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(From Business Today (India))
Byline: A BT-Mutualfundsindia.com report
The first quarter of 2005-06 ended in a blaze of glory at the stock market. The BSE Sensex closed June 30 at its (then) all-time high of 7,193.85 points. In line with this, mutual funds (MFs) registered improved returns compared to the previous quarter. The proof: no scheme registered negative returns. The caveat: profit booking by MFs meant they couldn't actually beat the markets. The Nifty and the Sensex returned 11.38 per cent and 12.73 per cent, respectively, while equity diversified schemes could manage only 9.1 per cent. Of the 97 schemes considered, 21 beat the Nifty and only 14 …