IT funds surged with sustained buying in some software counters like Infosys, Satyam Computers, HCL Tech. and NIIT. Second rung software stocks like Onward Tech., Subex Sys, Mascot also witnessed significant buying. A note of caution for investors buying in IT stocks can easily turn to a sell in this week should funds and FIIs decide to book profits.

Open-ended, IT Funds	NAV (Rs)	Last week	Last month	Last year	Since inception
UTI Sector- Software	24.2	8.4%	32.1%	0.0%	85.6%
Alliance New Millenn (Gr)	9.3	6.6%	27.1%	0.0%	-39.0%
IL&FS eCOM Fund (Gr)	7.1	5.8%	29.7%	0.0%	-48.1%
Pru ICICI Tech. (Gr)	6.3	5.7%	20.4%	0.0%	-35.8%
DSP ML Tech.com (Gr)	9.2	5.0%	23.9%	0.0%	8.1%
Magnum Sector Funds-IT	17.8	4.5%	33.9%	106.0%	129.6%
K Tech	8.2	4.2%	19.6%	0.0%	5.1%
Chola Freedom Tech (Cum)	17.3	3.4%	20.2%	12.2%	22.4%
Birla IT Fund (Gr)	20.3	2.8%	19.7%	49.8%	15.1%
Tata IT Sector Fund	12.7	2.0%	18.8%	64.0%	25.8%
K P Infotech (Gr)	31.3	1.7%	16.8%	116.5%	152.1%
K P Internet Opport.(Gr)	8.5	1.3%	13.3%	0.0%	-11.0%

Pharma funds
The increase in the net asset values (NAVs) of pharma funds can be attributed to the appreciation witnessed in Ranbaxy and Dr Reddys. The former increased on expectations of a milestone payment from Bayer, with Dr Reddys witnessing significant buying based on its promising research pipeline and a hike in exports (to countries other than Russia).

Open-ended, Pharma Funds	NAV (Rs)	Last week	Last month	Last year	Since inception
K P Pharma (Gr)	10.4	2.2%	7.0%	-15.1%	7.8%
UTI Sector-Pharma	10.4	1.4%	7.3%	0.0%	-12.5%
Magnum Sector Funds-Pharma	10.1	1.0%	6.0%	-12.9%	0.3%

FMCG funds
NAVs of FMCG funds appreciated with selective buying in FMCG stocks like Hindustan Lever, Nestle, Cadbury. However, in the course of this week the picture will get clearer as to whether buying in FMCG is a sustained phenomenon.

Open-ended, FMCG Funds	NAV (Rs)	Last week	Last month	Last year	Since inception
Magnum Sector Funds-FMCG	9.5	6.0%	15.0%	-15.9%	-7.1%
Pru ICICI FMCG (Gr)	10.2	3.7%	3.0%	-11.8%	-1.0%
K P FMCG (Gr)	12.3	2.7%	3.4%	-0.2%	17.8%

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