India’s stock market landed in negative territory on Monday, May 21, extending losses for the fifth consecutive session. Benchmarks came under pressure from unstable political situation, reducing optimism amid general elections to be held next year. The head of the BJP’s regional block B. S. Yeddyurappa was forced to leave his position as Karnataka’s chief minister on Saturday just two days after he was sworn in. The BJP failed to win majority support in the legislative assembly of the state. Thus, opposition parties will gain access to formation of Karnataka’s government, which, in turn, casts doubt on the stability of Prime Minister Narendra Modi's status on the eve of the 2019 general elections. Recapping the benchmarks, the Nifty 50 eased 0.75% to 10,516.70, while the BSE Sensex closed 0.67% lower at 34,616.13. By 10:26 GMT, the USD/INR currency pair traded up 0.19% to 68.115, while EUR/INR edged down 0.08% to 79.9810. The 10-year government bond yield narrowed to 7.810%. Banking names stood out among the worst performers, with HDFC Bank retreating 1.0%. In addition, metal stocks have underperformed for the fourth consecutive day. Thus, Tata Steel and Vedanta shed 2.5% and 1.7%, respectively. At the same time, Amara Raja Batteries fell 2.8% after reporting weaker-than-expected quarterly earnings. The daily chart shows that a three black crows pattern has shaped up on the BSE Sensex, after the benchmark broke out of the lower bound of a falling wedge. In view of the above and given the direction of the RSI, the benchmark still holds downside potential in the short term. $SENSEX, S&P BSE SENSEX INDEX / D