Sensex, Nifty at record closing highs; Reliance leads gains

(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.

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.

($1 = 68.5650 Indian rupees)

(Reporting by Arnab Paul in Bengaluru, Editing by Sherry Jacob-Phillips)