Software funds on comeback mode - Views on News from Equitymaster

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Software funds on comeback mode

Apr 8, 2000

A rebound in the markets yesterday, especially in software and pharma stocks, has put the smile right back on the faces of fund managers... and investors are not complaining either. The 300+ point jump in the BSE Sensex yesterday (7th April 2000) can be attributed to the sharp turnaround in the prices of software and pharma majors. For instance, Satyam Computers, Infosys, NIIT, SSI, Digital Equipment, Wipro, Global Tele - hit the upward circuit yesterday (7th April 2000). Just a few days ago, most of these stocks were languishing at the downward circuit.

On similar lines, pharma stocks - Cipla, Dr Reddy's, Pfizer, Hoechst Marion also hit the upward circuit.

The rise in pharma and software stocks will have a positive impact on the net asset values (NAVs) of pharma and software funds. When software stocks were down 3-4 days ago, equitymaster.com held the view that maybe investors should look at entering software funds, which were rather attractively priced at that point of time. However most investors actually exited these funds in a bout of panic.

At around 4,700 points just 3 days ago (currently at 5,220), the Sensex has struck back sharply with an 11% rise. Those who entered software funds at 4,700, would have made some neat (and quick) gains, given that most of the rise in the Sensex has been propelled by software stocks. Pharma funds are also performing very smartly and investors who find software funds a wee bit expensive can look at pharma funds.

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