Key Indian stock indices delivered negative performance on Monday, January 27, mostly under pressure from losses in steelmaking names. Notably, risk-off sentiment prevailed on local markets as investors become increasingly concerned about the potential impact of the coronavirus outbreak on global growth. The external backdrop was unfavorable as Asian equities ended lower, while European benchmarks were trading in the red. Analysts expect Indian markets to remain highly volatile this week ahead of the release of the draft Union Budget. Recapping the benchmarks, the Nifty 50 retreated 1.06% to 12,169, and the BSE Sensex slid 1.10% to 41,155.12. By 10:20 GMT, the USD/INR currency pair picked up 0.25% to 71.495, while EUR/INR rose 0.21% to 78.7845. The 10-year Indian government bond yield narrowed 0.30% to 6.558%. As noted above, steelmakers underperformed the broader market. Also, mining names were out of favor. In particular, JSW Steel, Tata Steel, Vedanta and Hindalco plunged 3.4%, 4.3%, 4.5% and 3.5%, respectively. On the other side of the ledger, UltraTech Cement picked up 0.70% after reporting upbeat quarterly earnings. Private lender ICICI Bank added 0.60% on the back of higher net income for the quarter ended in December. On the daily chart, the BSE Sensex continues to trade within a rising band, while technical indicators are showing a mixed picture that requires additional signals for investors to see where the benchmark could be heading in the short term.