Key Indian stock indices delivered negative performance on Thursday, January 30, mostly under pressure from losses in metals&mining names. Risk-off sentiment prevailed on local markets as investors grow increasingly concerned about the potential impact of the coronavirus outbreak on global growth. Moreover, traders took a wait-and-see stance ahead of the release of the draft Union Budget. Notably, the government is expected to step up infrastructure spending and cut some taxes on personal income in order to boost demand and investment. Markets could see increased volatility in the short term as January derivative contracts expire later today. 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 0.77% to 12,169, and the BSE Sensex slipped 0.69% to 40,913.82. By 10:27 GMT, the USD/INR currency pair picked up 0.29% to 71.505, while EUR/INR rose 0.33% to 78.7560. The 10-year Indian government bond yield narrowed 0.14% to 6.559%. As noted above, metals&mining stocks underperformed the broader market. In particular, steelmakers Tata Steel, JSW Steel, and mining company Vedanta shed 0.8%, 1.7%, and 0.9%, respectively. Interglobe Aviation, the owner of airline IndiGo, plunged 2.9% as most shareholders voted against changes in the rules for selling shares. On the daily chart, the BSE Sensex has broken out of the lower end of a rising band. Since there are no signs of overselling, the benchmark still holds downside potential in the short term.