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Slide Hits Equity Funds' Return

After gaining in previous two successive weeks, equity markets paused in the week ended July 7. Most equity funds' categories were in the negative zone during the period

Equity markets paused in the week ended July 7 after gaining in previous two weeks. Nifty was down 1.67 per cent, while the Sensex lost 0.94 per cent. Most equity funds' categories were in the negative zone. Equity banking category was the top gainer with an average return of 0.20 per cent. Auto funds lost the most--an average fund was down 2.05 per cent.

Equity: Diversified
The equity diversified category lost 1.10 per cent for the week ended July 7. This category had gained 0.43 per cent a week earlier.
Top Five: DBS Chola Opportunities (1.27 per cent), UTI Brand Value (0.32 per cent), Sahara Growth (0.31 per cent), Sundaram Select Midcap (0.29 per cent), Kotak Lifestyle (0.11per cent).

Bottom Five: ABN AMRO Opportunities (-3.03 per cent), Taurus Discovery Stock -(2.97 per cent), ABN AMRO Future Leaders (-2.51 per cent), Can D'Mat (-2.45 per cent), Cangrowth Plus (-2.29 per cent).

Equity: Tax Planning
The tax planning equity funds' category took a knock once again. The category lost 1.51 per cent over the week. It had lost 0.17 per cent last week. Magnum Taxgain was the only fund that generated positive returns.

Top Five: Magnum Taxgain (0.52 per cent), Prudential ICICI Tax Plan (-0.04 per cent), Sahara Tax Gain (-0.44 per cent), Fidelity Tax Advantage (-0.46 per cent), HDFC LT Advantage (-0.73 per cent).

Bottom Five: ABN AMRO Tax Advantage Plan (-4.08 per cent), Libra Taxshield '96 (-2.79 per cent), Birla Equity Plan (-2.40 per cent), LICMF Tax Plan (-2.24 per cent), Principal Tax Savings (-2.15 per cent).

Hybrid: Equity Oriented
The category lost 0.92 per cent during the week under review.

Top Five: Prudential ICICI Advisor-Moderate (-0.28 per cent), FT India Balanced (-0.41 per cent), Templeton India CAP Gift Plan (-0.42 per cent), FT India Life Stage FoF 30s (-0.45 per cent), HDFC Prudence (-0.47 per cent).

Bottom Five: LICMF Balance (-1.72 per cent), Principal Balanced (-1.71 per cent), Birla Sun Life'95 (-1.67 per cent), Birla Balance (-1.53 per cent), Prudential ICICI ChildCare-Gift (-1.32 per cent).

Among the debt fund categories, short-term debt funds recorded a gain of 0.16 per cent. The categories of ultra short-term and medium-term debt funds were up 0.12 per cent and 0.09 per cent, respectively. Schemes under the hybrid monthly income category recorded a loss of 0.14 per cent.