India VIX, a volatility index, declined on Friday. It is currently trading at 17.09, down 1.82% from 17.41. It witnessed a high of 17.44 and low of 14.19 after opening at 17.41 (at 12.29 pm).

The local markets bounced back on Friday snapping earlier losses. At 12.36., the Sensex was trading up 201.57 points or 0.72% at 28,010.92 with 21 components gaining. Meanwhile, the Nifty was trading higher by 43.70 points or 0.52% at 8,464.70 with 36 components gaining.

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.