What is a better alternative between the stock market and mutual funds?

I have been investing in Axis Midcap, Axis Bluechip, and Mirae Asset Tax Saver for the last 1-2 years and am quite satisfied with the returns. But I see, direct shares of some companies have also returned around 100-200 per cent. So, where should one invest for better returns - mutual funds or direct equity shares?
- Prashant

This article was originally published on August 24, 2021.