NSE's India VIX index heads for fourth day of gains, surges 7.3 per cent

The India VIX Index of the National Stock exchange (NSE) surged 7.3 per cent, heading towards its fourth day of gains in five on fears of foreign investor sales.

The volatility gauge of NSE has risen nearly 20 per cent since September 22.

Foreign investors sold shares worth Rs 11.33 billion ($185.31 million) on Friday, as per data released the NSE.

According to Central Depository Services Limited (CDSL), overseas investors sold shares in each of the three sessions till Friday to a total of $337.9 million, which is their biggest selling streak since May.

Traders cited uncertainties, including the Supreme Court's cancellation of 214 out of 218 coal blocks allotted since 1993, for the surge.

State elections in October were also seen weighing in on the index.

(Reuters)