Equity mutual funds gained from the stock markets' rally in the week ended March 4, 2005. However, barring tech funds no other category gained enough to beat their benchmark. Debt funds felt the pressure of rising international crude oil prices.
Equity Funds
Banking and auto funds were the top two beneficiaries of the post-budget stock markets' rally. The two categories gained 5.58 per cent and 4.21 per cent, respectively.
Diversified and tax-planning funds too posted good returns. With a gain of 3.97 and 3.91 per cent, respectively, they however fell short of the 4.26 per cent gain of the benchmark BSE Sensex.
Among the diversified equity funds, Taurus Starshare (14 per cent), Magnum Emerging Businesses (9.13 per cent), Bonanza Exclusive Growth (7.83 per cent), Magnum Multiplier Plus (7.59 per cent) and Magnum Global (7.35 per cent) were the top five gainers of the week.
No diversified equity fund lost in the week. BoB Growth gained the least at 1.15 per cent.
In the tax-planning funds' category, Magnum Taxgain (9.93 per cent), HDFC Taxsaver (6.18 per cent), Prudential ICICI Tax Plan (5.31 per cent), Principal Personal Tax Saver Fund (4.99 per cent) and Principal Tax Savings (4.86 per cent) were the top five gainers of the week. BoB ELSS '96 (0.65 per cent) and Alliance Capital Tax Relief '96 (0.98 per cent) gained the least.
After outperforming their benchmark for three consecutive weeks, FMCG funds slipped this time. Though they posted a smart gain of 3.25 per cent, they failed to beat 5.76 per cent return of the benchmark BSE FMCG Index.
Technology funds were the only category that outperformed their benchmark--they added 2.86 per cent as against the 2.47 per cent gain of the BSE IT Index.
Alliance New Millennium (3.92 per cent), Magnum IT (3.24 per cent) and UTI Software (2.77 per cent) were the top three gainers. Franklin Infotech (2.31 per cent) gained the least.
Good times returned to pharma funds as well. The five-fund category reversed their two-week losing streak to gain 2.22 per cent. However, they too failed to beat the 2.25 per cent gain of benchmark BSE Healthcare Index. Petro fund too matched the equity markets' rally and added 2.59 per cent.
Equity-oriented hybrid funds ended the week up 2.50 per cent.
Bond Funds
MIPs, which maintain a small exposure to equities, added 0.54 per cent over the week.
Income funds and gilt medium and long-term funds ended the week in red and lost 0.01 per cent and 0.15 per cent, respectively.
Debt short-term (0.09 per cent), floaters (0.10 per cent) cash funds (0.09 per cent) and gilt short-term funds (0.06 per cent) delivered positive returns.
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