MF NAVs witness sharp sell off as mkts butchered

Equity diversified NAVs witnessed sharp selling pressure as the markets bruised by double digit Inflation numbers (11.05%) very badly; the Sensex lost over 550 points. Indices of rate sensitive sectors like Bankex, Realty and Auto touched new 2008 low. Experts say that RBI will have to use monetary tools to contain inflation. The Sensex crashed nearly 569 points and the Nifty 171 points while touching day's low. The Sensex closed at 14,571.29, down 516.70 points or 3.42% and the Nifty at 4347.55, down 156.7 points or 3.48%. All BSE and NSE indices closed in red.

All sectoral funds declined sharply. BSE Bankex, FMCG, Auto, IT and Healthcare indices slipped 2.97%, 2.51%, 2.44%, 2.35% and 2.29%, respectively.

Long term debt funds also finished with negative returns while short term debt with positive returns; advance:decline ratio stood at 16:56 and 48:37.

• Equity diversified NAVs witness sharp selling pressure
• All sectoral funds decline sharply
• Long term debt funds finish with negative returns
• Short term debt ende with positive returns

Among the equity diversified funds, the only gainer was Sundaram BNP Paribas Financial Services Opportunities - Retail Plan (G) up 0.02%. The top losers were Lotus India AGILE Fund (G) down  4.51%, Franklin India Opportunities Fund (G) down 4.01% and Taurus Star Share down 4.01%.

Among the tax saving funds, the top losers were JM Tax Gain Fund (G) down 4.30%, Lotus India AGILE Tax Fund (G) down 4.18% and  JM Equity Tax Saver Fund - Series I (G) down 3.94%.

Among the sector funds, the top losers were JM Telecom Sector Fund (G) down 4.42% and JM Basic Fund (G) down 4.15% and JM Financial Services Sector Fund (G) down 3.88%.

Among the balanced funds, the only gainer was BOB Children Fund - Gift Plan up 0.01%. The top losers were  Kotak Dynamic Asset Allocation (G) down  4.25%, ICICI Pru Child Care Plan - Gift Plan  down 2.84% and JM Balanced Fund (G) down 2.68%.

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