NAVs plunge amid volatile market

Equity Mutual Funds closed on a flat note even though markets registered marginal gains. Funds belonging to broader market indices like Large cap and Index emerged as the star performers while Small & Mid Cap and Thematic – Infrastructure lost the most. Diversified Equity and ELSS closed flat registering the advance: decline ratio of 1:1

Sectorwise, only Technology funds soared while all other sector categories slumped owing to lack of positive cues.

The equity funds will continue to remain in negative terrain owing to weak market outlook. The latest depressing data of lower GDP forecast for FY13, falling industrial output, and rising consumer inflation are the currently prime concerns for the plummeting markets. Looking at current market situation, Analysts and Fund managers are skeptical of a speedy recovery in corporate earnings, given the ground reality.

After falling for two consecutive session, debt funds in both Long and Short term space recovered quite well registering very few decline. The release of WPI inflation number today will decide market course.

Check out all mutual fund gainers & losers

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

Equity funds: Top gainers

*  Peerless Equity Fund (G) up 0.64%

*  Tata Ethical Fund (G) up 0.62%

*  SBI Magnum Multicap Fund (G) up 0.58%

Equity funds: Top losers

*  UTI Infrastructure Fund (G) down 0.00%

*  Sundaram Equity Multiplier Fund (G) down 1.26%

*  Reliance Small Cap Fund (G) down 0.97%

Tax saving funds: Top gainers

*  ICICI Prudential R.I.G.H.T. Fund (G) up 0.52%

*  HSBC Tax Saver Equity Fund (G) up 0.51%

*  HDFC Long Term Advantage Fund (G) up 0.51%

Tax saving funds: Top losers

*  Sahara Tax Gain (G) down 0.36%

*  Reliance Tax Saver (ELSS) Fund (G) down 0.33%

*  SBI TAX Advantage Fund - Series II (G) down 0.26%

Sector funds: Top gainers

*  DSP BlackRock Technology.Com - Regular Plan (G) up 1.31%

*  SBI IT Fund (G) up 1.23%

*  Birla Sun Life New Millennium (G) up 1.02%

Sector funds: Top losers

*  Sahara R.E.A.L. Fund (G) down 0.70%

*  Reliance Media & Entertainment Fund (G) down 0.62%

*  Sahara Power & Natural Resources Fund (G) down 0.62%

Balanced funds: Top gainers

*  ICICI Prudential Balanced Fund (G) up 0.29%

*  Edelweiss Absolute Return Fund (G) up 0.24%

*  Tata Balanced Fund (G) up 0.20%

Balanced funds: Top losers

*  Escorts Balanced Fund (G) down 0.38%

*  JM Balanced Fund (G) down 0.35%

*  DSP BlackRock Balanced Fund (G) down 0.2%

Debt funds: Top gainers

*  LIC NOMURA MF Bond Fund (G) up 0.69%

*  IDFC G-Sec. Fund - PF Institutional Plan B (G) up 0.24%

Debt funds: Top losers

*  IDFC Money Manager Fund - Investment Plan A - Regular Plan (G) down 0.01%