Indian stock market recovered from early losses to hit record closing highs on Tuesday, boosted by gains in Reliance Industries, after the government announced the June-quarter fiscal deficit earlier in the session, while investors focused on the ongoing central bank policy meeting, Reuters reported.
India reported a fiscal deficit of $62.57 billion for April-June, or 68.7 per cent of the budgeted target for the current fiscal year compared with 80.8 per cent a year ago.
The benchmark BSE Sensex closed 0.30 per cent firmer at 37,606.58. The index rose 6.16 per cent in July, and marked its fourth straight monthly gain.
The broader NSE Nifty ended 0.33 per cent higher at 11,356.5 after scaling an all-time high during the session. It gained 5.99 per cent this month.
"At the beginning of the session, the bulls took a step back only to charge towards the end of the session. They did not allow the Nifty50 to fall even below the crucial hourly moving averages. This shows that the bulls are having an upper hand on the index," said Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan
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