The lockdown announced in March completed one-month last week. It's also been a month since the market recovery started after hitting lows in March.
On the other hand, India has not seen a decline in the number of infected cases fromCOVID-19.
Lockdown was first announced on March 25 to contain the spread of COVID-19.
After a knee-jerk reaction and hitting 2020's closing low of 7,610 on March 23 to factor in expected weakness in earnings and economy in FY21. The market has recouped 21 percent of losses since then.
The market has seen been rangebound lately with no clear direction. Some of the factors responsible for that - no vaccine found on virus yet, no trend of major decline in each day new infections, weak management commentaries after Q4 earnings, closure of schemes by Franklin Templeton fund and delay in biggest stimulus package from government though other developed nations announced trillions of dollars package to boost economy.
"The rising cases of coronavirus infections and no success in drug development so far are worrying about the markets. Investors are still struggling in evaluating the impact of coronavirus pandemic on business as companies refrain from giving guidance," Siddhartha Khemka, Head - Retail Research at Motilal Oswal Financial Services told Moneycontrol.
During March 23-April 24 period, more than 70 percent stocks traded in the green on the BSE and of which nearly 1,700 stocks reported double-digit gains.
But out of the those, top 12 stocks more than doubled or gained more than 100 percent including Aurobindo Pharma, Eros International, Ruchi Soya, Mangalam Drugs, Morepen Labs, McDowell Holdings, Nectar Lifesciences etc.
And next around 250 stocks gained in the range of 50-99 percent including Graphite India, HEG, Glenmark Pharma, Parag Milk Foods, Gujarat Alkalies, Unichem Labs, Alembic Pharma, Dredging Corporation, Wockhardt, RCF, ITI, Reliance Industries, Cipla, Clariant Chemicals etc.
Pharma stocks were the biggest gainers among the recovery period as Nifty Pharma index itself shot up 48 percent due to underownership and special focus towards the sector by every government due to COVID-19 crisis.
Among others, Auto, Bank, Energy, FMCG, Infra, IT, Metal and Financial Service gained 10-27 percent, while Realty rose just 2 percent.
Experts expect the consolidation to continue in coming days and the market will closely watch trend in virus cases, vaccine development, stimulus package if any and management commentaries after March quarter earnings.
"Going ahead, markets are likely to react to earnings, trend in coronavirus cases, oil price and currency movement along with global events. Any announcement from the government on economic stimulus package could provide some interim relief," Khemka said.