Ready, and Keith,
There are a lot of theroys on noise and grounding, none are correct, and none are incorrect. It all depends on the application and the enviroment. Keiths theroy may hold some water in some apps.
However:
Depending on your enviromnet, and if your application is only using 24vdc signals that go from high to low and not somewhere inbetween, I would definately ground all commons. Addtiionally I would make sure every box, panel, and all metal equipment on or around the machine is grounded via a ground wire (dont rely on bonding through conduit). You want to design your circut so that if any feed or signal wire becomes grounded, it will cause a short and blow a fuse or breaker on your powersupply output and thus cause an immideate shutdown. Pick the fuse or breaker carefully and test it when your panel is complete. (read up on fusing, a big subject).
When designing your control circuit, ALL loads, (coils, lights, etc) will be grounded on the common side. On your drawing, everything to the right of the load will be your signal/control circuit, and nothing but common/ground on left side of load. By LOAD im refering to relays, starters, indicators, etc.
The idea here is geneeral safety and protection. It's just good practice.