NSE's VIX index slumped 8% as shares rallied.
The Nifty February 2021 futures were at 14,394.30, a premium of 113.1 points to the Nifty's spot closing of 14,281.20.Turnover on the National Stock Exchange's futures & options (F&O) segment was Rs 38.53 lakh crore compared with Rs 17.93 lakh crore in the previous session.
In the cash market, the Nifty 50 index soared 646.60 points or 4.74% to 14,281.20.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, slumped 7.97% to 23.3225.
ICICI Bank, Tata Motors and SBI were the top traded stock futures contracts in F&O segment for February expiry.
The February F&O contracts will expire on 25 February 2021.
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