Jul 24, 2012, 09.50 AM IST

Equity NAVs decline led by steep markets fall

The returns of Equity Mutual Funds dropped in yesterday's session as markets witnessed biggest two months fall weighed down by global and local conditions. Meanwhile debt funds delivered good performance amid uncertain market condition.

Source: Moneycontrol.com

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Equity NAVs decline led by steep markets fall

Equity funds posted losses as market witnessed its biggest fall in two months weighed down by Spain woes and road block to FDI in retail. Sharp fall in rupee also added fuel to the fire.

The broader indices Small & Mid cap dropped 66 points leading to recording no gainers in respective mutual fund category. As the markets slumped, all Equity and Balanced funds registered negative returns with no advances.

The BSE benchmark declined 1.64% to close at 16,877.35 and the NSE benchmark was down 87.15 points to 5,117.95.

The sectoral categories too were seen drowning led by markets decline. None of the funds in any sector managed to close with positive returns.

On debt front, both Long and Short term categories delivered good performance in spite of the supply pressure in the bond market. According to Suresh Prabhu, Money Market Analyst, the bond market will await direction from the forthcoming monetary policy review. The range for the 10-yr yield is seen between 8.06-8.11%..

Check out all mutual fund gainers & losers

Here is the day's performance and the gainers and losers across categories.

Equity funds: Top gainers

* No Gainers

Equity funds: Top losers

* JM Core 11 Fund (G) down 2.49%

* Reliance Infrastructure Fund - Retail Plan (G) down 2.32%

* Goldman Sachs Infrastructure Exchange Traded Scheme down 2.32%

Tax saving funds: Top gainers

* No Gainers

Tax saving funds: Top losers

* HSBC Tax Saver Equity Fund (G) down 1.80%