Turnover on the National Stock Exchange's futures & options (F&O) segment was Rs 136.43 lakh crore compared with Rs 424.77 lakh crore reported in the previous session.
In the cash market, the Nifty 50 lost 131.85 points or 0.77% to settle at 16,945.05.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, surged 5.17% to 15.24.
Reliance Industries (RIL), HDFC Bank and Infosys were the top traded individual stock futures contracts in F&O segment of NSE.
The March 2023 F&O contracts will expire on 29 March 2023.