New Delhi, Jun 5 (IANS): Indian equity indices were in the green on Wednesday as India VIX crashed 27 per cent.

At noon, Sensex was up 1,281 points or 1.75 per cent, at 73,360, with an intraday high of 73,851. Nifty was up 392 points or 1.79 per cent at 22,277, with an intraday high of 22,445.

India VIX or fear index (which indicates the market volatility) is down over 27 per cent at 19.32.

On Tuesday, when markets saw a free fall due to an unexpected election outcome, India VIX jumped nearly 44 per cent. Nifty FMCG index is the top gainer of the market, and it surged 4.68 per cent.

Other Indices, pharma, IT, and fin service shoot up to 3.5 per cent. PSE and PSU Bank are the major losers.

In Sensex pack, HUL, M&M, Asian Paints, Kotak Mahindra Bank, Nestle, HCL Tech, IndusInd bank, Bajaj Finance, and Tech Mahindra are major gainers. SBI, Power Grid, and L&T are the only losers in the BSE benchmark.

Amisha Vora, Chairperson & MD of Prabhudas Lilladher said, " As a result, markets will likely shed the 'Modi premium,' causing a correction in PSU and infra stocks. Once this turbulence stabilizes, attention will shift to the core macro factors affecting India. Investors should brace for volatility in the short term, but the underlying fundamentals of India's growth story remain strong."