Sorry for n00b question but is there an index like sensex or Nifty that includes the sum total of the entire stock market?

ETFs vs Index MFs?

Can anyone help me understand the difference between ETFs and Index MFs? For long term investors, is there a clear winner?

Basically Comparing:

Niftybees with Nippon India Index Fund Nifty plan
Bankbees with Motilal Oswal Nifty bank index fund
And so on…

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