Market gets a growth scare, Sensex loses 285 points


Mumbai: In a pullback of sorts, the benchmark Sensex fell from a two-week high and in the process closed over 284 points lower Friday after the government slashed the economic growth forecast for 2015-16 to 7-7.5 percent.

With this, the index’s 4-day winning momentum may have come to a halt, but for the week, it notched up its biggest weekly gain in more than two months.

The government today lowered its economic growth forecast for 2015-16 to 7-7.5 percent from the earlier 8.1-8.5 percent, but said budget deficit target will be met as higher tax revenues offset a shortfall in PSU stake sale.

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