Equity benchmark indices opened higher in the opening trade, however, it erased gains to trade lower as investors assess the economic fallout from the fast-spreading coronavirus.
HDFC Bank, ICICI Bank, IndusInd Bank and Power Grid are among the top draggers on the Sensex pack.
The Sensex slipped 58 points at 38,997 and the Nifty also dropped 12 points at 11,292.
Eicher Motors, UPL, Bajaj Auto and TCS are among the top gainers, while losers include Vedanta, Tata Motors and JSW Steel.
Among sectors, the metal and media indices dropped over 1.5%, followed by banking, realty, pharma, auto and Financial services were trading in the red, however, IT and FMCG are in the green.
India VIX is marginally up at 24.54.
On the international front, the US Federal Reserve announced an emergency rate cut on Tuesday of half a percentage point in response to the growing economic threat from the novel coronavirus.
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