Aug 10, 2012, 10.05 AM IST

NAVs decline as markets plunge

Equity funds remained cautious led by dismal markets performance. The debt funds are likely to be under pressure as the supply concerns may continue to weigh on sentiment.

Source: Moneycontrol.com

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Equity funds remained cautious led by dismal markets performance. Among the broader indices category, Large Cap and Small & Mid cap managed to register only 4 and 13 gainers while rest all closed with negative returns. The others categories too followed the same suit where very few funds ended in green.

In the sectoral space, Banking & Finance continued to be the most losing category. Technology category ended mixed but negative returns. The defensive sector also showed mixed performance where FMCG funds closed higher while Pharma & Healthcare funds slumped.

The markets closed lower on Thursday on account of depressing June IIP data coupled with dismal corporate results. The Sensex shut shop at 17560.87 down 39.69 points or 0.23%, and the Nifty closed at 5322.95, down 15.05 points or 0.28%.

On the debt front, the Gilt funds witnessed to be under pressure which showed tumbling performance. The other Long and Short term funds managed to register positive returns with very few decline. According to Dhawal Dalal, DSP BlackRock, in the debt market, the bonds are expected to be rangebound with a declining bias in the near-term. Also the supply concerns may continue to weigh on sentiment which will eventually affect the debt funds.

Check out all mutual fund gainers & losers

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

Equity funds: Top gainers

* Templeton India Equity Income Fund (G) up 1.07%

* Templeton India Growth Fund (G) up 0.63%

* Religare AGILE Fund (G) up 0.58%

Equity funds: Top losers

* Tata Service Industries Fund (G) down 1.19%

* HDFC Infrastructure Fund (G) down 1.19%

* ING Core Equity Fund (G) down 1.02%

Tax saving funds: Top gainers

* Religare AGILE Tax Fund (G) up 0.52%