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Sectoral funds – Weekly roundup

Oct 14, 2000

The markets witnessed one of the most miserable weeks in recent times. The BSE Sensex slumped 8.6% to close at 3,739 points, while the S&P CNX Nifty crashed 8.4% to close at 1,177 points.

Open-ended, IT Funds NAV
(Rs)
Last
week
Last
month
Last
year
Since
inception
Pru ICICI Tech. (Gr) 5.1 -7.1% -22.9% 0.0% -48.3%
Alliance New Millenn (Gr) 7.5 -8.2% -23.2% 0.0% -51.1%
Birla IT Fund (Gr) 15.6 -8.3% -25.5% -15.5% 9.5%
K P Internet Opport.(Gr) 6.7 -8.3% -22.0% 0.0% -29.7%
DSP ML Tech.com (Gr) 7.1 -8.6% -24.6% 0.0% -16.4%
K Tech 6.3 -8.9% -24.4% 0.0% -19.4%
K P Infotech (Gr) 24.8 -9.2% -21.6% 21.4% 116.4%
IL&FS eCOM Fund (Gr) 5.1 -9.4% -28.6% 0.0% -62.4%
Tata IT Sector Fund 9.4 -10.0% -28.2% -5.4% 16.4%
UTI Sector- Software 17.8 -10.8% -28.4% 9.5% 33.3%
Chola Freedom Tech (Reg) 8.4 -11.2% -22.9% -17.2% 10.7%
Magnum Sector Funds-IT 13.0 -13.5% -28.0% -2.1% 81.1%

Excellent results from Infosys (134% year-on-year growth in net profit) and Satyam (118% net profit growth) failed to perk up the markets. On the contrary, markets actually fell after the declaration of results. Other tech companies (NIIT, Global Tele) are expected to declare excellent results. Currently most software stocks are trading at 52-week lows. However, it remains to be seen whether these two factors will spur buying in what is turning out to be a very lacklustre market.

Open-ended, Pharma Funds NAV
(Rs)
Last
week
Last
month
Last
year
Since
inception
K P Pharma (Gr) 9.5 -2.0% -7.3% -39.3% 1.4%
Magnum Sector Funds-Pharma 9.2 -2.5% -9.7% -39.2% -6.8%
UTI Sector-Pharma 9.5 -3.2% -9.8% -34.1% -19.1%

Ranbaxy and Cipla were the only pharma stocks to see some buying during the week. The mood in pharma stocks is still subdued and there is little buying currently. In the near term, good quarterly results from pharma majors seems to be only trigger that can change this situation.

Open-ended, FMCG Funds NAV
(Rs)
Last
week
Last
month
Last
year
Since
inception
K P FMCG (Gr) 11.2 -1.4% -10.1% -14.2% 9.3%
Pru ICICI FMCG (Gr) 9.2 -1.7% -9.7% -26.6% -7.6%
Magnum Sector Funds-FMCG 8.1 -3.6% -14.9% -37.2% -15.0%

With the exception of Nestle and Britannia, fast moving consumer goods (FMCG) stocks witnessed little buying. Poor results by Hindustan Lever (16% year-on-year growth in net profit) is just what the FMCG sector did not need at this time. The outlook for FMCG stocks continues to be negative and buying is still elusive.


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