Indian markets declined on Wednesday. At 9.55 a.m, the Sensex was trading down 134.30 points or 0.50% at 26,647.14 with 28 components falling. Meanwhile, the Nifty was trading lower by 43.40 points or 0.54% at 8,024.20 with 48 components falling.

India VIX, a volatility index, gained on Wednesday. It is currently trading at 17.09, up 4.81% from 16.30. It witnessed a high of 17.20 and low of 14.19 after opening at 16.30 (at 09.41 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.