November 16, 2018 / 6:20 AM / a month ago

Indian shares hit more than 4-week high on energy, bank boost

* NSE, BSE indexes up 0.4 pct each

* Reliance Ind top boost

* Yes Bank continues slide

By Chris Thomas

Nov 16 (Reuters) - Indian shares rose to their highest in over four weeks on Friday and were headed for their third straight weekly gain, boosted by a surge in top financial and energy stocks.

The broader NSE index rose as much as 0.7 percent, and the benchmark BSE index climbed 0.8 percent, their highest level since Oct. 17.

However, losses in private-sector lender Yes Bank Ltd and IT giant Infosys Ltd trimmed some of the gains.

The NSE index was up 0.35 percent at 10,653.85 by 0607 GMT, while the BSE index rose 0.36 percent to 35,388.33.

The indexes are set to finish the week about 0.8 percent higher.

India’s October trade deficit widened to $17.13 billion due to a higher oil import bill, the country’s trade ministry said in a statement on Thursday.

This was already priced in by the markets, said Sumit Pokharna, vice president, Kotak Securities.

It’s more of a short-term trading pattern, rather than anything to do with fundamentals, as there are still a lot of headwinds on global and local fronts, he added.

Oil-to-retail conglomerate Reliance Industries Ltd was the top boost to the NSE index, rising as much as 3 percent to an over four-week high.

HDFC Bank, India’s largest bank by market capitalization, climbed 1.5 percent to an over three-week high, while Housing Development Finance Corporation Ltd touched its highest since Sept 18.

Bharti Airtel Ltd’s shares jumped 8.1 percent to their highest since early Oct, and was the top percentage gainer.

Shares of Jet Airways India Ltd surged for a second straight day, climbing 14.4 percent to their highest since June 27, following media reports that the debt-laden airline was nearing a rescue deal with Indian conglomerate Tata Sons Ltd .

Yes Bank’s shares extended its slide, declining as much as 7.5 percent to a two-week low after O. P. Bhatt, an external expert of the ‘Search & Selection Committee’ set up to find a new CEO to replace Rana Kapoor, resigned on Thursday.

The stock was the top percentage loser.

Infosys’ stock, down as much as 1.9 percent, was the biggest drag on the index. The software services exporter on Thursday appointed Deputy Chief Financial Officer Jayesh Sanghrajka as the interim finance head of the company. (Reporting by Chris Thomas in Bengaluru; Editing by Rashmi Aich)

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