MF NAVs decline for third straight day as mkts down

It was one more weak session for equity diversified NAVs and third straight day weak closing with negative advance:decline ratio of 0:208 as the markets started the week on a weaker note and remained in favour of bears for the third consecutive day. Midcap and small cap stocks have got hammered a lot. The Sensex ended at 16,348.50, down 301.14 points or 1.81% after hitting an intraday high of 16,498.24 and low of 16,300.88. The Nifty has touched a high/low of 4953.60 and 4858.00 before closing the day at 4875.05, slipped 71.5 points or 1.45%.

All sectoral funds declined sharply. BSE Bankex, FMCG, Auto and Healthcare indices lost 3.56%, 2.44%, 1.9% and 0.03%, respectively. IT index gained 1.77%. Balanced and tax saving funds also finished lower; advance:decline ratio of 1:34 and 0:37.

• Equity diversified NAVs close lower for third straight day
• All sectoral funds decline sharply
• Balanced and tax saving funds also finish lower

Among the equity diversified funds, the top losers JM Equity Fund (G) down 3.98%. JM Contra Fund (G) down 3.61% and JM Agri & Infra Fund (G) down 3.60%.

Among the tax saving funds, the top losers were  JM Tax Gain Fund (G) up 4.25%, JM Equity Tax Saver Fund - Series I (G) up  3.30% and ABN AMRO Tax Advantage Plan (ELSS) (G) up 2.73%.  

Among the sector funds, the only gainer was UTI Pharma & Healthcare Fund (G) up 0.04%. The top losers were JM Basic Fund (G) down 3.85%, UTI Banking Sector Fund (G) down 3.45% and JM Financial Services Sector Fund (G) down 3.36%.

Among the balanced funds, the only gainer was BOB Children Fund - Gift Plan up 0.01%, The top losers were JM Balanced Fund (G) down 3.57%, ICICI Pru Child Care Plan - Gift Plan  down 2.40% and Escorts Balanced Fund (G) down 2.30%.

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