In the cash market, the Nifty 50 slipped 309.80 points or 1.32% to 23,071.80.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 2.94% to 14.87.
State Bank of India, HDFC Bank and Reliance Industries were the top trading individual stock futures contracts in the F&O segment of the NSE.
The February 2025 F&O contracts will expire on 27 February 2025.