Photographer: Dhiraj Singh/Bloomberg
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Fed Move, Political Risk Spark Gain in India Fear Gauge: Chart

Anxiety has been on the rise in India’s booming stock market, with a measure of volatility expectations climbing on Wednesday to the highest level since Jan. 31. The U.S. Federal Reserve’s decision to increase interest rates, which was announced after trading closed in Mumbai, and elections in the state of Gujarat -- where Prime Minister Narendra Modi’s party faces a tight race -- were weighing on investors. The two events have “brought in a lot of uncertainty in sentiment,” said Sanjay Sinha, founder of Mumbai-based Citrus Advisors.

— With assistance by Vivek Shankar

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