Indian shares see-saw as virus fears linger; Yes Bank zooms

Chandini Monnappa

BENGALURU, March 18 (Reuters) - Indian shares swung between gains and losses on Wednesday, as investors weighed new headlines on the fallout of the coronavirus against hopes of a policy stimulus to combat the outbreak.

India's NSE Nifty 50 index gave up early gains of over 1% and was last up 0.1% at 8,973.90 by 0411 GMT, while the benchmark S&P BSE Sensex was down 0.12% at 30,530.12.

U.S. stock futures and several Asian shares fell in choppy trade, with MSCI's broadest index of Asia-Pacific shares outside Japan dipping 0.1%, even after a bounce on Wall Street following Monday's historic selloff.

Gains across markets were capped by fears over the spread of the coronavirus, which has disrupted global business and rattled financial markets.

The Trump administration pressed on Tuesday for enactment of a $1 trillion stimulus package as deaths from the virus outbreak in the United States crossed 100.

In Mumbai, Yes Bank shares were top gainers on the Nifty 50, jumping nearly 50% and gaining for the fourth straight day.

India's volatility index was up 0.3% at more that 63 points to scale a fresh 11-year high.

The Nifty Auto index and realty index slipped over 1%, while the Nifty banks index fell 1.45%.

Meanwhile, rating agency S&P Global Ratings cut India's economic growth forecast to 5.2% from 5.7% for 2020. (Reporting by Chandini Monnappa in Bengaluru; Editing by Anil D'Silva)