schemes that are investing in IT stocks have visibly outperformed their peers in the week gone by. The previous week saw IT stocks gain due to value buying.
IT stocks had taken a beating recently, after Donald Trump administration tabled the H1-B visa bill in the US House of Representatives.
Apart from cheaper valuation the IT stocks gained on the hopes of lowered taxation, which may increase the revenues for the IT companies.
SBI IT Fund has been the best performing IT Fund in the category, and has delivered 2.82% returns.
Technology Funds as a category were amongst the worst performers in the week previous to the week gone by. The Technology Fund category gave an average weekly return of 2.16% even as NIFTY IT index rose 3.61% during the week.
FMCG Funds were seen outperforming their sectoral peers in the previous week even as the NIFTY FMCG index was up by 0.28% for the similar period. Nifty 50 and Sensex closed in green on a weekly basis in previous week, gaining 0.6% and 0.3% respectively.