This is the first time that the exchange has made available weekly futures for stock index derivatives.
The index consists of 20 stocks and is designed to reflect the behaviour and performance of the Indian financial market, which includes banks, financial institutions, housing finance, insurance companies and other financial services companies.
The financial services space assumes significance, as the sector accounts for 33.5 per cent of the Nifty 500 Index.
At 13.35 pm on Monday, as many as 5,464 contracts got traded in futures and 81,772 contracts were traded in options. The index witnessed a turnover of over Rs 378 crore, according to the exchange.
Currently, the exchange offers index derivatives on only two equity indices — Nifty 50 Index and Nifty Bank Index.
According to recent investment data of foreign portfolio investors (FPIs), 48 per cent of new investment flows were channelised into the financial services sector, which accounted for 35 per cent of the assets under the custody of FPIs, the exchange noted.
Further, many of the asset management companies have mutual fund schemes on the financial sector theme.