New Delhi, Feb. 17 -- India VIX, the volatility index, slipped below the 12 mark during Tuesday's intraday session, even as benchmark indices - Nifty 50 and BSE Sensex - traded largely flat with a positive bias.

India VIX, often referred to as the market's "fear gauge," measures the expected short-term volatility in the Indian equity market over the next 30 days. It reflects investor sentiment and the intensity of anticipated price fluctuations.

On Tuesday, India VIX traded at 12.80, down nearly 4% from its previous close of 13.33. The index opened at 13.33 and moved within an intraday range of 13.48 to 11.63.

The easing in volatility coincided with steady gains in equities. The Nifty 50 rose 66.50 points, or 0.26%, to 25,749.25, while...