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The market has opened strong riding high on global markets. The Sensex is up 121.41 points or 0.5 percent at 25965.59, and the Nifty is up 41.60 points or 0.5 percent at 7956.35. The 50-share index is at 2016 high, crossing January 1 high 7972. About 401 shares have advanced, 77 shares declined, and 22 shares are unchanged. ICICI Bank is up 6 percent while SBI, Tata Steel, Axis Bank and GAIL are top gainers. Wipro falls 5 percent.

Private sector lender ICICI Bank jumped over 7 per cent to top the Nifty50 index, after Credit Suisse upgraded the stock to outperform. Recognition of bad loans and the moderation in steel sector stress (to which ICICI Bank has significant exposure) will aid ICICI Bank's re-rating, the investment bank said.