Backed by upsurge in stock prices, diversified open-ended equity schemes of mutual funds posted an average 19 per cent return for the one year ended June 2003, according to Crisil's mutual fund ranking.

The broad-based rally in equity markets gave handsome returns with many indices notching up double-digit gains in June. Equity funds posted 10.4 per cent returns, it said.

However, debt markets remained stable in June, a Crisil release said in Mumbai on Friday.

In the diversified equity scheme category, Reliance Vision Fund -- growth has retained its top ranking while Prudential ICICI Power -- Growth stood second, it said.

In software sector category, Birla IT Fund - Plan B - growth and Franklin Internet Opportunities Fund retained their first and second positions respectively, it added.

On the debt market front, Crisil said yields continued their downward movement, driven by good liquidity and world wide low interest rate regime.

The yield on benchmark 10 year security, 9.81 per cent 2013, moved from 5.89 pc to 5.81 pc in June. Crisil's MF-Gilt Index gained about 0.8 per cent in the same period.

The one-year performance of gilt funds continued to be impressive with the schemes tracked by Crisil posted about 20 per cent return for year ended June, it said.

Tata Gilt Securities Fund - Appreciation maintained its first rank and UTI G-Sec Fund - growth moved a notch up to the second slot, it added.

Crisil said in the Income fund category SBI Magnum Income Fund maintained its number one position with UTI Bond in second position. It's good performance was mainly due to low volatility, Crisil added.

The balanced funds too performed well to generate average 7.28 per cent return in June.

DSP Merrill Lynch balanced Fund - Growth and HDFC India Prudence Fund - growth (formerly Zurich India Prudence Fund - Growth) maintained their first and second rankings, respectively, it said.