Why do I see "AH01276: Cannot serve directory /var/www/html/: No matching DirectoryIndex (index.html) found, and server-generated directory index forbidden by Options directive" in apache error_log?

Issue

We see 403 Forbidden response for / requests with the following message in error_log:

    [autoindex:error] [pid <process-id>:tid <thread-id>] [client <client-ip>:<client-port>] AH01276: Cannot serve directory /opt/jbcs-httpd24-2.4/httpd/www/html/: No matching DirectoryIndex (index.html,index.html.var) found, and server-generated directory index forbidden by Options directive

Why do I see AH01276: Cannot serve directory /var/www/html/: No matching DirectoryIndex (index.html) found, and server-generated directory index forbidden by Options directive in Apache httpd error_log?

My /etc/httpd/conf/httpd.conf enbales Indexes option like the following in <Directory "/var/www/html"> for the DocumentRoot "/var/www/html".

#
# DocumentRoot: The directory out of which you will serve your
# documents. By default, all requests are taken from this directory, but
# symbolic links and aliases may be used to point to other locations.
#
DocumentRoot "/var/www/html"

#
# Relax access to content within /var/www.
#
<Directory "/var/www">
    AllowOverride None
    # Allow open access:
    Require all granted
</Directory>

# Further relax access to the default document root:
<Directory "/var/www/html">
    #
    # Possible values for the Options directive are "None", "All",
    # or any combination of:
    #   Indexes Includes FollowSymLinks SymLinksifOwnerMatch ExecCGI MultiViews
    #
    # Note that "MultiViews" must be named *explicitly* --- "Options All"
    # doesn't give it to you.
    #
    # The Options directive is both complicated and important.  Please see
    # http://httpd.apache.org/docs/2.4/mod/core.html#options
    # for more information.
    #
    Options Indexes FollowSymLinks

    #
    # AllowOverride controls what directives may be placed in .htaccess files.
    # It can be "All", "None", or any combination of the keywords:
    #   Options FileInfo AuthConfig Limit
    #
    AllowOverride None

    #
    # Controls who can get stuff from this server.
    #
    Require all granted
</Directory>

#
# DirectoryIndex: sets the file that Apache will serve if a directory
# is requested.
#
<IfModule dir_module>
    DirectoryIndex index.html
</IfModule>