The Indian equity markets extended losses in the month of May too with BSE Sensex and S & P Nifty both closing in the negative territory – down 3.31 % and 3.29 % respectively. Inflationary concerns continue to camouflage the markets and on the other hand selling spree from FIIs continue to dampen the market sentiment. The deceleration in growth momentum is again being monitored closely with the GDP growth for the financial year 2010-11 being revised downward to 8.5% from 8.6%. Most of the sectoral indices ended in the red for the month of May, with the exception of FMCG, Healthcare and Consumer Durables, which posted substantial positive gains. Markets are likely to be volatile in the month of June and might see range bound trading.
Last month 5 Indian states went to the polls for the Indian state elections of 2011. Left Front’s rule of 34 years in West Bengal came to an end with a landslide victory of Trinamool Congress. And the issue of corruption continues to take the centre stage as the Government closely monitors the developments.
I am glad to share with you that three funds from SBI Mutual Fund viz; Magnum InstaCash Fund – Growth, SBI Premier Liquid Fund - Institutional – Growth and SBI Short Horizon Debt Fund - Ultra Short Term Fund - Retail – Growth were conferred CRISIL Mutual Fund Rank 1 for their superior return scores over the 1-year period ended 31st March, 2011. You may consider investing your short term surplus funds in these schemes. (CRISIL Mutual Fund Rank 1 refers to “Very Good performance" and ranks within the Top 10 percentile of the respective schemes in this category.)
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