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Sectoral funds – Weekly roundup

Sep 16, 2000

The markets slipped moderately this week. The BSE fell 2.2% to close at 4,562 points, while the S&P CNX Nifty slid 2.4% to close at 1,417 points.

Open-ended, IT FndsNAV
(Rs)
Last
week
Last
month
Last
year
Since
inception
Pru ICICI Tech. (Gr)6.52.7%23.1%0.0%-34.0%
Alliance New Millenn (Gr)9.62.6%27.8%0.0%-37.5%
UTI Sector- Software24.51.2%24.5%88.1%87.8%
Birla IT Fund (Gr)20.30.3%19.2%50.2%15.1%
DSP ML Tech.com (Gr)9.2-0.1%22.8%0.0%8.0%
Tata IT Sector Fund12.7-0.2%18.6%65.2%25.7%
Magnum Sector Funds-IT17.7-0.7%22.5%100.2%125.0%
K P Infotech (Gr)31.1-0.7%14.7%111.9%149.0%
K P Internet Opport.(Gr)8.5-0.8%12.5%0.0%-11.7%
IL&FS eCOM Fund (Gr)7.0-0.8%24.5%0.0%-48.6%
K Tech8.2-1.0%18.1%0.0%4.1%
Chola Freedom Tech (Reg)10.4-5.7%11.6%8.5%20.0%

The last days of the week saw some selling in software stocks, which had appreciated reasonably. This pulled down net asset values (NAVs) of IT funds, reversing the trend we have witnessed over the past few weeks. As prices of software stocks decline, there could be buying this week as funds try to exploit trading opportunities and this could push up NAVs of IT funds.

Open-ended, Pharma FundsNAV
(Rs)
Last
week
Last
month
Last
year
Since
inception
UTI Sector-Pharma10.4-0.6%7.7%-13.0%-13.0%
Magnum Sector Funds-Pharma9.9-1.6%4.9%-15.2%-1.2%
K P Pharma (Gr)10.1-2.1%6.2%-17.2%6.0%

Selling in Indian pharma stocks (Ranbaxy, Dr Reddys’, Cipla) resulted in a slide in NAVs of pharma funds. MNC pharma stocks were at previous levels. There is no sustained buying (or selling) of pharma stocks, which is mainly due to the fact that stocks are range-bound, and this has affected NAVs of pharma funds.

Open-ended, FMCG FundsNAV
(Rs)
Last
week
Last
month
Last
year
Since
inception
K P FMCG (Gr) 12.41.6%6.3%-1.1%18.8%
Pru ICICI FMCG (Gr)10.20.7%5.0%-10.9%-0.5%
Magnum Sector Funds-FMCG9.0-5.5%9.5%-22.4%-11.5%

FMCG stocks moved up marginally and this has resulted in a surge in NAVs of FMCG funds. However there was some selling in FMCG stocks yesterday. Even at 12-month lows, there are no buyers for FMCG stocks, which is mainly why FMCG funds are going nowhere.

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