The technology sector outperformed indices with the Nifty IT index up 3.8 percent for the week. on a weekly basis, the Sensex gained 279.4 points and the Nifty rose 78.70 points. Four out of the top five best performing funds invest in digital or technology space. Data going back to 2006 shows that returns of Nifty IT index have mostly been inline with the Nifty 50 index.
Index investing is picking up in India
We have long been a proponent of an Index first well-diversified portfolio . It is heartening to see that two Index funds (UTI Nifty Index and UTI Nifty Next 50 Index) featured in the highest equity inflows we saw this week.
ICICI Prudential Mutual Fund has launched the NFO (new fund offer) for ICICI Prudential MNC Fund , an open-ended equity scheme following MNC theme. The NFO is open for subscription from May 28 to June 11. You can find NFOs on Kuvera here .
Parag Parikh Mutual Fund has received the Securities and Exchange Board of India (Sebi) approval for launching its second equity scheme in six years. The fund house is expected to launch its Tax Saver Fund in the first week of July. As per Rajeev Thakkar, CIO - Parag Parikh Mutual Fund, the portfolio of Parag Parikh Tax Saver Fund would resemble that of Parag Parikh Long Term Equity Fund , apart from exposure to international equities.
DHFL Pramerica Mutual Fund has announced the merger of four of its debt schemes. As per the notice released by the Fund House:Unitholders who do not wish to retain their holdings in the merging schemes can redeem their units without any exit load between May 22 and June 22, 2019. There will be no changes in the fundamental attributes of the surviving scheme.
NDA government has announced the list of its cabinet ministers. Some of the prominent names include Nirmala Sitharaman as the Minister of Finance, Amit Shah as the Minister of Home Affairs, Rajnath Singh as the Minister of Defence and S Jaishankar as the Minister of External Affairs.
Index Returns Index Weekly open Weekly close Change BSE Sensex 39,434.72 39,714.20 0.71% Nifty 11,844.10 11,922.80 0.66% S&P BSE SmallCap 14,699.56 14,867.04 1.14% S&P BSE MidCap 14,945.24 15,096.18 1.01%
Source- BSE/NSE
Top 5 best performing funds Source – Kuvera.in
Top 5 worst performing funds Source – Kuvera.in
Top 5 best performing ELSS funds Source – Kuvera.in
What investors bought
We saw the most inflows in these 5 Funds –Source – Kuvera.in
What investors sold
We saw the most outflows in these 5 Funds –Source – Kuvera.in
Movers and Shakers
1. Pankaj Jain, fund manager - Principal Mutual Fund , has resigned from the services of Principal Asset Management Private Limited with effect from May 31, 2019.
2. IDFC Mutual Fund
Quote of the week: One of the frustrating things for people who miss the first rally in a bull market is that they wait for the big correction, and it never comes. The market just keeps climbing and climbing: Martin Zweig Manvendra Singh Rathore is an Analyst at Kuvera.in: India’s first completely free Direct Mutual Fund investing platform .
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