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As Nifty climbed from 10K to 11K, 11 stocks in BSE500 rose 50-100%; is the worst over?

As long as the Nifty holds above the 11,000-mark, it can rally by another 500 points, experts say.

July 20, 2020 / 08:34 PM IST

It took the Nifty50 34 sessions to complete its journey from 10,000 to 11,000, as Indian markets climbed all wall of worries after hitting a swing low of 7,500 on March 24 to head north.

The Nifty reclaimed 10,000 levels on June 3 and went past the 11,000-mark  on July 20. The index has risen about 10 percent from June 3 while about 11 stocks have rallied 50-100 percent in the same period. The S&P BSE Sensex rallied from 36,000 recorded on July 3 to 37,000 on July 17.

Stocks that rallied more than 50 percent since June 3 in the BSE 500 index include Dish TV India, Sterling and Wilson, Bharat Dynamics, Hindustan Aeronautics, TV18 Broadcast, Intellect Design, Indiabulls Housing Finance, Jindal Stainless, IRB Infra, Hathway Cable and Datacom and Dishman Carbogen.

The index also reclaimed its crucial resistance level of 200-days simple moving average (SMA), which further strengthened the bullish sentiment. The long-term average is placed at 10,866.

“The end of lockdown in June, helped the Indian markets to join the global rally driven by liquidity. The Indian economy was already on a downward spiral before the COVID outbreak,” he said.

Can we say that the worst is over? Well, for that the world awaits a vaccine but that is still some time away. The market rally has run ahead of fundamentals but hopes of a better tomorrow and global liquidity are egging the bulls on.“With an extended lockdown and the after-effects, outlook on both the economy and earnings continue to be weak in the medium term. Going forward, one needs to watch as to how the recovery in the economy shapes up, how the geopolitics evolves and also how the COVID-situation/global events unfold. We remain cautious on the markets,” Pathak said.

Disclaimer: The views and investment tips expressed by experts on are their own and not those of the website or its management. advises users to check with certified experts before taking any investment decisions.