The USD INR has broken out of a falling trendline. See the chart below.
We have discussed this before. Money rotates between various asset classes. If equities have to fall, money has to flow into other assets like Bonds, Currencies etc.
See the breakout in USD INR in Feb. It broke the Resistance (shown by the flat blue line) and after that was a very bad period for Equites in March. After topping out it has been steadily falling, and Equities have rallied nicely off the March lows. Now USD has again broken out. If this breakout holds and it continues to trend higher, it will be a bad phase for Equities.
So track the USD INR closely.