NAVs decline as markets slip

Equity diversified NAVs decline with advance:decline ratio of 9:240 as the Indian equity benchmarks shaved off yesterday's gains on Wednesday led by profit booking. The fall was despite positive global cues post Barack Obama talks on US debt rating.

The 30-share BSE Sensex fell 151.49 points or 0.81%, to end at 18,502.38 after seeing more than 100 points rally in the initial trade. The 50-share NSE Nifty closed well below the 5,600 mark, with falling 46.5 points or 0.83% to 5,567.05.

Sector fund too decline. Among the debt funds Short term debt funds ended higher, while long term debt funds ended mixed, their advance:decline ratio stood at 105:17 & 35:40, respectively.

• Equity diversified NAVs ended lower 
• Sector fund decline
• Short term debt funds ended higher
• Long term debt funds ended mixed

Check out all mutual fund gainers & losers

Here is the day’s performance and the gainers and losers across categories.

Equity diversified: Top gainers

• Birla Sun Life Commodity Equities - Global Agri Plan - Retail Plan (G) up 1.57%
• Birla Sun Life International Equity Fund - Plan A (G) up 1.53%
• Birla Sun Life Commodity Equities - Global Multi Commodity Plan - RP (G) up 1.25%

Equity diversified: Top losers

• Birla Sun Life India GenNext Fund (G) down 1.66%
• JM Emerging Leaders Fund (G) down 1.39%
• Birla Sun Life Commodity Equities - Global Precious Metals Plan -RP (G) down 1.37%

Tax saving funds: Top gainers

• No Gainers

Tax saving funds: Top losers

• JM Tax Gain Fund (G) down 1.34%
• Birla Sun Life Tax Plan (G) down 1.29%
• Tata Infrastructure Tax Saving Fund (G) down 1.23%

Sector funds: Top gainers

• ICICI Pru FMCG Fund (G) up 0.37%

Sector funds: Top losers

• UTI Pharma & Healthcare Fund (G) down 1.79%
• SBI Magnum Pharma Fund (G) down 1.79%
• Reliance Pharma Fund (G) down  1.71%

Balanced funds: Top gainers

• Escorts Opportunities Fund (G) up 0.13%

Balanced funds: Top losers

• Sundaram Balanced Fund - Regular Plan (G) down 1.03%
• HDFC Childrens Gift Fund - Investment Plan down 0.94%
• SBI Magnum Balanced Fund (G) down 0.90%

Biocon net profit down 9%

Biocon has reported nearly 9% fall in its first quarter FY12 consolidated net profit to Rs 70 crore against Rs 76.7 crore in the year ago period.

But consolidated net sales jumped over 10% to Rs 442 crore from Rs 401 crore year-on-year.

Consolidated operating profit margin was flat at 27.5% year-on-year.

Nifty flat in seesaw trade

Indian equity benchmarks recovered early trade losses amid volatility, supported by heavyweights like ITC, ONGC, Infosys, ICICI Bank, SBI and L&T. Even market breadth turned in favour of advances a bit.

Ambareesh Baliga, chief operating officer, Way2Wealth continues to hold that the Nifty will stay in a range. "More or less we would be in a range of 5,350-5,400 to 5,600-5,650. But for the next one week - we should head lower. In fact, I am looking at levels more close to 5,450-5,500," Baliga said.

The 30-share BSE Sensex was trading at 18,539, up 36 points and the 50-share NSE Nifty was flat at 5,567.

Reliance Industries, TCS, HDFC Bank, BHEL, NTPC and DLF were putting pressure on the market.

After telecom, broadband can be next revolution

The next revolution in the IT and communications sector should be in broadband, which will help the government connect with the population and social schemes to percolate down to the intended beneficiaries, Telecom Secretary R Chandrashekhar said today.

"After the telecom revolution, which helps India to reach around 850 telecom subscribers, now it's time for a broadband revolution, which not only will help the government to reach to the poorest of the population, but will also create new jobs and will help in percolating the social schemes of the government to the 'last door'," Chandrashekhar said in a broadband function organised by CMAI.

According to telecom regulator Trai, the present data on the number of broadband subscribers only indicates individual connections, without throwing any light on the actual number of users accessing the broadband services or the usage pattern, as well as the hindrances and barriers to adoption and usage of broadband.

Sensex ends 152 pointts down

Indian equity benchmarks shaved off yesterday's gains on Wednesday led by profit booking. The fall was despite positive global cues post Barack Obama talks on US debt rating.

It seemed that Indian markets already priced in the news in previous day's trade and are looking for further clarity on US budget deficit and euro-zone debt crisis.

The 50-share NSE Nifty closed well below the 5,600 mark, with falling 46.5 points to close at 5,567.

Monal Desai, VP Head Institutions Derivatives at Prabhudas Lilladher in feels that if it breaks 5,600 level it is likely to trail back down to 5,530 and then below that it may see 5,400 level. "The market is still in the shorter range of 5,530-5,660,