India VIX rises 6% as Sensex, Nifty extend losses in afternoon session

Stock market today: India VIX, a gauge of measuring volatility in the stock market, rose 6% on Monday as Sensex and Nifty extended losses in the afternoon session due to losses in a majority of global peers. The global investor sentiment dampened as Iran warned US that its response to US attacks will be more painful. Iran's Parliament speaker Mohammad Baqer Ghalibaf warned of a “faster, heavier and more painful response” to any further attacks on Iran’s interests or security.

This led to the bears tightening their grip on the Dalal Street.

The crash in Indian stock market pushed the India VIX index 6.17% higher to 11.34 on Monday against the previous close of 10.68. Indian VIX measures expected market fluctuations over the next 30 days

Meanwhile, Sensex crashed 485 pts to 76,033 and Nifty fell 146 pts to 23,752 at 13:08 pm on Monday. Market cap of BSE-listed firms fell to Rs 486.19 lakh crore in the afternoon deals.

Stocks such as Infosys, Tech Mahindra, Trent, Tata Steel, HCL Technologies and TCS were the top Sensex gainers losers , falling up to 3.56%.

Maruti, PowerGrid, ICICI Bank, BEL and L&T were the top Sensex losers, falling up to 3.56%.

Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities said, "The frontline indices began the week on a weak note, slipping to their lowest levels in more than six weeks amid subdued market sentiment. On the downside, if the index slips below the level of 23,650 then the next support is placed in the zone of 23520-23500. In an event of a surge above 23900, the index can experience an extension of the rally towards 24050. On the options front, meaningful call writing witnessed across 23800 & 23900 strikes. On the put side, 23700 has a substantial open interest, followed by 23600 strike. Speaking of Sensex levels, support is at 75,700 while resistance is at 76,500."

Meanwhile, brent crude oil prices were trading near $98 per barrel mark.