Leading stock exchange NSE on Monday launched weekly options on the Nifty 50 Index, which will provide market participants an additional hedging tool to manage portfolio risk more effectively.

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The Nifty 50 Index options are already available for three monthly option contracts, three quarterly and eight semi-annual option contracts, National Stock Exchange (NSE) said in a release.

"Nifty 50 Index options are based on our flagship index the Nifty 50 and is one of our key products. The Nifty 50 Index derivatives are traded by domestic as well as international participants," NSE MD and CEO Vikram Limaye said.

NSE has also received permission from Securities and Exchange Board of India (Sebi) to launch weekly options on Nifty IT Index, the exchange said. The contract details and launch date will be announced shortly.