The S&P CNX Nifty appreciated by 5.8% in past week, to close at 1,240 points (6th Nov 2000). Major stocks like Infosys, Zee Telefilms, Satyam Computers and MTNL logged in substantial gains, which resulted in this upturn in market performance.

Index funds, which have an investment objective of investing in companies whose securities are included in the S&P CNX Nifty Index (or some other benchmark index), have consequently shown a good performance over the period under consideration. The results are apparent form the table.

Open-ended, Index Schemes	NAV (Rs)	Last week	Last month	Last year	*CAGR Since inception
UTI-Master Index	11.8	5.5%	-5.6%	-15.0%	13.7%
Franklin India Index Fund	9.4	5.3%	-4.0%	0.0%	-4.8%
IDBI-Principal Index Fund	9.4	5.3%	-4.3%	-8.0%	-6.1%
UTI Nifty Index	7.5	4.9%	-4.6%	0.0%	-20.6%

(*CAGR=Compounded Annual Growth Rate)

The above table gives a clear picture on how well the Index funds have performed in the last week. However, the funds are still in the red as far as month yearly returns are concerned.

If the markets were to sustain the gains, Index funds do stand a chance of turning the corner over the next few weeks.

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