The 280+ point fall in the Sensex yesterday has pushed the BSE Sensex perilously close to the 4,000-mark sending alarm signals to the equity investors. It follows that mutual fund investors aren't very thrilled either.

So are we in a bear market? Its something a lot of people have started to believe, but no one's willing to comment just yet. The decline in software stocks has taken its toll on software fund net asset values (NAVs). Growth funds with over-exposure to software stocks have not fared too well either. But what is interesting is that in some cases growth fund NAVs have declined more sharply than those of software funds (compare IT funds with Growth funds for 1-week and 1-month).

Open-ended IT funds	NAV (Rs)	1-week	1-month	Since inception
Birla IT Fund (Growth)	22.61	-2.50%	-31.30%	18.70%
Kothari Pioneer Infotech (Gr)	32.32	-3.80%	-30.10%	214.80%
Alliance New Millennium Fund (Gr)	9.21	-4.00%	-38.00%	-39.80%
Pru ICICI Tech. Fund (Gr)	6.6	-4.30%	-34.10%	-32.90%
Magnum Sector Funds - IT	17.84	-6.70%	-39.40%	150.00%
IL&FS eCOM Fund (Gr)	7.04	-10.10%	-42.80%	-48.30%

Open-ended growth funds	NAV (Rs)	1-week	1-month	Since inception
Alliance Equity Fund (Gr)	38.89	-3.00%	-31.60%	125.70%
Birla Advantage Fund	44.92	-3.10%	-24.20%	40.80%
DSP Merrill Lynch Equity Fund	20.65	-3.10%	-26.70%	37.70%
Boinanza Exclusive Growth	7.03	-3.40%	-22.40%	-4.10%
Canbonus	10.45	-3.70%	-15.70%	3.00%
UTI Sector Fund - Brand Value	10.71	-3.80%	-17.70%	0.10%
Birla MNC Fund (Growth)	30.07	-3.80%	-16.90%	22.10%
JM Equity Fund (Gr)	12.59	-4.30%	-26.90%	5.40%
Pru ICICI Growth Plan (Gr)	24.6	-4.70%	-28.20%	62.90%
Grandmaster 1993	10.73	-5.50%	-35.80%	-1.80%
Alliance Buy India Fund Fund (Gr)	6.75	-5.70%	-18.70%	-32.90%
ING Growth Portfolio (Gr.)	21.25	-5.80%	-34.70%	116.40%
Magnum Global Fund	13.02	-6.10%	-35.00%	7.50%
Zurich India Top 200	16.21	-6.20%	-27.80%	21.00%
Kothari Pioneer Prima Fund (Gr)	23.8	-6.60%	-23.90%	14.50%
Libra Leap	20.18	-6.70%	-40.50%	37.30%
IL&FS Growth & Value Fund (Gr)	15.08	-8.40%	-37.80%	24.40%
Magnum Equity Fund	16.96	-9.00%	-44.50%	18.30%
Magnum Multiplier Plus 1993	22.28	-9.40%	-39.60%	13.80%
GIC Growth Plus II	17.66	-9.80%	-21.20%	11.40%

As consumer product stocks are on the wane, FMCG funds have also witnessed some erosion in NAVs. Of course, the decline in not of the same magnitude as IT funds and Growth funds.

Open-ended FMCG Funds	NAV (Rs)	1-week	1-month	Since inception
Magnum Sector Funds - FMCG	8.94	-2.70%	-16.50%	-13.40%
Kothari Pioneer FMCG (Div)	11.31	-3.40%	-16.20%	15.40%
Kothari Pioneer FMCG (Gr)	11.31	-3.40%	-16.20%	15.40%
Pru ICICI FMCG Fund (Div)	8.61	-3.50%	-14.10%	-16.50%
Pru ICICI FMCG Fund (Gr)	9.43	-3.60%	-14.00%	-8.30%

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