Indian equity markets pared gains to turn negative after opening in the green on Tuesday following losses in the Asian shares as the coronavirus outbreak remains a major risk to the global economic growth.

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At 9:18 am, the BSE Sensex was trading 125 points lower at 31,264, while the NSE Nifty was down 46 points at 9,151.

The broader markets were also lower in early deals with Nifty Midcap and Nifty Smallcap indices down 0.5 percent and 0.9 percent, respectively.

YES Bank, Tata Steel, Vedanta, JSW Steel and Maruti Suzuki were the top gainers on the Nifty50 index, while UPL, Zee, HDFC Bank, HDFC and Titan led the losses.

Sectoral indices were trading mixed after Monday's mayhem. Buying was seen in Nifty Metal and Nifty Pharma indices, which were up 1.7 percent and 1 percent, respectively. Nifty FMCG and Nifty Auto also rose around 0.5 percent each. However, banks and financial indices continued to witness major selling. Nifty Bank and Nifty Financial Services shed about 2.5 percent, whereas Nifty IT lost over 1 percent.

YES Bank continued its bull run, rallying 10 percent in an otherwise weak market as Moody's upgraded its long-term foreign currency issuer and foreign currency senior unsecured MTN programme ratings to Caa1 from Caa3 and (P)Caa1 from (P)Caa3, respectively.

Globally, Asian shares fell in a topsy-turvy session following one of Wall Street’s biggest one-day routs in history as headlines about the coronavirus outbreak and its global economic impact whiplashed investor sentiment.

MSCI's broadest index of Asia-Pacific shares outside Japan gave up early gains to trade 0.5 percent lower. Japan's Nikkei stock index fell 0.06 percent and South Korea's KOSPI was off 2.16 percent. Australian shares were up 2.73 percent although this followed a plunge of almost 10 percent on Monday.