Indian equity market benchmarks were swinging between losses and gains in trade on Tuesday. Having opened higher the indices closed marginally lower. BSE's Sensex ended 82.03 points down at 40,281.20 points and NSE's Nifty 50 fell 19.35 points or 0.27 percent to close at 11,797.90.
TCS, SBI, Tata Steel, Bharti Airtel and NTPL were the biggest gainers on Sensex for the day while HCL Tech, Sun Pharma, Reliance Industries and IndusInd Bank were the biggest losers.
After an overnight plunge seen on Wall Street over fears of the economic effects of coronavirus, stocks markets around the world were stabilizing on Tuesday. In Europe, the STOXX 600 index (STOXX) rose 0.6 percent.
In the US on Monday, the Dow sank more than 1,000 points while the S&P 500 plunged 3.3 percent, marking it their biggest drop in two years.
Coronavirus has been at the centre of the reasons for global market sell-off.
On Tuesday, mainland China reported 508 new cases and 71 deaths taking totals to 77,658 cases and 2,663 deaths.
In South Korea, there has been a 15-fold increase in the number of infections in a week. The country reported 60 new cases, taking the total number of people infected by the virus to 893.
It Italy, 229 people have been tested positive for the virus and seven have died.
In the Middle East, Pakistan, Afghanistan, Turkey and Iraq have shut their borders with Iran after nearly 50 cases of infections were reported in the nation. Iranian schools and public venues remained closed for the second consecutive day for sanitisation. Disinfection of Tehran's metro line was also underway.
The unprecedented public health crisis in regions outside China, especially the Middle East, has caused panic.
Following the sharp sell-off in equities, bond market yields in the global markets were seen sliding at a fast pace.