India's VIX falls to 2-month low

India's benchmark gauge of option costs dropped to a two-month low, as the CNX Nifty index advanced for a fifth straight session. The India VIX Index slid 4.3 per cent to 16.02 in Mumbai, its lowest close since April 17, capping a third day of declines. The Nifty index gained one percent to 8,174.60.

The advance marked the Nifty's longest-rising streak since April 13, as monsoon rains that were 11 percent above normal since June 1 eased concern that weather conditions would boost food costs and restrict the central bank's ability to cut interest rates. The Federal Reserve on Wednesday signaled the pace of interest-rate increases will be slow.