India VIX Falls 1.55% to 12.09 as Crude Oil Eases and NSE IPO Bidding Continues

Mumbai, Sept 18: India VIX, the market volatility index, fell 0.19 points or 1.55% to 12.09 during the opening session on Friday. The index opened at 12.29, matching the same level as the previous close then dropped to an early low of 12.05 and rose to a high of 12.29. This movement came in as Indian equities opened higher, crude oil prices eased and the ₹22,562 crore NSE IPO continued its second day of bidding. 

India VIX Opens at 12.29 Before Falling to 12.05 

India VIX opened at 12.29 on 18 September, compared with its previous close of 12.29. The index subsequently moved within a day range of 12.05–12.29, recording a decline of 0.19 points, or 1.55%, to 12.09 as of 9:49 am IST. 

The index’s 52-week range stood at 8.72–28.90, while its year-to-date return was 27.85%. India VIX measures expected volatility in the Nifty 50 over the next 30 calendar days, based on Nifty options prices. Its movement therefore reflects changes in expected market volatility rather than the direction of the Nifty 50 alone. 

The index’s daily technical rating was Neutral. The reported pivot levels included a classic pivot point of 12.53, with resistance levels at 12.92, 13.56 and 13.95, and support levels at 11.89, 11.50 and 10.86. 

Nifty Gains 0.20% as Oil Prices Ease 

The Nifty 50 opened at 23,315.80, up 0.20%, while the Sensex opened at 74,474.19, gaining 0.22%, according to the opening market report. The early equity gains followed recent market declines and were supported by lower crude oil prices. 

The report stated that 15 of 16 major sectors gained at the open, while the mid-cap and small-cap indices each rose 0.2%. However, the broader recovery remained limited amid geopolitical uncertainty and capital demand linked to the large NSE IPO. 

The positive opening in Indian equities coincided with the decline in India VIX. However, the supplied market information does not establish that the Nifty’s gains directly caused the volatility index to fall. India VIX and the Nifty 50 measure different market conditions and can move in different directions. 

₹22,562 Crore NSE IPO Continues Bidding on Day Two 

The National Stock Exchange of India (NSE) IPO entered its second day of public bidding on Friday, 18 September. The issue size was ₹22,562 crore, and the offering was reported to have been subscribed 43% on the first day. 

The IPO is entirely an offer for sale, meaning existing shareholders are selling shares rather than the exchange raising fresh equity through the issue. The large offering remained a key domestic market event during the opening session. 

The market report identified strong IPO demand as one factor limiting the upside in Indian shares on Friday morning. The offering therefore formed part of the domestic capital-allocation backdrop alongside the positive opening in equities. 

Tata Stocks Fall After Thursday’s Rally 

Several Tata group stocks declined in early trade on 18 September after advancing during the previous session. The reported early moves included TCS, Tata Motors PV, Tata Investment and Tata Chemicals, with declines in the 2.5%–7% range across the reported Tata stocks. 

The previous day’s rally followed the reappointment of Tata Sons’ chairman and news that a public listing was being considered. Friday’s declines represented a reversal of that earlier advance. 

The movement in Tata group shares added a stock-specific development to the opening market picture. The supplied information does not establish a direct link between these declines and the 1.55% fall in India VIX. 

Rupee Nears ₹95.75 as Oil and Bond Yields Ease 

The Indian rupee was expected to open around ₹95.75–₹95.80 per US dollar, compared with Thursday’s close of ₹95.93. The reported factors supporting the currency included easing oil prices, expected IPO-linked foreign inflows and lower US bond yields. 

However, continued dollar demand from importers and elevated oil prices remained factors that could limit gains in the rupee. The currency therefore formed part of the domestic and global market backdrop during the opening session. 

The movement in the rupee was relevant to the market’s broader currency and capital-flow conditions. The supplied information does not provide a measured contribution from the rupee to the India VIX decline. 

Brent Crude Falls 0.9% to Around $104 Per Barrel 

Brent crude oil prices declined approximately 0.9% to around $104 per barrel in the reported Friday morning market. The fall followed optimism that alternative shipping routes could keep Middle Eastern oil flowing despite renewed regional tensions. 

Lower crude oil prices were a notable part of the global backdrop for Indian equities. Oil prices affect India’s import costs, inflation expectations, the rupee and corporate margins. 

The reported decline in crude coincided with a positive opening in Indian equities and the lower India VIX reading. However, the supplied information does not establish the exact contribution of oil prices to the volatility index’s movement. 

US Stocks Rally as Asian Markets Open Higher 

US equity markets finished higher in the preceding session. The S&P 500 gained 1.1%, the Dow Jones rose 0.6%, and the Nasdaq advanced 1.7%. 

Asian equities were also mostly higher on Friday. Japan’s Nikkei rose 0.8%, while South Korea’s Kospi gained 2.1%. 

The stronger US and Asian equity performance provided a positive global market backdrop before and during India’s opening session. These overseas market movements coincided with the rise in Indian equities and the decline in India VIX. 

The supplied information does not establish that the global equity gains directly caused the India VIX movement. 

US Fed Rate Hike Keeps Global Rate Risks in Focus 

The global market backdrop also included a 25-basis-point US Federal Reserve rate hike, described in the supplied reference as the first hike in more than three years. The US 10-year Treasury yield was reported at 4.93% in Asian-market coverage. 

US interest rates influence foreign portfolio flows, the US dollar, emerging-market currencies, Indian bond yields and equity valuations. They also form part of the wider financial conditions affecting the cost of hedging and financing. 

Lower bond yields and stronger overseas equities were part of the reported market backdrop. At the same time, the Federal Reserve’s rate decision remained relevant to the global interest-rate environment. The supplied information does not identify a specific impact from the rate decision on India VIX. 

September VIX Returns Show a 3.95% Average Change 

Historical seasonality data showed that India VIX had delivered positive returns in 9 out of 18 years during September. 

For September, the maximum positive change was 34.92% in 2018, while the average positive change was 17.83%. The maximum negative change was -26.10% in 2009, with an average negative change of -9.93%. The average change for the month was 3.95%. 

These figures describe historical September movements. They do not establish the direction of India VIX for the remainder of September 2026. 

India VIX Tracks Expected Nifty Volatility 

India VIX measures expected volatility in the Nifty 50 over the next 30 calendar days, derived from Nifty options prices. It is not the same as the Nifty’s percentage change. 

The opening-session developments on 18 September included lower crude oil, stronger US and Asian equities, the NSE IPO’s capital demand, Tata stock-specific declines, rupee movements, Middle East tensions and the US Federal Reserve rate decision. 

The supplied information identifies these events as part of the market backdrop, but does not establish their individual contribution to India VIX’s movement. The index’s reported opening value, previous close and early-session range provide the direct market data for the opening-session report. 

India VIX stood at 12.09 as of 9:49 am IST on 18 September 2026, down 1.55% from its previous close. The opening session featured a 12.29 open, a 12.05–12.29 day range, higher Indian equities, easing crude oil and ongoing NSE IPO bidding. 

Source 

• https://www.nseindia.com/reports-indices-historical-vix