In the cash market, the Nifty 50 slipped 388.70 points or 1.62% to 23,616.05.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 15.58% to 15.65.
Reliance, Tata Motors, and HDFC 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.