May 10, 2012, 09.52 AM IST

NAVs fall owing to weak market outlook

Equity funds continued with the downtrend owing to grave market condition. Markets delivered lackluster performance with BSE benchmark shedding 66.60 points or 0.40%, to close at 16,479.58. Meanwhile, the NSE benchmark declined 25.15 points or 0.5% to 4,974.80.

Source: Moneycontrol.com

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Equity funds continued with the downtrend owing to grave market condition. The Large cap and Small & Mid cap indices moved along the same direction which led to majority of funds ending in red. All Equity and Balanced funds posted negative returns with only few gainers in either category.

In the sector space, huge sell off was observed in the Banking & Finance segment. Pharma & Healthcare and Technology funds followed the downfall and ended in red. FMCG space however delivered good performance in yesterday's session recording no decline.

The falling rupee and weak European market coupled with domestic concerns continued to haunt Indian markets. Markets delivered lackluster performance with BSE benchmark shedding 66.60 points or 0.40%, to close at 16,479.58. Meanwhile, the NSE benchmark declined 25.15 points or 0.5% to 4,974.80.

As far as the performance of Debt categories are concerned, both Long term and Short term funds delivered shaky performance ahead of bond auction. Long term category ended with mixed but negative returns. Meanwhile though Short term funds ended in a green zone but many of its funds were seen losing. The tumbling debt market had no effect on Ultra Short Term Debt funds which topped the chart recording no losers.

Check out all mutual fund gainers & losers

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

Equity funds: Top gainers

* Religare AGILE Fund (G) up 0.47%

* Edelweiss Equity Enhancer Fund - Plan B (G) up 0.25%

* Edelweiss Equity Enhancer Fund - Plan C (G) up 0.19%

Equity funds: Top losers

* HSBC Progressive Themes Fund (G) down 1.99%

* High Yield Equity Plan (G) down 1.89%

* HDFC Infrastructure Fund (G) down 1.84%

Tax saving funds: Top gainers

* Religare AGILE Tax Fund (G) up 0.42%