I'm working on optimizing my investment strategy and noticed that during market downturns, my stock portfolio suffers significant losses. What are some effective hedging techniques I can use to protect against equity market declines?

I have a diversified portfolio with stocks from various sectors, but during recent volatility, I've seen large drawdowns. I've considered using options, but I'm not sure about the best practices or how to implement them without increasing costs too much. My goal is to reduce risk while maintaining some upside potential.