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Sectoral funds – Weekly roundup

Aug 26, 2000

The markets looked up this week for a change. The BSE Sensex appreciated 1.6% to close at 4,417 points, while the NSE rose 0.9% to close at 2,267 points.

Open-ended, IT FundsNAV
(Rs)
Last
week
Last
month
Last
year
Since
inception
IL&FS eCOM Fund (Gr)6.613.1%7.4%0.0%-51.3%
UTI Sector- Software22.712.4%7.4%0.0%73.6%
Alliance New Millenn (Gr)8.611.2%8.8%0.0%-43.6%
Magnum Sector Funds-IT16.611.2%8.2%104.9%120.7%
DSP ML Tech.com (Gr)8.510.8%4.4%0.0%-0.1%
Birla IT Fund (Gr)19.110.0%1.8%44.9%14.0%
Pru ICICI Tech. (Gr)5.99.4%3.3%0.0%-39.9%
K Tech7.78.6%4.2%0.0%-1.5%
Tata IT Sector Fund11.75.0%5.0%48.5%23.5%
K P Infotech (Gr)29.24.1%9.1%106.3%148.4%
K P Internet Opport.(Gr)8.13.9%8.3%0.0%-15.7%

IT stocks appreciated significantly as is more than evident from the NAV appreciation in the last week. Apparently the only trigger that led to a spurt in buying was significant FII interest in Satyam, Infosys, SSI, Wipro, NIIT. But buying this week could translate to selling in the next week to book profits. Funds already sold this week to score some points in the brief rally. This could easily happen in the next week as well.

Open-ended, Pharma FundsNAV
(Rs)
Last
week
Last
month
Last
year
Since
inception
UTI Sector-Pharma10.35.6%4.9%0.0%-13.7%
Magnum Sector Funds-Pharma9.93.7%4.3%-14.4%-1.6%
K P Pharma (Gr)9.92.5%6.5%-19.1%4.3%

Ranbaxy and Dr Reddy’s witnessed some buying this week. Both are expecting their second tranche of payment for the NDDS (novel drug delivery system) and anti-diabetes molecule respectively. Dr Reddy’s is also expected to come out with its ADR (American Depository Receipt) issue sometime soon. SmithKline Pharma was another stock that witnessed some buying interest on the back of its worldwide merger with Glaxo.

Open-ended, FMCG FundsNAV
(Rs)
Last
week
Last
month
Last
year
Since
inception
Magnum Sector Funds-FMCG8.41.8%-2.3%-25.1%-17.3%
Pru ICICI FMCG (Gr)9.80.3%0.0%-13.5%-4.0%
K P FMCG (Gr) 11.90.2%1.0%-2.4%15.5%

The FMCG sector maintained status quo over the previous week, which explains the stagnancy in last week’s returns. The flipside to this is that at least there was no selling in FMCG stocks. FMCG stocks continue to look attractive at 12-month lows and this could easily spur buying interest, although no one knows when.

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