Fear gauge India VIX spiked around 9% on Friday, rising for the seventh consecutive session, as build-up of expectations for the ongoing Lok Sabha elections propelled volatile swings. In seven sessions, the volatility index has soared 43% to 14.62. This comes just after it crashed 20% on April 23 to register its biggest single-day slump in 5 years.

Experts said though the market is anticipating a third term for the ruling party, expectations are getting built-up on the number of seats that it will win, which will be important from the perspective of having policy continuity.

While India VIX rose, benchmark indices skidded around 1% on profit booking. Nifty hit a record high level of 22,794.70 points intraday, before shedding its gains and falling 0.8% to 22,475.8…