Equity Mutual Funds ended with good returns for the third consecutive session following by sharp rally in equity benchmarks. As the markets closed higher, all equity and balanced funds continued to advance recording no losers in either category.
The market was well supported by sectoral indices. Banking & Finance, Pharma & Healthcare, and FMCG took the lead in driving the benchmark recording no decline in either category. Even Technology funds which were seen in red for couple of session recovered quite smartly recording very few decline.
The JP Morgan's move to upgrade Indian equities to "overweight" from "neutral" helped the market to move higher despite of the global downtrend. The session ended with BSE gaining 135.93 points or 0.80% to close at 17,032.56 and the NSE to end at 5,165 up by 44.45 points.
The debt funds maintained its good performance as both Long term and Short term excelled with no decline registered. However the experts are cynical on the near time