Key Indian stock indices turned in negative dynamics on Wednesday, February 26, capping a four-day sell-off amid persisting concerns over the escalating coronavirus outbreak in China and across the globe. In sectoral terms, steelmakers, financial services and banking names underperformed the broader market. Moreover, investor sentiment was roiled by ongoing street clashes between protesters and the police in the country’s capital, with over a dozen people killed already. To remind, protests were sparked by the adoption of a new law that fast-tracks citizenship for non-Muslim minorities from select countries. The external backdrop was unfavorable as Asian equities closed in negative territory, while European benchmarks were in retreat. Recapping the benchmarks, the Nifty 50 dipped 1.01% to 11,678.50, and the BSE Sensex slipped 0.97% to 39,888.96. By 10:25 GMT, the USD/INR currency pair dropped 0.22% to 71.651, while EUR/INR eased 0.21% to 77.9605. The 10-year Indian government bond yield narrowed 0.49% to 6.336%. Pharmaceutical player Cipla shed 0.9% as its Goa plant received an FDA warning for serious violations of good manufacturing practices. In the metals sector, JSW Steel gave up 0.6% as Fitch downgraded the outlook for the company’s credit rating to Negative from Stable. On the daily chart, the BSE Sensex has touched the lower line of Bollinger bands, while the Slow Stochastic Oscillator is about to enter oversold territory, with the RSI hovering close to it. Consequently, an upturn could be in the offing.