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Wild Swings

It was a tough week for equity fund investors, as stocks played the swing game wildly. While banking funds lost the least, the all-important category of diversified equity funds slipped 1.49 per cent

The week ended May 26 could be of some respite, if at all, to the investors since the Sensex tried to recover some of its lost glory though it continued to play the swing game wildly.

After closing the previous week ended May 19 at 10,938 levels, the Sensex closed this week at 10,809.35, down 1.18 per cent.

Among the equity fund categories, the banking funds were the least loser, shedding just 0.31 per cent over the period. This category has just two funds - Reliance Banking (-0.62 per cent) and UTI Banking (0 per cent). The auto sector funds went completely off track losing 2.52 per cent, the highest in the equity funds category.

Diversified Equity Funds
The category of diversified equity funds registered a negative growth (-1.49 per cent) in the week ended May 26.
The Top Five
Tata Contra (1.22 per cent), Templeton India Equity Income (0.92 per cent), Quantum Long Term Equity (0.5 per cent), Bonanza Exclusive (0.47 per cent), and Pru ICICI Growth FII (0.4 per cent).
The Bottom Five
Magnum Global (-4.15), Standard Chartered Premier Equity (-4.36), Sundaram CAPEX Opportunities-G (-4.38 per cent), Sundaram CAPEX Opportunities-D (-4.41 per cent), and JM Basic (4.6 per cent)

Tax Planning Equity Funds
The category of equity tax planning funds lost 2.02 per cent over the week.
The Top Five
Birla Sun Life Tax Relief '96 (0.64 per cent), Birla Equity Plan (0.16 per cent), Magnum Taxgain (-0.79 per cent), Escorts Tax Plan (-0.81 per cent) and HDFC Long Term Advantage (-0.99 per cent)
The Bottom Five
Sundaram Taxsaver (-3.01 per cent), Kotak Tax Saver (-3.23), Principal Tax Savings (-3.62 per cent), Libra Taxshield '96 (-3.90 per cent), ABN AMRO Tax Advantage Plan (-4.64 per cent)

Hybrid Equity-Oriented
The category lost 0.94 per cent during the week
The Top Five
LICMF Balance (0.77 per cent), HDFC Balanced (0.54 per cent), Escorts Balanced (0.03 per cent), Pru ICICI Balanced (-0.07 per cent), Kotak Balance (-0.43 per cent)
The Bottom Five
ING Vysya Balanced (-1.48 per cent), FT India Balanced (-1.68 per cent), Pru ICICI Child Care-Gift (-2.29 per cent), Principal Child Benefit (-2.80 per cent), Sundaram Balanced Fund (-3.23 per cent)

Equity Technology
This seven-fund category lost 0.77 per cent during the week compared to -1.02 per cent by BSE IT index.