India VIX Falls 5.53% as Crude Oil Decline and Asian Market Recovery Ease Volatility

Mumbai, 9 November 2026: India VIX declined 1.02 points, or 5.53%, to 17.41 at 10:17 AM IST on Monday, compared with its previous close of 18.43. The volatility index opened at 18.43, touched an early high of 18.44 and subsequently declined to an intraday low of 16.77, indicating a substantial reduction in its reading during the opening session. The movement came amid lower crude oil prices, a recovery in Asian equities and mixed trading across domestic sectors, while profit-booking after a seven-session rally and uncertainty surrounding global technology valuations remained relevant market developments.

India VIX Drops 5.53% as the Opening Session Records a Low of 16.77

India VIX was trading at 17.41 at 10:17 AM, down 1.02 points or 5.53% from its previous close of 18.43. The index opened at its previous closing level of 18.43 and briefly moved to 18.44, before declining to 16.77 during the session. Its trading range therefore reflected a movement of approximately 1.67 points between the recorded high and low.

The latest reading followed an increase in volatility during the preceding sessions. India VIX had closed at 15.58 on November 5, rising 2.58%, before increasing to 17.465 on November 6, a gain of 12.10%. During the special Diwali Muhurat trading session on November 8, the index advanced another 5.53% to 18.43. Monday’s decline therefore followed three consecutive sessions of higher reported closing readings.

The index’s 52-week range stood between 8.72 and 28.90, while its year-to-date return was reported at 83.97%. Its movement on November 9 marked a reversal from the elevated reading recorded during the previous session.

Positive Asian Markets and Lower Crude Oil Prices Weigh on Volatility

Global developments provided important context for Monday’s opening session. Asian equities recovered after the previous week’s technology-led weakness, with the MSCI Asia-Pacific ex-Japan index gaining 0.8%. Japan’s Nikkei advanced approximately 2.5%, while Taiwan’s market also gained around 2.5%. Hong Kong’s Hang Seng and South Korea’s KOSPI traded positively.

The recovery followed concerns about artificial intelligence (AI) valuations, semiconductor demand and the returns expected from large technology infrastructure investments. However, the improvement in Asian markets and US equity futures indicated a recovery in broader global equity conditions during Monday’s early trading.

Crude oil prices provided another important external development. Brent crude traded around $97–98 per barrel, following a decline of nearly $20 per barrel during the previous week. This was reported as its largest weekly decline in approximately six and a half years.

The decline followed reduced concerns about further US attacks on Iran and developments surrounding diplomatic discussions aimed at ending the conflict. US President Donald Trump indicated that additional attacks on Iran were unlikely, easing immediate concerns about further geopolitical escalation.

For India, lower crude prices are relevant because the country is a major oil importer. Changes in crude prices affect the import bill, current-account position, imported inflation and currency conditions. The reduction in geopolitical concerns also contributed to the improvement in the global market environment during the opening session.

Nifty Reverses After Opening Gains as Profit-Booking Weighs on Markets

Domestic equity markets began Monday’s session on a positive note, with the Sensex opening approximately 186 points higher and the Nifty 50 gaining around 30 points. Before the opening bell, GIFT Nifty indicated a positive start, with reported levels around 25,057–25,075.

However, the initial gains were not sustained. The Nifty subsequently declined approximately 0.2% to 24,931.20, while the Sensex traded at 80,837.24 during early trade.

The reversal came after Indian equities had gained approximately 10.5% over seven consecutive sessions through Friday, marking their longest winning streak of the year. The previous rally had been supported by foreign institutional buying, lower crude prices and improved domestic equity market conditions.

Following the extended advance, Monday’s trading also featured profit-booking across several sectors. Ten of sixteen major sectors were reported to be trading lower during early trade.

The difference between the positive opening and subsequent weakness was an important feature of the session. While the Nifty initially advanced, the reversal indicated that the benchmark was unable to maintain its opening momentum.

IT Falls 1.3% While Pharma Gains 1.6% as Sectoral Performance Diverges

Sectoral movements remained mixed during the opening session, with weakness in information technology stocks contrasting with gains in pharmaceutical and financial shares. The IT index declined approximately 1.3%, while the pharmaceutical sector advanced 1.6%. Financials gained approximately 0.5%.

The broader market also recorded marginal weakness, with small-cap stocks declining 0.1% and mid-cap stocks falling 0.3%.

Among individual stocks, Divi’s Laboratories gained approximately 4.6% after reporting a 64% year-on-year increase in quarterly profit.

The divergence between technology, pharmaceutical and financial stocks formed part of the domestic market’s early trading pattern. IT weakness also coincided with continuing international concerns about technology valuations, semiconductor demand and the outlook for AI-related investments.

Foreign Inflows Exceed $4.1 Billion as Dollar Strength Creates Currency Uncertainty

Foreign institutional investor (FII) inflows provided an important background development for Indian equities. Foreign investors had purchased more than $4.1 billion worth of Indian equities during November, representing the largest monthly inflow since September 2024.

The inflows followed foreign investor rotation away from certain technology-heavy Asian markets, particularly South Korea and Taiwan, amid concerns about AI valuations and semiconductor demand. India benefited from some of this capital movement.

However, international currency developments presented a contrasting factor. The US dollar recorded its largest one-day gain in approximately five months following stronger-than-expected American employment data.

The latest US employment report showed that the economy added approximately 165,000 jobs, increasing expectations of a possible Federal Reserve interest-rate increase in December. Market-implied expectations of a December rate hike rose to nearly 80%.

A stronger dollar and higher US interest-rate expectations were relevant to emerging-market currency conditions and foreign capital flows. The Indian rupee, meanwhile, had appreciated significantly during the preceding week, supported by equity inflows and falling crude prices.

US CPI Release on November 10 Adds Another Global Event to the Calendar

Global economic developments also included expectations surrounding the upcoming US October Consumer Price Index (CPI) and core inflation data, scheduled for November 10.

The forthcoming release was relevant to expectations surrounding the Federal Reserve’s December policy decision, US Treasury yields, the dollar and international capital movements. The inflation figures had not been released on November 9; their significance during Monday’s session was limited to the economic event approaching the following day.

Separately, continuing uncertainty surrounding AI infrastructure expenditure, semiconductor demand and technology-company valuations remained relevant to global equity markets. Although Asian equities recovered on Monday, these developments continued to form part of the international market backdrop.

India VIX Technical Rating Remains Neutral with Pivot at 17.60

India VIX’s daily technical rating was Neutral. Its calculated classic pivot point stood at 17.60, with resistance levels at 19.37, 20.30 and 22.07, and support levels at 16.67, 14.90 and 13.97.

Under the Fibonacci method, the pivot was 17.60, with resistance at 18.63, 19.27 and 20.30, and support at 16.57, 15.93 and 14.90. Camarilla calculations placed the pivot at 17.60, with resistance at 18.68, 18.92 and 19.17, and support at 18.18, 17.94 and 17.69.

The monthly seasonality analysis showed that India VIX had recorded negative November returns in 10 out of 18 years. November’s maximum positive change was 21.46% in 2021, while its average positive change was 12.43%. The maximum negative change was 19.92% in 2020, with an average negative change of 7.82%. The overall average November change was 1.18%.

As of 10:17 AM IST on November 9, India VIX stood at 17.41, down 5.53%, with an intraday range of 16.77–18.44. The previous close was 18.43. The daily technical rating remained Neutral, with the classic pivot at 17.60 and the monthly average seasonal change at 1.18%.