In the cash market, the Nifty 50 fell 263.05 points or 1.14% to 22,829.15.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 8.28% to 18.13.
Reliance Industries, HDFC Bank and ICICI Bank were the top trading individual stock futures contracts in the F&O segment of the NSE.
The January 2025 F&O contracts will expire on 30 January 2025.