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Rising futures prices and higher open interest placed several stocks in the accumulation list at the open. NSE data at 10 a.m. showed Cochin Shipyard, Siemens and Glenmark among stocks with fresh long build-up.

NSE data at 9:52 a.m. showed Bank Nifty options activity centred on 56,000, the key level for today.

NSE data at 9:45 a.m. showed heavy Nifty positioning at 24,000 and 24,100 as traders set key near-term levels.

Stock Market Live Updates: The Nifty 50 settled 97 points or 0.4% lower at 23,995.70. The BSE Sensex shed 416.72 points or 0.5% to close at76,886.91.

The data available on NSE points to broad position trimming in frontline IT names rather than aggressive fresh short build-up.

The Nifty ended 0.8% higher to close above the 24,000 mark.The Sensex also gained 0.8%, rising over 600 points to settle at 77,303.

"A trader already losing money now pays more to lose it," said Vishal Mehta, the co-chair of India chapter of CMT Association.

Stock Market Today: The Nifty 50 index eventually closed at 23,898, down 1.14%. Notably, this marks the first instance in April where Nifty has declined by more than 1% in a single session.

The BSE Sensex fell 852 points to end at 77,664, while the NSE Nifty 50 closed 0.84% lower at 24,173.

Kamath pointed out that much of the turnover in the F&O market comes from a rather small chunk of investors, and that the bulk of revenues in the broking industry are derived from this market too.

The NSE Nifty 50 rose nearly 0.9% to end above 24,550 and the BSE Sensex rose nearly 1% or over 750 points to settle near 79,300.

Stock Market News Live: On the sectoral front, the Nifty PSU Bank and Nifty Energy indices are the top gainers on the NSE. The smallcap and midcap gauges are underperforming the blue-chip benchmarks.

All but one of the 15 sectoral gauges compiled by the NSE traded higher, led by the FMCG counter.

Nifty Bank fell more than 0.5%, led lower by HDFC Bank and Kotak Mahindra Bank. Nifty Energy ended higher for an eighth consecutive day.

The NSE Nifty 50 closed 1.6% higher to end above 24,200, while the BSE Sensex rallied over 1,200 points or 1.64% to settle above 78,100.

ICICI Bank and Airtel are among the top gainers on the Nifty. Twelve out of 15 sectoral gauges compiled by the NSE traded lower, led by the NSE Nifty Auto Index's 1.7% fall.

Wipro was the only stock trading higher in the Nifty IT Index, up 1.27%. Infosys led the declines, down 2.55%, followed by TCS at 1.97% and Mphasis at 1.90%.

The NSE Nifty 50 ended 0.9% lower to settle near 23,780 and the BSE Sensex slumped 1.2% or over 900 points to close marginally above 76,630.

The Nifty 50 settled 873.7 points or 3.78% higher at 23,997.35. The BSE Sensex added over 2,900 points (3.95%) to close at 77,562.9.

Fourteen out of 15 sectoral gauges compiled by the NSE rally, led by the NSE Nifty IT Index's 2.5% gains. On the flipside, the NSE Nifty PSU Bank Index was the top sectoral loser, down 0.7%.