As of today, would it be a right time to invest in Mutual Funds Or more market downside is expected?
This is a wrong question to ask
10% mkt corrections are considered normal, what you can do is deploy 25% of your lumpsum in this dip.
Then deploy 25% on each major turn that mkt makes, that way if mkt goes down further, you'll be able to average down else you can get an average current rate.
if mkts gallop like 2017 then you'll have an upward growth straight away.
As far as the funds go, you haven't mentioned any risk profile, so you can go through some online sites and see different Cap EQ MF and deploy according to your Risk appetite.