It is important to find out the consistent performance of a mutual fund over a period of time to see how the fund has performed. It is better to go for an equity diversified fund which has risks diversified with maximum scope of returns. The best mutual funds which has performed consistently over a period of time are Reliance Growth, HDFC equity, HDFC Top 200, SBI Magnum Tax( for taxing saving purposes). More than going for new funds, it is better for going for funds which has consistent performance; they are the ones that have braved tough times. You can benefit from market leveraging if you do SIP(Systematic Investment Planning)
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The best mutual fund is Reliance Power Sector & currently ICICI has come up with the new mutual fund which will close on 14 Sep. Be rest assured that you will get 45% returns in 3 Yrs. If you buy this do not sell it for next 3 Yrs. If you want the details I can send you.