INDIA VIX · FEAR GAUGE · 10Y REGIME

India VIX today — calm, normal, or fear?

India VIX is NSE's 30-day forward implied-volatility index, derived from NIFTY option prices. It's the Indian equivalent of the CBOE VIX — a quantified fear gauge. We show the current level, its 10-year regime label, and how it compares to NIFTY's actual realised volatility over the last 21 trading days.

India VIX live + NIFTY realised vol computed from closes · as of Updated every 10 min during market hours. Curated reference — verify against the authoritative source before making any investment decision. Refreshed periodically, not continuously.

Sources: NSE India VIX · NSE live indices · CBOE VIX methodology (reference)

INDIA VIX

17.53-6.69%

Normal

NIFTY REALISED VOL · 21-DAY

26.96%

Stdev of log returns × √252, annualised.

VARIANCE RISK PREMIUM

-9.43

VIX − realised. Positive = option sellers getting paid.

Normal regime. Inter-quartile range of 10Y history. Options priced roughly in line with long-term average fear.

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India VIX regime bands (10-year)

Regime	Range	Typical context
Complacent	< 11.2	10Y lowest 10%. Options cheap; sharp moves often follow.
Low volatility	11.2 – 13.2	Strong trending markets. Tight credit spreads.
Normal	13.2 – 18.9	Inter-quartile of 10Y history — business as usual.
Elevated	18.9 – 22.4	Budget, earnings season, sector shocks.
Fear	22.4 – 36.4	Corrections, macro stress. 2008, 2011, 2015, 2018.
Panic	> 36.4	COVID-March-2020, Lehman. Multi-year buying opportunities — also deepest drawdowns.

All-time high: 83.6 (March 2020). All-time low: 8.1 (late 2019). 10-year median: 15.6.

VIX vs realised volatility

The difference between India VIX (implied, forward-looking) and NIFTY's 21-day realised vol is called the variance risk premium.

VIX > realised (positive premium) — the normal state. Option sellers get paid for taking risk. Long-running condition in calm markets.
VIX ≈ realised (~0 premium) — market re-pricing in real time. Often a transition out of calm.
VIX < realised (negative premium) — rare. Implies volatility is likely to fall. Historically good for long-volatility trades. Think late-stage crashes.

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Research tool · not investment advice.

Axel Markets is an information + analytics product. We are not a SEBI-registered Research Analyst (RA) or Investment Adviser (IA). Nothing on this page is a buy, sell, or hold recommendation. Past performance is not indicative of future returns. Verify all data against the authoritative source (NSE, BSE, AMFI, SEBI, company RHP / factsheet) before acting. India VIX predicts only the volatility magnitude of NIFTY over the next 30 days — not direction. High VIX is not a sell signal; low VIX is not a buy signal.