Sensex down 129 points in opening trade on growth concerns

The BSE benchmark Sensex fell by over 129 points in opening trade today as foreign funds and retail investors booked profits made in yesterday’s session amid growth concerns.

A subdued trend in global markets following weak US manufacturing data for July also dampened the trading sentiment.

The 30-share barometer, which gained 117.13 points in the previous session, fell by 129.67 points, or 0.71 per cent, to 18,184.66 in the first few minutes of trade on Tuesday.

Stocks of banking, realty, metals and auto companies suffered the most in the fresh sell-off.

Similarly, the wide-based National Stock Exchange Nifty index slid by 38.65 points, or 0.72 per cent, to 5,477.15.

Market analysts said the trading sentiment was dampened on growth concerns after the Prime Minister’s Economic Advisory Council (PMEAC) lowered the economic growth projection for the current fiscal to 8.2 per cent from 9 per cent earlier.

A lower trend in global markets due to weak US manufacturing data for July also prompted profit-booking at home, they said.

In the Asian region, Hong Kong’s Hang Seng index was trading 0.34 per cent lower and Japan’s Nikkei shed 0.93 per cent this morning. In the US, the Dow Jones Industrial Average ended 0.09 per cent lower in yesterday’s trade.