Sensex down 90 pts, Nifty below 12,200

The benchmark Sensex opened lower on Tuesday after the International Monetary Fund (IMF) slashed India's 2019 growth estimates to 4.8 per cent from 6.1 per cent.

IMF cited a sharper-than-expected slowdown in local demand and stress in the non-bank financial sector.

Sensex opened at 41,487.57, lower from its Monday's close of 41,528.91.

At 9.37 a.m., Sensex was down 91.54 points at 41,437.37 while the broader Nifty was trading 25.90 points lower at 12,198.65.

Kotak Mahindra Bank was down 1 per cent after it declared its corporate results. The private lender reported weak set of results with loan growth continuing to be subdued and rising NPAs.IANS