In continuation to my post above, I have also observed the following
Just before the above scenario occured, the Call IV and the Put IV were static. Call IV was at 40.43 and Put IV was at 40.68 for around 10 mins. Then they both decreased.
Interestingly, the correlation between Call IV and Nifty and Put IV and Nifty were positive for today. But, the IVs for both dropped and market moved up.
What to conclude from this.
Thanks & Regards,