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Sectoral funds – Weekly roundup

Sep 23, 2000

The BSE Sensex fell 11.6% this week to close at 4,032 points triggered by rising crude prices. The S&P CNX Nifty fared no better slumping 9.6% to 2,148 points.

Open-ended, IT FundsNAV
(Rs)
Last
week
Last
month
Last
year
Since
inception
Chola Freedom Tech (Reg)9.8-8.3%-5.6%3.5%17.4%
K P Internet Opport.(Gr)7.6-9.8%-6.6%0.0%-20.4%
K P Infotech (Gr)27.9-10.2%-6.2%60.1%134.3%
Pru ICICI Tech. (Gr)5.8-10.8%-1.0%0.0%-41.2%
Alliance New Millenn (Gr)8.5-10.9%0.2%0.0%-44.3%
DSP ML Tech.com (Gr)8.2-11.6%-3.6%0.0%-4.6%
K Tech7.2-11.6%-6.0%0.0%-8.0%
Birla IT Fund (Gr)17.8-12.3%-6.9%20.1%12.3%
Magnum Sector Funds-IT15.4-13.1%-6.4%48.9%96.3%
Tata IT Sector Fund11.0-13.4%-7.6%30.2%21.2%
IL&FS eCOM Fund (Gr)6.1-13.7%-8.1%0.0%-55.6%
UTI Sector- Software20.8-15.1%-7.9%42.9%58.3%

The downslide in equity markets has hit IT stocks more adversely than other stocks. Consequently IT funds have been hit the hardest and this is evident from the sharp fall in net asset values (NAVs) this week. With software companies set to declare quarterly results in the first week of October, these companies could see some buying on expectations of good results. Moreover, software stocks are really cheap at current prices and could trigger some bargain hunting.

Open-ended, Pharma FundsNAV
(Rs)
Last
week
Last
month
Last
year
Since
inception
Magnum Sector Funds-Pharma9.6-3.1%-1.3%-23.3%-3.8%
K P Pharma (Gr)9.8-3.6%-0.5%-25.7%3.3%
UTI Sector-Pharma9.9-4.9%-3.0%-21.2%-17.0%

Pharma stocks also fell this week in line with the mood prevailing in most other stocks. This pulled down NAVs of pharma funds (by a minimum of 3% over the week). The mood in pharma stocks may well improve over the next week, although by and large pharma stocks are expected to fall in line with the general mood persisting in the markets, be it upwards or downwards.

Open-ended, FMCG FundsNAV
(Rs)
Last
week
Last
month
Last
year
Since
inception
Pru ICICI FMCG (Gr)9.8-4.0%0.2%-15.6%-3.6%
Magnum Sector Funds-FMCG8.6-4.2%3.1%-27.1%-14.6%
K P FMCG (Gr) 11.9-4.4%0.3%-8.8%14.8%

The market slide also took FMCG stocks in its wake, which explains why NAVs of FMCG funds slumped significantly (at least 4%) over the week. Unlike IT stocks which could see some buying next week, FMCG stocks are unlikely to witness an upward movement given the fact that rising crude prices will have a direct impact on their bottomlines.

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