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Sectoral Funds – Weekly roundup

Aug 12, 2000

The BSE Sensex slid 0.2% this week to close at 4,192.0 points. The S&P CNX 50, on the other hand, climbed marginally by 0.9% to 2,092 points. In a sharp reversal of trend over the past few weeks, IT funds crawled back into the limelight.

Open-ended, IT FundsNAV
(Rs)
Last
week
Last
month
Last
year
Since
inception
IL&FS eCOM Fund (Gr)5.73.7%-21.6%0.0%-58.4%
K P Infotech (Gr)26.83.0%-14.0%102.5%141.3%
Magnum Sector Funds-IT14.32.7%-15.3%82.7%96.4%
Birla IT Fund (Gr)16.92.2%-20.5%30.3%11.5%
Chola Freedom Tech (Cum)14.62.2%-15.1%0.0%15.2%
K P Internet Opport.(Gr)7.52.0%-13.6%0.0%-21.7%
UTI Sector- Software19.71.3%-17.9%0.0%51.0%
K Tech6.90.7%-16.2%0.0%-11.9%
Alliance New Millenn (Gr)7.40.1%-19.0%0.0%-51.5%
Tata IT Sector Fund10.60.0%-18.3%42.7%20.7%
DSP ML Tech.com (Gr)7.5-0.5%-20.4%0.0%-12.6%
Pru ICICI Tech. (Gr)5.3-0.6%-16.9%0.0%-46.3%

IT is back…for a change. That is not to say that all those concerns about IT valuations are a thing of the past. On the contrary, even at this stage with IT stocks having climbed during the week, it would take a brave analyst to comment on the prospects of IT stocks in the coming months. Fund managers in any case won’t be complaining too much, as IT funds witnessed some upward movement, at long last. The rise in NAVs of most IT funds can be attributed to the surge in prices of Infosys, Visualsoft and Satyam. However, the character (or lack of it) of this rally (?) can be gauged by the slump in these stocks on Friday.

Open-ended, Pharma FundsNAV
(Rs)
Last
week
Last
month
Last
year
Since
inception
K P Pharma (Gr)9.6-1.0%-5.4%-11.0%2.4%
Magnum Sector Funds-Pharma9.6-1.2%-6.1%-10.0%-4.9%
UTI Sector-Pharma9.8-1.4%-8.9%0.0%-17.8%

If IT stocks got the fund managers in the right mood, pharma stocks most certainly didn’t. Pharma stocks saw a downslide and this was reflected in the NAVs of pharma funds. The scenario in the coming weeks for pharma stocks (both MNC and Indian) is unlikely to be very different.

Open-ended, FMCG FundsNAV
(Rs)
Last
week
Last
month
Last
year
Since
inception
Pru ICICI FMCG (Gr)9.7-0.9%-2.8%-12.9%-4.5%
K P FMCG (Gr) 11.8-1.2%-3.0%2.7%15.2%
Magnum Sector Funds-FMCG8.2-3.9%-8.6%-22.5%-20.0%

If pharma stocks spoilt the mood, FMCG stocks really rubbed it in. This is because FMCG stocks are witnessing a sustained decline despite companies posting some reasonable (and even impressive) earnings growth. What is even more strange is that fund managers we have spoken to, keep telling us about the potential in FMCG, but evidently there seems to be little more than plain talk.

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