Key Indian stock indices extended the downtrend on Tuesday, January 28, under pressure from investor concerns about the coronavirus outbreak as it spreads throughout China and beyond. In sectoral terms, the metals, automotive, media and consumer sectors posted the biggest losses, while technology, pharmaceutical, financial and real estate names managed to close in positive territory. Recapping the benchmarks, the Nifty 50 slipped 0.52% to 12,055.80, and the BSE Sensex retreated 0.46%, settling at 40,966.86. By 11:10 GMT, the USD/INR pair eased 0.12% to 71.355, while EUR/INR also dipped 0.12% to 78.6190. The 10-year Indian government bond yield stood at 6.568%. On the Nifty 50, Vedanta, Bharti Airtel, Tata Motors, Tata Steel and JSW Steel underperformed, sliding 4.53%, 4.37%, 3.18%, 2.93% and 2.85%, respectively. As noted above, tech stocks outperformed the broader market. Specifically, NIIT Technologies, Tata Elxsi, Tech Mahindra and Tata Consultancy advanced 2.88%, 0.76%, 0.40% and 0.67%, respectively. Mortgage broker Housing Development Finance picked up 1.57% after reporting that quarterly net income skyrocketed over 300%. Among the notable decliners, Dr. Reddy's Laboratories, India’s second largest pharmaceutical company in terms of revenue, shed 0.18% after reporting a quarterly loss of INR 5.70 bn (USD 79.9 mn) compared to a net income of INR 4.85 bn for the year-earlier period. On the daily chart, the BSE Sensex has broken through the lower line of a rising wedge, while the Slow Stochastic Oscillator is bear-friendly at this point. As a result, the benchmark holds downside potential in the short term.