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Gaining Steam

The bourses maintained their upward momentum during the week ended June 30. Most of the equity funds' returns too remained in the positive zone

The bourses maintained their upward momentum during the week ended June 30. As the Nifty and the Sensex gained 2.81 and 2 per cent, over the week respectively, most of the equity funds' returns too remained in the positive zone.

Diversified Equity Funds
The category of diversified equity funds gained 0.43 per cent in the week ended June 30. Reliance NRI Equity performed the best--the fund returned 3.92 per cent.

The Top Five: Reliance NRI Equity (3.92 per cent), UTI Index Select Equity (2.94 per cent), Principal Large Cap (2.63 per cent), ING Vysya Nifty Plus (2.60 per cent), and HDFC Index Sensex Plus (2.38 per cent).

The Bottom Five: UTI Mid Cap (-3.70 per cent), Taurus Discovery Stock (-3.28 per cent), Sahara Mid-Cap Fund (-3.25 per cent), Magnum Midcap (-2.73 per cent), and HSBC Midcap Equity (-2.31 per cent).

Tax Planning Equity Funds
The tax planning equity funds' category took a knock in the week ended June 30. The category lost 0.17 per cent over the week. BoB ELSS '96 reported the maximum return of 4.09 per cent among the 14 funds that recorded positive returns.

The Top Five: BoB ELSS '96 (4.09 per cent), Franklin India Index Tax (2.69 per cent), LICMF Tax Plan (1.71 per cent), ABN AMRO Tax Advantage Plan (1.14 per cent) and Franklin India Taxshield (1.12 per cent).

The Bottom Five: Libra Taxshield '96 (-5.70 per cent), Principal Personal Tax Saver (-2.69 per cent), Prudential ICICI Tax Plan (-2.64 per cent), ING Vysya Tax Savings (-2.02 per cent) and Kotak Tax Saver (-1.73 per cent).

Hybrid: Equity-Oriented: The category gained 0.45 per cent during the week under review. Among the 28 funds in the category, only five reported negative returns.

The Top Five: LICMF ULIS (2.71 per cent), LICMF Balance (1.22 per cent), HDFC Balanced (1.11 per cent), Prudential ICICI Balanced (1.09 per cent), and Canbalance-II (1.03 per cent).

The Bottom Five: Principal Child Benefit (-1.38 per cent), BoB Balance (-1.19 per cent), ING Vysya Balanced (-0.33 per cent), Magnum Balanced (-0.28 per cent) and UTI Balanced (-0.13 per cent).

Equity: Index
The category of index funds was the best performer among all the fund categories with a return of 2.37 per cent over the week. The Nifty managed a return of 2.81 per cent during the week. LICMF Index Sensex recorded the highest gain of almost 9 per cent over the five days to June 30. Only two, among the 22 funds in the category, reported losses.

The Top Five:
LICMF Index Sensex (8.96 per cent), HDFC Index Nifty (3.03 per cent), Nifty Benchmark ETS (2.90 per cent), UTI Nifty Index (2.88 per cent) and UTI Sunder (2.81 per cent).

The Bottom Five:
Banking BeES (-2.33 per cent), Nifty Junior BeES (-1.25 per cent), Reliance Index Nifty (1.62 per cent), Tata Index Sensex A (1.87 per cent), and Reliance Index Sensex (2.10 per cent).

Among the debt fund categories, short-term debt funds recorded a gain of 0.14 per cent in the week ended June 30. The categories of ultra short-term and medium-term debt funds were up 0.11 per cent and 0.09 per cent, respectively. Schemes under the hybrid monthly income category recorded a gain of 0.19 per cent during the week under review.