Why sectoral funds?

Indian Capital Markets is facing fluctuations of high levels from the latter half of January 2008. Is there a case for sectoral funds? How relevant are them?
The sector specific fund is defined as one having 80% portfolio allocation in the specified segment of the economy. Some sectors in the economy moves faster than the rest and some move along with the market. The co-movement of the segment with the market is captured by the beta measure. Those that move with the market are termed aggressive and those that moves slower than the market are called defensive sectors. Market beta is considered to be 1 universally. One has to define the market index as a broad market index. One Remember, beta measure does not tell you anything about cause and effect of a particular situation. That means, post-mortem analysis needs to be done to find why the co-movement happened in the given manner.Nevertheless, beta help us to understand whether the secotor in which we are invested, is moving in what way in relation to the market. According to our profile of risk taking, we can be in sector that suits our nature. If we are an aggressive investor, loving to live risk, we invest in aggressive sectors. if we are risk averse, we take position in the defensive segments when the market falls. By changing our position in the appropriate sectors, one can profit from the market situation.Those who are unable to digest the sector transfer philosophy, can gain market returns by investing in the index funds on a broad market index like BSE sensex or Nifty.
Sectoral funds are avialble in all these and more. The latest entry are of Natural resources Funds, International Funds. We also have sector specific funds like Media and entertainment. What are sectoral betas in Indian Markets?
1. Technology 0.87
2. Pharma 1.00
3. Energy 1.05
4. Banking 0.76
5. MNC 0.76
6. FMCG 0.69
7. Automobile 0.84
8. Services 0.93
9. Infrastructure 1.10

(These beta measures are estimated using beta measures of funds present in the sector weighted by the Assets Under Management as on 31 May 2008)