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Aug 23 (Reuters) - Indian shares extended early gains to end higher on Wednesday, boosted by banking stocks after the federal cabinet approved a mechanism to oversee consolidation in public sector banks.

The benchmark BSE index closed up 0.88 percent at 31,568.01. The broader NSE index ended 0.89 percent higher at 9,852.5. Both the indexes recorded gains for a second straight session.

The Nifty PSU Bank index closed 2.09 percent up.

For midday report see (Reporting By Arnab Paul in Bengaluru; Editing by Vyas Mohan)

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