The volatility gauge, India VIX, surged by as much as 6% today as investors remained anxious over the exit poll predictions of Gujarat assembly election and the US Federal Reserve’s monetary policy meeting later this week.
The gauge has risen over 5% so far this month, and this is being attributed largely to the outcome of the Gujarat elections, which may sway the market’s movements in the coming months.
The Nifty50 Index could move 500 points in either direction depending on the outcome of the election exit polls due Friday.
The outcome of the US Fed’s two-day monetary policy meeting on Wednesday is also keeping investors on the edge. Market participants expect the central bank to raise interest rates by 25 basis points.
At 12:38 AM, the India VIX was up 4.3%.
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