Equity schemes gain big, thanks to stock market rally and strong auto sales

Expectations of income tax cuts and tax relief for equity investors have further fuelled the market rally

The recent market rally has led to robust returns for equity schemes.  Among the diversified equity funds, large-cap schemes have clocked returns of 9.6 per cent since September 19, when the benchmark Nifty had slipped to a 7-month low. Since then, mid-and small-cap schemes have yielded returns of 7.5 per cent and 5.4 per cent, respectively. The trigger for the recent rally was the corporation tax cut announced on September 20. 

Since then, the Nifty is up 10 per cent. Among individual equity schemes, Quant Active Fund has clocked returns of 16.5 per cent, followed by Quant Tax Plan (13.4 per