Indian markets dropped on Monday. At 9.18 a.m, the Sensex was trading down 69.75 points or 0.25% at 28,372.35 with 17 components falling. Meanwhile, the Nifty was trading higher by 26.70 points or 0.31% at 8,632.70 with 17 components gaining.

India VIX, a volatility index, gained on Monday. It is currently trading at 15.21, up 1.14% from 15.04. It witnessed a high of 15.22 and low of 13.66 after opening at 15.04 (at 9.17 am).

Volatility Index is a measure of market's expectation of volatility over the near term. Volatility is often described as the ''rate and magnitude of changes in prices'' and in finance often referred to as risk.

India VIX is a volatility index based on the Nifty Index Option prices. From the best bid-ask prices of Nifty Options contracts, a volatility figure is calculated which indicates the expected market volatility over the next 30 calendar days.