Key Indian stock indices landed in negative territory on Wednesday, January 22, paring earlier gains from positive momentum in banking and technology names. Notably, rising global concerns about a virus outbreak in China are negatively impacting investor sentiment. In recent news, the virus death toll has increased from six to nine people. Recapping the benchmarks, the Nifty 50 slipped 0.52% to 12,106.90, and the BSE Sensex eased 0.50%, settling at 41,115.38. By 10:55 GMT, USD/INR added 0.11% to 71.235, and EUR/INR firmed 0.12% to 78.9550. The 10-year Indian government bond yield stood at 6.630%. On the Nifty 50, Oil & Natural Gas, Coal India, NTPC, Tata Motors and UPL posted the biggest gains, sliding 5.25%, 5.24%, 3.97%, 3.03% and 2.99%, respectively. As noted above, tech stocks outperformed the broader market. In the upshot, Infosys, HCL Tech and Tata Consultancy picked up 0.96%, 1.05% and 1.78%, respectively. Telecom operator Bharti Airtel gained 0.55% on news that it received approval from the Department of Telecommunications to increase the limit of foreign investment up to 100% of the paid-up capital. The daily chart shows that the BSE Sensex continues to trade within a rising wedge, while the Slow Stochastic Oscillator has just left overbought territory. As a result, the benchmark still holds downside potential in the short term.