Mutual funds drive markets to lifetime highs

After the note ban blues, Nifty staged a smart recovery gaining 18%, while mid and small-caps outperformed large-caps

The benchmark Nifty ended flat on Wednesday, the last trading day of Samvat 2073. However, the 50-share blue chip index gained more than 18 per cent during the Hindu calendar year. This was the market’s best performance in three years. During Samvat 2070 (year 2013-14), when the Narendra Modi government swept the General Elections, the index had gained 27 per cent.  

The just-concluded Samvat had begun on a volatile note with the markets coming off close to 10 per cent following the government’s decision to ban high-denomination currency notes. Uncertainty created by Donald Trump’s surprise victory in the US Presidential