Turnover on the National Stock Exchange's futures & options (F&O) segment was Rs 37.28 lakh crore compared with Rs 30.48 lakh crore in the previous session.
In the cash market, the Nifty 50 index slumped 137.65 points or 0.94% to 14,496.50.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 2.88% to 23.01.
SBI, RIL and Bajaj Finance were the top traded stock futures contracts in F&O segment for May expiry.
The May F&O contracts will expire on 27 May 2021.
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