Is it the right time to invest a lumpsum in mutual funds?

I am 28 years old. I am new to investing in mutual funds. I have to invest a lumpsum of around Rs 1.5 lakh for long-term. I have a moderate to aggressive risk profile. Please guide me which funds should I invest. It is the right time to invest a lumpsum in growing market? My goal is only to get good returns.
--Manish Kumar

Shilpa Wagh, Chief Financial Coach, Wagh Financials, responds:

Good returns is a very subjective phrase. Since you are a long-term investor with a moderate to aggressive risk profile, you should select a combination of midcap and largecap funds.

Largecap schemes:

Aditya Birla Sun Life Frontline Equity Fund
ICICI Prudential Focused Bluechip Fund
SBI Bluechip Fund

Midcap schemes:
HDFC Mid-Cap Opportunities Fund
L&T India Value Fund
Sundaram Select Midcap Fund

Select a maximum of five funds. Since you have a lumpsum, you should consider investing via SIPs of Rs 2,000 each from your savings account in the selected funds.

Alternatively, select ultra-short term funds offered by selected AMCs, invest Rs 30,000 in these ultra-short term funds. Then start systematic transfer plans (STP) of Rs 2,000 in equity mutual funds. For example, you can invest Rs 30,000 in HDFC Cash Management Fund – Treasury Advantage Plan and start an STP of Rs 2,000 in HDFC Mid-Cap Opportunities Fund.