Markets recover after a two-day decline

After two days of losses, benchmark indexes recovered on July 13, with the Sensex rising 324.61 points in the opening hours of trading amid favorable trends in Asian markets.

The 30-share BSE Sensex gained 324.61 points to reach 54,211.22 after a strong start. The NSE Nifty, a wider index, increased 81.3 points to 16,139.60.

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

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

“The decline in Brent crude to below $100 is the main development that is favorable from an economic and commercial viewpoint for India.

The bulls will probably seize on this encouraging information. The chief investment strategist at Geojit Financial Services, V.K. Vijayakumar, however, warned that the FIIs’ decision to sell once again will be a dampener.

Asian markets in Shanghai, Seoul, Tokyo, and Hong Kong were all trading in positive territory at the same time.

On Tuesday, U.S. markets had a lower closing price.

Although retail inflation moderated somewhat in June to 7.01 percent, it remained beyond the central bank’s tolerance band for the sixth consecutive month, indicating that future interest rate hikes will be necessary.

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

The BSE Sensex dropped 508.62 points or 0.94 percent on Tuesday to close at 53,886.61. At 16,058.30, the Nifty lost 157.70 points, or 0.97 percent, to close off the day.

Brent crude, the international standard for crude, increased 0.27 percent to $99.75 a barrel.

According to exchange data, foreign institutional investors continued to be net sellers on Tuesday, selling shares worth 1,565.68 crore.