can one apply for lectureship after masters?

Yes, you can apply for the post of a lecturer, though it would be beneficial if you appear for and clear your NET or SET which qualifies you to pursue research in your subject at Masters Level or some related subject. Even a good number of universities, colleges and institutions always remain in search of JRF awardees to carry on full time research work for them. Your performance in the NET decides your award.

Hope this helps.