Indian markets are likely to open negative tracking global indices and SGX Nifty.

The US stocks failed to sustain an early move to the upside and succumbed to selling pressure over the course of the trading session on Wednesday. The major averages pulled back well off their early highs and into negative territory. The Dow slid by 0.5 percent to 26958 while the Nasdaq was up by 0.2 percent to 8981.

UK stocks were moving lower on Wednesday to extend losses for the third day running as the threat of a global coronavirus pandemic grew. The benchmark FTSE100 dived by 1.1percent to 6942.

On domestic front Indian shares shares fell sharply yesterday to extend losses for a fourth straight session as renewed worries about the economic impact of the coronavirus outbreak dented demand for equities and boosted safehaven assets such as gold. The benchmark BSE Sensex fell by 1 percent to 39889.

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