As Indian benchmarks continued to hover near their all-time highs, India VIX fell to 13.06, inches away from its record low 13.04 recorded in October 2012.
After touching a five-year high in May in the run-up to the 2014 general elections, the index has retreated strongly as Indian market rallied close to 20% in the post-election momentum.
Generally market volatility picks up ahead of any event that has uncertainty linked
to it while an upward
trending market, volatility tends to decline.