Market LIVE: Sensex, Nifty start day on strong note; World Bank slashes economic growth to 5%

The world bank in the India chapter of its report blamed mainly the credit crisis for the slump in demand that led to a steady decline in the Indian economy.

Market LIVE: Sensex, Nifty opened on a strong note on Thursday as both the US and Iran showed a potential walk away from further escalating tensions in the Middle East. Sensex jumped almost 400 points to start at 41,216.67 while Nifty rose 1.16% to open at 12,166. TCS was the lone stock trading in red at the start of the day. Markets worldwide have gathered momentum and erased the majority of their losses made from a series of attacks from the US and Iran. Crude Oil is back to its position before Iranian Quds force commander Qassem Suleimani was assassinated in Baghdad. Meanwhile, another bad news comes in for the Indian economy as the World Bank slashed economic growth to 5% for FY 2019-20. The World Bank in the India chapter of its report blamed mainly the credit crisis for the slump in demand that led to a steady decline in the Indian economy. Easing tension between the US and Iran could be good news for India as the rising future of brent crude might make matters worse for already slumping economy. The government is walking a tightrope between boosting demands by giving stimulus packages and maintaining fiscal discipline.