India VIX Surge‌‌s 8.57% to 14.22 After Mid-Session Ca‌lm Fades

Mumbai, June 23: India VIX saw a sharp turnaround on Tuesday, finishing at 14.22, gaining 1.10 points or 8.57% from the previous closing level, after being in the negative territory for the first half of the trading session. 

The intraday revers‌‌al ca‌‌me as benchmark equity indices continued with their losses in the second half of the session, while concerns over slowing domestic economic data and expiry-related activity contributed to market volatility. 

India VIX Rises From 12.43 to 14.24 Amid Increased Selli‌ng Pressure 

India VIX began the session at 12.84, unchanged from its previous close of 12.84, and fell further during the morning, hitting an intraday low of 12.43. The gauge soon reversed course and rose sharply, reaching an intraday high of 14.24 before closing at 14.22. 

The movement marked a significant change in the volatility expectations within a single trading session. The India VIX index is within its 52-week range between 8.72 and 28.90; however, Tuesday’s movement was one of the steepest intraday movements recorded in recent weeks. 

Technical indicators showed a neutral trend, while pivot levels indicated resistance levels at 13.35, 13.87, and 14.22. Support levels were placed at 12.48, 12.13, and an‌‌d 11.61. 

Morning Decline of Nearly 3% Eases as Global Risks Recede 

India VIX spent most of the first half of trading under pressure as global developments reduced immediate concerns surrounding energy markets and geopolitical tensions. 

At 09:31 IST, India VIX had declined 1.18% to 12.69. By 09:35 IST, it was down 0.7% at 12.75, with easing tensions in West Asia and Brent crude oil prices slipping below USD 80 per barrel cited among the factors behind the decline. 

The weakness continued during mid-morning trade. At 10:52 IST, India VIX was reported at 12.48, reflecting a decline of 3% from the previous session. At 11:42 IST, it was trading around 12.56, down 2.02%, while maintaining an intraday range between 12.43 and 12.97. 

Market updates released around midday also showed India VIX slipping below the 12.50 mark, registering a decline of 2.88%, indicating subdued volatility expectations during the early part of the session. 

Rise to 14.02 After 1 PM Coincides with Equity Market Weakness 

The subdued trend changed noticeably in afternoon trade as benchmark indices extended their losses and broader selling pressure emerged across sectors. 

By 13:35 IST, India VIX had rebounded to 13.35, representing a gain of 3.91%, while the Sensex was lower by 478 points and the Nifty had declined 155 points. 

The rise accelerated during the final hours of trading. At 13:49 IST, India VIX surged 9.14% to 14.02, coinciding with deeper losses in domestic equities. At that stage, the Sensex was down 668 points, while the Nifty had fallen 219 points and slipped below the 23,800 level. 

Market commentary during the final trading hour also highlighted weakness in metal stocks and broad-based selling activity, contributing to the jump in volatility expectations. 

Core Sector Growth at 0.5% and Weekly Expiry Add to Swings 

Several developments reported during the session coincided with the sharp reversal in India VIX. 

Data released during the day showed growth across India’s eight core industries slowing to 0.5% in May, marking the second-lowest expansion in 21 months. The weaker reading raised questions over the pace of industrial activity and came at a time when markets were already navigating expiry-related positioning. 

Weekly Nifty options expiry activity was also cited as a factor behind heightened intraday movements. Market reports further noted that profit booking after recent highs and net selling by foreign institutional investors in the cash segment contributed to fluctuations in benchmark indices. 

At the same time, geopolitical developments remained closely monitored throughout the session. Reports indicated progress in discussions between the United States and Iran, which initially helped reduce risk premiums in the market before domestic factors began dominating trading activity later in the day. 

June Data Shows India VIX Has Fallen in 11 of 18 Years 

Historical data suggests June has generally been a weaker month for India VIX performance. 

Seasonality analysis showed that India VIX has delivered negative returns in 11 out of the last 18 years during June. The average change for the month stands at -7.08%. 

The largest positive move recorded in June was 9.45% in 2011, while the sharpest decline was 43.90% in 2024. Average positive gains for the month have been 5.58%, whereas average negative moves have stood at 15.14%. 

Tuesday’s closing level of 14.22 remained considerably below the 52-week high of 28.90, but above the 52-week low of 8.72, reflecting continued shifts in short-term volatility expectations. 

India VIX moved from an early-session decline to a sharp late-session rise on 23 June 2026, with intraday levels ranging between 12.43 and 14.24. Movements during the day coincided with changing geopolitical developments, weaker domestic core sector data, weekly derivatives expiry activity and a broader decline in benchmark equity indices. 

Source 

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