Indian markets bounced back on Wednesday snapping earlier losses. At 1.15 p.m, the Sensex was trading up 87.61 points or 0.31% at 28,045.10 with 20 components gaining. Meanwhile, the Nifty was trading higher by 26.30 points or 0.31% at 8,517.30 with 35 components gaining.

India VIX, a volatility index, declined on Wednesday. It is currently trading at 14.26, down 1.56% from 14.49. It witnessed a high of 14.68 and low of 14.01 after opening at 14.49 (at 1.13 pm).

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.