The CBOE Volatility Index ($VIX) closed at 12.77, marking its lowest level in nearly five months, indicating a significant reduction in market fear. This decline is favorable for bullish market sentiments as volatility remains below key moving averages. Meanwhile, the India Volatility Index also saw a decrease, dropping by 0.23% to 14.11 from 14.14. Traders noted that the $VIX is currently positioned between 12 and 14, with key levels identified at 14.4.