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Sectoral funds – Weekly roundup - Views on News from Equitymaster
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  • Jul 29, 2000

    Sectoral funds – Weekly roundup

    This week witnessed some nervousness in the markets and we saw the BSE Sensex (down 4.1%) and the S&P CNX Nifty (down 4.2%) falling progressively over last week.

    Lack of buying interest and a hike in the bank rate and the CRR are mainly responsible for the dismal condition of the markets. This took its toll on sectoral funds.

    Open-ended, IT Funds NAV (Rs) Last week Last month Last year Since inception
    K P Infotech (Gr) 26.8 -6.0% -14.1% 118.9% 146.3%
    K P Internet Opport.(Gr) 7.5 -6.8% -13.7% 0.0% -21.7%
    Pru ICICI Tech. (Gr) 5.4 -7.3% -16.7% 0.0% -44.7%
    Tata IT Sector Fund 11.2 -7.8% -18.4% 60.1% 22.7%
    Birla IT Fund (Gr) 17.9 -7.9% -19.8% 42.9% 12.8%
    Magnum Sector Funds-IT 14.5 -8.1% -15.5% 104.9% 102.5%
    K Tech 7.1 -8.8% -15.5% 0.0% -9.9%
    Sun F&C Emerg Tech (Gr) 6.3 -9.0% -16.7% 0.0% -26.5%
    Chola Freedom Tech (Cum) 14.6 -9.2% -16.1% -1.4% 15.4%
    DSP ML Tech.com (Gr) 7.9 -9.7% -18.7% 0.0% -8.0%
    IL&FS eCOM Fund (Gr) 5.8 -10.6% -23.0% 0.0% -57.2%
    Alliance New Millenn (Gr) 7.4 -11.2% -22.3% 0.0% -51.6%
    UTI Sector- Software 19.8 -11.4% -19.4% 0.0% 51.7%

    IT funds continue to remain the worst hit among all sectoral funds. All IT funds have fallen by over 5% and 10% over the week and the month respectively. The trigger for buying IT stocks is still elusive which is not helping IT funds any.

    Open-ended, Pharma Funds NAV (Rs) Last week Last month Last year Since inception
    Magnum Sector Funds-Pharma 9.6 -2.5% -3.0% -5.0% -5.0%
    K P Pharma (Gr) 9.5 -3.5% -4.9% -6.9% 1.4%
    UTI Sector-Pharma 9.9 -4.4% -4.4% 0.0% -17.1%

    Like other stocks, pharma just doesn’t seem to excite investors these days. This has hit NAVs of pharma funds with all pharma funds below par (Rs 10) currently. All pharma funds are in the negative over the week and the month.

    Open-ended, FMCG Funds NAV (Rs) Last week Last month Last year Since inception
    Pru ICICI FMCG (Gr) 9.9 -2.0% 0.5% -11.3% -3.60%
    Magnum Sector Funds-FMCG 8.6 -2.9% -0.5% -16.6% -16.40%
    K P FMCG (Gr) 12.0 -3.1% 2.0% 5.0% 17.90%

    Most FMCG stocks (except for Nestle), are facing pretty depressing times, and this is reflected in the NAVs of FMCG funds. Despite trading at 52-week lows, buying is yet to pick up on a sustained basis. In the previous week we saw FMCG stocks in the limelight (albeit briefly) at the expense of IT stocks, but that seems to have changed this week.



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