In the journey of 34,000-34,000, around 50 percent stocks traded in the green of which top 30 stocks gained 39-126 percent.
After the conclusion of a two-month lockdown, investors rushed back to the equity markets with Sensex reclaiming the important psychological level of 34,000 on June 3.
The index has taken nearly three months to reach the milestone as it had last seen the same levels on March 13.
After forming new highs in January, benchmark indices succumbed to profit-booking as investors realised COVID-19 was here to stay. The downfall was so fierce that both Sensex and Nifty collapsed to multi-year lows.
India, which was fairly unaffected during March, has seen a massive spike in cases over the last three months and currently sits at the seventh spot among affected countries in terms of COVID-19 cases reported.
Despite, the number of cases rising day-on-day, the country is slowly moving toward lifting lockdowns, in line with its global peers. This has brought a renewed level of optimism among investors as they rushed back to the equities that were heavily beaten down in the face of coronavirus.
Since it March lows, the BSE Sensex has surged 33 percent and is now back above 34,000 levels following six sessions of unabated buying.
In the journey from 34,000 and back, around 50 percent stocks traded in the green, of which, top 30 stocks gained 39-126 percent. These include Reliance Industries, Cadila Healthcare, Dixon Tech, Escorts, India Cements, Cipla, Avanti Feeds, Motherson Sumi, Glenmark Pharma, Alembic Pharma, Lupin, Jubilant Life etc.
On the other hand, Indiabulls Integrated, Future Life, AU Small Finance Bank, DCB Bank, Repco Home Finance, IIFL Holdings, Suntech Realty, IndusInd Bank, Lemon Tree, M&M Financial, Shriram City, Future Retail, Quess Corp etc lost more than 40 percent.
In the BSE Sensex, the advance: decline ratio is 50:50. The top 11 stocks reported double-digit gains including Reliance Industries, ONGC, Sun Pharma, Hero Motocorp, ITC, Bajaj Auto, Nestle India, HCL Technologies, TCS, M&M and Bharti Airtel which gained 12-40 percent.
Experts expect the optimism to continue and once the recovery starts reflecting in numbers through data which we get on a monthly and quarterly basis, the rally may be more broad-based.
"The recent bounce-back could well turn out to be the beginning of a new bull market," Rakesh Jhunjhunwala, Partner, Rare Enterprises told CNBC-TV18.
People have to live with the virus for now, but the impact of lockdown is unlikely to be as bad as people are expecting, he said.
In terms of market, Jhunjhunwala feels that even though the GDP may be negative this year, but the stock market may not be as impacted by the economic contraction.Disclaimer: "Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd which publishes Moneycontrol."