On Wednesday, April 6, Indian equities closed in positive territory after the steepest decline in the past two months. The market found support from automotive and industrial name. To remind, the Reserve Bank of India cut the repo rate by 0.25% to 6.5%, which matched the median consensus. Meanwhile, the regulator dropped a hint that monetary easing could be extended at the next meeting. On top of that, the Nikkei India Services PMI came out today. The index came in at 54.3 in March vs. February’s 51.4. Recapping the indices, the Nifty 50 ticked up 0.15% to 7,614.35, while the BSE Sensex 30 inched up 0.07% to 24,900.63. Bosch, Tech Mahindra and Axis Bank stood out among Nifty 50 underperformers, shedding over 1.8%. On the other side of the spectrum, Hindalco Industries and Tata Steel soared over 4%. As for BSE Sensex 30 components, Infosys, Axis Bank and ICICI Bank topped the list of decliners. Tata Steel and Hindalco Industries led the advancers. In the currency market, the USD/INR traded down 0.37% to 66.666, and the EUR/INR remained unchanged at 75.638, while the 10-year bond yield widened 0.08% to 7.468%. Shares of the biggest Indian power equipment producer Bharat Heavy Electricals jumped for the second day in a row, adding 0.93%. Shares of the biggest Indian automaker Tata Motors and its rival Mahindra & Mahindra advanced over 1.5%. Chemicals rode high, with Sudarshan Chemical Industries soaring 18.84%, while Thirumalai Chemicals shares hit a 3-month high. Among the underperformers, port operator Adani Ports & Special Economic Zone slipped 0.84%. In the bull camp, GM Breweries stocks advanced 1.08% after the company reported a profit of Rs 17.4 crore for the quarter ending March 31 compared to Rs 5.7 crore a year earlier. From a technical point of view, the BSE Sensex 30 broke out of a rising flag to the downside. The bears now need to breach the 24,330 mark. Stochastic lines are pointing south, so the index still holds downside potential.