Mutual funds across categories end higher as the market staged spectacular performance on Friday as equity benchmarks saw the biggest one day gains for the first time since May 2014 led by index heavyweights like HDFC, Infosys , L&T and Reliance Industries. The rally was majorly driven by strong growth in US GDP in Q3CY14 and Japan's further quantitative easing. All Equity funds across categories including sector space excelled with no decline.
It was a strong start to the November series on hopes of more reforms from the Narendra Modi government (following diesel deregulation, gas price hike etc) in near future. The 50-share NSE Nifty closed above the 8300- mark for the first time, up 153 points (the highest one day gains since May 9 2014 - before Lok Sabha elections results) or 1.87 percent to 8322.20 led by 48 shares.
The 30-share BSE Sensex jumped 519.50 points (the highest one day gains for the first time since May 12, 2014) or 1.90 petcent to 27865.83. The BSE Midcap and Smallcap too participated in the rally, up 1.24 percent and 0.96 percent, respectively.
In the fixed income space, all the funds in debt categories advance with very few decline. Dhawal Dalal, DSP BlackRock said, "Government bond prices are on an uptrend based on expectations of a rate cut. We expect some consolidation in the market in the near term. We believe that the rate cycle has turned and expect the benchmark 10-year yield to trend towards 8% in the next 3-6 months."
Check out all mutual fund gainers & losers
Here is the day's performance and the gainers and losers across categories.
Equity diversified: Top gainers
* HSBC Progressive Themes Fund (G) up 2.96%
* Baroda Pioneer Infrastructure Fund (G) up 2.62%
* UTI Infrastructure Fund (G) up 2.62%
Equity diversified: Top losers
* No Losers
Tax saving funds: Top gainers
* Tata Infrastructure Tax Saving Fund (G) up 2.33%
* Birla Sun Life Focused Equity Fund - Series 1-Regular Plan (G) up 2.18%
* Religare Invesco AGILE Tax Fund (G) up 2.17%
Tax saving funds: Top losers
* No Losers
Sector funds: Top gainers
* Birla Sun Life Banking And Financial Services Fund - Regular Plan (G) up 2.42%
* UTI Energy Fund (G) up 2.29%
* Religare Invesco Banking Fund - Regular Plan (G) up 2.20%
Sector funds: Top losers
* No Losers
Balanced funds: Top gainers
* UTI CCP Advantage Fund (G) up 2.04%
* Shriram Equity and Debt Opportunities Fund - Regular Plan (G) up 1.76%
* HDFC Prudence Fund (G) up 1.57%
Balanced funds: Top losers
* No Losers
Debt funds: Top gainers
* UTI Gilt Advantage Fund - Long Term Plan (G) up 0.54%
* UTI Gilt Advantage Fund - LTP- PF (G) up 0.54%
* JPMorgan India Equity Savings Fund - Regular Plan (G) up 0.47%
Debt funds: Top losers
* HDFC Inflation Indexed Bond Fund (G) down 0.07%
* DWS Inflation Indexed Bond Fund - Regular Plan (G) down 0.06%
* L&T Floating Rate Fund (G) down 0.01%
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