Sensex recovers from early losses to post fourth straight monthly gain
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Sensex recovers from early losses to post fourth straight monthly gain

By Reuters

  • 31 Jul 2018
Sensex recovers from early losses to post fourth straight monthly gain
Credit: Reuters

Indian shares 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.

India reported a fiscal deficit of 4.29 trillion rupees ($62.57 billion) for April-June, or 68.7 percent of the budgeted target for the current fiscal year compared with 80.8 percent a year ago.

The benchmark BSE Sensex closed 0.30 percent firmer at 37,606.58. The index rose 6.16 percent in July, and marked its fourth straight monthly gain.

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The broader NSE Nifty ended 0.33 percent higher at 11,356.5 after scaling an all-time high during the session. It gained 5.99 percent this month.

Reliance Industries ended 3 percent higher, contributing to over a quarter of the NSE index’ gains.

The state-run bank index saw investors locking in profits, and ended 1.25 percent lower. The index had gained around 12.5 percent in the last five sessions.

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