Heavy sell off in MF NAVs as mkts crash

Equity diversified NAVs smashed out completely in line with markets, which crashed for the second straight day on the back of negative sentiment in US markets. Banking, capital goods, realty, power and healthcare stocks have put pressure on the markets. Inflation worries have spooked the markets a lot; experts expect Inflation to touch the double digit mark this week itself. The Nifty managed to close just above 4500 level. It has touched an intraday low of 4488.95, before closing the day at 4504.25, down 78.15 points or 1.71%. The Sensex plunged 334.32 points or 2.17% to finish at 15,087.99, after hitting a low of 15,051.66.

All sectoral funds declined sharply. Balanced and tax saving funds also finished lower.

Long term debt funds closed with negative returns while short term debt funds with positive returns; advance:decline ratio stood at 27:47 and 54:27, respectively.

• Equity diversified NAVs smash out completely in line with markets
• All sectoral funds decline sharply
• Balanced and tax saving funds finish lower
• Long term debt funds close with negative returns
• Short term debt funds end with positive returns

Among the equity diversified funds, the only gainer was Sundaram BNP Paribas Financial Services Opportunities - Retail Plan (G) up 0.01%. The top losers were JM HI FI Fund (G) down  3.16%, Reliance NRI Equity Fund (G) down 2.38% and DBS Chola Growth Fund (G) down 2.82%.

Among the tax saving funds, the top losers were Birla Sun Life Tax Relief 96 (G) down 2.34%, Canara Robeco Equity Tax Saver down 2.33% and  DBS Chola Tax Saver Fund (G) down 2.25%.

Among the sector funds, the top losers were UTI Banking Sector Fund (G) down 3.61% and JM Financial Services Sector Fund (G) down 3.56% and Reliance Banking Fund (G) down 3.12%.

Among the balanced funds, the only gainer was  Birla Balance (G) up 0.13%. The top losers were  Kotak Dynamic Asset Allocation (G) down 2.05%, LIC MF Balanced Fund - C (G) down 1.83% and HDFC Prudence Fund (G) down 1.71%.

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