On Tuesday, April 5, Indian equities closed with the benchmarks taking a pounding. Indian stocks declined today to a 6-week low, led by bank names after the outcome of a meeting held by the Reserve Bank of India (RBI). In line with expectations, the Indian central bank cut its repo rate by 0.25% to 6.5%. As expectations of this decision were already priced in, stock market participants opted for profit-taking after a rally in recent weeks and to trigger a selloff. Commenting on the repo rate decision, Reserve Bank of India Governor Raghuram Rajan pointed out that the possibility of monetary easing is still on the table, but the stock market did not react to this statement. As for the indices, the Nifty 50 tumbled 2.01% to 7,603.20, while the BSE Sensex slid 2.03% to 24,883.59. In the blue-chip universe, a few names closed in the green, including Bharat Petroleum and Power Grid. Bank stocks took the hardest hit, with SBI and ICICI Bank plunging over 5%. Natural-resource issuers, namely Vedanta and Hindalco, shed over 4%. The USD/INR pair ticked up 0.56% to 66.48, while the yield on 10-year Indian bond yield rose 0.23% to 7.43%. Among other underperformers, Adani Ports & Special Economic Zone plummeted 6.7% on news the company obtained approval from the government of Tamil Nadu to buy Kattupalli Port. Auto manufacturer Tata Motors, the owner of Jaguar Land Rover, and leading Indian cellular provider Bharti Airtel gave up over 2% amid a market-wide selloff. From a technical standpoint, the Sensex breached a local ascending wedge. For this reason, the index holds downside potential in the short term.