Apr 26, 2000|
Have the markets bottomed out?
P.S. Subramanyam chairman, Unit Trust of India (UTI) certainly believes so. And his crystal ball reveals that infotech stocks will rule for the next 7-8 years.
The UTI chairman is of the opinion that the technicals warrant a recovery. He believes that the IT sector will hog the limelight for at least 7-8 years, with old economy stocks are also rebounding. He cited dividend tax (imposed in the latest budget) as a reason for the depressed state of equity markets.
So what does that mean for the mutual fund industry? Over the short term (2-3 months) any guesses on the state of the industry could prove hazardous given the volatility in the markets. Over the long term (12 months), one can say with a fair degree of certainty that the IT/convergence sectors will outperform other sectors, which will translate into significant gains for IT funds. So is this the right time to enter IT funds? A little patience could do investors some good.
|Open Ended Schemes
|Alliance New Millennium Fund (Gr)
|Birla IT Fund (Gr)
|IL&FS eCOM Fund (Gr)
|Pru ICICI Tech. Fund (Gr)
|Magnum Sector Funds - IT
|Sun F & C Emerging Tech. (Gr)
|Tata IT Sector Fund
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