Mutual Funds decline as markets slip

Equity Mutual Funds across categories closed on negative bias as Equity benchmarks saw heavy sell-off on Monday, losing 2 percent - the biggest percentage loss since September 3, 2013 on account of weak global cues and rupee. None of the funds in the equity domain could withhold market pressure amid volatile condition and closed in red.

The weakness in global peers was driven by credit condition of China and fears over a tightening in Fed policy. Globally investors' sentiment dampened after Friday's fall in emerging market currencies from Turkey to Argentina ahead of Fed meeting on Tuesday.

The Sensex closed way below the 21,000 level, down 426.11 points to 20,707.45 while the Nifty fell 130.90 points to 6,135.85, continuing weakness for the second consecutive session.

Among Fixed Income funds, Debt Long Term and Gilt funds categories closed in negative terrain as Government bonds fell for a fifth consecutive session on Monday, tracking a sell-off in emerging market assets and reflecting widespread caution ahead of the central bank's policy review.

Check out all mutual fund gainers & losers

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

Equity diversified: Top gainers

*  No Gainers

Equity diversified: Top losers

*  Escorts Infrastructure Fund (G) down 4.10%
*  Sundaram Media & Entertainment Opportunities - Retail (G) down 4.44%
*  HSBC Progressive Themes Fund (G) down 3.64%

Tax saving funds: Top gainers

*  No Gainers

Tax saving funds: Top losers

*  L&T Tax Saver Fund (G) down 2.71%
*  Principal Tax Savings Fund down 2.52%
*  Baroda Pioneer ELSS 96 down 2.50%

Sector funds: Top gainers

*  No Gainers

Sector funds: Top losers

*  Baroda Pioneer Banking and Financial Services Fund (G) down 4.06%
*  Reliance Banking Fund (G) down 3.92%
*  Taurus Banking & Financial Services Fund (G) down 3.83%

Balanced funds: Top gainers

*  No Gainers

Balanced funds: Top losers

*  HDFC Prudence Fund (G) down 2.31%
*  UTI CCP Advantage Fund (G) down 2.10%
*  Reliance Regular Savings Fund - Balanced Option (G) down 1.99%

Debt funds: Top gainers

*  No Gaines

Debt funds: Top losers

*  SBI EDGE Fund (G) down 0.58%
*  Templeton India Govt Sec - Provident Fund (G) down 0.31%
*  Templeton India Govt Sec - Composite Plan (G) down 0.31%

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