Key Indian stock indices landed in negative territory on Friday, February 28 as investors remain concerned that the coronavirus outbreak will exert a negative impact on corporate earnings and global growth. Meanwhile, traders await Q3 CPI data that is scheduled for release after the close. Notably, the country’s economy is expected to expand 4.7% y-o-y, up from 4.5% y-o-y in the previous quarter. The external backdrop was unfavorable as Asian equities ended to the downside, while European benchmarks were trading in the red. Recapping the benchmarks, the Nifty 50 retreated 3.71% to 11,201.75, and the BSE Sensex slid 3.64% to 38,297.29. By 10:39 GMT, the USD/INR currency pair added 0.64% to 72.108, while EUR/INR rose 0.94% to 79.5420. The 10-year Indian government bond yield narrowed 0.13% to 6.370%. The session’s decliners included Bliss GVS Pharma, Future Consumer and India Tourism Development Corporation, which sank 20.0%, 19.9% and 14.2%, respectively. Pharmaceutical player Cipla shed 4.5% as equity analysts at HSBC downgraded the name to Hold from Buy. Among the outperformers, Dewan Housing Finance, Gayatri Projects and IFB Industries advanced 4.8%, 4.8% and 2.3%, respectively. On the daily chart, the BSE Sensex has broken through the lower line of Bollinger bands, while the Slow Stochastic Oscillator and the RSI are hovering in oversold territory. Consequently, an upturn could be in the offing.