October 31, 2019 / 10:40 AM / 19 days ago

Indian shares extend gains; Yes Bank spikes after offer

BENGALURU, Oct 31 (Reuters) - Indian shares extended gains on Thursday to settle at multi-month highs, after an interest rate cut by the U.S. Federal Reserve lifted investor sentiment, with Yes Bank stealing the limelight with a near 24% surge.

Yes Bank said it has received a binding offer of $1.2 billion from a global investor as the private-sector lender looks to raise capital through a fresh issue of shares.

The broader NSE index closed higher for a fifth straight session, up 0.28% at 11,877.45, its highest since July.

The benchmark BSE index, which hit a record high during the session, closed at its highest since June, up 0.19% at 40,129.05. It finished in positive territory for the fourth consecutive session.

The Nifty PSU Bank index, which tracks the country’s state-run lenders, settled up nearly 4%, with State Bank of India adding 7.8%.

Shares of Infosys Ltd gained 4% and were among the top five gainers on the NSE index.

Indian Oil Corp Ltd fell 0.2% after the oil retailer reported a slide in quarterly profit. (Reporting by Chandini Monnappa in Bengaluru; Editing by Subhranshu Sahu)

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