier in the session.

The 50-share NSE index .NSEI was up 0.7 percent at 4,380.50 points. (Reporting by Prashant Mehra)