Sensex has rallied by 49% in 4 months from the lows of 25,638 recorded on March 24 to 38,128 on July 24. However, rising COVID-19 cases still remains the biggest stumbling block. Secondly, FY20 turned out to be a year with flat Nifty EPS at 444. Prabhudas Lilladher had cut their FY21 and FY22 Nifty EPS by 14.4% and 12.1%. Thirdly, US presidential elections which will start in November 2020 could mark an important event for equity markets, suggest experts. Fourthly, the RBI macro stress test indicated that the Gross NPA ratio of banks could escalate to 12.5% for FY21.