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Our Bureau

Mumbai, Sept. 2 The auto, banking and pharma sector schemes have outperformed the market for the month of August.

The category average of most of these sector schemes have been more than the Sensex, which gave a return of 1.45 per cent.

While all the other fund categories both in debt and equity managed to give positive returns, the category average of Gold ETFs was down by 7.34 per cent for August.

According to Value Research data, the average return posted by diversified equity funds stood at 4.5 per cent. Among them, Principal Large Cap fund, which was the top performing fund, which recorded a return of 8.58 per cent; HDFC Equity and Fidelity India Special Situations Fund have registered an increase in NAV by 8.22 per cent and 8.09 per cent respectively, according to data complied by Value Research.

The auto sector funds for the past month posted a return of 8.72 per cent, while that of pharma category stood at 8 per cent.

The average returns of the banking funds stood at 6.62 per cent; JM Financial Services Sector, Lotus India Banking Retail, Reliance Banking, UTI Banking Sector have logged over 8 per cent return in August.

Interest rate sensitive sectors such as auto and banking have done well contrary to expectations; there was no monetary policy tightening in August, said Ms Mallika Baheti, mutual fund analyst, Sharekhan Ltd. This brought about a sentiment boost in these sectors, she added. The BSE-Auto was up by 8.74 per cent, while BSE-Banking gained 7.56 per cent.

Auto stocks had been battered during the past months, but this month with no credit tightening measures by the Government, there was a revival in those stocks, said an analyst.

Global funds continue to bear the heat of the uncertain global equity markets, while the fall in gold prices in line with the crude prices were responsible for the poor performance of gold funds and gold ETFs, according to an analyst.

The worst performing equity funds include DSPML World Gold fund, AIG World Gold fund, Principal Global Opportunities fund and JM Telecom Sector fund.

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