• APRIL 14, 2000

Sectoral NAVs take a hard knock from market slide

The 258-point fall in the BSE Sensex yesterday (14th April 2000) to 5,169 points dealt a hard knock to most mutual fund NAVs (net asset values), particularly sectoral funds.

With large scale dumping of software (Satyam, Infosys, Wipro, SSI) and telecom (HFCL, Global Tele) stocks, IT/technology funds are back where they were last week when the Sensex was on a roller-coaster after IT counters witnessed heavy sales. The only difference is that yesterday the markets witnessed decline even in the old economy stocks, which were picking up smartly earlier.

Significantly, FMCG (HLL, Tata Tea, ITC, Dabur, Nestle) and Pharma (Ranbaxy, Wockhardt, Hoechst Marion, Sun Pharma) stocks gave IT stocks company on their downward journey.

So all sectoral funds - IT, Pharma and FMCG witnessed a fall in NAVs. Investors who invested in these schemes in the good old days when these sectors formed the golden triangle, are now waking up to some harsh realities.

Copyright © Equitymaster Agora Research Private Limited. All rights reserved.
Any act of copying, reproducing or distributing this newsletter whether wholly or in part, for any purpose without the permission of Equitymaster is strictly prohibited and shall be deemed to be copyright infringement.

LEGAL DISCLAIMER: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. Information herein should be regarded as a resource only and should be used at one's own risk. This is not an offer to sell or solicitation to buy any securities and Equitymaster will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein. Information contained herein does not constitute investment advice or a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual subscribers. Before acting on any recommendation, subscribers should consider whether it is suitable for their particular circumstances and, if necessary, seek an independent professional advice. This is not directed for access or use by anyone in a country, especially, USA, Canada or the European Union countries, where such use or access is unlawful or which may subject Equitymaster or its affiliates to any registration or licensing requirement. All content and information is provided on an 'As Is' basis by Equitymaster. Information herein is believed to be reliable but Equitymaster does not warrant its completeness or accuracy and expressly disclaims all warranties and conditions of any kind, whether express or implied. Equitymaster may hold shares in the company/ies discussed herein. As a condition to accessing Equitymaster content and website, you agree to our Terms and Conditions of Use, available here. The performance data quoted represents past performance and does not guarantee future results.

SEBI (Research Analysts) Regulations 2014, Registration No. INH000000537.

Equitymaster Agora Research Private Limited (Research Analyst)
103, Regent Chambers, Above Status Restaurant, Nariman Point, Mumbai - 400 021. India.
Telephone: +91-22-61434055. Fax: +91-22-22028550. Email: info@equitymaster.com. Website: www.equitymaster.com. CIN:U74999MH2007PTC175407