What exactly triggered the sharp rally in the Nifty and the Sensex in the month of April 2020?

April 2020 saw a sharp 15% rally in stock markets in India. There were several reasons. Indian markets were enthused by some positive steps in find a cure / vaccination for COVID-19. Indian markets were also enthused by the sharp fall in oil prices. While overall economic slowdown continued, Indian economy cannot miss the dividends of cheap oil. Above all, there was a huge bout of short covering which was a major factor in the rally in Indian markets. With most of the leading banks and heavyweights oversold, there was a rush to cover short positions in the Indian market. Cues like the Reliance Facebook deal and the RIL rights only underlined the belief that pockets of value may have started emerging in Indian markets. In a way, pharma led the way and banks supported towards the end.