After opening the day on a positive note, Indian share markets witnessed selling pressure and are currently trading in the red. Sectoral indices are trading mixed, with stocks in the capital goods sector and stocks in the consumer durables sector witnessing maximum selling pressure.

The BSE Sensex is trading down 83 points (down 0.2%) and the NSE Nifty is trading down 30 points (down 0.3%). Meanwhile, the BSE Mid Cap index is trading down by 0.5%, while the BSE Small Cap index is trading down by 0.3%. The rupee is trading at 63.75 to the US$.

In news about the economy. The world bank has pegged India to regain the ‘fastest-growing major economy’ tag in 2018.

After losing the top spot to China in 2017, India is set to bounce back to being the fastest-growing major economy, with the World Bank estimating GDP growth at 7.3% in 2018 and to 7.5% for the next two years.

India, despite initial setbacks from demonetization and Goods and Services Tax (GST), is estimated to have grown at 6.7% in 2017, according to the 2018 Global Economics Prospect released by the World Bank.

According to the report, India’s future is looking good on several fronts. Strong private consumption and services are expected to continue to support economic activity. Private investment is expected to revive as the corporate sector adjusts to the GST, which over the medium term is expected to benefit economic activity.

Moreover, the recent recapitalization package for public sector banks announced by the government is expected to help resolve banking sector balance sheets, and spurring private investment.

The report added that, on the productivity side, India has enormous potential with respect to secondary education completion rate. All in all, improved labor market reforms, education and health reforms as well as relaxing investment bottleneck will help improve India’s prospects.