Renewed FII buying along with short covering post the Union Budget
helped Indian equity markets bounce back from recent lows and close the
week ended 4 March 2011 on a strong note. Market sentiments were also
boosted by some easing in international oil prices. Mid and Small cap
stocks continued to underperform large caps. Among the major categories
in equity funds, Index Funds and Large Cap Funds were the highest
gainers by 4.22% and 4.08% respectively over the one week period ended 4
March 2011. It was followed by Tax Saving Funds by 3.62%, Multi Cap
Funds by 3.57% and Mid Cap Funds by 2.98%
Indian bond markets gained as the fiscal deficit and borrowing
projections for FY12 came in below market expectations. Further easing
in primary article inflation index levels also aided sentiment. Among
the debt fund categories, Gilt Fund – Medium & Long Term gained the
highest by 0.27%, followed by Gilt Funds – Short Term by 0.22%, Income
Funds by 0.20%, Floating Rate Income Funds – Long Term by 0.18%, Short
Term Income Funds by 0.17%, Floating Rate Income Funds – Short Term,
Ultra Short Term Funds and Liquid Funds by 0.15% each.
Equity Diversified Funds
Large Cap Funds: Among the schemes in the large cap funds, JM
Equity Fund gained the maximum of 4.80%, followed by Morgan Stanley
Growth Fund which climbed by 4.64%, BNP Paribas Equity Fund and L&T
Hedged Equity Fund jumped 4.55% each among others. Escorts Growth Plan
and Reliance NRI Equity Fund ended at the bottom this category gaining
by 1.87% and 2.66% respectively.
Mid Cap Funds: HSBC Midcap Equity Fund was the top performer,
which gained by 5.15%, followed by Sundaram Equity Multiplier which
climbed 4.43% and JM Mid Cap fund rose 4.40% among others. Axis Midcap
Fund and ICICI Pru Emerging S.T.A.R Fund ended at the bottom of this
category gaining by 0.30% and 1.08% respectively.
Multi Cap Funds: Bharti AXA Equity Fund was the top performer,
which gained 5.03%, followed by Bharti AXA Equity Fund - Eco which
climbed 5% and Axis Equity Fund rose 4.75% among others. Edelweiss
Absolute Return Fund and Birla Sun Life India Opportunities Fund – B
were the schemes to deliver lower returns in this category gaining by
just 0.09% and 1.78% respectively.
Tax Savings Funds
Bharti AXA Tax Advantage Fund - Eco and Bharti AXA Tax Advantage Fund
were the top performers with a return of 4.98% and 4.96% respectively
during one week period. Among the other schemes in the category, L&T
Tax Saver Fund rose 4.80%, Axis Tax Saver Fund climbed 4.49% and Baroda
Pioneer ELSS ‘96 surged 4.33%. Escorts Tax Plan and ICICI Pru Tax Plan
were the schemes to deliver lower returns in this category gaining by
just 1.67% and 1.98% respectively.
Index Funds
The NAV of Index Fund category advanced by 4.22% over one week period
with Principal Index Fund being the top gainer with a return of 4.42%.
It was followed by Tata Index Fund - Sensex Plan and LICMF Index Fund -
Nifty Plan with 4.41% each. HDFC Index Fund-Sensex Plus Plan and ICICI
Pru Nifty Junior Index Fund ended at the bottom of this category posting
weekly returns of 3.11% and 3.64% respectively.
Sector Funds
Banking Funds category gained 5.06%, with JM Financial Services Sector
Fund gaining 5.75% and Sundaram Financial Services Opportunities gaining
by 5.24% among others. Sahara Banking & Financial Services Fund
ended at the bottom of this category with a return of 4.59%.
FMCG Funds category gained 4.08% over one week period ended 4 March
2011. SBI Magnum SFU - FMCG Fund and ICICI Pru FMCG Fund were the top
gainer in this category. Their NAV appreciated by 5.03% and 3.74%
respectively over one week period.
NAV of Pharma Funds category advanced 1.63%, with UTI-Pharma &
Healthcare Fund ending the week as the biggest gainer with an increase
in NAV by 2.01%; it was followed by Reliance Pharma Fund which gained
1.74%.
Infotech Funds category gained 1.60% over one week period ended 4 March
2011. SBI Magnum SFU – Infotech Fund was the top gainer with a return of
1.95%.
Hybrid Funds
UTI-CCP Advantage Fund and ING Balanced Fund were the highest gainer in
equity oriented balanced fund category with their NAV appreciating by
3.51% and 3.29% respectively. Principal SMART Equity Fund, ICICI Pru
Equity & Derivative – Wealth Optimizer and ICICI Pru Child Care
Plan-Gift Plan were the worst performer in this category gaining by
1.46%, 1.51% and 1.63% respectively.
LICMF Children's Fund was the highest gainer in debt oriented balanced
fund category as its NAV appreciated by 2.42%. Tata Young Citizens Fund
was the next highest gainer by 1.84%. Escorts Income Bond and DWS Money
Plus Advantage Fund were the worst performers in this category gaining
by 0.11% each.