India VIX, rose to over 73 on Monday, its highest level since the 2008 global financial crisis as coronavirus fears continued to grip the market. The NSE VIX is up 516 percent this year and 424 percent in the last 1 month.

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VIX is meant to indicate investors’ perception of the annual market volatility over the next 30 calendar days. The higher the value, the higher is the expected volatility and vice versa.

VIX touched its historical peak of 85.13 on November 17, 2008, during the global financial crisis. In the past five years, it has stayed below 30. Volatility was spiked due to the crash in global markets and the fall in crude after the outbreak of Covid-19.

The indices also witnessed heavy selloff, hitting lower circuit of 10 percent, following steep losses following Asian peers amid national lockdowns as governments attempt to stave off the fast-spreading coronavirus pandemic.

Both Sensex and Nifty have entered the bear market, down over 30 percent from the record highs in January.

The number of positive cases in India has reached 415 with three more deaths taking the toll to seven.

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