Benchmark indices began the day on a bearish note, as global cues including those from Asia pointed to increased weakness. The Sensex was trading with losses of 160 points, while the Nifty lost 48 points in early trade.
Shares in Tata Motors was trading slightly lower, ahead of numbers to be announced later today.
Shares in IDFC First Bank dropped, following a poor set of numbers for the quarter ending Dec 31, 2019. The bank reported a loss of Rs 1,639 crores.
Shares in oil marketing companies were higher, as crude prices continued to dip, following worries that the Coronavirus could stall economic growth. Indian Oil Corporation and HPCL were both up in early trade.
Yes Bank was the biggest loser from the Nifty space, dropping as much as 4 per cent. Reliance Industries too lost ground, after a foreign brokerage downgraded the stock to 'underperform' from 'neutral'.
Markets are expected to be increasingly volatile today, ahead of the F&O expiry. It is highly possible that we could see some selling pressure towards the end of the session.
Meanwhile, most Asian markets were trading with losses and the Dow Futures pointed to lower openings.