India's volatility index surged 10 percent to 18.98 after geopolitical tensions between India and Pakistan escalated following Pakistan's aircraft violating Indian air space, according to reports.

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At 12.:13 PM, Sensex slipped 1.10 percent at 35,780.60 from morning gains while Nifty came down by 0.96 percent at 10,764.15.

The volatility index is a measure of expected price fluctuations in the S&P 500 index options over the next 30 days.

This is the second day such a surge in India's VIX index. This rally is on the back of Pakistani fighter jets violating Indian air space in Jammu and Kashmir's Pooch and Nowshera area. The Pakistani jets dropped bombs while returning, officials said. Two fighter jets and its pilots crashed in Budgam area.

In fact, the volatility index India VIX rose about 17 percent on February 25 logging its biggest intraday jump this year after Indian Air Force carried out air strikes on the biggest training camp of Jaish-e-Mohammad in Balakot area of Pakistan.

Indian foreign secretary said the preemptive, non-military strike was executed after receiving credible information that the terror outfit was planning more attacks in various parts of India.

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First Published:Feb 27, 2019 12:25 PM IST