India VIX index signaled fall in volatility in the markets on Tuesday. It is currently trading at 15.96, down 0.35% from 16.01. It witnessed a high of 16.06 and low of 15.21 after opening at 16.01 (at 12.43 pm).

The local markets continued to gain on Tuesday. At 12.44 p.m, the Sensex was trading up 33.18 points or 0.12% at 28,241.94 with 11 components gaining. Meanwhile, the Nifty was trading higher by 11.60 points or 0.14% at 8,533.75 with 25 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.