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Sensex falls from a two-week high

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

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 of India on Friday lowered its economic growth forecast for 2015-16 to 7-7.5 per cent from the earlier 8.1-8.5 per cent, but said budget deficit target will be met as higher tax revenues offset a shortfall in PSU stake sale.

The barometer opened lower, stayed in the negative zone throughout and finally ended down by 284.56 points, or 1.10 per cent, at 25,519.22 following a bout of profit-booking.

The index had risen about 760 points in the past four sessions.

The 50-share NSE Nifty cracked below the 7,800-mark by sliding 82.40 points, or 1.05 per cent, at 7,761.95 after shuttling between 7,753.35 and 7,836.15.

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