Market Update: Sensex, Nifty Open Higher; Allahabad ,Corp Bank gain up to 7%

Market Opens: Benchmark indices opened on a higher note on Wednesday with Nifty hovering around 10,900 level. The Sensex is up 216.17 points at 36189.88, while Nifty is up 52.20 points at 10887.50. About 510 shares have advanced, 98 shares declined, and 21 shares are unchanged.

Yes Bank, Adani Ports, UltraTech, HPCL, ICICI Bank, RIL, JSW Steel are among major gainers, while Wipro, HCL Tech, TCS, Tech Mahindra are trading lower. Among the sectors, except IT, all other indices are trading in green. Midcap and smallcap also trading with a 0.5 per cent gain.

Crude Update: Oil prices rose on Wednesday after a report of declining crude inventories in the country and as producer club, OPEC seemed to stick to its supply cuts despite pressure from US President Donald Trump.

Shares of Allahabad Bank were trading over 3 per cent higher as the Reserve Bank of India (RBI) on Tuesday removed three commercial banks – Allahabad, Corporation and Dhanlaxmi -- from the prompt corrective action (PCA) framework.

Last Wednesday, the ministry of finance had announced an infusion of Rs 9,086 crore in Corporation Bank and Rs 6,896 crore in Allahabad Bank. The two lenders were the largest beneficiaries in the latest round of recapitalisation which involved fresh infusion into a total of 12 PSBs.

Rupee Opens: The Indian rupee opened marginally lower at 71.11 per dollar on Wednesday versus previous close 71.06.

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