After two days of declines, benchmark indices recovered on Wednesday, with the Sensex rising 324.61 points in early trading on bullish trends in Asian markets.

The Sensex opened higher, up 324.61 points to 54,211.22. The NSE Nifty gained 81.3 points to 16,139.60.

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Hindustan Unilever, Asian Paints, Bajaj Finserv, Power Grid, Larsen & Toubro, and Bajaj Finance were the top gainers on the Sensex.

The laggards were HCL Technologies, Reliance Industries, and HDFC Bank.

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Foreign institutional investors (FIIs) sold shares worth a net Rs 1565.68 crore, while domestic institutional investors (DIIs) purchased shares worth a net Rs 140.71 crore in the Indian equity market on July 12, as per provisional data available on the NSE.  

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“The major positive development from India’s economic and market perspective is the crash in Brent crude to below USD 100. The bulls are likely to latch on to this good news. But FIIs again turning sellers will be a dampener,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

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Similarly, in Asia, markets in Shanghai, Seoul, Tokyo, and Hong Kong were up. On Tuesday, the US markets finished lower.

Retail inflation fell marginally in June to 7.01%, but remained above the central bank’s tolerance level for the sixth month in a row, implying further interest rate rises in the future.

Retail inflation was 7.04% in May, according to official figures released on Tuesday.

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On Tuesday, the Sensex lost 508.62 points, or 0.94%, to conclude at 53,886.61. The Nifty fell 157.70 points, or 0.97%, to 16,058.30.

Meanwhile, Brent crude, the international oil standard, rose 0.27% to USD 99.75 per barrel. The rupee opened flat against the US dollar at 79.58 on Wednesday, despite a rebound in financial markets and easing retail inflation.